Phillips Tyres (Shepton Mallet) Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 06772592

Phillips Tyres (Shepton Mallet) Ltd

Filleted Unaudited Financial Statements

For the year ended

31 March 2025

Phillips Tyres (Shepton Mallet) Ltd

Financial Statements

Year ended 31st March 2025

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Phillips Tyres (Shepton Mallet) Ltd

Officers and Professional Advisers

The board of directors	Mr C Phillips
	Mrs P Phillips
	Mr J Phillips
	Mr J C Phillips

Registered office	5 Paul Street
	Shepton Mallet
	Somerset
	UK
	BA4 5LD

Accountants	Chalmers HB Ltd
	Chartered accountants
	20 Chamberlain Street
	Wells
	Somerset BA5 2PF

Phillips Tyres (Shepton Mallet) Ltd

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	6		674,257	689,987

Current assets

Stocks		59,441	57,123
Debtors	7	49,071	40,131
Cash at bank and in hand		466,909	400,440
		---------	---------
		575,421	497,694

Creditors: amounts falling due within one year	8	( 233,266)		( 216,279)
		---------		---------
Net current assets			342,155	281,415
			------------	---------
Total assets less current liabilities			1,016,412	971,402

Creditors: amounts falling due after more than one year	9		( 280,026)	( 293,321)

Provisions

Taxation including deferred tax	( 22,841)	( 22,777)
	------------	---------
Net assets	713,545	655,304
	------------	---------

Capital and reserves

Called up share capital	99	99
Profit and loss account	713,446	655,205
	---------	---------
Shareholders funds	713,545	655,304
	---------	---------

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.

For the year ending 31st March 2025 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 financial statements for the year in question in accordance with section 476 ;

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

Phillips Tyres (Shepton Mallet) Ltd

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 8 December 2025 , and are signed on behalf of the board by:

Mr C Phillips	Mrs P Phillips
Director	Director

Mr J Phillips
Director

Company registration number: 06772592

Phillips Tyres (Shepton Mallet) Ltd

Notes to the Financial Statements

Year ended 31st March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Paul Street, Shepton Mallet, Somerset, BA4 5LD, UK.

2. Statement of compliance

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

Revenue recognition

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.

Income tax

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 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.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

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

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Freehold Property	-	2% reducing balance
Plant & Machinery	-	15% reducing balance
Motor Vehicles	-	25% reducing balance

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the 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 as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 20 (2024: 15 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1st April 2024 and 31st March 2025	500,000
	---------
Amortisation
At 1st April 2024 and 31st March 2025	500,000
	---------
Carrying amount
At 31st March 2025	–
	---------
At 31st March 2024	–
	---------

6. Tangible assets

	Freehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1st April 2024	718,903	159,478	84,026	962,407
Additions	4,790	12,716	152	17,658
Disposals	( 3,327)	( 11,417)	–	( 14,744)
	---------	---------	--------	---------
At 31st March 2025	720,366	160,777	84,178	965,321
	---------	---------	--------	---------
Depreciation
At 1st April 2024	119,167	108,403	44,850	272,420
Charge for the year	8,907	11,292	9,830	30,029
Disposals	( 601)	( 10,784)	–	( 11,385)
	---------	---------	--------	---------
At 31st March 2025	127,473	108,911	54,680	291,064
	---------	---------	--------	---------
Carrying amount
At 31st March 2025	592,893	51,866	29,498	674,257
	---------	---------	--------	---------
At 31st March 2024	599,736	51,075	39,176	689,987
	---------	---------	--------	---------

7. Debtors

	2025	2024
	£	£
Trade debtors	36,218	25,779
Other debtors	12,853	14,352
	--------	--------
	49,071	40,131
	--------	--------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	84,296	79,209
Corporation tax	62,245	64,262
Social security and other taxes	48,315	42,746
Other creditors	38,410	30,062
	---------	---------
	233,266	216,279
	---------	---------

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

	2025	2024
	£	£
Other creditors	280,026	293,321
	---------	---------

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions	22,841	22,777
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	22,841	22,777
	--------	--------