REGISTERED NUMBER: SC212622 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

INVERNESS TYRE SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Paul James Wardrop

Craig Findlay

REGISTERED OFFICE:

R A Clement Associates

5 Argyll Square

OBAN

PA34 4AZ

REGISTERED NUMBER:

SC212622 (Scotland)

ACCOUNTANTS:

R A Clement Associates

5 Argyll Square

OBAN

Argyll

PA34 4AZ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

189,210

197,253

189,210

197,253

CURRENT ASSETS

Stocks

90,509

98,732

Debtors

6

99,916

122,649

Cash at bank and in hand

96,631

141,705

287,056

363,086

CREDITORS

Amounts falling due within one year

7

408,960

468,081

NET CURRENT LIABILITIES

(121,904

)

(104,995

)

TOTAL ASSETS LESS CURRENT LIABILITIES

67,306

92,258

CREDITORS

Amounts falling due after more than one year

8

(5,000

)

(35,000

)

PROVISIONS FOR LIABILITIES

(18,215

)

(19,314

)

NET ASSETS

44,091

37,944

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Revaluation reserve

9

10,000

10,000

Retained earnings

33,091

26,944

SHAREHOLDERS' FUNDS

44,091

37,944

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 9 October 2025 and were signed on its behalf by:

Paul James Wardrop - Director

1.	STATUTORY INFORMATION

Inverness Tyre Services Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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 2001, is being amortised evenly over its estimated useful life of twenty 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

-

10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

20% on cost

Computer equipment

-

25% on cost

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2024 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

5,000

AMORTISATION

At 1 April 2024

and 31 March 2025

5,000

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2024

170,700

268,491

6,515

Additions

-

4,885

-

At 31 March 2025

170,700

273,376

6,515

DEPRECIATION

At 1 April 2024

54,624

189,931

5,753

Charge for year

3,414

8,345

76

At 31 March 2025

58,038

198,276

5,829

NET BOOK VALUE

At 31 March 2025

112,662

75,100

686

At 31 March 2024

116,076

78,560

762

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2024

113,558

22,650

581,914

Additions

-

1,143

6,028

At 31 March 2025

113,558

23,793

587,942

DEPRECIATION

At 1 April 2024

111,703

22,650

384,661

Charge for year

1,855

381

14,071

At 31 March 2025

113,558

23,031

398,732

NET BOOK VALUE

At 31 March 2025

-

762

189,210

At 31 March 2024

1,855

-

197,253

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2024

and 31 March 2025

54,822

DEPRECIATION

At 1 April 2024

and 31 March 2025

52,967

NET BOOK VALUE

At 31 March 2025

1,855

At 31 March 2024

1,855

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

76,630

112,392

Other debtors

23,286

10,257

99,916

122,649

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

30,000

30,000

Hire purchase contracts

-

5,168

Trade creditors

313,387

354,967

Taxation and social security

55,962

58,787

Other creditors

9,611

19,159

408,960

468,081

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

5,000

35,000

9.

RESERVES

Revaluation

reserve

£

At 1 April 2024

and 31 March 2025

10,000