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Registration number: 01165017

Savoy Tyres Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Savoy Tyres Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Savoy Tyres Limited

Company Information

Directors

Mr Harry Maurice Palmer

Mrs Paula Jane Palmer

Mr Paul Palmer

Mr Thomas Paul Palmer

Registered office

Savoy Road
Ings Road Estate
Hull
East Riding of Yorks
HU8 0TY

Solicitors

Andrew Jackson
Essex House
Manor Street
HULL
HU1 1XH

Accountants

Thorntons
Chartered Certified Accountants
176-178 Pontefract Road
Cudworth
Barnsley
South Yorkshire
S72 8BE

 

Savoy Tyres Limited

(Registration number: 01165017)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

5

3,830,694

3,704,755

Current assets

 

Stocks

6

402,915

493,217

Debtors

7

344,495

439,163

Cash at bank and in hand

 

466,442

258,248

 

1,213,852

1,190,628

Creditors: Amounts falling due within one year

8

(2,598,592)

(2,409,395)

Net current liabilities

 

(1,384,740)

(1,218,767)

Total assets less current liabilities

 

2,445,954

2,485,988

Creditors: Amounts falling due after more than one year

8

(982,812)

(1,060,836)

Provisions for liabilities

(135,400)

(101,024)

Net assets

 

1,327,742

1,324,128

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

345,714

345,714

Retained earnings

981,928

978,314

Shareholders' funds

 

1,327,742

1,324,128

For the financial year ending 31 March 2025 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 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.

 

Savoy Tyres Limited

(Registration number: 01165017)
Balance Sheet as at 31 March 2025

Approved and authorised by the Board on 29 August 2025 and signed on its behalf by:
 

.........................................
Mr Paul Palmer
Director

 

Savoy Tyres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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:
Savoy Road
Ings Road Estate
Hull
East Riding of Yorks
HU8 0TY

These financial statements were authorised for issue by the Board on 29 August 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Savoy Tyres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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

Land and buildings

1% straight line

Motor vehicles

Between 20% and 25% reducing balance & straight line basis

Fixtures and fittings

Between 7% and 25% reducing balance & straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Lease premium

15 years straight line

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.

 

Savoy Tyres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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.

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.

 

Savoy Tyres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Savoy Tyres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 105 (2024 - 105).

 

Savoy Tyres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4

Intangible assets

Lease premium
 £

Cost or valuation

At 1 April 2024

40,000

Disposals

(40,000)

At 31 March 2025

-

Amortisation

At 1 April 2024

40,000

Amortisation eliminated on disposals

(40,000)

At 31 March 2025

-

Carrying amount

At 31 March 2025

-

5

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Short leasehold land and buildings
£

Fixtures and fittings
£

Cost or valuation

At 1 April 2024

2,788,187

435,000

99,255

1,250,033

Additions

-

-

-

133,512

Disposals

-

-

-

27,686

At 31 March 2025

2,788,187

435,000

99,255

1,411,231

Depreciation

At 1 April 2024

-

16,268

96,249

870,421

Charge for the year

-

1,162

1,019

86,875

Eliminated on disposal

-

-

-

27,686

At 31 March 2025

-

17,430

97,268

984,982

Carrying amount

At 31 March 2025

2,788,187

417,570

1,987

426,249

At 31 March 2024

2,788,187

418,732

3,006

379,612

 

Savoy Tyres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2024

526,934

5,099,409

Additions

171,275

304,787

Disposals

(128,872)

(101,186)

At 31 March 2025

569,337

5,303,010

Depreciation

At 1 April 2024

411,716

1,394,654

Charge for the year

48,509

137,565

Eliminated on disposal

(87,589)

(59,903)

At 31 March 2025

372,636

1,472,316

Carrying amount

At 31 March 2025

196,701

3,830,694

At 31 March 2024

115,218

3,704,755

Included within the net book value of land and buildings above is £2,788,187 (2024 - £2,788,187) in respect of freehold land and buildings, £417,570 (2024 - £418,732) in respect of long leasehold land and buildings and £1,987 (2024 - £3,006) in respect of short leasehold land and buildings.
 

Revaluation

The fair value of the company's Freehold land and buildings was revalued on 15 August 2010 by an independent valuer. . The name and qualification of the independent valuer are Mr S R Blood BSC (hons) MRICS.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £2,438,174 (2024 - £2,438,174).

6

Stocks

2025
£

2024
£

Other inventories

402,915

493,217

 

Savoy Tyres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7

debtors

2025
£

2024
£

Trade debtors

306,170

365,402

Other debtors

25,325

59,211

Prepayments

13,000

14,550

344,495

439,163

 

Savoy Tyres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

8

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

10

205,011

326,287

Trade creditors

 

1,274,226

1,354,074

Taxation and social security

 

341,810

324,436

Accruals and deferred income

 

286,808

74,414

Other creditors

 

490,737

330,184

 

2,598,592

2,409,395

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

10

982,812

1,060,836

9

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

811,117

950,536

Hire purchase contracts

171,695

110,300

982,812

1,060,836

Current loans and borrowings

 

Savoy Tyres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

2025
£

2024
£

Bank borrowings

116,078

243,622

Hire purchase contracts

88,933

82,665

205,011

326,287

Bank borrowings

Borrowings from Handelsbanken is denominated in GBP with a nominal interest rate of % margin over Bank of England base rate %, and the final instalment is due on 23 September 2037. The carrying amount at year end is £902,074 (2024 - £1,054,961).

The borrowings are secured by a debenture on the assets of the company.

Borrowings from Hitachi is denominated in GBP with a nominal interest rate of % margin over Bank of England base rate %, and the final instalment is due on 14 April 2025. The carrying amount at year end is £4,288 (2024 - £55,864).

Borrowings from Funding Circle is denominated in GBP with a nominal interest rate of % margin above Bank of England base rate %, and the final instalment is due on 15 July 2025. The carrying amount at year end is £20,833 (2024 - £83,333).