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Company registration number: 07781643
Saracens Tyres Ltd
Unaudited filleted financial statements
31 October 2024
Saracens Tyres Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Saracens Tyres Ltd
Directors and other information
Directors O L Roberts
M Owen-Roberts
Secretary O L Roberts
Company number 07781643
Registered office King Street
Cerrigydrudion
CORWEN
Denbighshire
LL21 9ST
LL21 9ST
Accountants Hill & Roberts
1 Tan y Castell
RUTHIN
Denbighshire
LL15 1DQ
Saracens Tyres Ltd
Statement of financial position
31 October 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 6,372 10,871
Tangible assets 6 150,908 111,897
Investments 7 26,295 26,295
_______ _______
183,575 149,063
Current assets
Stocks 488,468 472,750
Debtors 8 517,291 489,638
Cash at bank and in hand 100,799 52,240
_______ _______
1,106,558 1,014,628
Creditors: amounts falling due
within one year 9 ( 503,738) ( 485,302)
_______ _______
Net current assets 602,820 529,326
_______ _______
Total assets less current liabilities 786,395 678,389
Creditors: amounts falling due
after more than one year 10 ( 15,579) ( 24,948)
Provisions for liabilities ( 28,811) ( 27,055)
_______ _______
Net assets 742,005 626,386
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 741,905 626,286
_______ _______
Shareholders funds 742,005 626,386
_______ _______
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 July 2025 , and are signed on behalf of the board by:
O L Roberts M Owen-Roberts
Director Director
Company registration number: 07781643
Saracens Tyres Ltd
Notes to the financial statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Saracens Tyres, King Street, Cerrigydrudion, CORWEN, Denbighshire, LL21 9ST.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Goodwill on a business acquired in 2011 was amortised over 10 years and is fully amortised. Goodwill on a business acquired in 2019 is amortised over 82 months, this was determined by using the length of the lease which remained on the new depot acquired in the year.
Goodwill-Between 6 and 10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 5 % straight line
Short leasehold property - 10 % straight line
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2023: 17 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 November 2023 and 31 October 2024 180,742 180,742
_______ _______
Amortisation
At 1 November 2023 169,871 169,871
Charge for the year 4,499 4,499
_______ _______
At 31 October 2024 174,370 174,370
_______ _______
Carrying amount
At 31 October 2024 6,372 6,372
_______ _______
At 31 October 2023 10,871 10,871
_______ _______
6. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 November 2023 11,615 179,809 13,643 135,191 340,258
Additions 36,697 8,184 - 41,902 86,783
Disposals - - - ( 37,399) ( 37,399)
_______ _______ _______ _______ _______
At 31 October 2024 48,312 187,993 13,643 139,694 389,642
_______ _______ _______ _______ _______
Depreciation
At 1 November 2023 7,936 125,938 10,812 83,675 228,361
Charge for the year 4,712 12,435 708 21,168 39,023
Disposals - - - ( 28,650) ( 28,650)
_______ _______ _______ _______ _______
At 31 October 2024 12,648 138,373 11,520 76,193 238,734
_______ _______ _______ _______ _______
Carrying amount
At 31 October 2024 35,664 49,620 2,123 63,501 150,908
_______ _______ _______ _______ _______
At 31 October 2023 3,679 53,871 2,831 51,516 111,897
_______ _______ _______ _______ _______
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 November 2023 and 31 October 2024 26,295 26,295
_______ _______
Impairment
At 1 November 2023 and 31 October 2024 - -
_______ _______
Carrying amount
At 31 October 2024 26,295 26,295
_______ _______
At 31 October 2023 26,295 26,295
_______ _______
8. Debtors
2024 2023
£ £
Trade debtors 425,393 477,673
Amounts owed by group undertakings and undertakings in which the company has a participating interest 304 304
Other debtors 91,594 11,661
_______ _______
517,291 489,638
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,142 9,890
Trade creditors 363,055 378,949
Corporation tax 52,413 36,269
Social security and other taxes 59,104 53,911
Other creditors 19,024 6,283
_______ _______
503,738 485,302
_______ _______
Included within creditors falling due within one year are finance lease creditors of £4,287 (2023 - £ Nil) which are secured on the assets acquired under such agreements. The finance lease was paid off during the year.
10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 14,812 24,948
Other creditors 767 -
_______ _______
15,579 24,948
_______ _______
Included within creditors falling due after more than one year are finance lease creditors of £767 (2023 - £ Nil) which are secured on the assets acquired under such agreements. The finance lease was paid off during the year.
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
O L Roberts 4,608 25,342 29,950
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
O L Roberts ( 14,619) 19,227 4,608
_______ _______ _______
The amount due to the company by the directors is repayable on demand. No interest is charged on the amount owed to the company. No amounts have been written off or waived during the year.