The County Tyre (Holdings) Limited - Period Ending 2020-11-30
The County Tyre (Holdings) Limited - Period Ending 2020-11-30
Registration number:
for the
Year Ended
The County Tyre (Holdings) Limited
Contents
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Company Information |
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Directors' Report |
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Strategic Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
The County Tyre (Holdings) Limited
Company Information
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Directors |
C D Freeman T J Lewis A M Stenning C M Freeman |
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Registered office |
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Solicitors |
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Bankers |
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Auditors |
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The County Tyre (Holdings) Limited
Directors' Report for the Year Ended 30 November 2020
The directors present their report and the financial statements for the year ended 30 November 2020.
Directors of the company
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Financial instruments
The company does not actively use financial instruments as part of its financial risk management. It is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through credit control
procedures. The nature of its financial instruments means that they are subject to liquidity and price risk as disclosed in note 18 to the financial statements.
The company has considerable financial resources available and generates cash from operating activities. The directors have prepared forecasts for the next 12 months that indicate that these trends will continue. The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.
Streamlined Energy & Carbon Reporting
Streamlined Energy & Carbon Reporting requirements are disclosed in the immediate parent company accounts.
Disclosure of information to the auditors
Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
Hazlewoods LLP have expressed their willingness to continue in office
Approved by the
Director
The County Tyre (Holdings) Limited
Strategic Report for the Year Ended 30 November 2020
The directors' present their strategic report for the year ended 30 November 2020.
Principal activity
The principal activity of the company is the distribution of motor vehicle tyres and accessories.
Fair review of the business
The results for the year, which are set out in the profit and loss account, show turnover for the year of £35,251,137 (2019 - £40,067,791) and an pre-tax profit of £161,490 (2019 - £98,378).
The company has fixed assets including investments, goodwill, freehold and leasehold property, plant and machinery and fixtures and fittings valued in the financial statements at net book value amounting to £9,954,489 (2019 - £9,809,918). The company has net assets of £5,576,942 (2019 - £5,485,160). The financial position at the year end is considered to be satisfactory given the work that has been done to improve its financial performance.
After a challenging year due to the Covid pandemic, we managed to trade from all of our outlets throughout, and through our fleet activities we continued to support key front-line suppliers. The results have held up very well despite the expected temporary decrease in sales over the period, profits have increased as result of the mix of business and prudent management during the year.
Since the year end we have capitalised on a more stable market and an improved supply situation, further improving trading and profitability. The newly structured management team are now well settled into their roles and are confident of continued improvement in performance for the future.
Given the nature of the business, the company's directors are of the opinion that key performance indicators are important. The company uses a number of indicators to monitor and improve development, performance or the position of the business. Indicators are reviewed and altered to meet changes both in the internal and external environments.
Future developments
The external commercial environment is expected to remain competitive going forwards, however, the directors remain confident that the company will continue to improve its current level of performance in the future and will continue to trade as a going concern.
Due to the Covid-19 outbreak, the company did experience a short-term downturn in trade but quickly returned to normal trading levels. The directors have carried out an evaluation and have no concerns relating to going concern, as our part of the motor trade is robust and an essential service.
Principal risks and uncertainties
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to competition from both national and local providers of tyres and exhausts.
Section 172 Statement
The directors' believe they have effectively implemented their duties under section 172 of the Companies Act 2006. The company has considered the long-term strategy of the business in the strategic report and consider this strategy will continue to deliver long term success to the business and it’s stakeholders.
The company is committed to maintaining an excellent reputation and strives to achieve high standards across all areas. The company is highly selective about which suppliers are used to deliver best value while maintaining an awareness of the environmental impact of the work that they do and strive to reduce their carbon footprint.
The directors' recognise the importance of wider stakeholders in delivering their strategy and achieving sustainability within the business. The main stakeholders in the company are considered to be the employees, suppliers and customers.
In ensuring that all our stakeholders are considered as part of every decision process we believe we act fairly between all members of the Company.
The County Tyre (Holdings) Limited
Strategic Report for the Year Ended 30 November 2020
Approved by the
Director
The County Tyre (Holdings) Limited
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report, Strategic Report 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 apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable UK Accounting Standards has been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | 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.
The County Tyre (Holdings) Limited
Independent Auditor's Report to the Members of The County Tyre (Holdings) Limited
Opinion
We have audited the financial statements of The County Tyre (Holdings) Limited (the 'company') for the year ended 30 November 2020, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, 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 30 November 2020 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 Auditor’s 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
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• |
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
The County Tyre (Holdings) Limited
Independent Auditor's Report to the Members of The County Tyre (Holdings) Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 5, 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 is 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.
Auditor’s 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 an auditor’s report 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.
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 auditor's report.
The County Tyre (Holdings) Limited
Independent Auditor's Report to the Members of The County Tyre (Holdings) Limited
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 an auditor’s report 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.
For and on behalf of
Windsor House
Bayshill Road
GL50 3AT
The County Tyre (Holdings) Limited
Profit and Loss Account for the Year Ended 30 November 2020
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Note |
2020 |
2019 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The County Tyre (Holdings) Limited
(Registration number: 00704228)
Balance Sheet as at 30 November 2020
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Note |
2020 |
2019 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
7,342,316 |
8,364,640 |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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Approved and authorised by the
Director
The County Tyre (Holdings) Limited
Statement of Changes in Equity for the Year Ended 30 November 2020
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Share capital |
Capital redemption reserve |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 December 2019 |
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Profit for the year |
- |
- |
- |
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Other comprehensive income |
- |
- |
( |
- |
( |
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Total comprehensive income |
- |
- |
( |
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At 30 November 2020 |
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Share capital |
Capital redemption reserve |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 December 2018 |
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Profit for the year |
- |
- |
- |
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At 30 November 2019 |
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The County Tyre (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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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 were 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.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Summary of disclosure exemptions
The company has not presented a cash flow statement on the grounds that the company is a wholly owned subsidiary and a group cash flow statement is included in the financial statements of the parent company.
Name of parent of group
These financial statements are consolidated in the financial statements of Malvern Tyres Holdings Limited.
The financial statements of Malvern Tyres Holdings Limited may be obtained from Companies House.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements and estimation uncertainty
These financial statements do not contain any significant judgements or estimation uncertainty. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
The County Tyre (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 or valuation of assets, over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Freehold and long leasehold buildings |
Nil |
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Short leasehold land and buildings |
Over the period of the lease |
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Plant and machinery |
10% - 50% Straight line |
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Motor vehicles |
12.5% - 50% Straight line |
No depreciation is provided on freehold properties as it is the company’s policy to maintain these assets so that they keep their previously assessed standard of performance. As the useful economic lives of these assets are of such length and the residual values are such that they are not materially different from the carrying amounts, any depreciation would be immaterial.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
The County Tyre (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
Straight line over 10 - 20 years |
Goodwill
A policy of 20 years for amortising the goodwill has been retained following the transition to FRS 102 in 2016. Whilst FRS 102 recommends a default maximum economic life for goodwill of 10 years, the directors’ consider that there was no revision required to the existing policy of 20 years and that there is an active and sustainable market for the asset that supports a longer period being used.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average cost method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.
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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
The County Tyre (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
The County Tyre (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
The County Tyre (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
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Revenue |
The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
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2020 |
2019 |
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Sub lease rental income |
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CJRS grant income receivable |
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- |
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Operating profit |
Arrived at after charging:
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2020 |
2019 |
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Depreciation expense |
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Amortisation expense |
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Operating lease expense - property |
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Operating lease expense - plant and machinery |
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Loss/(profit) on disposal of tangible assets |
|
( |
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Other interest receivable and similar income |
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2020 |
2019 |
|
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Interest income on bank deposits |
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Interest payable and similar charges |
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2020 |
2019 |
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Interest on bank overdrafts and borrowings |
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Interest on obligations under finance leases and hire purchase contracts |
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Interest expense on other finance liabilities |
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The County Tyre (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2020 |
2019 |
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Wages and salaries |
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Social security costs |
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Pension costs, defined contribution scheme |
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2020 |
2019 |
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Production |
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Administration and support |
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Directors' remuneration |
The directors' remuneration for the year was as follows:
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2020 |
2019 |
|
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Remuneration (including benefits in kind) |
|
|
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Contributions paid to money purchase schemes |
|
|
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131,665 |
138,378 |
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Auditors' remuneration |
|
2020 |
2019 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
Taxation compliance services |
|
|
|
All other non-audit services |
|
|
|
|
|
The County Tyre (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2020 |
2019 |
|
|
Current taxation |
||
|
UK corporation tax |
|
- |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Arising from changes in tax rates and laws |
- |
( |
|
Total deferred taxation |
( |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2019 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2020 |
2019 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
( |
|
|
Effect of tax losses |
- |
|
|
Deferred tax credit relating to changes in tax rates or laws |
( |
( |
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2020 |
Liability |
|
Accelerated tax depreciation |
|
|
Other timing differences |
( |
|
Tax losses available |
( |
|
Revaluation of property |
|
|
|
|
2019 |
Liability |
|
Accelerated tax depreciation |
|
|
Other timing differences |
( |
|
Tax losses available |
( |
|
Revaluation of property |
|
|
|
The County Tyre (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
|
Intangible assets |
|
Goodwill |
|
|
Cost |
|
|
At 1 December 2019 and at 30 November 2020 |
|
|
Amortisation |
|
|
At 1 December 2019 |
|
|
Amortisation charge |
|
|
At 30 November 2020 |
|
|
Carrying amount |
|
|
At 30 November 2020 |
|
|
At 30 November 2019 |
|
|
Tangible assets |
|
Freehold land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 December 2019 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
- |
( |
( |
|
At 30 November 2020 |
|
|
|
|
|
Depreciation |
||||
|
At 1 December 2019 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
|
At 30 November 2020 |
|
|
|
|
|
Carrying amount |
||||
|
At 30 November 2020 |
|
|
|
|
|
At 30 November 2019 |
|
|
|
|
Included within the net book value of tangible fixed assets is £474,096 (2019 - £891,031) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £135,231 (2019 - £264,111).
The County Tyre (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
|
Investments in subsidiaries, joint ventures and associates |
|
2020 |
2019 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost |
|
|
At 1 December 2019 and at 30 November 2020 |
|
|
Provision |
|
|
At 1 December 2019 and at 30 November 2020 |
|
|
Carrying amount |
|
|
At 30 November 2019 and at 30 November 2020 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2020 |
2019 |
|||
|
Subsidiary undertakings |
||||
|
|
Ordinary |
|
|
|
|
England and Wales |
||||
|
|
Ordinary |
|
|
|
|
England and Wales |
||||
|
|
Ordinary |
|
|
|
|
England and Wales |
||||
|
|
Ordinary |
|
|
|
|
England and Wales |
||||
|
|
Ordinary |
|
|
|
|
England and Wales |
||||
|
|
Ordinary |
|
|
|
|
England and Wales |
||||
|
|
Ordinary |
|
|
|
|
Republic of Ireland |
||||
The principal activity of Treadwell Tyres (Ireland) Limited is the distribution of motor vehicle tyres and accessories. The principal activity of all other subsidiaries is that of dormant companies.
The County Tyre (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
|
Stocks |
|
2020 |
2019 |
|
|
Goods for resale |
8,186,134 |
7,467,927 |
|
Debtors |
|
2020 |
2019 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Amounts owed by group undertakings |
1,331,475 |
1,707,472 |
|
|
|
|
Creditors |
|
Note |
2020 |
2019 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to group undertakings |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other creditors |
|
|
|
|
Accrued expenses |
|
|
|
|
Corporation tax liability |
843 |
16,398 |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
The amounts owed under invoice discounting arrangements (included within other creditors above) are secured against the company's trade debtors.
The County Tyre (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
|
Loans and borrowings |
|
2020 |
2019 |
|
|
Current loans and borrowings |
||
|
Bank borrowings |
|
|
|
HP and finance lease liabilities |
|
|
|
|
|
|
|
2020 |
2019 |
|
|
Non-current loans and borrowings |
||
|
Bank borrowings |
|
|
|
HP and finance lease liabilities |
|
|
|
|
|
|
Included in the loans and borrowings are the following amounts due after more than five years:
|
2020 |
2019 |
|
|
After more than five years by instalments |
|
|
|
- |
- |
Bank loans are secured by fixed and floating charges over all of the company's freehold properties. Bank loans are repayable in monthly instalments of £22,974 with a final repayment sum on the maturity date of June 2030. Interest is charged at 2.15% above base rate.
The finance leases are secured on the assets to which they relate.
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2020 |
2019 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
553,000 |
|
553,000 |
The County Tyre (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2020
|
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
|
2020 |
2019 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2020 |
2019 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Parent and ultimate parent undertaking |
The company's immediate parent is