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REGISTERED NUMBER: 01509336 (England and Wales)

















DISCOUNT WHOLESALE TYRES (HEMEL) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024






DISCOUNT WHOLESALE TYRES (HEMEL) LIMITED (REGISTERED NUMBER: 01509336)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DISCOUNT WHOLESALE TYRES (HEMEL) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: F J Barnett
C D Lilly





SECRETARY: C D Lilly





REGISTERED OFFICE: 71 Knowl Piece
Wilbury Way
Hitchin
United Kingdom
SG4 0TY





REGISTERED NUMBER: 01509336 (England and Wales)





ACCOUNTANTS: Jones Hunt & Keelings
Chartered Certified Accountants and
Chartered Tax Advisers
71 Knowl Piece
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY

DISCOUNT WHOLESALE TYRES (HEMEL) LIMITED (REGISTERED NUMBER: 01509336)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 99,163 41,464

CURRENT ASSETS
Stocks 95,907 97,914
Debtors 5 61,987 51,781
Cash at bank and in hand 51,876 219,286
209,770 368,981
CREDITORS
Amounts falling due within one year 6 183,472 296,138
NET CURRENT ASSETS 26,298 72,843
TOTAL ASSETS LESS CURRENT
LIABILITIES

125,461

114,307

PROVISIONS FOR LIABILITIES 7 18,841 4,150
NET ASSETS 106,620 110,157

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 9 106,520 110,057
SHAREHOLDERS' FUNDS 106,620 110,157

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

DISCOUNT WHOLESALE TYRES (HEMEL) LIMITED (REGISTERED NUMBER: 01509336)

BALANCE SHEET - continued
31 AUGUST 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2025 and were signed on its behalf by:





F J Barnett - Director


DISCOUNT WHOLESALE TYRES (HEMEL) LIMITED (REGISTERED NUMBER: 01509336)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

Discount Wholesale Tyres (Hemel) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


DISCOUNT WHOLESALE TYRES (HEMEL) LIMITED (REGISTERED NUMBER: 01509336)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 18 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 September 2023 25,601 237,809 74,407 70,495 408,312
Additions - 16,638 164 64,995 81,797
At 31 August 2024 25,601 254,447 74,571 135,490 490,109
DEPRECIATION
At 1 September 2023 25,600 218,986 66,715 55,547 366,848
Charge for year - 6,908 1,933 15,257 24,098
At 31 August 2024 25,600 225,894 68,648 70,804 390,946
NET BOOK VALUE
At 31 August 2024 1 28,553 5,923 64,686 99,163
At 31 August 2023 1 18,823 7,692 14,948 41,464

DISCOUNT WHOLESALE TYRES (HEMEL) LIMITED (REGISTERED NUMBER: 01509336)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 29,460 16,444
Other debtors & prepayments 32,527 35,337
61,987 51,781

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 1,444 -
Trade creditors 78,885 102,934
Tax 5,698 27,553
Social security and other taxes 7,775 7,277
VAT 34,062 26,516
Other creditors and accruals 50,308 92,003
Directors' loan accounts 5,300 39,855
183,472 296,138

7. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 18,841 4,150

Deferred
tax
£   
Balance at 1 September 2023 4,150
Provided during year 14,691
Balance at 31 August 2024 18,841

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

9. RESERVES
Retained
earnings
£   

At 1 September 2023 110,057
Profit for the year 68,463
Dividends (72,000 )
At 31 August 2024 106,520

DISCOUNT WHOLESALE TYRES (HEMEL) LIMITED (REGISTERED NUMBER: 01509336)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £18,720 (2023 - £11,700) were paid to the directors .

At the balance sheet date, the directors were owed £5,300.
During the year dividends of £53,280 (2023 - £33.300) were paid to close family members.

Discount Tyres Limited
A company in which F J Barnett is a director and shareholder.
During the year the company entered into the following transactions with Discount Tyres Limited:

20242023
££
Sales 4,559 8,839
Purchases 2,300 3,265
Management charge30,00030,000

20242023
££
Amount due from/(to) related party Nil(39,831)