Ian Jones Tyres Ltd. 03722878 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is those of the sale of second hand vehicles, motor vehicle tyres, exhausts and batteries and the operation of an MOT test station Digita Accounts Production Advanced 6.30.9574.0 true 03722878 2024-01-01 2024-12-31 03722878 2024-12-31 03722878 bus:OrdinaryShareClass1 2024-12-31 03722878 core:CurrentFinancialInstruments 2024-12-31 03722878 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 03722878 core:CustomerRelationships 2024-12-31 03722878 core:Goodwill 2024-12-31 03722878 core:FurnitureFittingsToolsEquipment 2024-12-31 03722878 core:MotorVehicles 2024-12-31 03722878 bus:SmallEntities 2024-01-01 2024-12-31 03722878 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 03722878 bus:FilletedAccounts 2024-01-01 2024-12-31 03722878 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 03722878 bus:RegisteredOffice 2024-01-01 2024-12-31 03722878 bus:CompanySecretary1 2024-01-01 2024-12-31 03722878 bus:Director1 2024-01-01 2024-12-31 03722878 bus:Director3 2024-01-01 2024-12-31 03722878 bus:Director4 2024-01-01 2024-12-31 03722878 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 03722878 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 03722878 core:ComputerSoftware 2024-01-01 2024-12-31 03722878 core:CustomerRelationships 2024-01-01 2024-12-31 03722878 core:Goodwill 2024-01-01 2024-12-31 03722878 core:ComputerEquipment 2024-01-01 2024-12-31 03722878 core:FurnitureFittings 2024-01-01 2024-12-31 03722878 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 03722878 core:LeaseholdImprovements 2024-01-01 2024-12-31 03722878 core:MotorVehicles 2024-01-01 2024-12-31 03722878 core:PlantMachinery 2024-01-01 2024-12-31 03722878 countries:AllCountries 2024-01-01 2024-12-31 03722878 2023-12-31 03722878 core:CustomerRelationships 2023-12-31 03722878 core:Goodwill 2023-12-31 03722878 core:FurnitureFittingsToolsEquipment 2023-12-31 03722878 core:MotorVehicles 2023-12-31 03722878 2023-01-01 2023-12-31 03722878 2023-12-31 03722878 bus:OrdinaryShareClass1 2023-12-31 03722878 core:CurrentFinancialInstruments 2023-12-31 03722878 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03722878 core:CustomerRelationships 2023-12-31 03722878 core:Goodwill 2023-12-31 03722878 core:FurnitureFittingsToolsEquipment 2023-12-31 03722878 core:MotorVehicles 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03722878

Ian Jones Tyres Ltd. trading as Ian Jones Tyres Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Ian Jones Tyres Ltd.

trading as Ian Jones Tyres Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Ian Jones Tyres Ltd.

trading as Ian Jones Tyres Ltd

Company Information

Directors

Mr Ian Arthur Jones

Mrs Margaret Ivy Jones

Mr Craig Bagley

Company secretary

Miss Nicola Davies

Registered office

St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

Accountants

Young & Co
Chartered Accountants
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

 

Ian Jones Tyres Ltd.

trading as Ian Jones Tyres Ltd

(Registration number: 03722878)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,483

2,291

Tangible assets

5

152,801

140,008

 

154,284

142,299

Current assets

 

Stocks

6

602,990

509,848

Debtors

7

263,395

251,222

Cash at bank and in hand

 

277,167

254,605

 

1,143,552

1,015,675

Creditors: Amounts falling due within one year

8

(703,655)

(632,597)

Net current assets

 

439,897

383,078

Total assets less current liabilities

 

594,181

525,377

Provisions for liabilities

(39,545)

(25,878)

Net assets

 

554,636

499,499

Capital and reserves

 

Called up share capital

9

6

6

Retained earnings

554,630

499,493

Shareholders' funds

 

554,636

499,499

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

 

Ian Jones Tyres Ltd.

trading as Ian Jones Tyres Ltd

(Registration number: 03722878)
Balance Sheet as at 31 December 2024
(continued)

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 directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 May 2025 and signed on its behalf by:
 

.........................................
Mr Ian Arthur Jones
Director

 

Ian Jones Tyres Ltd.

trading as Ian Jones Tyres Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA
England

The principal place of business is:
Unit 2
18 Headbrook
Kington
Herefordshire
HR5 3DZ
United Kingdom

These financial statements were authorised for issue by the Board on 28 May 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).

 

Ian Jones Tyres Ltd.

trading as Ian Jones Tyres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
(continued)

2

Accounting policies (continued)

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

Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.

Tax

The tax expense for the period comprises current and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantially enacted by the end of the reporting period.

Tangible assets

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives at the following rates:

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

20% of cost per annum

 

Ian Jones Tyres Ltd.

trading as Ian Jones Tyres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
(continued)

2

Accounting policies (continued)

Motor vehicles

20% of written down value per annum

Fixtures and fittings

20% of written down value per annum

Computer equipment

33% of cost per annum

Leasehold property improvements

10% of cost per annum

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

Goodwill

20% cost per annum

Software

33% of cost per annum

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit and loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

 

Ian Jones Tyres Ltd.

trading as Ian Jones Tyres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
(continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 directors) during the year, was 27 (2023 - 26).

 

Ian Jones Tyres Ltd.

trading as Ian Jones Tyres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
(continued)

4

Intangible assets

Goodwill
 £

Software
£

Total
£

Cost or valuation

At 1 January 2024

167,516

6,952

174,468

At 31 December 2024

167,516

6,952

174,468

Amortisation

At 1 January 2024

167,516

4,661

172,177

Amortisation charge

-

808

808

At 31 December 2024

167,516

5,469

172,985

Carrying amount

At 31 December 2024

-

1,483

1,483

At 31 December 2023

-

2,291

2,291

 

Ian Jones Tyres Ltd.

trading as Ian Jones Tyres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
(continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

333,954

95,101

429,055

Additions

47,879

10,500

58,379

Disposals

(43,198)

(16,717)

(59,915)

At 31 December 2024

338,635

88,884

427,519

Depreciation

At 1 January 2024

248,327

40,720

289,047

Charge for the year

26,757

10,521

37,278

Eliminated on disposal

(43,158)

(8,449)

(51,607)

At 31 December 2024

231,926

42,792

274,718

Carrying amount

At 31 December 2024

106,709

46,092

152,801

At 31 December 2023

85,627

54,381

140,008

6

Stocks

2024
£

2023
£

Other inventories

602,990

509,848

 

Ian Jones Tyres Ltd.

trading as Ian Jones Tyres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
(continued)

7

Debtors

Current

2024
£

2023
£

Trade debtors

242,004

224,576

Prepayments

21,391

26,646

 

263,395

251,222

 

Ian Jones Tyres Ltd.

trading as Ian Jones Tyres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
(continued)

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

542,205

517,587

Taxation and social security

98,150

63,977

Accruals and deferred income

18,942

9,290

Other creditors

44,358

41,743

703,655

632,597

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

6

6

6

6

       

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £110,094 (2023 - £100,276).

The total amount of financial commitments not included in the balance sheet concerning pensions is £14,521 (2023 - £9,094).

 

Ian Jones Tyres Ltd.

trading as Ian Jones Tyres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
(continued)

11

Related party transactions

Mr I Jones and Mrs M Jones, directors and shareholders, charged the company rent of £72,000 (2023 £56,000) for use of the premises in Kington and Clyro for the year ended 31 December 2024.

The above transactions were in the normal course of business and were conducted on an at arms length basis