Wingerworth Tyres Limited,Ltd - AccountsLtd - Accounts

Wingerworth Tyres Limited,Ltd - AccountsLtd - Accounts

WINGERWORTH TYRES LIMITED - Company Information

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2018-02-01 04361483 2019-01-31 04361483 2018-02-01 2019-01-31 04361483 2018-01-31 04361483 2017-02-01 2018-01-31 04361483 uk-core:WithinOneYear 2018-01-31 04361483 uk-core:WithinOneYear 2019-01-31 04361483 uk-core:ShareCapital 2019-01-31 04361483 uk-core:ShareCapital 2018-01-31 04361483 uk-core:RetainedEarningsAccumulatedLosses 2019-01-31 04361483 uk-core:RetainedEarningsAccumulatedLosses 2018-01-31 04361483 uk-bus:Director1 2018-02-01 2019-01-31 04361483 uk-core:PlantMachinery 2018-02-01 2019-01-31 04361483 uk-core:CommercialMotorVehicles 2018-02-01 2019-01-31 04361483 uk-core:FurnitureFittings 2018-02-01 2019-01-31 04361483 uk-core:FurnitureFittings 2018-01-31 04361483 uk-core:CommercialMotorVehicles 2018-01-31 04361483 uk-core:PlantMachinery 2018-01-31 04361483 uk-core:PlantMachinery 2019-01-31 04361483 uk-core:CommercialMotorVehicles 2019-01-31 04361483 uk-core:FurnitureFittings 2019-01-31 iso4217:GBP 04361483 uk-bus:AuditExemptWithAccountantsReport 2018-02-01 2019-01-31 04361483 uk-bus:FRS102 2018-02-01 2019-01-31 04361483 uk-bus:FullAccounts 2018-02-01 2019-01-31 04361483 uk-bus:PrivateLimitedCompanyLtd 2018-02-01 2019-01-31
Wingerworth Tyres Limited
Registered Number:04361483
For the year ended 31 January 2019
England and Wales
Unaudited Financial Statements
2
For the year ended 31 January 2019
Wingerworth Tyres Limited
Contents Page
1
Statement of Financial Position
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Notes to the Financial Statements
3
As at 31 January 2019
Wingerworth Tyres Limited
Statement of Financial Position
Registered Number :
04361483
£
£
2018
2019
Notes
Fixed assets
Property, plant and equipment
56,464
62,734
2
56,464
62,734
Current assets
Inventories
58,708
48,548
3
Trade and other receivables
88,747
99,966
4
115,001
Cash and cash equivalents
116,277
264,791
262,456
Trade and other payables: amounts falling due within one
year
(131,168)
(137,305)
5
131,288
127,486
Net current assets
Total assets less current liabilities
183,950
194,022
(7,300)
(7,300)
Provisions for liabilities
176,650
Net assets
186,722
Capital and reserves
Called up share capital
500
500
Retained earnings
176,150
186,222
176,650
186,722
Shareholders' funds
For the year ended 31 January 2019 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 of its financial statements for the year ended 31 January 2019 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the
end of each financial year and of its profit or loss for each financial year in accordance with the requirements
of Section 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006
relating to financial statements, so far as applicable to the company.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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4
For the year ended 31 January 2019
Wingerworth Tyres Limited
Statement of Financial Position Continued
Mr K.S. Macmillan Director
These financial statements were approved and authorised for issue by the Board on 01 May 2019 and were signed by:
The notes form part of these financial statements
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5
For the year ended 31 January 2019
Wingerworth Tyres Limited
Notes to the Financial Statements
Statutory Information
Wingerworth Tyres Limited is a private limited company, limited by shares, domiciled in England and Wales,
registration number 04361483.
Registered address:
Wingerworth Service Station
Derby Road
Chesterfield
Derbyshire
S42 6NB
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of 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 costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery
15% Reducing balance
25% Reducing balance
Motor vehicles
15% Reducing balance
Fixtures and fittings
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Income on work in progress contracts is recognised by reference to the valuation of time spent on each contract, at the year end. Profit on work in progress contracts is recognised when the outcome of the contracts can be assessed with reasonable certainty, and is that amount which is estimated to fairly reflect the profit arising up to the year end. Profit on work in progress contracts is reflected in the profit and loss account as the difference between the reported turnover, and the related costs.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
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6
For the year ended 31 January 2019
Wingerworth Tyres Limited
Notes to the Financial Statements Continued
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term. The finance element of the rental payment is charged to the profit and loss account on a method giving a constant rate of return on the balance outstanding.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its directors/and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable.
2. Property, plant and equipment
Total
Fixtures and
fittings
Motor vehicles
Plant and
machinery
£
£
£
£
Cost or
valuation
At 01 February 2018
147,406
12,118
52,496
82,792
5,830
-
-
5,830
Additions
At 31 January 2019
88,622
52,496
12,118
153,236
Provision for depreciation and impairment
At 01 February 2018
84,672
10,531
30,923
43,218
Charge for year
12,100
239
5,394
6,467
At 31 January 2019
96,772
10,770
36,317
49,685
At 31 January 2019
Net book value
38,937
16,179
1,348
56,464
At 31 January 2018
39,574
21,573
1,587
62,734
3. Inventories
2018
2019
£
£
Stocks
48,548
58,708
4. Trade and other receivables
2018
2019
£
£
Trade debtors
65,257
55,485
Other debtors
34,709
33,262
88,747
99,966
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7
For the year ended 31 January 2019
Wingerworth Tyres Limited
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due within one year
2018
2019
£
£
Trade creditors
99,681
92,453
Taxation and social security
32,906
28,655
Other creditors
4,718
10,060
137,305
131,168
6. Related party transactions
The directors are also shareholders of the company. Dividends paid to the directors, as shareholders of the
company, during the year (with the previous year shown in brackets) were as follows: Mr I. Macmillan £2,000
(£5,000); Mr K.S. Macmillan £33,000 (£12,500).
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