The directors present the strategic report for the year ended 31 March 2025.

The company's principal activities during the year was the sale of tyres to wholesale and retail markets and retail services. The business operated from twenty-five sites during the year, spread out across the south east of the United Kingdom, and is looking to expand into new areas.

2025 was another profitable year for the company, although there were many challenges to face. The company carefully monitored its plans to ensure it appropriately responded to the continually changing business environment and maintained a strong balance sheet.

The company monitors its operational running costs with focus being on operational productivity and continued focus on customer requirements and giving value for money, both wholesale and retail. The company has a policy of paying its suppliers promptly achieving over 99% within payment terms.

There will always be risk and uncertainty regarding the future performance of any business. The directors believe that the principal risks and uncertainties relate to world economic problems, which have been seen over the last twenty years, and changes in legislation and industry regulations.

Economic risk

The company's strategy continues to be to minimise costs, have cash reserves and bank facilities and to avoid exposure to unnecessary risks.

Currency risk

The company's policy is to hedge exposure to currency fluctuations on a short term basis by using short term foreign exchange forward contracts.

Legislative risk

In the UK and Europe tyres sold are required to be manufactured to EU standards. Failure to comply with changes in legislation and regulations can result in large fines and penalties. It is the company's policy to comply with legislation and closely monitor changes in legislation and regulations.

The key financial and other performance indicators during the year were as follows:

Gross margin percentage

Gross margin is the ratio of profit, after deduction of cost of goods sold, to sales, as a percentage. This varies with the mix between wholesale and retail, and different product lines.

Operating Profit

Cost of sales and administrative costs are analysed by expense type within cost centre and location and are measured against budgeted and previous year expenditure.

Liquidity ratios

The company’s “quick ratio” (current assets as a percentage of current liabilities) has slightly increased, showing good liquidity and ensuring sufficient funds are available for operations. The company operates strict controls on customer credit so minimising bad debt risk and this is borne out by the debtor days key performance indicator, which remains at under 30 days which is helped by retail sales. The business also values its credit rating status and ensures that trade creditors are paid promptly, in line with payment terms.

The directors of Southern Tyre Co Limited are required to act in a way that they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in so doing have regard, among other matters to:

• The likely consequences of any decision in the long term;

• The interests of the Company’s employees;

• The need to foster the Company’s business relationships with suppliers, customers and others;

• The impact of the Company’s operations on the community and the environment;

• The desirability of the Company maintaining a reputation for high standards of business conduct; and

• The need to act fairly as between members of the Company.

To achieve their duties under Section 172 the directors pride themselves in ensuring that the Company is properly financed so that going concern should never be an issue. There is a fair dividend policy that ensures that the shareholders are adequately rewarded and the company retains sufficient profits to maintain a healthy balance sheet.

The directors/shareholders are involved in the day to day running of the business and have a team of managers who report regularly and meet on a monthly basis and there are bonus schemes to incentivise the staff. The company scores well on their gender pay reporting.

Good supplier relationships are fostered by the directors and managers and the Company ensures that suppliers are paid within their terms. This is borne out in their Purchase Payment Reporting.

The Company continually reviews its pricing structure to ensure that the best deals are offered to their customers. The Company takes proactive steps by continually reviewing financial information.

The directors produce five year plans to ensure the succession of the business, taking into account the local environment and communities in which their sites operate.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2025.

The principal activity of the company continued to be that of the retail and distribution of tyres and fast fit services.

The results for the year are set out on page 9.

Ordinary dividends were paid during the year amounting to £1,000,000 (2024: £13,941,000).

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The company manages its cash requirements centrally to maximise interest income and minimise interest expense, whilst, ensuring that the company has sufficient liquid resources to meet the operating needs of the business.

Investments of cash surpluses and derivative instruments are made through banks which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company's continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

The company's policy is to consult and discuss with employees, through regular operational meetings, matters likely to affect employees' interests.

Information of matters of concern to employees is given by management who seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance. Most of the employees are rewarded by bonuses from the parts of the business in which they are employed and are aware of factors affecting the company's success.

An important part of the company's long term success is considered to be the need to regularly engage with all customers, potential customers and suppliers trying to match the needs of the customers and improving the service offered to them. The Company continually reviews its pricing structure to ensure that the best deals are offered to their customers. Good supplier relationships are fostered by the directors and managers and the Company ensures that suppliers are paid within their terms. This is borne out in their Purchase Payment Reporting.

The directors aim to continue to maintain the management policies which have resulted in the company's continued growth over the last five years. The directors hope that the upcoming year will offer opportunities to improve services given to customers.

The auditor, bk plus Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

As the company was the member of a group at the end of this reporting period, it is not required under these regulations to report on its emissions, energy consumption or energy efficiency activities. As a subsidiary the energy and carbon disclosure will be included within the consolidated director's report.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

After considering the company's forecast for the next 12 months, the directors have a reasonable expectation that the company has adequate cash and resources to meet all requirements to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Southern Tyre Co Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the period then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

From the preliminary stages of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risk; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

• Enquiry of management and those charged with governance around actual and potential litigation and claims;

• Reviewing minutes of meetings of those charged with governance, where available;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://​www.frc.org.uk/​auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Southern Tyre Co Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7 Hackhurst Lane, Hackhurst Industrial Estate, Lower Dicker, Nr Hailsham, East Sussex, BN27 4BR.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The company has taken advantage of the exemption under section 405 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

After considering the company's forecast for the next 12 months, the directors have a reasonable expectation that the company has adequate cash and resources to meet all requirements to continue in operational existence for the foreseeable future. This conclusion has been reached after considering all know risks. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.true

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and, if applicable, accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life. Goodwill has been completely amortised during the year. Acquired goodwill is difficult to accurately value. Goodwill has been entirely amortised during the year.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.

No depreciation is provided in respect of freehold land and buildings as the company's policy of regular maintenance and repair ensures that the buildings remain at the similar standard as that assessed at acquisition.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 company after deducting all of its liabilities.

Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

A stock provision is applied based on the age and coverage of individual stock lines.

The directors have performed a detailed review of the market and stock held at the year end to confirm if any additional provisions should be made. The review resulted in the directors making a prudent additional general provision given the current market conditions. The directors have provided an additional amount per tyre purchased from overseas suppliers. They have also provided an allowance for obsolete stock.

An analysis of the company's turnover is as follows:

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

Termination payments were made in the year consisting of £8,538 payment in lieu of notice and £21,462 redundancy.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

The company's subsidiary undertakings, listed below, are non trading. Parent company loan balances equal to the issued share capital. The directors do not consider the subsidiary undertakings to be material for the purpose of giving a true and fair view and the subsidiaries have therefore not been included in consolidated accounts, as permitted by section 405 of the Companies Act 2006.

These financial statements are separate company financial statements for Southern Tyre Co Limited.

Details of the company's subsidiaries at 31 March 2025 are as follows:

The company has purchases with suppliers that deal in foreign currencies. In order to minimise exposure to currency risk the company takes out short term foreign exchange forward contracts. These contracts mature between one and three months.

The company takes out forward currency contracts to partially cover currency risks on assets and liabilities denominated in foreign currencies. Outstanding at the year end:

Nil (2024: £1,220,000) less than 3 months.

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

'A' and 'B' shares rank pari passu in all respects except that each class of share shall exclusively be offered to members within their own class on issue and that the holders of each class of share shall alone be entitled to vote in relation to the election or removal of the equivalent class of director.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The company is currently operating with three leasing arrangements for retail premises. The company considers any small truck tyre location to not be under any form of leasing arrangement.

Related parties consist of entities under common control and key management personnel.

During the year the company entered into the following transactions with related parties:

The directors consider rents paid by the company to related parties during the year were at a market rate; and amounts payable for services received were charged on an arms length basis.

The amounts outstanding are unsecured and will be settled in cash.

The following amounts were outstanding at the reporting end date:

All loan balances outstanding with related entities and key management personnel are unsecured, interest free and repayable on demand.

The following amounts were outstanding at the reporting end date:

All loan balances due from related entities are unsecured, interest free and repayable on demand.

At the end of the reporting period the company had an outstanding loan balance due to directors of nil (2024: £1,108,280). During the year the loan liability due to directors was transferred and recognised by the ultimate controlling party.

The ultimate parent company is Coalbrook Investments Limited, a company incorporated in England and Wales. The financial statements for this company can be found at their registered office at Unit 7 Hackhurst Lane, Hackhurst Industrial Estate, Lower Dicker, Nr Hailsham, East Sussex BN27 4BR.

Coalbrook Investments Limited prepares group financial statements.