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REGISTERED NUMBER: 06314546 (England and Wales)





















HP TYRES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024






HP TYRES LIMITED (REGISTERED NUMBER: 06314546)

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










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


HP TYRES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTOR: J A Pearson





SECRETARY: Mrs B M Pearson





REGISTERED OFFICE: 22-24 Harborough Road
Kingsthorpe
Northampton
NN2 7AZ





REGISTERED NUMBER: 06314546 (England and Wales)





ACCOUNTANTS: Phipps Henson McAllister
Chartered Accountants
22-24 Harborough Road
Kingsthorpe
Northampton
NN2 7AZ

HP TYRES LIMITED (REGISTERED NUMBER: 06314546)

BALANCE SHEET
31 OCTOBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 75,000 100,000
Tangible assets 5 809,508 786,450
884,508 886,450

CURRENT ASSETS
Stocks 161,700 211,800
Debtors 6 494,958 313,394
Cash at bank 1,659,473 1,871,504
2,316,131 2,396,698
CREDITORS
Amounts falling due within one year 7 1,430,866 1,517,349
NET CURRENT ASSETS 885,265 879,349
TOTAL ASSETS LESS CURRENT LIABILITIES 1,769,773 1,765,799

CREDITORS
Amounts falling due after more than one year 8 (29,166 ) (79,167 )

PROVISIONS FOR LIABILITIES (76,011 ) (74,736 )
NET ASSETS 1,664,596 1,611,896

CAPITAL AND RESERVES
Called up share capital 10 5,000 100
Retained earnings 1,659,596 1,611,796
SHAREHOLDERS' FUNDS 1,664,596 1,611,896

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

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

The director acknowledges his 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.

HP TYRES LIMITED (REGISTERED NUMBER: 06314546)

BALANCE SHEET - continued
31 OCTOBER 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 Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 June 2025 and were signed by:





J A Pearson - Director


HP TYRES LIMITED (REGISTERED NUMBER: 06314546)

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


1. STATUTORY INFORMATION

HP Tyres 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2.5% on cost
Short leasehold - Straight line over 10 years
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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


HP TYRES LIMITED (REGISTERED NUMBER: 06314546)

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


2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2023
and 31 October 2024 500,000
AMORTISATION
At 1 November 2023 400,000
Charge for year 25,000
At 31 October 2024 425,000
NET BOOK VALUE
At 31 October 2024 75,000
At 31 October 2023 100,000

HP TYRES LIMITED (REGISTERED NUMBER: 06314546)

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


5. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 November 2023 406,068 135,826 100,874
Additions - - 19,363
Disposals - - -
At 31 October 2024 406,068 135,826 120,237
DEPRECIATION
At 1 November 2023 5,121 49,265 73,445
Charge for year 5,122 13,583 9,265
Eliminated on disposal - - -
At 31 October 2024 10,243 62,848 82,710
NET BOOK VALUE
At 31 October 2024 395,825 72,978 37,527
At 31 October 2023 400,947 86,561 27,429

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 November 2023 162,272 826,091 1,631,131
Additions 26,112 109,720 155,195
Disposals (271 ) - (271 )
At 31 October 2024 188,113 935,811 1,786,055
DEPRECIATION
At 1 November 2023 133,987 582,863 844,681
Charge for year 15,894 88,237 132,101
Eliminated on disposal (235 ) - (235 )
At 31 October 2024 149,646 671,100 976,547
NET BOOK VALUE
At 31 October 2024 38,467 264,711 809,508
At 31 October 2023 28,285 243,228 786,450

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 417,191 241,307
Prepayments 77,767 72,087
494,958 313,394

HP TYRES LIMITED (REGISTERED NUMBER: 06314546)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 50,000 50,000
Payments on account 25,482 25,324
Trade creditors 925,632 1,148,649
Corporation tax 144,415 81,843
Social security and other taxes 9,117 7,384
VAT 151,533 109,804
Other creditors 1,520 7,292
Directors' current accounts 42 66
Accruals and deferred income 123,125 86,987
1,430,866 1,517,349

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 29,166 50,000
Bank loans - 2-5 years - 29,167
29,166 79,167

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 53,350 53,350
Between one and five years 133,375 186,725
186,725 240,075

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,000 Ordinary £1 5,000 100
(2023 - 100 )

4,900 Ordinary shares of £1 were issued during the year for cash of £ 4,900 .

HP TYRES LIMITED (REGISTERED NUMBER: 06314546)

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


11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2024 and 31 October 2023:

2024 2023
£    £   
J A Pearson
Balance outstanding at start of year - 279,977
Amounts repaid - (279,977 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -