Tytherleigh Vehicle Electrics Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

Tytherleigh Vehicle Electrics Limited

(Registration number: 13857782)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	41,162	47,042
Tangible assets	5	39,506	33,358
		80,668	80,400
Current assets
Stocks	6	53,384	18,468
Debtors	7	7,579	11,772
Cash at bank and in hand		121,468	103,101
		182,431	133,341
Creditors: Amounts falling due within one year	8	(116,959)	(140,625)
Net current assets/(liabilities)		65,472	(7,284)
Total assets less current liabilities		146,140	73,116
Provisions for liabilities		(10,469)	(8,840)
Net assets		135,671	64,276
Capital and reserves
Called up share capital		100	100
Profit and loss account		135,571	64,176
Shareholders' funds		135,671	64,276

For the financial 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.

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 and 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 Statement of Comprehensive Income.

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

Tytherleigh Vehicle Electrics Limited

(Registration number: 13857782)
Statement of Financial Position as at 31 December 2024 (continued)

Mr Edward Cousins Director

Mrs Emma Cousins Director

Tytherleigh Vehicle Electrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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:
Leach Road Business Park
Leach Road
Chard
Somerset
TA20 1FA

Principal activity

The principal activity of the company is that of maintenance and repair of motor vehicles as well as the sale of used cars and light motor vehicles.

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.

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

Tytherleigh Vehicle Electrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

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 statement of financial position 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
Leasehold improvements	5 Years Straight Line
Plant and machinery	20% reducing balance

Tytherleigh Vehicle Electrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Motor vehicles	25% reducing balance
Computer equipment	3 Years Straight Line

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.

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
Goodwill	10 Years Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

Tytherleigh Vehicle Electrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 9).

Tytherleigh Vehicle Electrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2024	58,802	58,802
At 31 December 2024	58,802	58,802
Amortisation
At 1 January 2024	11,760	11,760
Amortisation charge	5,880	5,880
At 31 December 2024	17,640	17,640
Carrying amount
At 31 December 2024	41,162	41,162
At 31 December 2023	47,042	47,042

5	Tangible assets

	Short leasehold land and buildings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	7,281	27,476	821	14,500	50,078
Additions	3,848	10,785	3,183	-	17,816
At 31 December 2024	11,129	38,261	4,004	14,500	67,894
Depreciation
At 1 January 2024	2,056	7,909	411	6,344	16,720
Charge for the year	2,226	6,070	1,333	2,039	11,668
At 31 December 2024	4,282	13,979	1,744	8,383	28,388
Carrying amount
At 31 December 2024	6,847	24,282	2,260	6,117	39,506
At 31 December 2023	5,225	19,567	410	8,156	33,358

Tytherleigh Vehicle Electrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6

Stocks

	2024 £	2023 £
Finished goods and goods for resale	53,384	18,468

7

Debtors

	2024 £	2023 £
Trade debtors	1,522	5,459
Other debtors	6,057	6,313
	7,579	11,772

8

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	29,344	19,493
Taxation and social security	40,942	33,598
Accruals and deferred income	2,125	1,881
Other creditors	44,548	85,653
	116,959	140,625

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10	Related party transactions

Transactions with directors

Tytherleigh Vehicle Electrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

10	Related party transactions (continued)

2024	At 1 January 2024 £	Advances to director £	At 31 December 2024 £
Mr Edward Cousins
	(35,263)	34,883	(380)
Mrs Emma Cousins
	(35,263)	5,501	(29,762)

2023	At 1 January 2023 £	Advances to director £	At 31 December 2023 £
Mr Edward Cousins
	(52,524)	17,261	(35,263)
Mrs Emma Cousins
	(52,524)	17,261	(35,263)

Summary of transactions with parent

During the year Tytherleigh Vehicle Electrics Limited did not pay a dividend to its parent company EE Holdings (South West) Limited (2023: £2,000). The directors of Tytherleigh Vehicle Limited are also the directors of EE Holdings (South West) Limited.