IRIS Accounts Production v25.2.0.378 03704400 Board of Directors 1.11.23 30.11.24 30.11.24 Medium entities The principal activity of the company in the period under review was that of the sale and fitting of motor vehicle tyres. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary "A" Shares 10.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh037044002023-10-31037044002024-11-30037044002023-11-012024-11-30037044002022-10-31037044002022-11-012023-10-31037044002023-10-3103704400ns15:EnglandWales2023-11-012024-11-3003704400ns14:PoundSterling2023-11-012024-11-3003704400ns10:Director12023-11-012024-11-3003704400ns10:PrivateLimitedCompanyLtd2023-11-012024-11-3003704400ns10:MediumEntities2023-11-012024-11-3003704400ns10:Audited2023-11-012024-11-3003704400ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-11-012024-11-3003704400ns10:Medium-sizedCompaniesRegimeForAccounts2023-11-012024-11-3003704400ns10:FullAccounts2023-11-012024-11-3003704400ns10:OrdinaryShareClass12023-11-012024-11-3003704400ns10:Director32023-11-012024-11-3003704400ns10:RegisteredOffice2023-11-012024-11-3003704400ns10:Director22023-11-012024-11-3003704400ns5:CurrentFinancialInstruments2024-11-3003704400ns5:CurrentFinancialInstruments2023-10-3103704400ns5:ShareCapital2024-11-3003704400ns5:ShareCapital2023-10-3103704400ns5:SharePremium2024-11-3003704400ns5:SharePremium2023-10-3103704400ns5:CapitalRedemptionReserve2024-11-3003704400ns5:CapitalRedemptionReserve2023-10-3103704400ns5:RetainedEarningsAccumulatedLosses2024-11-3003704400ns5:RetainedEarningsAccumulatedLosses2023-10-3103704400ns5:ShareCapital2022-10-3103704400ns5:RetainedEarningsAccumulatedLosses2022-10-3103704400ns5:SharePremium2022-10-3103704400ns5:CapitalRedemptionReserve2022-10-3103704400ns5:RetainedEarningsAccumulatedLosses2022-11-012023-10-3103704400ns5:CapitalRedemptionReserve2022-11-012023-10-3103704400ns5:RetainedEarningsAccumulatedLosses2023-11-012024-11-3003704400ns5:CapitalRedemptionReserve2023-11-012024-11-300370440012023-11-012024-11-300370440012022-11-012023-10-3103704400ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-11-012024-11-3003704400ns5:LandBuildingsns5:ShortLeaseholdAssets2023-11-012024-11-3003704400ns5:PlantMachinery2023-11-012024-11-3003704400ns5:MotorVehicles2023-11-012024-11-3003704400ns5:ComputerEquipment2023-11-012024-11-300370440012023-11-012024-11-3003704400ns5:OwnedAssets2023-11-012024-11-3003704400ns5:OwnedAssets2022-11-012023-10-3103704400112023-11-012024-11-3003704400112022-11-012023-10-3103704400ns10:OrdinaryShareClass12022-11-012023-10-3103704400ns5:LandBuildings2023-10-3103704400ns5:LandBuildingsns5:ShortLeaseholdAssets2023-10-3103704400ns5:PlantMachinery2023-10-3103704400ns5:LandBuildings2023-11-012024-11-3003704400ns5:LandBuildings2024-11-3003704400ns5:LandBuildingsns5:ShortLeaseholdAssets2024-11-3003704400ns5:PlantMachinery2024-11-3003704400ns5:LandBuildings2023-10-3103704400ns5:LandBuildingsns5:ShortLeaseholdAssets2023-10-3103704400ns5:PlantMachinery2023-10-3103704400ns5:MotorVehicles2023-10-3103704400ns5:ComputerEquipment2023-10-3103704400ns5:MotorVehicles2024-11-3003704400ns5:ComputerEquipment2024-11-3003704400ns5:MotorVehicles2023-10-3103704400ns5:ComputerEquipment2023-10-3103704400ns5:WithinOneYearns5:CurrentFinancialInstruments2024-11-3003704400ns5:WithinOneYearns5:CurrentFinancialInstruments2023-10-3103704400ns5:WithinOneYear2024-11-3003704400ns5:WithinOneYear2023-10-3103704400ns5:BetweenOneFiveYears2024-11-3003704400ns5:BetweenOneFiveYears2023-10-3103704400ns5:MoreThanFiveYears2024-11-3003704400ns5:MoreThanFiveYears2023-10-3103704400ns5:AllPeriods2024-11-3003704400ns5:AllPeriods2023-10-3103704400ns5:AcceleratedTaxDepreciationDeferredTax2024-11-3003704400ns5:AcceleratedTaxDepreciationDeferredTax2023-10-3103704400ns5:DeferredTaxation2023-10-3103704400ns5:DeferredTaxation2023-11-012024-11-3003704400ns5:DeferredTaxation2024-11-3003704400ns10:OrdinaryShareClass12024-11-3003704400ns5:RetainedEarningsAccumulatedLosses2023-10-3103704400ns5:SharePremium2023-10-3103704400ns5:CapitalRedemptionReserve2023-10-31
REGISTERED NUMBER: 03704400 (England and Wales)















Strategic Report, Report of the Directors and

Audited Financial Statements for the Period 1 November 2023 to 30 November 2024

for

The Tyre Store Limited

The Tyre Store Limited (Registered number: 03704400)






Contents of the Financial Statements
for the Period 1 November 2023 to 30 November 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


The Tyre Store Limited

Company Information
for the Period 1 November 2023 to 30 November 2024







DIRECTORS: Mr C D Freeman
Mr A M Stenning





REGISTERED OFFICE: Malvern House
Priory Road
Gloucester
GL1 2RQ





REGISTERED NUMBER: 03704400 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
Pinnacle House
1 Pinnacle Way
Derby
Derbyshire
DE24 8ZS

The Tyre Store Limited (Registered number: 03704400)

Strategic Report
for the Period 1 November 2023 to 30 November 2024

The directors present their strategic report for the period 1 November 2023 to 30 November 2024, this being a 13 month period.

The directors are pleased to announce that during the year the company joined the Malvern Tyres Holdings Limited group as a wholly owned subsidiary. This was completed by way of a purchase of the entire share capital of the company on 15/8/24.

This acquisition brings further synergies and opportunities for The Tyre Store Limited and the group as a whole.

REVIEW OF BUSINESS
The principal activity of the company in the period under review was that of the sale and fitting of motor vehicle tyres.

The company's revenue has increased in the current period, by 17.56% from 2023.The gross profit margin has increased slightly from 46.93% to 48.12%.

Although the company continues to face increased overhead costs, these have been controlled as far as possible to mitigate overall the decrease in net profitability.

During the period the company sold its freehold premises to the previous director, Mr I Grant, in a sale and lease back deal.

Given these factors the directors are pleased with the overall results for the period.

Cash projections are prepared frequently and reviewed by management to ensure that adequate financial resources exist for the company. The board has continued to maintain adequate funding capital within the company and no changes in facilities are envisaged in the foreseeable future. The financial results in 2024 were in line with the boards expectations and the company continues to be well placed to maintain its position in difficult trading conditions.

PRINCIPAL RISKS AND UNCERTAINTIES
The trading performance of the company to the period ended 30/11/24 is in line with directors' expectations.

As inventories are purchased from overseas then the company is subject to some foreign exchange rate risk however this cost is mitigated with management taking advantage of bulk orders in order to reduce cost prices of supplies.Also present are increased costs of shipments from overseas, as found industry wide.

The general uncertainty of the worldwide economy including the effect of equity markets, inflation pressure and the worldwide energy markets are considered to be of greater risk to the business going forward. The directors and their management team are keeping all margins and costs under review.

Due to the wider group's backing, the directors feel the company is well placed to weather the economic effects of the current trading climate.

FINANCIAL KEY PERFORMANCE INDICATORS
The directors use turnover, gross profit, operating profit and net profitability as key performance indicators for the business.

ON BEHALF OF THE BOARD:





Mr C D Freeman - Director


27 August 2025

The Tyre Store Limited (Registered number: 03704400)

Report of the Directors
for the Period 1 November 2023 to 30 November 2024

The directors present their report with the financial statements of the company for the period 1 November 2023 to 30 November 2024.

DIVIDENDS
The total distribution of interim dividends on the Ordinary A Shares for the year ended 30 November 2024 was £50,400 (2023: £50,400). The directors do not recommend the payment of a final dividend on these shares.

DIRECTORS
The directors who have held office during the period from 1 November 2023 to the date of this report are as follows:

Mr I J Grant - resigned 15 August 2024
Mr C D Freeman - appointed 15 August 2024
Mr A M Stenning - appointed 15 August 2024

FINANCIAL INSTRUMENTS
Treasury operations
The company operates a centralised treasury function which is responsible for managing the liquidity and interest rate risks associated with the company's activities. The company's principal instruments are bank and cash balances. In addition the company has various other financial assets and liabilities such as trade debtors and trade creditors.

Liquidity risk
The company manages its cash requirements centrally to maximise interest income and minimise interest expense, whilst ensuring the the company has sufficient liquid resources to meet the operating needs of its business.

Interest rate risk
The company does not have a bank overdraft facility or any bank loan facilities.

Foreign currency risk
The company purchases its inventories from overseas and is subject to some foreign exchange rate risk which is mitigated with management taking advantage of bulk orders in order to reduce cost prices of supplies.

Credit risk
Investments of cash surpluses are made with the company's main bankers. Receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

DISCLOSURE IN THE STRATEGIC REPORT
The director has chosen to disclose the Review of the Business and consider the Principal Risks and Uncertainties of the business within the company's Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


The Tyre Store Limited (Registered number: 03704400)

Report of the Directors
for the Period 1 November 2023 to 30 November 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr C D Freeman - Director


27 August 2025

Report of the Independent Auditors to the Members of
The Tyre Store Limited

Opinion
We have audited the financial statements of The Tyre Store Limited (the 'company') for the period ended 30 November 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
The Tyre Store Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
The Tyre Store Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following;
- The nature of the industry and sector, control environment and business performance
- The company's own assessment of the risks that irregularities may occur either as a result of fraud or error that was approved by the board
- Any matters identified having reviewed the company's procedures
- Matters discussed among our audit engagement team and other members of Duncan & Toplis regarding how fraud might occur in the financial statements.

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risks of management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered included UK companies Act and tax legislation.

Audit response to risks identified
As a result of performing the above, we identified the disclosure of adjusting items in the financial statements.

In addition to the above, our procedures to respond to risks identified included;
- Reviewing the financial statement disclosures
- Enquiring of management concerning actual and potential litigation and claims
- Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journals and assessing whether judgements made in making accounting estimates are indicative of potential bias.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
The Tyre Store Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Gary Underwood (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
Pinnacle House
1 Pinnacle Way
Derby
Derbyshire
DE24 8ZS

27 August 2025

The Tyre Store Limited (Registered number: 03704400)

Statement of Comprehensive
Income
for the Period 1 November 2023 to 30 November 2024

Period Year Ended
1.11.23 to 30.11.24 31.10.23
Notes £    £    £    £   

TURNOVER 5 19,604,157 16,675,203

Cost of sales 10,170,719 8,848,949
GROSS PROFIT 9,433,438 7,826,254

Centre costs 7,805,336 6,056,509
Administrative expenses 1,100,375 869,268
8,905,711 6,925,777
527,727 900,477

Other operating income 109,336 103,461
OPERATING PROFIT 8 637,063 1,003,938

Profit/loss on sale of freehold properties 10 1,838,505 -
2,475,568 1,003,938

Interest receivable and similar income 57,052 33,390
2,532,620 1,037,328

Interest payable and similar expenses 11 4,831 3,477
PROFIT BEFORE TAXATION 2,527,789 1,033,851

Tax on profit 12 326,925 261,061
PROFIT FOR THE FINANCIAL PERIOD 2,200,864 772,790

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

2,200,864

772,790

The Tyre Store Limited (Registered number: 03704400)

Balance Sheet
30 November 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 14 411,983 2,709,929

CURRENT ASSETS
Stocks 15 1,729,563 1,766,933
Debtors 16 7,863,813 868,408
Cash at bank - 1,806,438
9,593,376 4,441,779
CREDITORS
Amounts falling due within one year 17 4,036,144 3,316,046
NET CURRENT ASSETS 5,557,232 1,125,733
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,969,215

3,835,662

PROVISIONS FOR LIABILITIES 20 72,684 89,595
NET ASSETS 5,896,531 3,746,067

CAPITAL AND RESERVES
Called up share capital 21 31,500 31,500
Share premium 22 223,498 223,498
Capital redemption reserve 22 31,000 31,000
Retained earnings 22 5,610,533 3,460,069
SHAREHOLDERS' FUNDS 5,896,531 3,746,067

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2025 and were signed on its behalf by:





Mr C D Freeman - Director


The Tyre Store Limited (Registered number: 03704400)

Statement of Changes in Equity
for the Period 1 November 2023 to 30 November 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 November 2022 31,500 2,737,679 223,498 31,000 3,023,677

Changes in equity
Profit for the year - 772,790 - - 772,790
Total comprehensive income - 772,790 - - 772,790
Dividends - (50,400 ) - - (50,400 )
Balance at 31 October 2023 31,500 3,460,069 223,498 31,000 3,746,067

Changes in equity
Profit for the period - 2,200,864 - - 2,200,864
Total comprehensive income - 2,200,864 - - 2,200,864
Dividends - (50,400 ) - - (50,400 )
Balance at 30 November 2024 31,500 5,610,533 223,498 31,000 5,896,531

The Tyre Store Limited (Registered number: 03704400)

Cash Flow Statement
for the Period 1 November 2023 to 30 November 2024

Period
1.11.23
to Year Ended
30.11.24 31.10.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,252,281 1,434,972
Interest paid (4,831 ) (3,477 )
Tax paid (257,170 ) (70,646 )
Net cash from operating activities 2,990,280 1,360,849

Cash flows from investing activities
Purchase of tangible fixed assets (132,627 ) (501,470 )
Sale of tangible fixed assets 2,208,504 394
Interest received 57,052 33,390
Net cash from investing activities 2,132,929 (467,686 )

Cash flows from financing activities
Amount withdrawn by directors (6,300 ) (37,800 )
Amounts loaned to group companies (7,042,923 ) -
Equity dividends paid (50,400 ) (50,400 )
Net cash from financing activities (7,099,623 ) (88,200 )

(Decrease)/increase in cash and cash equivalents (1,976,414 ) 804,963
Cash and cash equivalents at beginning of
period

2

1,806,438

1,001,475

Cash and cash equivalents at end of
period

2

(169,976

)

1,806,438

The Tyre Store Limited (Registered number: 03704400)

Notes to the Cash Flow Statement
for the Period 1 November 2023 to 30 November 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

Period
1.11.23
to Year Ended
30.11.24 31.10.23
£    £   
Profit before taxation 2,527,789 1,033,851
Depreciation charges 214,275 171,045
Loss on disposal of fixed assets 7,794 5,546
Finance costs 4,831 3,477
Finance income (57,052 ) (33,390 )
2,697,637 1,180,529
Decrease/(increase) in stocks 37,370 (89,479 )
Decrease/(increase) in trade and other debtors 47,518 (145,848 )
Increase in trade and other creditors 469,756 489,770
Cash generated from operations 3,252,281 1,434,972

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 30 November 2024
30.11.24 1.11.23
£    £   
Cash and cash equivalents - 1,806,438
Bank overdrafts (169,976 ) -
(169,976 ) 1,806,438
Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 1,806,438 1,001,475


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.11.23 Cash flow At 30.11.24
£    £    £   
Net cash
Cash at bank 1,806,438 (1,806,438 ) -
Bank overdrafts - (169,976 ) (169,976 )
1,806,438 (1,976,414 ) (169,976 )
Total 1,806,438 (1,976,414 ) (169,976 )

The Tyre Store Limited (Registered number: 03704400)

Notes to the Financial Statements
for the Period 1 November 2023 to 30 November 2024

1. STATUTORY INFORMATION

The Tyre Store 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. PERIOD END

The company's accounts period was extended from 31/10/24 to 30/11/24, therefore these accounts show the results for the 13 month period.

3. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below.

Consolidated financial statements
These financial statements are consolidated in the financial statements of Malvern Tyres Holdings Limited.

Turnover
The company recognises revenue when the amount of revenue can be reliably measured, and it is probable that future economic benefits can be reliably measured, and it is probable that future economic benefits will flow to the entity. Revenue from the sale of motor vehicle tyres is recognised when the risks and rewards of ownership are transferred to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Short leasehold - 4% on cost
Plant and machinery - 10% on cost
Motor vehicles - 20% on cost
Office equipment - 25% on cost

The company changed its depreciation policy within the year from a reducing balance to straight line basis.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, after making allowance for obsolete and slow moving items.

Costs, which comprise tyre purchases, are based on the most recent purchase price method. Estimated selling price less costs to sell is based on the sale price closest to the year end.

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 obsolete and slow-moving stocks are recognised as an expense in the period in which the write-down or loss occur. The amount of any reversal of any write-down of stock is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.


The Tyre Store Limited (Registered number: 03704400)

Notes to the Financial Statements - continued
for the Period 1 November 2023 to 30 November 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. 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 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from and to related parties and bank loans.

The Tyre Store Limited (Registered number: 03704400)

Notes to the Financial Statements - continued
for the Period 1 November 2023 to 30 November 2024

3. ACCOUNTING POLICIES - continued

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 for goods sold or services rendered in the ordinary course of business.

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

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade creditors are classified as current liabilities of the company does not have an unconditional right, at the end of the reporting date, 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.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

The Tyre Store Limited (Registered number: 03704400)

Notes to the Financial Statements - continued
for the Period 1 November 2023 to 30 November 2024

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The Company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the Company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have an increased risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

In preparing these financial statements, the directors have made the following judgements:

Depreciation and residual values
The directors have reviewed the asset lives and associated residual values of all tangible fixed asset classes and have concluded that asset lives and residual values are appropriate.

The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Recoverability of trade debtors
Trade and other debtors are recognised to the extent that they are judged recoverable. Management reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is considered to be uncertain.

Management makes allowance for doubtful debts based on an assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Management specifically analyse historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of debtors and the charge in the profit and loss account.

Taxation
There are many transactions and calculations for which the ultimate tax determination is uncertain. The Company recognises liabilities for anticipated tax issues based on estimates of whether additional taxes will be due.

Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.

Provisions
A provision is recognised when the Company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

The Tyre Store Limited (Registered number: 03704400)

Notes to the Financial Statements - continued
for the Period 1 November 2023 to 30 November 2024

5. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of income is given below:

20242023
££
Sale of goods 19,604,15716,675,203
Rental income109,336103,461
19,713,49316,778,664

6. EMPLOYEES AND DIRECTORS
Period
1.11.23
to Year Ended
30.11.24 31.10.23
£    £   
Wages and salaries 3,927,172 3,158,154
Social security costs 332,246 260,146
Other pension costs 9,000 10,000
4,268,418 3,428,300

The average number of employees during the period was as follows:
Period
1.11.23
to Year Ended
30.11.24 31.10.23

Direct and sales 105 100
Administration 20 20
125 120

7. DIRECTORS' EMOLUMENTS
Period
1.11.23
to Year Ended
30.11.24 31.10.23
£    £   
Directors' remuneration 4,315 8,630
Directors' pension contributions to money purchase schemes 9,000 10,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

The Tyre Store Limited (Registered number: 03704400)

Notes to the Financial Statements - continued
for the Period 1 November 2023 to 30 November 2024

8. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
1.11.23
to Year Ended
30.11.24 31.10.23
£    £   
Other operating leases 1,174,260 931,887
Depreciation - owned assets 214,275 171,045
Loss on disposal of fixed assets 7,794 5,546
Exchange rate gains - (2,475 )

9. AUDITORS' REMUNERATION
Period
1.11.23
to Year Ended
30.11.24 31.10.23
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

16,275

16,450
Other non- audit services 2,919 1,300

10. EXCEPTIONAL ITEMS
Period
1.11.23
to Year Ended
30.11.24 31.10.23
£    £   
Profit/loss on sale of freehold properties 1,838,505 -

During the year, the company sold its freehold properties to former director, Mr I Grant, at market value.

11. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.11.23
to Year Ended
30.11.24 31.10.23
£    £   
Bank interest 4,831 3,477

The Tyre Store Limited (Registered number: 03704400)

Notes to the Financial Statements - continued
for the Period 1 November 2023 to 30 November 2024

12. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
1.11.23
to Year Ended
30.11.24 31.10.23
£    £   
Current tax:
UK corporation tax 343,836 257,171

Deferred tax (16,911 ) 3,890
Tax on profit 326,925 261,061

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.11.23
to Year Ended
30.11.24 31.10.23
£    £   
Profit before tax 2,527,789 1,033,851
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22.518%)

631,947

232,803

Effects of:
Expenses not deductible for tax purposes 658 1,991
Income not taxable for tax purposes (457,677 ) 1,248
Depreciation in excess of capital allowances 19,513 21,129
year

Deferred tax movement (16,911 ) 3,890
Tax on capital gain 149,395 -
Total tax charge 326,925 261,061

Profits in excess of £250,000 will be taxed at the standard rate of 25%.

13. DIVIDENDS
Period
1.11.23
to Year Ended
30.11.24 31.10.23
£    £   
Ordinary "A" Shares shares of 10p each
Interim 50,400 50,400

The Tyre Store Limited (Registered number: 03704400)

Notes to the Financial Statements - continued
for the Period 1 November 2023 to 30 November 2024

14. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 November 2023 3,076,318 76,683 1,146,572
Additions - - 86,672
Disposals (3,076,318 ) - -
At 30 November 2024 - 76,683 1,233,244
DEPRECIATION
At 1 November 2023 883,824 27,031 845,067
Charge for period - 7,514 113,264
Eliminated on disposal (883,824 ) - -
At 30 November 2024 - 34,545 958,331
NET BOOK VALUE
At 30 November 2024 - 42,138 274,913
At 31 October 2023 2,192,494 49,652 301,505

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 November 2023 282,553 210,303 4,792,429
Additions 36,175 9,780 132,627
Disposals (52,084 ) - (3,128,402 )
At 30 November 2024 266,644 220,083 1,796,654
DEPRECIATION
At 1 November 2023 168,124 158,454 2,082,500
Charge for period 39,337 54,160 214,275
Eliminated on disposal (28,280 ) - (912,104 )
At 30 November 2024 179,181 212,614 1,384,671
NET BOOK VALUE
At 30 November 2024 87,463 7,469 411,983
At 31 October 2023 114,429 51,849 2,709,929

15. STOCKS
2024 2023
£    £   
Finished goods 1,729,563 1,766,933

The Tyre Store Limited (Registered number: 03704400)

Notes to the Financial Statements - continued
for the Period 1 November 2023 to 30 November 2024

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 446,976 231,886
Amounts owed by group undertakings 7,042,923 -
Other debtors 17,118 17,046
Prepayments and accrued income 356,796 619,476
7,863,813 868,408

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 18) 169,976 -
Trade creditors 3,105,483 2,472,441
Corporation Tax 343,836 257,170
Social security and other taxes 88,720 67,755
VAT 262,964 404,652
Other creditors 9,728 14,006
Directors' current accounts - 6,300
Accruals and deferred income 55,437 93,722
4,036,144 3,316,046

18. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 169,976 -

19. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 1,126,839 804,249
Between one and five years 3,674,907 2,313,732
In more than five years 3,286,715 1,823,427
8,088,461 4,941,408

20. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 50,820 64,595
Deferred tax (3,136 ) -
47,684 64,595

The Tyre Store Limited (Registered number: 03704400)

Notes to the Financial Statements - continued
for the Period 1 November 2023 to 30 November 2024

2024 2023
£    £   
Other provisions 25,000 25,000

Aggregate amounts 72,684 89,595

Deferred
tax
£   
Balance at 1 November 2023 64,595
Credit to Statement of Comprehensive Income during period (16,911 )
On fair value movement
Balance at 30 November 2024 47,684

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
315,000 Ordinary "A" Shares 10p 31,500 31,500

The above shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

22. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 November 2023 3,460,069 223,498 31,000 3,714,567
Profit for the period 2,200,864 2,200,864
Dividends (50,400 ) (50,400 )
At 30 November 2024 5,610,533 223,498 31,000 5,865,031

23. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the entity in an independently administrated fund. The amount charged against profits represents the contributions payable to the scheme in respect of the accounts accounting period and amounts to £53,805 (2023: £44,244). There were £3,517 (2023: £5,864) of outstanding contributions payable at the year end.

24. ULTIMATE PARENT COMPANY

Malvern Tyres Holdings Limited is regarded by the directors as being the company's ultimate parent company.

25. RELATED PARTY DISCLOSURES

During the year, the company sold its freehold properties to former director, Mr I Grant, at market value.

The Tyre Store Limited (Registered number: 03704400)

Notes to the Financial Statements - continued
for the Period 1 November 2023 to 30 November 2024

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C M Freeman.