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Registration number: 06686704

Wessex Commercial Tyres Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 30 September 2024

Wessex Commercial Tyres Limited

Contents

Balance Sheet | 1 to 2
Notes to the Financial Statements | 3 to 8

Wessex Commercial Tyres Limited

(Registration number: 06686704)
Balance Sheet as at 30 September 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 4 | 16,823 | 21,836
Current assets |  |  |
Stocks | 5 | 39,943 | 37,862
Debtors | 6 | 1,143,643 | 1,027,820
|  | 1,183,586 | 1,065,682
Creditors: Amounts falling due within one year | 7 | (1,110,319) | (985,721)
Net current assets |  | 73,267 | 79,961
Total assets less current liabilities |  | 90,090 | 101,797
Provisions for liabilities |  | (2,691) | (3,533)
Net assets |  | 87,399 | 98,264
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Retained earnings |  | 87,299 | 98,164
Shareholders' funds |  | 87,399 | 98,264

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Wessex Commercial Tyres Limited

(Registration number: 06686704)
Balance Sheet as at 30 September 2024

Approved and authorised by the director on 30 May 2025

......................................... N M A Burton Director

Wessex Commercial Tyres Limited

Notes to the Financial Statements for the Year Ended 30 September 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:
139 Engineer Road
West Wilts Trading Estate
Westbury
Wiltshire
BA13 4JW

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.

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.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Wessex Commercial Tyres Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

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
Motor vehicles | 25% reducing balance
Plant and equipment | 25% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Wessex Commercial Tyres Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 4).

Wessex Commercial Tyres Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

4 | Tangible assets

| Plant and machinery £ | Motor vehicles £ | Total £
Cost or valuation
At 1 October 2023 | 1,236 | 46,975 | 48,211
Additions | 558 | - | 558
At 30 September 2024 | 1,794 | 46,975 | 48,769
Depreciation
At 1 October 2023 | 1,113 | 25,262 | 26,375
Charge for the year | 143 | 5,428 | 5,571
At 30 September 2024 | 1,256 | 30,690 | 31,946
Net book value
At 30 September 2024 | 538 | 16,285 | 16,823
At 30 September 2023 | 123 | 21,713 | 21,836

5 | Stocks

| 2024 £ | 2023 £
Stock | 39,943 | 37,862

6 | Debtors

| 2024 £ | 2023 £
Trade debtors | 1,143,643 | 1,027,820
| 1,143,643 | 1,027,820

Wessex Commercial Tyres Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

7 | Creditors

Amounts falling due within one year

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Bank loans and overdrafts | 8 | 152,407 | 164,642
Trade creditors |  | 841,682 | 732,657
Taxation and social security |  | 58,575 | 59,699
Other creditors |  | 53,733 | 23,495
Corporation tax |  | 3,922 | 5,228
|  | 1,110,319 | 985,721

8 | Loans and borrowings

Current loans and borrowings

| 2024 £ | 2023 £
Bank overdrafts | 152,407 | 154,375
Hire purchase contracts | - | 10,267
| 152,407 | 164,642

Wessex Commercial Tyres Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

9 | Related party transactions

Summary of transactions with all entities with joint control or significant interest

During the year the company traded on commercial terms with a company under common control.
The company made sales totalling £194,610 (2023: £192,071) and at the Balance Sheet date the company was owed £1,078,360 (2023: £959,331).
During the year, the company made purchases from the company under common control totalling £101,055 (2023: £111,062). At the Balance Sheet date the company owed £799,977 (2023: £671,738).
At the Balance Sheet date, there was a balance due to the company under common control, included in Other Creditors, of £50,839 (2023: £38,839)