On Site Tyres (Eaton Socon) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05214188 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2018

FOR

ON SITE TYRES (EATON SOCON) LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A R Jackson

Mr R Stockley

SECRETARY:

Mr A R Jackson

REGISTERED OFFICE:

4 Fenice Court

Phoenix Business Park

Eaton Socon

St. Neots

Cambridgeshire

PE19 8EP

REGISTERED NUMBER:

05214188 (England and Wales)

ACCOUNTANTS:

Davey Grover Limited

Chartered Accountants

4 Fenice Court

Phoenix Business Park

Eaton Socon

St. Neots

Cambridgeshire

PE19 8EP

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

61,727

38,692

61,728

38,693

CURRENT ASSETS

Stocks

14,609

13,570

Debtors

6

96,873

107,346

Cash at bank

49,197

40,131

160,679

161,047

CREDITORS

Amounts falling due within one year

7

116,857

108,771

NET CURRENT ASSETS

43,822

52,276

TOTAL ASSETS LESS CURRENT LIABILITIES

105,550

90,969

CREDITORS

Amounts falling due after more than one year

8

(9,165

)

-

PROVISIONS FOR LIABILITIES

(11,729

)

(7,351

)

NET ASSETS

84,656

83,618

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

84,456

83,418

SHAREHOLDERS' FUNDS

84,656

83,618

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps 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 Sections 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 14 June 2019 and were signed on its behalf by:

Mr R Stockley - Director

Mr A R Jackson - Director

1.	STATUTORY INFORMATION

On Site Tyres (Eaton Socon) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in these financial statements have remained unchanged from the

previous year, and have therefore been consistently applied.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Revenue is recognised to the extent that it is probable that the economic benefit will flow to the Company and

the revenue can be reliably measured. The following criteria must also be met before revenue is recognised:

Supply of goods

Revenue is recognised when goods are delivered and supplied.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten 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

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment

losses. Repairs and maintenance of assets are charged to the income statement during the period in which they

are incurred.

Depreciation is charged so as to allocate the cost or valuation of assets less their residual value, over their

estimated useful lives on the following basis:

Plant and machinery - 15% reducing balance.

Computers - 33.3% on cost.

Motor vehicles - 25% on reducing balance.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if

appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are

recognised in the income statement.

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 statement of financial position date.

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.

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.

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

The average number of employees during the year was 5 (2017 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2017

and 31 October 2018

60,000

AMORTISATION

At 1 November 2017

and 31 October 2018

59,999

NET BOOK VALUE

At 31 October 2018

1

At 31 October 2017

1

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2017

113,836

Additions

35,650

Disposals

(20,500

)

At 31 October 2018

128,986

DEPRECIATION

At 1 November 2017

75,144

Charge for year

10,605

Eliminated on disposal

(18,490

)

At 31 October 2018

67,259

NET BOOK VALUE

At 31 October 2018

61,727

At 31 October 2017

38,692

Included within plant and machinery are assets held under hire purchase agreements. The net book value of these

assets amounted to £23,115 at 31 October 2018 and depreciation of £1,005 was charged for the year.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

95,697

105,934

Directors' current accounts

-

632

Prepayments

1,176

780

96,873

107,346

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

10,002

-

Trade creditors

57,584

50,603

Tax

8,104

8,408

VAT

3,044

6,477

Other creditors

3,698

2,009

Directors' current accounts

33,056

39,755

Accrued expenses

1,369

1,519

116,857

108,771

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

9,165

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

19,167

-

The hire purchase liability is secured against the relevant asset.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2018 and

31 October 2017:

2018

2017

£

£

Mr R Stockley

Balance outstanding at start of year

632

-

Amounts advanced

-

632

Amounts repaid

(632

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

632

The directors loan was repaid in full on 20 February 2018.

11.	RELATED PARTY DISCLOSURES

The directors have provided the company with interest free loans during the period and at the 31 October 2018

the following balances were owed:

Mr A R Jackson £29,164.

Mr R Stockley £3,892.