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Registration number: 07782030

Nuts4Wheels Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Nuts4Wheels Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Nuts4Wheels Limited

Company Information

Director

Mr J Pearcey

Registered office

4 Market Street
Crediton
Devon
EX17 2AJ

Accountants

Stapletons
Chartered Certified Accountants4 Market Street
Crediton
Devon
EX17 2AJ

 

Nuts4Wheels Limited

(Registration number: 07782030)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

599

599

Tangible assets

5

35,825

47,790

 

36,424

48,389

Current assets

 

Stocks

6

707,658

718,501

Debtors

7

98,831

338,190

Cash at bank and in hand

 

165,380

77,235

 

971,869

1,133,926

Creditors: Amounts falling due within one year

8

(835,488)

(872,338)

Net current assets

 

136,381

261,588

Total assets less current liabilities

 

172,805

309,977

Provisions for liabilities

(8,957)

(11,948)

Net assets

 

163,848

298,029

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

163,748

297,929

Shareholders' funds

 

163,848

298,029

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.

Director's 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Nuts4Wheels Limited

(Registration number: 07782030)
Balance Sheet as at 31 October 2024

Approved and authorised by the director on 25 July 2025
 

.........................................
Mr J Pearcey
Director

 

Nuts4Wheels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
4 Market Street
Crediton
Devon
EX17 2AJ

These financial statements were authorised for issue by the director on 25 July 2025.

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.

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 sales/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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Nuts4Wheels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

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 balance sheet 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

Plant and machinery

25% Reducing balance basis

Fixtures and fittings

15% Reducing balance basis

Office equipment

33% Reducing balance basis

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:

Asset class

Amortisation method and rate

Other intangible assets

Not provided

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Nuts4Wheels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 3).

 

Nuts4Wheels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 November 2023

599

599

At 31 October 2024

599

599

Amortisation

Carrying amount

At 31 October 2024

599

599

At 31 October 2023

599

599

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

1,953

106,095

108,048

At 31 October 2024

1,953

106,095

108,048

Depreciation

At 1 November 2023

1,214

59,044

60,258

Charge for the year

202

11,763

11,965

At 31 October 2024

1,416

70,807

72,223

Carrying amount

At 31 October 2024

537

35,288

35,825

At 31 October 2023

739

47,051

47,790

6

Stocks

2024
£

2023
£

Other inventories

707,658

718,501

 

Nuts4Wheels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

53,287

283,361

Prepayments

13,364

10,831

Other debtors

32,180

43,998

 

98,831

338,190

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

41,910

15,865

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

653,917

768,917

Taxation and social security

 

57,076

27,160

Accruals and deferred income

 

2,860

2,865

Other creditors

 

79,725

57,531

 

835,488

872,338

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Nuts4Wheels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

10

Related party transactions

Summary of transactions with parent

Included within 'Creditors: Amounts falling due within one year' is a balance due to the parent company, Zorbell Ltd. During the year, interim dividends were voted to Zorbell Ltd in the sum of £250,000 (2023 - Nil) and management services were provided by this company at an arms length value amounting to £45,000 (2023 - £45,000). At the balance sheet date the amount due to Zorbell Ltd was £658,917 (2023 - £768,917).
The parent company holds a fixed and floating charge over the company's assets by way of a debenture dated 21 August 2013.

Summary of transactions with associates

Included within 'Debtors' is a balance due from ROTA Wheels UK Ltd, a company which is under common control. During the year, goods were sold to this company at an arms length value amounting to £421,465 (2023 - £308,942). At the balance sheet date the amount due from ROTA Wheels UK Ltd was £40,619 (2023 - £249,571).
Included within 'Creditors: Amounts falling due within one year' is a balance due to ROTA Wheels UK Ltd. During the year, goods and storage services were supplied by this company at an arms length value amounting to £30,525 (2023 - £16,455). At the balance sheet date the amount due to ROTA Wheels UK Ltd was £89,645 (2023 - £62,387).

11

Parent and ultimate parent undertaking

The company's immediate parent is Zorbell Ltd, incorporated in England and Wales.