REGISTERED NUMBER: 04359879 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 28 February 2025

for

North Devon Tyres Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

T J Veysey

S T J Veysey

SECRETARY:

Mrs M Veysey

REGISTERED OFFICE:

4 Ormidale Square

Tiverton Business Park

Tiverton

Devon

EX16 6TW

REGISTERED NUMBER:

04359879 (England and Wales)

The directors present their strategic report for the year ended 28 February 2025.

REVIEW OF BUSINESS

North Devon Tyres Limited is a well-established provider of vehicle maintenance services and wholesale motor vehicle parts. Operating from depots throughout the Westcountry, the company serves retail, commercial, agricultural and trade customers across the South West of England. The company offers a variety of services to our customers and hold a vast amount of stock with various brands and sizes. The company is part of the Point S group which means they have good networking contacts across the country and better buying terms for stock. The company has recently taken on a new salesman - covering the South West to further boost sales in commercial and agricultural sectors. The company is actively looking at cost effective ways to make the business run more efficiently and minimise the day to day running costs.

Principal activities

- Maintenance and repair of motor vehicles

- Wholesale trade of motor vehicle parts and accessories

The company is a leading independent tyre retailer in Devon, Cornwall and Somerset, offering:

- Tyres for cars, vans, trucks, agricultural and plant vehicles

- Services such as wheel alignment, puncture repairs, batteries, brakes, exhausts, MOTs, and 24-hour mobile fitting

Business strategy

The company's strategy focuses on:

- Expanding regional market share through superior customer service

- Strengthening supplier relationships to ensure competitive pricing

- Investing in staff training and diagnostic technology

- Enhancing digital presence to attract younger demographics

Business Performance

Despite macroeconomic pressures, North Devon Tyres Limited delivered resilient performance:

- Revenue growth driven by increased demand for aftermarket parts

- Stable gross margins due to effective cost control

Key performance indicators

The directors consider the following key performance indicators as the most significant indicators:

> Weekly / monthly sales monitoring

> Gross profit margin

> Acquisition of stock

> Monitoring overheads

> Staff training

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the company are:

1) The impact of the current economic climate;

The company has reduced risk from factors such as interest rate risk due to the reduced level of debt in the business. The company maintains strong relationships with its key customers and has established credit control procedures. Appropriate credit terms are agreed with customers and monitored closely, minimising exposure to bad debts.

2) Competitive risk;

The company operates in a competitive market. The company focus on quality, standards and pricing to reduce the risk of action by any competitor.

3) Supply change disruptions

The company relies on a consistent and timely supply of tyres, automotive parts and consumables from both domestic and international suppliers. In recent years, global supply chain disruptions have emerged as a significant risk impacting operations, customer satisfactory and profitability.

The company diversifies its supplies to reduce reliance on single source and has incorporated a buffering of stock levels to absorb short-term disruptions.

The company has built good working relations with overseas companies to acquire stock in bulk containers.

4) Technological shifts

The tyre industry is undergoing transformation driven by advances in vehicle technology, digitalisation and sustainability. The company ensures staff have suitable training and certification to have technical competence and continues to invest in digital integration for tyre management software and diagnostic tools.

5) Regulatory changes

The tyre industry is subject to increased regulatory changes with regards to environmental, safety and trade regulations.The company regularly monitors the industry changes to ensure it stays informed of upcoming changes.

6) Staff Shortages

The company relies on our staff to carry out the services at the expected standards to fulfil the ongoing workload. The company, and other companies in the industry, struggle to obtain suitably qualified staff. The company has made the decision to train staff in house and will look to invest in other industry recognised training in the future. The company is also looking to employ an Aerial Manager to work alongside the Depot Managers to ensure continuity of practice and expectations across the company.

Environmental matters

The company recognises the environmental impact of the tyre industry and is committed to operating sustainably across all areas of business. The company actively purses initiatives that assist with this object by reducing waste and resources. The company is registered under the UK's waste exemption scheme allowing it to store waste securely before transferring it to authorised recovery sites. Used tyres, batteries and automotive fluids are collected and processed through certified recycling partners to minimise landfill and environmental contamination.

The company stocks a range of low rolling resistance tyres which might help improve fuel efficiency and reduce CO2 emissions.

The company is looking to install solar panels at a few locations, which will not only reduce costs of energy but will also help create sustainable energy for the company long term. The company owns an electric forklift, picker and electric car but is also looking to acquire electric vans which can be charged using the renewable energy.

ON BEHALF OF THE BOARD:

T J Veysey - Director

24 November 2025

The directors present their report with the financial statements of the company for the year ended 28 February 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of tyre sales and repairs.

DIVIDENDS

Interim dividends per share were paid as follows:

Ordinary A £1 shares

15000

-

Ordinary B £1 shares

14400

-

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 28 February 2025 will be £ 29,400 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 March 2024 to the date of this report.

T J Veysey

S T J Veysey

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

T J Veysey - Director

24 November 2025

Opinion

We have audited the financial statements of North Devon Tyres Ltd (the 'company') for the year ended 28 February 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Financial Statements, including a summary of 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 28 February 2025 and of its profit for the year 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

Auditors' responsibilities for the audit of the financial statements

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, employment law, DVLA and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

-

Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

-

Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;

-

Reviewing the Company's legal costs to check for non-compliance with laws and regulations and fraud;

-

Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses;

-

Testing transactions entered into outside of the normal course of the Company's business; and

-

Identifying and testing journal entries, in particular any journal entries with fraud characteristics.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Fiona Westwood FCA DChA (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditor

Chartered Accountants

Suite B, Blackdown House

Blackbrook Park Avenue

Taunton

Somerset

TA1 2PX

24 November 2025

TURNOVER

12,700,172

12,466,211

Cost of sales

11,019,499

10,702,293

GROSS PROFIT

1,680,673

1,763,918

Distribution costs

104,300

94,185

Administrative expenses

1,099,265

1,035,981

1,203,565

1,130,166

477,108

633,752

Other operating income

122,331

34,850

OPERATING PROFIT

4

599,439

668,602

Interest receivable and similar income

27,735

4,974

627,174

673,576

Interest payable and similar expenses

5

7,512

6,957

PROFIT BEFORE TAXATION

619,662

666,619

Tax on profit

6

152,941

168,447

PROFIT FOR THE FINANCIAL YEAR

466,721

498,172

PROFIT FOR THE YEAR

466,721

498,172

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

466,721

498,172

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

510,155

357,051

510,155

357,051

CURRENT ASSETS

Stocks

10

3,203,706

3,305,094

Debtors

11

1,599,647

1,643,927

Cash at bank and in hand

1,285,144

959,952

6,088,497

5,908,973

CREDITORS

Amounts falling due within one year

12

1,537,954

1,650,391

NET CURRENT ASSETS

4,550,543

4,258,582

TOTAL ASSETS LESS CURRENT LIABILITIES

5,060,698

4,615,633

CREDITORS

Amounts falling due after more than one year

13

(42,445

)

(56,842

)

PROVISIONS FOR LIABILITIES

16

(89,825

)

(67,684

)

NET ASSETS

4,928,428

4,491,107

CAPITAL AND RESERVES

Called up share capital

17

1,000

1,000

Retained earnings

4,927,428

4,490,107

SHAREHOLDERS' FUNDS

4,928,428

4,491,107

The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2025 and were signed on its behalf by:

T J Veysey - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 March 2023

1,000

4,020,835

4,021,835

Changes in equity

Dividends

-

(28,900

)

(28,900

)

Total comprehensive income

-

498,172

498,172

Balance at 29 February 2024

1,000

4,490,107

4,491,107

Changes in equity

Dividends

-

(29,400

)

(29,400

)

Total comprehensive income

-

466,721

466,721

Balance at 28 February 2025

1,000

4,927,428

4,928,428

Cash flows from operating activities

Cash generated from operations

20

790,360

289,893

Interest element of hire purchase payments paid

(7,512

)

(6,957

)

Tax paid

(144,216

)

(162,725

)

Net cash from operating activities

638,632

120,211

Cash flows from investing activities

Purchase of tangible fixed assets

(273,389

)

(111,022

)

Sale of tangible fixed assets

24,146

30,800

Interest received

27,735

4,974

Net cash from investing activities

(221,508

)

(75,248

)

Cash flows from financing activities

Capital repayments in year

(63,815

)

(66,585

)

Amount introduced by directors

38,502

762,929

Amount withdrawn by directors

(37,219

)

(730,117

)

Equity dividends paid

(29,400

)

(28,900

)

Net cash from financing activities

(91,932

)

(62,673

)

Increase/(decrease) in cash and cash equivalents

325,192

(17,710

)

Cash and cash equivalents at beginning of year

21

959,952

977,662

Cash and cash equivalents at end of year

21

1,285,144

959,952

1.	STATUTORY INFORMATION

North Devon Tyres Ltd 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 underling assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Stock provision - provisions are estimated using data based on expected levels and demand.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, has been amortised evenly over its estimated useful life of seventeen years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on straight line basis

Improvements to property

-

15% on straight line basis

Plant and machinery

-

20% on straight line basis and 10% on straight line basis

Office Equipment

-

20% on straight line basis

Motor vehicles

-

14.29% - 50% on cost

Computer equipment

-

25% on straight line basis

No depreciation is charged on land.

All fixed assets are included at cost.

Stocks

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

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.

Hire purchase and leasing commitments

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 shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals payable under operating leases are charged to the profit and loss account as they are incurred.

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.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,223,795

1,981,244

Social security costs

191,289

174,578

Other pension costs

67,561

50,316

2,482,645

2,206,138

The average number of employees during the year was as follows:

2025

2024

Full time equivalent

79

75

2025

2024

£

£

Directors' remuneration

90,067

60,735

Directors' pension contributions to money purchase schemes

13,480

9,979

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

75,247

63,100

Depreciation - assets on hire purchase contracts

81,882

63,130

Profit on disposal of fixed assets

(5,990

)

(26,192

)

Auditors' remuneration

9,125

7,000

Taxation compliance services

1,000

1,000

Other non- audit services

7,000

7,000

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Hire purchase

7,512

6,957

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

130,800

144,239

Corporation tax interest

-

(44

)

Total current tax

130,800

144,195

Deferred tax

22,141

24,252

Tax on profit

152,941

168,447

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

619,662

666,619

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 24.492%)

154,916

163,268

Effects of:

Expenses not deductible for tax purposes

207

3,096

Capital allowances in excess of depreciation

(22,826

)

(23,253

)

Loss/(profit) on disposal of assets

(1,497

)

1,128

Deferred tax movement

22,141

24,252

Corporation tax interest

-

(44

)

Total tax charge

152,941

168,447

7.

DIVIDENDS

2025

2024

£

£

Ordinary A shares of £1 each

Interim

15,000

14,500

Ordinary B shares of £1 each

Interim

14,400

14,400

29,400

28,900

8.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2024

and 28 February 2025

463,001

AMORTISATION

At 1 March 2024

and 28 February 2025

463,001

NET BOOK VALUE

At 28 February 2025

-

At 29 February 2024

-

9.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 March 2024

103,320

171,386

404,920

Additions

62,000

-

69,499

Disposals

-

-

-

At 28 February 2025

165,320

171,386

474,419

DEPRECIATION

At 1 March 2024

12,397

171,211

336,033

Charge for year

2,066

175

29,486

Eliminated on disposal

-

-

-

At 28 February 2025

14,463

171,386

365,519

NET BOOK VALUE

At 28 February 2025

150,857

-

108,900

At 29 February 2024

90,923

175

68,887

Office

Motor

Computer

Equipment

vehicles

equipment

Totals

£

£

£

£

COST

At 1 March 2024

22,870

795,204

17,052

1,514,752

Additions

469

195,491

930

328,389

Disposals

-

(32,536

)

-

(32,536

)

At 28 February 2025

23,339

958,159

17,982

1,810,605

DEPRECIATION

At 1 March 2024

22,356

601,867

13,837

1,157,701

Charge for year

250

123,516

1,636

157,129

Eliminated on disposal

-

(14,380

)

-

(14,380

)

At 28 February 2025

22,606

711,003

15,473

1,300,450

NET BOOK VALUE

At 28 February 2025

733

247,156

2,509

510,155

At 29 February 2024

514

193,337

3,215

357,051