Setco Solid Tire Ltd. 09766074 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is the distribution of SETCO tire and rubber products. Digita Accounts Production Advanced 6.30.9574.0 true true true 09766074 2024-01-01 2024-12-31 09766074 2024-12-31 09766074 core:CurrentFinancialInstruments 2024-12-31 09766074 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 09766074 core:PlantMachinery 2024-12-31 09766074 bus:SmallEntities 2024-01-01 2024-12-31 09766074 bus:Audited 2024-01-01 2024-12-31 09766074 bus:FilletedAccounts 2024-01-01 2024-12-31 09766074 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 09766074 bus:RegisteredOffice 2024-01-01 2024-12-31 09766074 bus:Director1 2024-01-01 2024-12-31 09766074 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 09766074 core:PlantMachinery 2024-01-01 2024-12-31 09766074 core:ParentEntities 2024-01-01 2024-12-31 09766074 1 2024-01-01 2024-12-31 09766074 countries:EnglandWales 2024-01-01 2024-12-31 09766074 2023-12-31 09766074 core:PlantMachinery 2023-12-31 09766074 2023-01-01 2023-12-31 09766074 2023-12-31 09766074 core:CurrentFinancialInstruments 2023-12-31 09766074 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 09766074 core:PlantMachinery 2023-12-31 iso4217:GBP xbrli:pure

Registration number: 09766074

Setco Solid Tire Ltd.

Filleted Financial Statements

for the Year Ended 31 December 2024

 

Setco Solid Tire Ltd.

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Setco Solid Tire Ltd.

(Registration number: 09766074)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

14,217

18,955

Current assets

 

Stocks

5

131,880

318,384

Debtors

6

248,142

79,283

Cash at bank and in hand

 

233,007

212,083

 

613,029

609,750

Creditors: Amounts falling due within one year

7

(452,225)

(465,006)

Net current assets

 

160,804

144,744

Total assets less current liabilities

 

175,021

163,699

Provisions for liabilities

(3,601)

(3,601)

Net assets

 

171,420

160,098

Capital and reserves

 

Called up share capital

1

1

Retained earnings

171,419

160,097

Shareholders' funds

 

171,420

160,098

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 21 May 2025 and signed on its behalf by:
 

.........................................
B J H Bauermeister
Director

 

Setco Solid Tire Ltd.

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 13, Duddeston Mill Trading Estate
Duddeston Mill Road
Saltley
Birmingham
B8 1AP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£) which is the functional currency of the company.

Going concern

The financial statements have been prepared on a going concern basis. The director has been assured that financial support will continue to be provided by the parent company Setco Inc in order to meet liabilities as they fall due.

The board expects the company to continue as a going concern in 2025 and 2026, with support coming from the parent company SETCO Inc if necessary.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on ...................................... 21 May 2025 was Caroline Webster FCA, who signed for and on behalf of UHY Ross Brooke.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Turnover is recognised on despatch of goods and on rendering of services.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Setco Solid Tire Ltd.

Notes to the Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Setco Solid Tire Ltd.

Notes to the Financial Statements for the Year Ended 31 December 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2024

111,294

111,294

At 31 December 2024

111,294

111,294

Depreciation

At 1 January 2024

92,339

92,339

Charge for the year

4,738

4,738

At 31 December 2024

97,077

97,077

Carrying amount

At 31 December 2024

14,217

14,217

At 31 December 2023

18,955

18,955

 

Setco Solid Tire Ltd.

Notes to the Financial Statements for the Year Ended 31 December 2024

5

Stocks

2024
£

2023
£

Stock

131,880

318,384

6

Debtors

Current

2024
£

2023
£

Trade debtors

232,633

53,738

Prepayments

7,964

25,545

Other debtors

7,545

-

 

248,142

79,283

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

19

1,794

Amounts owed to related parties

9

403,138

405,758

Taxation and social security

 

41,818

53,454

Other creditors

 

7,250

4,000

 

452,225

465,006

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £41,708 (2023 - £64,458). Financial commitment relates to non-cancellable operating lease commitment of property.

9

Related party transactions

Summary of transactions with parent

During the year the company made purchases from SETCO Inc (parent). At the balance sheet date the amount due to SETCO Inc was £403,138 (2023: £405,758).
 

 

Setco Solid Tire Ltd.

Notes to the Financial Statements for the Year Ended 31 December 2024

10

Parent and ultimate parent undertaking

The company's immediate parent is SETCO Inc, incorporated in the United States of America.