Company registration number SC064673 (Scotland)
TAWSE TYRE CO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
PAGES FOR FILING WITH REGISTRAR
TAWSE TYRE CO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
TAWSE TYRE CO LIMITED
BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
695,005
658,752
Current assets
Stocks
720,017
705,926
Debtors
5
1,038,326
1,090,361
Cash at bank and in hand
864,962
569,471
2,623,305
2,365,758
Creditors: amounts falling due within one year
6
(780,695)
(798,800)
Net current assets
1,842,610
1,566,958
Total assets less current liabilities
2,537,615
2,225,710
Creditors: amounts falling due after more than one year
7
-
0
(50,000)
Provisions for liabilities
(41,860)
(31,076)
Net assets
2,495,755
2,144,634
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss reserves
2,490,755
2,139,634
Total equity
2,495,755
2,144,634

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

TAWSE TYRE CO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2025
30 April 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 August 2025 and are signed on its behalf by:
Mr G A Tawse
Director
Company Registration No. SC064673
TAWSE TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -
1
Accounting policies
Company information

Tawse Tyre Co Limited is a private company limited by shares incorporated in Scotland. The registered office is 18 Bon-Accord Crescent, Aberdeen, United Kingdom, AB11 6XY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

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

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and freehold buildings
50 years straight line
Plant and equipment
4 years straight line
Fixtures and fittings
4 years straight line
Motor vehicles
4 years straight line

There is no depreciation on land.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

1.5
Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

TAWSE TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents

Cash and cash equivalents are included in the balance sheet at cost. Cash and cash equivalents comprise cash at bank and in hand and short term deposits with an original maturity of three months or less.

1.7
Financial instruments

Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds only basic financial instruments, which comprise cash and cash equivalents, trade and other debtors and trade and other creditors. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full.

1.8
Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

1.10
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.12

Trade and other debtors

Trade and other debtors are recognised and carried forward at invoiced amounts less provisions for doubtful debts. Bad debts are written off when identified.

1.13

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

TAWSE TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 5 -
1.14

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
36
34
TAWSE TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 6 -
4
Tangible fixed assets
Land and freehold buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2024
573,628
545,677
41,300
168,661
1,329,266
Additions
-
0
36,318
-
0
101,813
138,131
Disposals
-
0
(8,251)
-
0
(75,373)
(83,624)
At 30 April 2025
573,628
573,744
41,300
195,101
1,383,773
Depreciation and impairment
At 1 May 2024
39,180
511,942
6,883
112,509
670,514
Depreciation charged in the year
-
0
14,852
10,325
42,035
67,212
Eliminated in respect of disposals
-
0
(8,251)
-
0
(40,707)
(48,958)
At 30 April 2025
39,180
518,543
17,208
113,837
688,768
Carrying amount
At 30 April 2025
534,448
55,201
24,092
81,264
695,005
At 30 April 2024
534,448
33,735
34,417
56,152
658,752
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
308,418
324,716
Other debtors
729,908
765,645
1,038,326
1,090,361
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
547,070
489,866
Corporation tax
43,345
135,691
Other taxation and social security
118,396
93,914
Other creditors
71,884
79,329
780,695
798,800
TAWSE TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 7 -
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
-
0
50,000
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
16,009
2,733
9
Related party transactions

During the year the company rented properties from Tawse Tyre Company Directors Pension Plan (1996), in which Mr G Tawse is a trustee. The rent paid during the year was £130,400 (2024: £130,400).

There was a loan of £368,800 (2024: £393,800) due from Selastam Limited at 30 April 2025. Mr G Tawse is a director and shareholder in Selastam Limited. The maximum amount outstanding during the year was £393,800. There is no interest charged on the loan and the loan is repayable on demand.

There was a loan of £13,600 (2024: £27,200) due from Automasters Inverurie Limited at 30 April 2025. Mr G Tawse is a director and shareholder in Automasters Inverurie Limited. The maximum amount outstanding during the year was £27,200. There is no interest charged on the loan and the loan is repayable on demand.

There was a loan of £183,394 (2024: £180,394) due from BGT Properties Limited at 30 April 2025. Mr G Tawse is a director and shareholder in JGT Developments Limited. The maximum amount outstanding during the year was £183,394. There is no interest charged on the loan and the loan is repayable on demand.

There was a loan of £141,860 (2024: £142,860) due from JGT Developments Limited at 30 April 2025. Mr G Tawse is a director and shareholder in JGT Developments Limited. The maximum amount outstanding during the year was £142,860. There is no interest charged on the loan and the loan is repayable on demand.

There is a loan from Tawse Tyre Company Directors Pension Plan (1996), in which Mr G Tawse is a trustee. The loan is for a period of 5 years, repayable in 5 annual instalments, at an interest rate of base rate plus 1%. The balance outstanding at 30 April 2025 was £50,000 (2024: £100,000). The loan is secured over land owned by the company.

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