Morecambe Tyre Specialists Limited Filleted accounts for Companies House (small and micro)

Morecambe Tyre Specialists Limited Filleted accounts for Companies House (small and micro)

MORECAMBE TYRE SPECIALISTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02814172
MORECAMBE TYRE SPECIALISTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 April 2019
MORECAMBE TYRE SPECIALISTS LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2019
2019
2018
Note
£
£
£
FIXED ASSETS
Intangible assets
5
65,355
74,691
Tangible assets
6
19,795
23,768
---------
---------
85,150
98,459
CURRENT ASSETS
Stocks
49,627
46,427
Debtors
7
113,858
147,923
Cash at bank and in hand
499
692
-----------
-----------
163,984
195,042
CREDITORS: amounts falling due within one year
8
137,241
145,157
-----------
-----------
NET CURRENT ASSETS
26,743
49,885
-----------
-----------
TOTAL ASSETS LESS CURRENT LIABILITIES
111,893
148,344
CREDITORS: amounts falling due after more than one year
9
10,556
10,338
PROVISIONS
Taxation including deferred tax
3,165
3,868
-----------
-----------
NET ASSETS
98,172
134,138
-----------
-----------
CAPITAL AND RESERVES
Called up share capital
10,000
10,000
Capital redemption reserve
40,000
40,000
Profit and loss account
48,172
84,138
---------
-----------
SHAREHOLDERS FUNDS
98,172
134,138
---------
-----------
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.
MORECAMBE TYRE SPECIALISTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2019
For the year ending 30th April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 3 January 2020 , and are signed on behalf of the board by:
M R Pollard
Director
Company registration number: 02814172
MORECAMBE TYRE SPECIALISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30th APRIL 2019
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Westgate Works, Westgate, Morecambe, LA3 3DD.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill is being amortised over 10 years.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Property alterations
-
straight line over period of lease
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance/straight line over 5 years
Motor vehicles
-
25% reducing balance
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 stock to its present location and condition.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 9 (2018: 9 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1st May 2018 and 30th April 2019
266,732
-----------
Amortisation
At 1st May 2018
192,041
Charge for the year
9,336
-----------
At 30th April 2019
201,377
-----------
Carrying amount
At 30th April 2019
65,355
-----------
At 30th April 2018
74,691
-----------
6. TANGIBLE ASSETS
Property alterations
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1st May 2018
1,554
36,690
27,867
26,750
92,861
Additions
–
–
–
1,800
1,800
Disposals
–
–
–
( 2,250)
( 2,250)
--------
---------
---------
---------
---------
At 30th April 2019
1,554
36,690
27,867
26,300
92,411
--------
---------
---------
---------
---------
Depreciation
At 1st May 2018
1,554
28,987
26,851
11,701
69,093
Charge for the year
–
1,154
319
3,935
5,408
Disposals
–
–
–
( 1,885)
( 1,885)
--------
---------
---------
---------
---------
At 30th April 2019
1,554
30,141
27,170
13,751
72,616
--------
---------
---------
---------
---------
Carrying amount
At 30th April 2019
–
6,549
697
12,549
19,795
--------
---------
---------
---------
---------
At 30th April 2018
–
7,703
1,016
15,049
23,768
--------
---------
---------
---------
---------
7. DEBTORS
2019
2018
£
£
Trade debtors
109,255
143,023
Prepayments and accrued income
4,603
4,900
-----------
-----------
113,858
147,923
-----------
-----------
8. CREDITORS: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
28,786
12,962
Trade creditors
83,782
98,779
Accruals and deferred income
4,389
5,449
Corporation tax
2,142
2,147
Social security and other taxes
7,717
11,795
Other creditors
10,425
14,025
-----------
-----------
137,241
145,157
-----------
-----------
9. CREDITORS: amounts falling due after more than one year
2019
2018
£
£
Director loan accounts
10,556
10,338
---------
---------
10. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2019
2018
£
£
Not later than 1 year
24,000
24,000
Later than 1 year and not later than 5 years
50,000
74,000
---------
---------
74,000
98,000
---------
---------
11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The dirctor had a loan account with the company that remained in credit throughout the year. The balance at the year end was £10,556 and is included in creditors.