Registration number: 03579893

Elite Wheels & Tyres Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

Elite Wheels & Tyres Limited

Company Information

Directors

A Cook L W Cook K Cook C A Cook

Registered office

3a Bridgewater Close Reading Berkshire RG30 1JT

Accountants

Vale & West Accountancy Services Limited Chartered AccountantsVictoria House 26 Queen Victoria Street Reading Berkshire RG1 1TG

Elite Wheels & Tyres Limited

(Registration number: 03579893)
Balance Sheet as at 31 March 2025

	Note	31 March 2025 £	31 March 2024 £
Fixed assets
Tangible assets	4	40,892	71,399
Current assets
Stocks		244,284	258,471
Debtors	5	54,258	51,895
Cash at bank and in hand		366,931	338,620
		665,473	648,986
Creditors: Amounts falling due within one year	6	(274,421)	(355,024)
Net current assets		391,052	293,962
Total assets less current liabilities		431,944	365,361
Provisions for liabilities		(11,202)	(11,298)
Net assets		420,742	354,063
Capital and reserves
Called up share capital		108	110
Capital redemption reserve		2	-
Retained earnings		420,632	353,953
Shareholders' funds		420,742	354,063

For the financial year ending 31 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 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 Profit and Loss Account.

Approved and authorised by the Board on 17 December 2025 and signed on its behalf by:
 

Elite Wheels & Tyres Limited

(Registration number: 03579893)
Balance Sheet as at 31 March 2025 (continued)

K Cook Director

Elite Wheels & Tyres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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:
3a Bridgewater Close
Reading
Berkshire
RG30 1JT

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 presentational currency of the financial statements is the Pound Sterling (£).

Revenue recognition

Revenue (described as Turnover) is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods and services rendered, net of discounts and rebates allowed by the company and excluding value added tax or any other sales tax, having regard to the fulfilment of contractual obligations. Revenue is recognised on delivery of good and completion of services.

Tax

Tax on profit 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 the profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the year.

Elite Wheels & Tyres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities and the corresponding tax bases used to compute taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for temporary differences to the extent that it is probable that taxable profits will be available to utilise the timing difference.

Deferred tax liabilities and assets are measured at tax rates that are expected to apply in the period the liability is settled or the asset realised. The measurement of deferred tax liabilities and assets reflects the tax consequences in which the company expects to recover or settle the underlying amount of its assets and liabilities.

Tangible assets

Tangible assets are stated in the balance sheet 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
Plant and machinery	15% pa reducing balance basis
Fixtures and fittings	10% pa reducing balance basis
Motor vehicles	25% pa reducing balance basis
Computer equipments	25% pa on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Elite Wheels & Tyres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash received or receivable,

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2024 - 9).

Elite Wheels & Tyres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

4	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	14,741	46,972	16,215	84,098	162,026
Additions	-	-	-	62,192	62,192
Disposals	-	-	-	(62,192)	(62,192)
At 31 March 2025	14,741	46,972	16,215	84,098	162,026
Depreciation
At 1 April 2024	2,986	27,414	8,935	51,293	90,628
Charge for the year	1,176	2,934	2,767	23,629	30,506
At 31 March 2025	4,162	30,348	11,702	74,922	121,134
Carrying amount
At 31 March 2025	10,579	16,624	4,513	9,176	40,892
At 31 March 2024	11,757	19,558	7,279	32,805	71,399

5

Debtors

	31 March 2025 £	31 March 2024 £
Trade debtors	54,258	51,895
	54,258	51,895

Elite Wheels & Tyres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

6

Creditors

Creditors: amounts falling due within one year

	31 March 2025 £	31 March 2024 £
Due within one year
Trade creditors	170,064	269,438
Taxation and social security	99,057	73,506
Accruals and deferred income	5,300	4,950
Other creditors	-	7,130
	274,421	355,024