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REGISTERED NUMBER: 03292899 (England and Wales)









Financial Statements

for the Year Ended 30 April 2024

for

Wembley Tyres Limited

Wembley Tyres Limited (Registered number: 03292899)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Wembley Tyres Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: Mr M. Webb





SECRETARY: Stalia Services Limited





REGISTERED OFFICE: c/o Parker Cavendish, Suite 301,
Stanmore Business and Innovation Centre
Howard Road
Stanmore
Middlesex
HA7 1FW





REGISTERED NUMBER: 03292899 (England and Wales)





ACCOUNTANTS: Parker Cavendish
Chartered Accountants
Suite 301, Stanmore Business
and Innovation Centre
Howard Road
Stanmore
Middlesex
HA7 1FW

Wembley Tyres Limited (Registered number: 03292899)

Statement of Financial Position
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 59,206 8,388
Investment property 5 4,941,687 4,934,369
5,000,893 4,942,757

CURRENT ASSETS
Debtors 6 80,450 154,810
Cash at bank 5,202,437 5,281,775
5,282,887 5,436,585
CREDITORS
Amounts falling due within one year 7 408,092 443,670
NET CURRENT ASSETS 4,874,795 4,992,915
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,875,688

9,935,672

PROVISIONS FOR LIABILITIES 462,766 463,458
NET ASSETS 9,412,922 9,472,214

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 8 1,712,289 1,712,289
Retained earnings 7,700,533 7,759,825
SHAREHOLDERS' FUNDS 9,412,922 9,472,214

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 June 2025 and were signed by:





Mr M. Webb - Director


Wembley Tyres Limited (Registered number: 03292899)

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

1. STATUTORY INFORMATION

Wembley 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.

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 as modified by the revaluation of certain assets.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% Straight line
Motor vehicles - 25% Straight line

Investment property
Initial measurement
Investment properties are initially measured at cost.

Subsequent measurement
Investment properties are measured at fair value at each reporting date with changes in fair values recognised in profit or loss. No depreciation is provided in respect of investment properties.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 7 ).

Wembley Tyres Limited (Registered number: 03292899)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. PROPERTY, PLANT AND EQUIPMENT
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 May 2023 - 98,061 98,061
Additions 1,541 58,195 59,736
Disposals - (22,978 ) (22,978 )
At 30 April 2024 1,541 133,278 134,819
DEPRECIATION
At 1 May 2023 - 89,673 89,673
Charge for year 257 8,661 8,918
Eliminated on disposal - (22,978 ) (22,978 )
At 30 April 2024 257 75,356 75,613
NET BOOK VALUE
At 30 April 2024 1,284 57,922 59,206
At 30 April 2023 - 8,388 8,388

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023 4,934,369
Additions 7,318
At 30 April 2024 4,941,687
NET BOOK VALUE
At 30 April 2024 4,941,687
At 30 April 2023 4,934,369

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2021 1,549,663
Valuation in 2022 148,272
Valuation in 2023 480,351
Cost 2,763,401
4,941,687

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,756,083 2,756,083

The investment properties were valued on an open market basis on 30 April 2024 by the directors .

Wembley Tyres Limited (Registered number: 03292899)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 150,914
Other debtors 70,883 883
Prepayments and accrued income 9,567 3,013
80,450 154,810

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,484 1,338
Tax 253,552 316,509
VAT 54,023 54,994
Other creditors 16,333 13,381
Directors' current accounts 10,799 5,547
Accruals and deferred income 70,901 51,901
408,092 443,670

8. RESERVES
Fair
value
reserve
£   
At 1 May 2023
and 30 April 2024 1,712,289