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REGISTERED NUMBER: 09390796 (England and Wales)












Tyre and Wheel Services Limited

Unaudited Financial Statements

for the Year Ended 28 February 2025






Tyre and Wheel Services Limited (Registered number: 09390796)






Contents of the Financial Statements
for the Year Ended 28 February 2025




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Tyre and Wheel Services Limited

Company Information
for the Year Ended 28 February 2025







DIRECTORS: L D Adams
Mrs Y G Adams





REGISTERED OFFICE: Unit 2 Dunheved Court
Pennygillam Way
Pennygillam Industrial Estate
Launceston
Cornwall
PL15 7ED





REGISTERED NUMBER: 09390796 (England and Wales)





ACCOUNTANTS: ATC Advisors
Chartered Accountants
Unit 2 Dunheved Court
Pennygillam Way
LAUNCESTON
Cornwall
PL15 7ED

Tyre and Wheel Services Limited (Registered number: 09390796)

Statement of Financial Position
28 February 2025

2025 2024
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 8,500
Tangible assets 5 258,153 142,851
258,153 151,351

CURRENT ASSETS
Stocks 114,057 102,793
Debtors 6 196,321 172,493
Cash at bank and in hand 54,471 79,075
364,849 354,361
CREDITORS
Amounts falling due within one year 7 199,287 173,086
NET CURRENT ASSETS 165,562 181,275
TOTAL ASSETS LESS CURRENT LIABILITIES 423,715 332,626

CREDITORS
Amounts falling due after more than one year 8 (97,001 ) (36,435 )

PROVISIONS FOR LIABILITIES (38,529 ) (35,665 )
NET ASSETS 288,185 260,526

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 288,085 260,426
SHAREHOLDERS' FUNDS 288,185 260,526

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Tyre and Wheel Services Limited (Registered number: 09390796)

Statement of Financial Position - continued
28 February 2025


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 Board of Directors and authorised for issue on 16 June 2025 and were signed on its behalf by:





L Adams - Director


Tyre and Wheel Services Limited (Registered number: 09390796)

Notes to the Financial Statements
for the Year Ended 28 February 2025

1. STATUTORY INFORMATION

Tyre and Wheel Services 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.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 10% on cost and not provided for on Land
Plant and machinery - 33% on cost and 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Holiday pay accrual
During the transition year and the current year the amount of the unpaid holiday pay has not been provided for. This is a departure from the normal accounting policy as it is deemed immaterial to the understanding of the accounts and the cost of obtaining the information outweighs any benefits obtained.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2024 - 10 ) .

Tyre and Wheel Services Limited (Registered number: 09390796)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2025

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2024
and 28 February 2025 85,000
AMORTISATION
At 1 March 2024 76,500
Amortisation for year 8,500
At 28 February 2025 85,000
NET BOOK VALUE
At 28 February 2025 -
At 29 February 2024 8,500

5. TANGIBLE FIXED ASSETS
Freehold Short Plant and Motor
property leasehold machinery vehicles Totals
£    £    £    £    £   
COST
At 1 March 2024 - 14,133 145,442 79,907 239,482
Additions 103,844 - 30,571 53,500 187,915
Disposals - - (4,117 ) (50,007 ) (54,124 )
At 28 February 2025 103,844 14,133 171,896 83,400 373,273
DEPRECIATION
At 1 March 2024 - 481 63,425 32,725 96,631
Charge for year - 75 26,081 12,839 38,995
Eliminated on disposal - - (3,318 ) (17,188 ) (20,506 )
At 28 February 2025 - 556 86,188 28,376 115,120
NET BOOK VALUE
At 28 February 2025 103,844 13,577 85,708 55,024 258,153
At 29 February 2024 - 13,652 82,017 47,182 142,851

Tyre and Wheel Services Limited (Registered number: 09390796)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2025

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2024 43,112
Disposals (43,112 )
At 28 February 2025 -
DEPRECIATION
At 1 March 2024 14,286
Charge for year 1,807
Eliminated on disposal (10,789 )
At 28 February 2025 5,304
NET BOOK VALUE
At 28 February 2025 (5,304 )
At 29 February 2024 28,826

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 125,941 122,155
Other debtors 70,380 50,338
196,321 172,493

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Bank loans and overdrafts 18,608 9,912
Hire purchase contracts 8,944 12,590
Trade creditors 109,171 77,869
Taxation and social security 60,115 70,389
Other creditors 2,449 2,326
199,287 173,086

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025 2024
£    £   
Bank loans 64,001 14,202
Hire purchase contracts 33,000 22,233
97,001 36,435

Tyre and Wheel Services Limited (Registered number: 09390796)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2025

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2025 and 29 February 2024:

2025 2024
£    £   
L D Adams and Mrs Y G Adams
Balance outstanding at start of year 48,738 10,149
Amounts advanced 70,379 38,589
Amounts repaid (48,738 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 70,379 48,738

Interest has been charged on the overdrawn directors loan account balance at the HMRC approved rate. This balance has been repaid on the 14 March 2025 by the declaration of a dividend.