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Registered number: 05580517
Martini Tyre Services Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
DKR Chartered Accountants
36 Lichfield Street
Walsall
West Midlands
WS1 1TJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05580517
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 69,636 78,503
Investments 5 103,945 19,950
173,581 98,453
CURRENT ASSETS
Stocks 6 45,000 82,000
Debtors 7 74,646 55,390
Cash at bank and in hand 245,539 259,847
365,185 397,237
Creditors: Amounts Falling Due Within One Year 8 (314,618 ) (291,613 )
NET CURRENT ASSETS (LIABILITIES) 50,567 105,624
TOTAL ASSETS LESS CURRENT LIABILITIES 224,148 204,077
Creditors: Amounts Falling Due After More Than One Year 9 (73,097 ) (50,768 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (20,858 ) (16,649 )
NET ASSETS 130,193 136,660
CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Profit and Loss Account 129,193 135,660
SHAREHOLDERS' FUNDS 130,193 136,660
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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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Michael Cox
Director
28th July 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Martini Tyre Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05580517 . The registered office is 10 Rudd Gardens, Bentley Bridge Arc, Wolverhampton, WV10 0TL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

3. Average Number of Employees
Average number of employees, including directors, during the year was: 27 (2023: 15)
27 15
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 November 2023 49,871 133,305 5,820 188,996
Additions - - 10,900 10,900
As at 31 October 2024 49,871 133,305 16,720 199,896
Depreciation
As at 1 November 2023 38,954 69,741 1,798 110,493
Provided during the period 1,638 15,891 2,238 19,767
As at 31 October 2024 40,592 85,632 4,036 130,260
Net Book Value
As at 31 October 2024 9,279 47,673 12,684 69,636
As at 1 November 2023 10,917 63,564 4,022 78,503
5. Investments
Other
£
Cost
As at 1 November 2023 19,950
Additions 83,995
As at 31 October 2024 103,945
Provision
As at 1 November 2023 -
As at 31 October 2024 -
Net Book Value
As at 31 October 2024 103,945
As at 1 November 2023 19,950
6. Stocks
2024 2023
£ £
Finished goods 45,000 82,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 32,179 32,544
Prepayments and accrued income 23,311 22,446
Other debtors 9,885 400
Directors' loan accounts 9,271 -
74,646 55,390
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 9,494 29,815
Trade creditors 214,389 182,640
Bank loans and overdrafts 10,413 10,099
Corporation tax 43,466 36,675
Other taxes and social security 2,982 2,689
VAT 23,355 20,974
Other creditors 29 26
Accruals and deferred income 10,490 6,810
Directors' loan accounts - 1,885
314,618 291,613
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 66,009 33,366
Bank loans 7,088 17,402
73,097 50,768
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 9,494 29,815
Later than one year and not later than five years 66,009 33,366
75,503 63,181
75,503 63,181
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2023 Amounts advanced Amounts repaid Amounts written off As at 31 October 2024
£ £ £ £ £
Mr Michael Cox - 9,399 - - 9,399
The above loan is unsecured, interest free and repayable on demand.
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