Roberts Tyres Limited 31/01/2019 iXBRL

ROBERTS TYRES LIMITED - Company Information

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Company registration number: 04985065

Roberts Tyres Limited

Unaudited filleted financial statements

31 January 2019

Roberts Tyres Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Roberts Tyres Limited

Directors and other information


	Directors
		Mrs Barbara Clare Roberts
		Mr Mark Roberts


	Secretary	Mrs B C Roberts


	Company number	04985065


	Registered office	61 Northgate
		Sleaford
		Lincolnshire
		Lincolnshire
		NG34 7BS


	Business address	61 Northgate
		Sleaford
		Lincolnshire
		Lincolnshire
		NG34 7BS


	Accountants	Lister & Co
		75 High Street
		Boston
		Lincs
		PE21 8SX

Roberts Tyres Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Roberts Tyres Limited

Year ended 31 January 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Roberts Tyres Limited for the year ended 31 January 2019 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.

This report is made solely to the board of directors of Roberts Tyres Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Roberts Tyres Limited and state those matters that we have agreed to state to the board of directors of Roberts Tyres Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Roberts Tyres Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Roberts Tyres Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Roberts Tyres Limited. You consider that Roberts Tyres Limited is exempt from the statutory audit requirement for the year.

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

Lister & Co

ACCA

75 High Street

Boston

Lincs

PE21 8SX

18 February 2019

Roberts Tyres Limited

Statement of financial position

31 January 2019

		2019		2018
	Note	£	£	£	£

Fixed assets
Intangible assets	5	1		1
Tangible assets	6	20,348		25,046
		_______		_______
			20,349		25,047

Current assets
Stocks		61,284		54,151
Debtors	7	80,676		37,270
Cash at bank and in hand		35,328		19,991
		_______		_______
		177,288		111,412
Creditors: amounts falling due
within one year	8	( 80,864)		( 54,429)
		_______		_______
Net current assets			96,424		56,983
			_______		_______
Total assets less current liabilities			116,773		82,030


Provisions for liabilities			( 3,866)		( 2,067)

			_______		_______
Net assets			112,907		79,963
			_______		_______

Capital and reserves
Called up share capital	9		100		100
Profit and loss account			112,807		79,863
			_______		_______
Shareholders funds			112,907		79,963
			_______		_______

For the year ending 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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 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 income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 18 February 2019 , and are signed on behalf of the board by:

Mr Mark Roberts

Director

Company registration number: 04985065

Roberts Tyres Limited

Notes to the financial statements

Year ended 31 January 2019

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 61 Northgate, Sleaford, Lincolnshire, Lincolnshire, NG34 7BS.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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	-	20 %	straight line

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 are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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:


Plant and machinery	-	15 %	reducing balance
Fittings fixtures and equipment	-	15 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

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 in finance costs 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 5 (2018: 7 ).

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 February 2018 and 31 January 2019	26,000	26,000
	_______	_______
Amortisation
At 1 February 2018 and 31 January 2019	25,999	25,999
	_______	_______
Carrying amount
At 31 January 2019	1	1
	_______	_______
At 31 January 2018	1	1
	_______	_______

6. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 February 2018	33,988	14,217	28,197	76,402
Additions	-	130	-	130
	_______	_______	_______	_______
At 31 January 2019	33,988	14,347	28,197	76,532
	_______	_______	_______	_______
Depreciation
At 1 February 2018	23,983	9,908	17,465	51,356
Charge for the year	1,502	643	2,683	4,828
	_______	_______	_______	_______
At 31 January 2019	25,485	10,551	20,148	56,184
	_______	_______	_______	_______
Carrying amount
At 31 January 2019	8,503	3,796	8,049	20,348
	_______	_______	_______	_______
At 31 January 2018	10,005	4,309	10,732	25,046
	_______	_______	_______	_______

7. Debtors

	2019	2018
	£	£
Trade debtors	77,576	35,797
Prepayments and accrued income	3,100	1,258
Other debtors	-	215
	_______	_______
	80,676	37,270
	_______	_______

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	39,274	33,541
Accruals and deferred income	4,647	5,782
Corporation tax	7,336	-
Social security and other taxes	7,764	7,150
Other creditors	21,843	7,956
	_______	_______
	80,864	54,429
	_______	_______

9. Called up share capital

Issued, called up and fully paid

	2019		2018
	No	£	No	£
Ordinary shares shares of £ 1.00 each	100	100	100	100
	_______	_______	_______	_______