Company registration number 03257498 (England and Wales)
INDEPENDENT TYRE DISTRIBUTORS NETWORK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
INDEPENDENT TYRE DISTRIBUTORS NETWORK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
INDEPENDENT TYRE DISTRIBUTORS NETWORK LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
550,529
521,904
Current assets
Stocks
420
1,205
Debtors
4
600,620
686,379
Cash at bank and in hand
563,748
555,486
1,164,788
1,243,070
Creditors: amounts falling due within one year
5
(334,275)
(359,293)
Net current assets
830,513
883,777
Total assets less current liabilities
1,381,042
1,405,681
Government grants
(9,000)
-
0
Net assets
1,372,042
1,405,681
Reserves
Income and expenditure account
1,372,042
1,405,681
Total members' funds
1,372,042
1,405,681

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 9 June 2025 and are signed on its behalf by:
Mrs SJ Mortimer
Mr JS Mortimer
Director
Director
Company registration number 03257498 (England and Wales)
INDEPENDENT TYRE DISTRIBUTORS NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

Independent Tyre Distributors Network Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 9 Cranmere Road, Exeter Road Industrial Estate, Okehampton, Devon, EX20 1UE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain assets at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Subscriptions are accounted for over the period to which they relate.
1.3
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
2% per annum on cost
Fixtures, fittings & equipment
10% per annum on cost
Computer equipment
25% per annum on cost
Computer software
33% per annum on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price

1.6
Taxation

The company operates a membership based breakdown scheme whereby members mutually trade with each other in respect of tyre replacement and other breakdowns. Such income is exempt from corporation tax as it is classed as a mutual trading activity. Corporation tax is only provided on investment income on the basis that the company has been formed as a non-profit making body.

INDEPENDENT TYRE DISTRIBUTORS NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.11
Company status
The company is limited by guarantee. Should the company be wound up, the liability of each member is limited to a sum not exceeding £100.
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
42
44
INDEPENDENT TYRE DISTRIBUTORS NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2024
646,057
345,855
991,912
Additions
-
0
89,187
89,187
At 31 March 2025
646,057
435,042
1,081,099
Depreciation and impairment
At 1 April 2024
197,156
272,852
470,008
Depreciation charged in the year
12,907
47,655
60,562
At 31 March 2025
210,063
320,507
530,570
Carrying amount
At 31 March 2025
435,994
114,535
550,529
At 31 March 2024
448,901
73,003
521,904
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
595,154
683,628
Other debtors
5,466
2,751
600,620
686,379
5
Creditors: amounts falling due within one year
2025
2024
£
£
Other taxation and social security
101,515
106,354
Subscriptions received in advance
141,122
137,120
Other creditors
91,638
115,819
334,275
359,293
INDEPENDENT TYRE DISTRIBUTORS NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
6
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
4,194
7,228
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