REGISTERED NUMBER: 04795366 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Glenn's Low Cost Tyres Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Cater

G Cater

REGISTERED OFFICE:

Unit 12

134 Chesterfield Road South

Mansfield

Nottinghamshire

NG19 7AP

REGISTERED NUMBER:

04795366 (England and Wales)

ACCOUNTANTS:

D. K. Rumsby & Co Limited

3 Colwick Quays

Colwick

Nottingham

Nottinghamshire

NG4 2JY

BANKERS:

NatWest

9 Church Street

Mansfield

NG18 1AF

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

25,505

27,572

25,505

27,572

CURRENT ASSETS

Stocks

40,143

36,466

Debtors

6

636,739

564,565

Cash at bank and in hand

85,698

119,374

762,580

720,405

CREDITORS

Amounts falling due within one year

7

(198,853

)

(212,723

)

NET CURRENT ASSETS

563,727

507,682

TOTAL ASSETS LESS CURRENT LIABILITIES

589,232

535,254

PROVISIONS FOR LIABILITIES

(6,376

)

(6,893

)

NET ASSETS

582,856

528,361

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

582,854

528,359

SHAREHOLDERS' FUNDS

582,856

528,361

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

G Cater - Director

1.	STATUTORY INFORMATION

Glenn's Low Cost Tyres Limited is a private company, limited by shares , registered in England and Wales. 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 2005, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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 Statement of Income and Retained Earnings, 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 7 (2024 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

25,000

AMORTISATION

At 1 April 2024

and 31 March 2025

25,000

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

109,632

Additions

3,841

At 31 March 2025

113,473

DEPRECIATION

At 1 April 2024

82,060

Charge for year

5,908

At 31 March 2025

87,968

NET BOOK VALUE

At 31 March 2025

25,505

At 31 March 2024

27,572

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

26,984

14,907

Amounts owed by group undertakings

602,900

542,900

Other debtors

6,855

6,758

636,739

564,565

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

147,289

126,918

Taxation and social security

47,041

65,334

Other creditors

4,523

20,471

198,853

212,723

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

2

Ordinary

£1

2

2

9.	ULTIMATE PARENT COMPANY

GLCT Holdings Limited is regarded by the directors as being the company's ultimate parent company.

The Office address of GLCT Holdings Limited is the same as Glenn's Low Cost Tyres Limited.