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Registration number: 01269725

Meridian Tyre Repair Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

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Meridian Tyre Repair Company Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Meridian Tyre Repair Company Limited

(Registration number: 01269725)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

105,022

121,557

Investment property

5

390,000

238,253

 

495,022

359,810

Current assets

 

Stocks

6

5,000

5,000

Debtors

7

230,293

230,374

Cash at bank and in hand

 

87,609

78,955

 

322,902

314,329

Creditors: Amounts falling due within one year

8

(134,042)

(130,150)

Net current assets

 

188,860

184,179

Total assets less current liabilities

 

683,882

543,989

Provisions for liabilities

(114,740)

(16,517)

Net assets

 

569,142

527,472

Capital and reserves

 

Called up share capital

1,308

1,308

Share premium reserve

34,792

34,792

Profit and loss account

533,042

491,372

Shareholders' funds

 

569,142

527,472

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.

Directors' 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 directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 26 June 2025 and signed on its behalf by:
 

 

Meridian Tyre Repair Company Limited

(Registration number: 01269725)
Statement of Financial Position as at 30 September 2024 (continued)


Mr M S Johnson
Director

 

Meridian Tyre Repair Company Limited

Notes to the Unaudited 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:
Bury Manor Estate
Woodcroft Lane
Wick
Bristol
BS30 5SH
England

Principal activity

The principal activity of the company is repairing tyres.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Meridian Tyre Repair Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

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 statement of financial position 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

Freehold property

1% straight line

Plant and machinery

10% reducing balance

 

Meridian Tyre Repair Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Motor vehicles

20% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Meridian Tyre Repair Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2023 - 15).

 

Meridian Tyre Repair Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

79,721

140,505

84,708

304,934

Additions

-

-

15,690

15,690

Disposals

(27,000)

-

(16,125)

(43,125)

At 30 September 2024

52,721

140,505

84,273

277,499

Depreciation

At 1 October 2023

23,317

115,399

44,660

183,376

Charge for the year

527

2,511

9,401

12,439

Eliminated on disposal

(8,100)

-

(15,238)

(23,338)

At 30 September 2024

15,744

117,910

38,823

172,477

Carrying amount

At 30 September 2024

36,977

22,595

45,450

105,022

At 30 September 2023

56,404

25,105

40,048

121,557

5

Investment properties

2024
£

At 1 October

238,253

Additions

27,000

Fair value adjustments

124,747

At 30 September

390,000

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Other inventories

5,000

5,000

 

Meridian Tyre Repair Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

173,468

193,201

Amounts owed by related parties

10

56,825

31,825

Prepayments

 

-

5,348

 

230,293

230,374

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

31,343

29,469

Taxation and social security

41,730

40,354

Accruals and deferred income

10,035

11,110

Other creditors

50,934

49,217

134,042

130,150

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Capital redemption reserve.
This reserve records the nominal value of shares repurchased by the company.
Within the profit and loss account reserve is an element of undistributable reserves relating to the revaluation of the investment property and total £195,757

10

Related party transactions

Transactions with directors

2024

At 1 October 2023
£

Advances to director
£

At 30 September 2024
£

Directors' loans

(43,295)

138

(43,157)

       
     

 

 

Meridian Tyre Repair Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

10

Related party transactions (continued)

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Directors' loans

(34,371)

1,076

(10,000)

(43,295)