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COMPANY REGISTRATION NUMBER: 3860725

Chapel Tyres Limited

Filleted Unaudited Financial Statements

30 November 2024

Chapel Tyres Limited

Statement of Financial Position

30 November 2024

| 2024 | 2023
Note | £ | £ | £

Fixed assets

Tangible assets | 8 |  | 72,335 | 64,288

Current assets

Stocks | 92,750 |  | 90,500
Debtors | 9 | 325,198 |  | 465,583
Cash at bank and in hand | 25,025 |  | 29,628
| ----------- |  | -----------
| 442,973 |  | 585,711

Creditors: amounts falling due within one year | 10 | 359,656 |  | 248,057
| ----------- |  | -----------
Net current assets |  | 83,317 | 337,654
|  | ----------- | -----------
Total assets less current liabilities |  | 155,652 | 401,942

Creditors: amounts falling due after more than one year | 11 |  | 12,231 | 22,435

Provisions

Taxation including deferred tax |  | ( 18,084) | ( 15,929)
|  | ----------- | -----------
Net assets |  | 125,337 | 363,578
|  | ----------- | -----------

Chapel Tyres Limited

Statement of Financial Position (continued)

30 November 2024

| 2024 | 2023
Note | £ | £ | £

Capital and reserves

Called up share capital | 13 |  | 500 | 1,000
Capital redemption reserve |  | 500 | –
Profit and loss account |  | 124,337 | 362,578
|  | ----------- | -----------
Shareholders funds |  | 125,337 | 363,578
|  | ----------- | -----------

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 comprehensive income has not been delivered.
For the year ending 30th November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 March 2026 , and are signed on behalf of the board by:

Mr Scott Alexander Graham |
Director |

Company registration number: 3860725

Chapel Tyres Limited

Notes to the Financial Statements

Year Ended 30th November 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Chapel Street Tyre Centre Chapel Street, Handsworth, Birmingham, West Midlands, B21 0PA.
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.
Disclosure exemptions
(a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
The turnover shown in the Profit and Loss Account represents amounts derived from ordinary activities and is recognised at the point of despatch. The turnover is stated after deduction of trade discounts and is net of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
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 | - | straight line fully amortised

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.
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:

| Leasehold property | - | over life of lease fully depreciated
| Plant and Machinery | - | 15% reducing balance
| Fixtures and Fittings | - | 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 valued at the lower of cost and net realisable value. Cost is computed on a first in first out basis. Net realisable value is based on estimated selling price less the estimated cost of disposal.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 9 ).
5. Tax on profit
Major components of tax expense

| 2024 | 2023
| £ | £

Current tax:

UK current tax expense | 57,711 | 55,600
Adjustments in respect of prior periods | – | ( 164)
| ---------- | ----------
Total current tax | 57,711 | 55,436
| ---------- | ----------

Deferred tax:

Origination and reversal of timing differences | 2,155 | 3,093
| ---------- | ----------
Tax on profit | 59,866 | 58,529
| ---------- | ----------

Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 23 %).

| 2024 | 2023
| £ | £
Profit on ordinary activities before taxation | 232,875 | 238,909
| ----------- | -----------
Profit on ordinary activities by rate of tax | 58,219 | 54,975
Adjustment to tax charge in respect of prior periods | – | ( 164)
Effect of expenses not deductible for tax purposes | 1,504 | 279
Effect of capital allowances and depreciation | ( 2,012) | 346
Deferred Tax Movement | 2,155 | 3,093
| ----------- | -----------
Tax on profit | 59,866 | 58,529
| ----------- | -----------

6. Dividends

| 2024 | 2023
| £ | £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) | 160,000 | 180,000
| ----------- | -----------

7. Intangible assets

| Goodwill
| £
Cost |
At 1st December 2023 and 30th November 2024 | 55,000
| ----------
Amortisation |
At 1st December 2023 and 30th November 2024 | 55,000
| ----------
Carrying amount |
At 30th November 2024 | –
| ----------
At 30th November 2023 | –
| ----------

8. Tangible assets

| Short leasehold property | Plant and machinery | Fixtures and fittings | Motor vehicles | Total
| £ | £ | £ | £ | £
Cost |  |  |  |  |
At 1st December 2023 | 5,600 | 140,035 | 23,516 | 17,900 | 187,051
Additions | – | 26,237 | – | – | 26,237
Disposals | – | ( 27,174) | – | – | ( 27,174)
| -------- | ----------- | ---------- | ---------- | -----------
At 30th November 2024 | 5,600 | 139,098 | 23,516 | 17,900 | 186,114
| -------- | ----------- | ---------- | ---------- | -----------
Depreciation |  |  |  |  |
At 1st December 2023 | 5,600 | 91,596 | 16,273 | 9,294 | 122,763
Charge for the year | – | 10,570 | 1,260 | 2,152 | 13,982
Disposals | – | ( 22,966) | – | – | ( 22,966)
| -------- | ----------- | ---------- | ---------- | -----------
At 30th November 2024 | 5,600 | 79,200 | 17,533 | 11,446 | 113,779
| -------- | ----------- | ---------- | ---------- | -----------
Carrying amount |  |  |  |  |
At 30th November 2024 | – | 59,898 | 5,983 | 6,454 | 72,335
| -------- | ----------- | ---------- | ---------- | -----------
At 30th November 2023 | – | 48,439 | 7,243 | 8,606 | 64,288
| -------- | ----------- | ---------- | ---------- | -----------

9. Debtors

| 2024 | 2023
| £ | £
Trade debtors | 24,300 | 23,900
Directors' loan account | – | 302,863
Prepayments | 489 | 115
Other debtors | 300,409 | 138,705
| ----------- | -----------
| 325,198 | 465,583
| ----------- | -----------

10. Creditors: amounts falling due within one year

| 2024 | 2023
| £ | £
Bank loans and overdrafts | 10,686 | 9,952
Trade creditors | 176,382 | 138,616
Corporation tax | 113,170 | 55,460
Social security and other taxes | 19,206 | 36,416
Directors' loan account | 13,772 | –
Accruals | 9,984 | 7,013
Other Creditors | 16,000 | –
Other creditors | 456 | 600
| ----------- | -----------
| 359,656 | 248,057
| ----------- | -----------

The bank loans and overdrafts are secured by a debenture over all present and future assets of the company.
11. Creditors: amounts falling due after more than one year

| 2024 | 2023
| £ | £
Bank loans and overdrafts | 12,231 | 22,435
| ---------- | ----------

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

| 2024 | 2023
| £ | £
Included in provisions | 18,084 | 15,929
| ---------- | ----------

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

| 2024 | 2023
| £ | £
Accelerated capital allowances | 18,084 | 15,929
| ---------- | ----------

13. Called up share capital
Authorised share capital

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £ 1 each | 100,000 | 100,000 | 100,000 | 100,000
| ----------- | ----------- | ----------- | -----------

Issued, called up and fully paid

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £ 1 each | 500 | 500 | 1,000 | 1,000
| ----- | ----- | -------- | --------

Share Buy back 50% of the company were bought back in December 2023 for £250,000.
14. Director's advances, credits and guarantees

|  | 2024 | 2023
|  | £ | £
| Brought forward | (302,863) | 16,674
| Receipts | 682,557 | 224,576
| Payments | 365,922 | (544,114)
| Balance C/fwd | 13,772 | (302,863)

The directors loan account was overdrawn during December 23. The maximum amount overdrawn during the year was £302,863 in December 23. (2023 - £302,863 ). There was no interest charged on the overdrawn director loan account balance by the company.
15. Related party transactions
Controlling party During the year the company was under the control of the directors. Their respective shareholding in the company was 50% each. On the 19th December 2023, one of the company directors resigned from the company after her shares were brought back by the company. This left the remaining director as the only controlling party. Dividend paid to directors Dividends paid to the directors during the year were £96,000 (2023 - £180,000) and dividends paid to other shareholders was £64,000. Other A company director is a 50% shareholder and director in a related company. The following transactions took place during the year between Chapel Tyres Ltd and the related company.

|  | 2024 | 2023
|  | £ | £
| Purchases | 228,584 | 225,293
| Trade creditor | 41,053 | 42,932
| Other debtor | 84,596 | 88,976

The second company director is a is a director and shareholder in another related company. The following transactions took place during the year between Chapel Tyres Ltd and another related company. 2024 2023 £ £ Other debtor 44,447 44,447