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Company No: 03834396 (England and Wales)

PORTSMOUTH EXHAUST & TYRE SERVICES LTD

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

PORTSMOUTH EXHAUST & TYRE SERVICES LTD

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

PORTSMOUTH EXHAUST & TYRE SERVICES LTD

COMPANY INFORMATION

For the financial year ended 31 October 2024
PORTSMOUTH EXHAUST & TYRE SERVICES LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 October 2024
DIRECTORS Ms. C. Cusack
Mr. C. Cusack
Mr. P. Kimber
REGISTERED OFFICE Century House
Wargrave Road
Henley-On-Thames
RG9 2LT
United Kingdom
COMPANY NUMBER 03834396 (England and Wales)
ACCOUNTANT Verallo
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
PORTSMOUTH EXHAUST & TYRE SERVICES LTD

BALANCE SHEET

As at 31 October 2024
PORTSMOUTH EXHAUST & TYRE SERVICES LTD

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 26,963 26,571
26,963 26,571
Current assets
Stocks 29,412 32,700
Debtors 4 28,754 30,334
Cash at bank and in hand 384,872 355,767
443,038 418,801
Creditors: amounts falling due within one year 5 ( 198,849) ( 211,640)
Net current assets 244,189 207,161
Total assets less current liabilities 271,152 233,732
Provision for liabilities ( 6,139) ( 6,013)
Net assets 265,013 227,719
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 264,913 227,619
Total shareholders' funds 265,013 227,719

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Portsmouth Exhaust & Tyre Services Ltd (registered number: 03834396) were approved and authorised for issue by the Board of Directors on 11 April 2025. They were signed on its behalf by:

Mr. C. Cusack
Director
PORTSMOUTH EXHAUST & TYRE SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
PORTSMOUTH EXHAUST & TYRE SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Portsmouth Exhaust & Tyre Services Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Century House, Wargrave Road, Henley-On-Thames, RG9 2LT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 15 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 10

3. Tangible assets

Land and buildings Plant and machinery Computer equipment Total
£ £ £ £
Cost
At 01 November 2023 5,660 43,245 2,949 51,854
Additions 0 5,743 205 5,948
Disposals 0 ( 5,850) 0 ( 5,850)
At 31 October 2024 5,660 43,138 3,154 51,952
Accumulated depreciation
At 01 November 2023 3,139 19,195 2,949 25,283
Charge for the financial year 113 4,110 51 4,274
Disposals 0 ( 4,568) 0 ( 4,568)
At 31 October 2024 3,252 18,737 3,000 24,989
Net book value
At 31 October 2024 2,408 24,401 154 26,963
At 31 October 2023 2,521 24,050 0 26,571

4. Debtors

2024 2023
£ £
Trade debtors 5,879 7,616
Prepayments 22,330 22,228
Other debtors 545 490
28,754 30,334

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 98,789 113,435
Accruals 30,751 33,044
Corporation tax 33,057 25,111
Other taxation and social security 31,592 36,597
Other creditors 4,660 3,453
198,849 211,640

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
75 Ordinary A shares of £ 1.00 each 75 75
15 Ordinary B shares of £ 1.00 each 15 15
10 Ordinary C shares of £ 1.00 each 10 10
100 100

7. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 256,748 310,969