Nant Conwy Tyres Limited 31/12/2024 iXBRL

Company registration number: 07940072

Nant Conwy Tyres Limited

Unaudited filleted financial statements

31 December 2024

Nant Conwy Tyres Limited

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

Nant Conwy Tyres Limited

Directors and other information


	Director	Mr Llion Roberts


	Company number	07940072


	Registered office	Unit 3
		Station Road
		Llanrwst
		Conwy
		LL26 0EH


	Accountants	Hill & Roberts
		1 Tan y Castell
		Ruthin
		Denbighshire
		LL15 1DQ

Nant Conwy Tyres Limited

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	5	19,191		21,724
Investments	6	70,429		55,369
		_______		_______
			89,620		77,093

Current assets
Stocks		46,090		42,876
Debtors	7	51,965		68,107
Cash at bank and in hand		121,975		91,280
		_______		_______
		220,030		202,263
Creditors: amounts falling due
within one year	8	( 76,742)		( 70,334)
		_______		_______
Net current assets			143,288		131,929
			_______		_______
Total assets less current liabilities			232,908		209,022

Creditors: amounts falling due
after more than one year	9		( 13,100)		( 23,276)

Provisions for liabilities			( 4,798)		( 5,436)

			_______		_______
Net assets			215,010		180,310
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			214,910		180,210
			_______		_______
Shareholders funds			215,010		180,310
			_______		_______

For the 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.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 12 September 2025 , and are signed on behalf of the board by:

Mr Llion Roberts

Director

Company registration number: 07940072

Nant Conwy Tyres Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Wales. The address of the registered office is Unit 3, Station Road, Llanrwst, Conwy, LL26 0EH.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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.

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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 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.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	25 %	reducing balance
Fittings fixtures and equipment	-	25 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

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 stocks to their present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2023: 4 ).

5. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024	22,466	7,794	30,950	61,210
Additions	2,099	-	4,000	6,099
Disposals	( 3,843)	( 833)	( 2,600)	( 7,276)
	_______	_______	_______	_______
At 31 December 2024	20,722	6,961	32,350	60,033
	_______	_______	_______	_______
Depreciation
At 1 January 2024	19,937	7,022	12,527	39,486
Charge for the year	1,103	177	5,119	6,399
Disposals	( 3,622)	( 771)	( 650)	( 5,043)
	_______	_______	_______	_______
At 31 December 2024	17,418	6,428	16,996	40,842
	_______	_______	_______	_______
Carrying amount
At 31 December 2024	3,304	533	15,354	19,191
	_______	_______	_______	_______
At 31 December 2023	2,529	772	18,423	21,724
	_______	_______	_______	_______

6. Investments

	Shares in group undertakings and participating interests	Other investments other than loans	Total
	£	£	£
Cost
At 1 January 2024	26,295	29,074	55,369
Additions	-	12,315	12,315
Fair value adjustment	-	2,745	2,745
	_______	_______	_______
At 31 December 2024	26,295	44,134	70,429
	_______	_______	_______
Impairment
At 1 January 2024 and 31 December 2024	-	-	-
	_______	_______	_______
Carrying amount
At 31 December 2024	26,295	44,134	70,429
	_______	_______	_______
At 31 December 2023	26,295	29,074	55,369
	_______	_______	_______

Other investments include investments in unit trusts that can be purchased or sold on a recognised stock exchange. These are initially measured at cost but a fair value adjustment is made at each accounting period end. The historic cost of the listed investments on 31 December 2024 is £41,591 (2023 - £29,276).

7. Debtors

	2024	2023
	£	£
Trade debtors	45,984	62,323
Amounts owed by group undertakings and undertakings in which the company has a participating interest	521	521
Other debtors	5,460	5,263
	_______	_______
	51,965	68,107
	_______	_______

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	10,181	9,932
Trade creditors	39,887	37,180
Corporation tax	12,773	10,042
Social security and other taxes	10,097	9,007
Other creditors	3,804	4,173
	_______	_______
	76,742	70,334
	_______	_______

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	13,100	23,276
	_______	_______