REGISTERED NUMBER: 04503396 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2025

for

FORMULA FIRST TYRE-EXHAUST & AUTO CENTRE

LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

P A Dancer

S Dancer

D Dancer

J Dancer

M Dancer

SECRETARY:

S Dancer

REGISTERED OFFICE:

Winterstoke Road

Weston Super Mare

North Somerset

BS24 9AA

REGISTERED NUMBER:

04503396 (England and Wales)

ACCOUNTANTS:

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Formula First Tyre-Exhaust & Auto Centre Limited for the year ended 31 August 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Formula First Tyre-Exhaust & Auto Centre Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Formula First Tyre-Exhaust & Auto Centre Limited and state those matters that we have agreed to state to the Board of Directors of Formula First Tyre-Exhaust & Auto Centre Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Formula First Tyre-Exhaust & Auto Centre Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Formula First Tyre-Exhaust & Auto Centre Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Formula First Tyre-Exhaust & Auto Centre Limited. You consider that Formula First Tyre-Exhaust & Auto Centre Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Formula First Tyre-Exhaust & Auto Centre Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

5 January 2026

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

427,540

339,455

427,540

339,455

CURRENT ASSETS

Stocks

51,932

56,219

Debtors

6

59,441

40,991

Cash at bank and in hand

615,689

593,010

727,062

690,220

CREDITORS

Amounts falling due within one year

7

508,886

531,435

NET CURRENT ASSETS

218,176

158,785

TOTAL ASSETS LESS CURRENT LIABILITIES

645,716

498,240

CREDITORS

Amounts falling due after more than one year

8

(2,500

)

(12,500

)

PROVISIONS FOR LIABILITIES

10

(70,489

)

(47,432

)

NET ASSETS

572,727

438,308

CAPITAL AND RESERVES

Called up share capital

11

10

10

Retained earnings

572,717

438,298

SHAREHOLDERS' FUNDS

572,727

438,308

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 5 January 2026 and were signed on its behalf by:

P A Dancer - Director

1.	STATUTORY INFORMATION

Formula First Tyre-Exhaust & Auto Centre 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.

Critical accounting judgements and key sources of estimation uncertainty

No significant judgements or key assumptions have had to be made by the directors in preparing these financial statements.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax. Turnover is recognised when goods are supplied and services are rendered.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Improvements to property

-

Straight line over 10 years

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

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.

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.

Hire purchase and lease

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.

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2024 - 39 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2024

and 31 August 2025

60,000

AMORTISATION

At 1 September 2024

and 31 August 2025

60,000

NET BOOK VALUE

At 31 August 2025

-

At 31 August 2024

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 September 2024

144,023

507,478

66,517

718,018

Additions

47,021

99,787

-

146,808

At 31 August 2025

191,044

607,265

66,517

864,826

DEPRECIATION

At 1 September 2024

5,776

333,152

39,635

378,563

Charge for year

10,463

41,539

6,721

58,723

At 31 August 2025

16,239

374,691

46,356

437,286

NET BOOK VALUE

At 31 August 2025

174,805

232,574

20,161

427,540

At 31 August 2024

138,247

174,326

26,882

339,455

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

18,393

22,433

Other debtors

41,048

18,558

59,441

40,991

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

206,315

247,954

Taxation and social security

289,621

270,681

Other creditors

2,950

2,800

508,886

531,435

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

2,500

12,500

Within bank loans is a government supported bounce back loan.

9.	LEASING AGREEMENTS

At the year end the company was committed to making operating lease payments totalling £300,000 (2024: £92,628).

10.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

70,489

47,432

Deferred

tax

£

Balance at 1 September 2024

47,432

Accelerated capital allowances

23,057

Balance at 31 August 2025

70,489

11.	CALLED UP SHARE CAPITAL

Alloted, issued and fully paid

Number:

Class:

Nominal value:

2025 £

2024 £

4

A Ordinary

£1

4

6

2

B Ordinary

£1

2

2

2

C Ordinary

£1

2

2

2

D Ordinary

£1

2

10

10

During the year, 2 A Ordinary shares were reclassified to 2 D Ordinary shares.