Company Registration No. SC437014 (Scotland)
Kilmarnock Tyres Limited
Unaudited Accounts
for the year ended 30 November 2025
Kilmarnock Tyres Limited
Unaudited Accounts
Contents
Kilmarnock Tyres Limited
Company Information
for the year ended 30 November 2025
Company Number
SC437014 (Scotland)
Registered Office
Stuzo Croft
Auchencloigh
GALSTON
Ayrshire
KA4 8NP
Scotland
Accountants
Hugh Ferguson & Co. Ltd.
22 West Main Street
DARVEL
Ayrshire
KA17 0AQ
Kilmarnock Tyres Limited
Statement of financial position
as at 30 November 2025
Tangible assets
105,067
84,061
Investment property
355,000
355,000
Cash at bank and in hand
1,024,467
910,085
Creditors: amounts falling due within one year
(304,224)
(226,798)
Net current assets
956,264
978,492
Total assets less current liabilities
1,821,866
1,417,553
Provisions for liabilities
Deferred tax
(7,916)
(19,897)
Net assets
1,813,950
1,397,656
Called up share capital
100
100
Profit and loss account
1,813,850
1,397,556
Shareholders' funds
1,813,950
1,397,656
For the year ending 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 31 August 2026 and were signed on its behalf by
Mr S Heaney
Director
Company Registration No. SC437014
Kilmarnock Tyres Limited
Notes to the Accounts
for the year ended 30 November 2025
Kilmarnock Tyres Limited is a private company, limited by shares, registered in Scotland, registration number SC437014. The registered office is Stuzo Croft, Auchencloigh, GALSTON, Ayrshire, KA4 8NP, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% on cost
Plant & machinery
25% on reducing balance
Motor vehicles
25% on cost
Fixtures & fittings
25% on reducing balance
Computer equipment
25% on cost
Investment property is included at fair value. Gains and losses are recognised in the income statement. Deferred taxation is provided on gains at the rate expected to apply when the investment property is sold.
Inventories have been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Kilmarnock Tyres Limited
Notes to the Accounts
for the year ended 30 November 2025
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees.
Contributions payable are recognised in the profit and loss account when due.
Investments are included at fair value. Gains and losses are recognised in the income statement. Deferred taxation is provided on gains at the rate expected to apply when the investments are sold.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 December 2024
24,208
83,917
185,466
33,762
6,306
333,659
Additions
-
642
75,725
-
795
77,162
Disposals
-
-
(43,995)
-
(696)
(44,691)
At 30 November 2025
24,208
84,559
217,196
33,762
6,405
366,130
At 1 December 2024
24,208
66,984
127,277
24,823
6,306
249,598
Charge for the year
-
4,394
32,828
2,235
199
39,656
On disposals
-
-
(27,495)
-
(696)
(28,191)
At 30 November 2025
24,208
71,378
132,610
27,058
5,809
261,063
At 30 November 2025
-
13,181
84,586
6,704
596
105,067
At 30 November 2024
-
16,933
58,189
8,939
-
84,061
Fair value at 1 December 2024
355,000
Net loss from fair value adjustments
(3,540)
At 30 November 2025
355,000
Investment property was valued at 30th November 2025 by the company's director, Mr S Heaney. If the investment property had not been re-valued, it would have been shown at its original cost of £362,511.
Kilmarnock Tyres Limited
Notes to the Accounts
for the year ended 30 November 2025
6
Investments
Other investments
Valuation at 1 December 2024
-
Fair value adjustments
535
Valuation at 30 November 2025
405,535
Investments consist of a Prudential Investment Plan. The Investment Plan was valued at 30th November 2025 by Prudential. If the Investment Plan had not been re-valued, it would have been shown at its original cost of £405,000.
Amounts falling due within one year
Trade debtors
27,084
37,147
Accrued income and prepayments
7,452
7,432
Other debtors
164,106
216,967
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Creditors: amounts falling due within one year
2025
2024
Trade creditors
103,711
109,982
Taxes and social security
192,563
109,381
9
Operating lease commitments
2025
2024
At 30 November 2025 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than one year and not later than five years
90,000
-
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
The loan is unsecured, interest is charged on overdrawn balances at the official rate of interest
216,967
324,456
385,000
156,423
216,967
324,456
385,000
156,423
At 1st December 2024 Mr S Heaney owed £216,967 to the company by way of a loan. During the period under review Mr Heaney repaid that entire sum to the company. The balance owed by Mr Heaney to the company at 30th November 2025 was £156,423. Mr Heaney repaid that entire balance to the company by 31st August 2026.
Kilmarnock Tyres Limited
Notes to the Accounts
for the year ended 30 November 2025
11
Transactions with related parties
During the period under review the company paid rent of £18,394 to Mr S Heaney's Self-Invested Personal Pension, that owns the premises from which the company trades. Also during the period under review the company received rental income of £30,000 from KFX Properties Ltd for the rental of the company's investment property. Mr S Heaney is the sole director of KFX Properties Ltd and he owns 100% of its issue share capital. Also during the period under review the company received £2,000 from Stuart Heaney Taxis Ltd for the hire of a company's vehicle. Mr S Heaney is the sole director of Stuart Heaney Taxis Ltd and he owns 100% of its issued share capital. Mr S Heaney is the sole director of Kilmarnock Tyres Limited and he owns 100% of the company's issued share capital.
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Average number of employees
During the year the average number of employees was 9 (2024: 9).