D M H Tyres Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 06373192 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

D M H TYRES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

M Humphreys

Mrs D E Humphreys

SECRETARY:

Mrs D E Humphreys

REGISTERED OFFICE:

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

REGISTERED NUMBER:

06373192 (England and Wales)

ACCOUNTANTS:

D.R.E. & Co. Limited

Chartered Accountants

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

FIXED ASSETS

Intangible assets

5

-

Tangible assets

6

1,196,701

568,853

1,196,701

568,853

CURRENT ASSETS

Stocks

1,505,852

1,620,000

Debtors

7

1,438,053

1,351,018

Cash at bank

25,148

136,364

2,969,053

3,107,382

CREDITORS

Amounts falling due within one year

8

2,328,228

2,352,829

NET CURRENT ASSETS

640,825

754,553

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,837,526

1,323,406

CREDITORS

Amounts falling due after more than one year

9

(582,276

)

(291,981

)

PROVISIONS FOR LIABILITIES

(211,209

)

(142,213

)

NET ASSETS

1,044,041

889,212

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

1,043,941

889,112

SHAREHOLDERS' FUNDS

1,044,041

889,212

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2025 and were signed on its behalf by:

Mrs D E Humphreys - Director

1.	STATUTORY INFORMATION

D M H Tyres Ltd 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.	STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on a going concern basis. This is dependent on the continued financial support of the directors and shareholders.

The financial statements are presented in Sterling (£) rounded to the nearest £1.

These financial statements are for the individual entity only.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on reducing balance, 25% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 year 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2023 - 36 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

38,980

AMORTISATION

At 1 January 2024

and 31 December 2024

38,980

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

6.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 January 2024

5,321

1,107,333

1,112,654

Additions

1,595

838,102

839,697

Disposals

-

(194,489

)

(194,489

)

At 31 December 2024

6,916

1,750,946

1,757,862

DEPRECIATION

At 1 January 2024

-

543,801

Charge for year

-

164,366

Eliminated on disposal

-

(147,006

)

(147,006

)

At 31 December 2024

-

561,161

NET BOOK VALUE

At 31 December 2024

6,916

1,189,785

1,196,701

At 31 December 2023

5,321

563,532

568,853

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

1,346,374

1,291,998

Other debtors

91,679

59,020

1,438,053

1,351,018

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Bank loans and overdrafts

50,004

Hire purchase contracts (see note 10)

386,387

190,014

Trade creditors

1,285,959

1,597,736

Taxation and social security

29,842

55,074

Other creditors

576,036

460,001

2,328,228

2,352,829

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.24

31.12.23

£

Bank loans

37,496

87,496

Hire purchase contracts (see note 10)

544,780

204,485

582,276

291,981

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.12.24

31.12.23

£

Net obligations repayable:

Within one year

386,387

190,014

Between one and five years

544,780

204,485

931,167

394,499

Non-cancellable

operating leases

31.12.24

31.12.23

£

Within one year

34,286

-

Between one and five years

34,286

-

68,572

-

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

Bank loans

87,500

137,500

Hire purchase contracts

931,167

394,499

Other creditors

563,675

433,662

1,582,342

965,661

Hire purchase assets are secured against the assets to which they relate.

Other creditors includes a working capital facility which is secured by way of a fixed and floating charge over the undertaking and all property, dated 6th March 2020.

The Bank loan of £250,000 is secured by way of a fixed and floating charge over the undertaking and all property, dated 11th September 2020.

12.	CAPITAL COMMITMENTS

31.12.24

31.12.23

£

Contracted but not provided for in the

financial statements

187,773

-

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year rent of £10,800 (2023: £10,250) was paid to Mr & Mrs Humphreys.

During the year total dividends of £51,600 (2023: £22,500) were paid to directors.

14.	ULTIMATE CONTROLLING PARTY

No one person controls the company.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of D M H Tyres Ltd for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of D M H Tyres Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of D M H Tyres Ltd and state those matters that we have agreed to state to the Board of Directors of D M H Tyres Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D M H Tyres Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that D M H Tyres Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of D M H Tyres Ltd. You consider that D M H Tyres Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of D M H Tyres Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

D.R.E. & Co. Limited

Chartered Accountants

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

3 September 2025