Greenaways Tyre and Exhaust Services Ltd Accounts

GREENAWAYS GARAGE AND TYRES LIMITED - Company Information






Greenaways Tyre and Exhaust Services Ltd
	Company No. 06914934
		Information for Filing with The Registrar
		31 May 2019

The Directors present their report and the accounts for the year ended 31 May 2019.

Principal activities
The principal activity of the company during the year under review was Tyre & Exhaust Services.




Directors

The Directors who served at any time during the year were as follows:

L.S. Arscott
P.C. Arscott


































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

L.S. Arscott
Director
27 November 2019

at	31 May 2019

Company No.		06914934	Notes	2019	2018
				£	£
Fixed assets

	Tangible assets		2	34,900	53,879


				34,900	53,879
Current assets
	Stocks		3	32,031	26,458
	Debtors		4	41,032	28,792

	Cash at bank and in hand			9,388	10,133
				82,451	65,383
Creditors: Amount falling due within one year			5	(150,829)	(156,960)
Net current liabilities				(68,378)	(91,577)
Total assets less current liabilities				(33,478)	(37,698)
Creditors: Amounts falling due after more than one year			6	(5,300)	(11,204)



Net liabilities				(38,778)	(48,902)

Capital and reserves
	Called up share capital			150	100



	Profit and loss account		7	(38,928)	(49,002)

Total equity				(38,778)	(48,902)


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 May 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 27 November 2019

And signed on its behalf by:

L.S. Arscott
Director
27 November 2019

for the year ended 31 May 2019

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

25% Reducing balance

Motor vehicles

25% Reducing balance

Furniture, fittings and equipment

20% Reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2	Tangible fixed assets
			Plant and machinery	Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£	£
		Cost or revaluation
		At 1 June 2018	23,330	102,502	392	126,224
		Additions	7,999	1,000	125	9,124


		Disposals	-	(21,959)	-	(21,959)
		At 31 May 2019	31,329	81,543	517	113,389
		Depreciation
		At 1 June 2018	12,764	59,355	226	72,345
		Charge for the year	4,642	6,919	73	11,634


		Disposals	-	(5,490)	-	(5,490)
		At 31 May 2019	17,406	60,784	299	78,489
		Net book values
		At 31 May 2019	13,923	20,759	218	34,900
		At 31 May 2018	10,566	43,147	166	53,879

3	Stocks
			2019	2018
			£	£


		Finished goods	32,031	26,458
			32,031	26,458

4	Debtors
			2019	2018
			£	£
		Trade debtors	24,451	21,943

		Corporation tax recoverable	3,164	-


		Loans to directors	9,734	-

		Prepayments and accrued income	3,683	6,849
			41,032	28,792

5	Creditors:
		amounts falling due within one year
			2019	2018
			£	£

		Bank loans and overdrafts	12,750	-

		Obligations under finance lease and hire purchase contracts	6,300	5,676
		Trade creditors	95,783	80,616

		Corporation tax	3,164	-
		Other taxes and social security	17,230	16,956
		Loans from directors	-	27,701
		Other creditors	14,701	25,061
		Accruals and deferred income	901	950
			150,829	156,960

6	Creditors:
		amounts falling due after more than one year
			2019	2018
			£	£



		Obligations under finance lease and hire purchase contracts	5,300	11,204




			5,300	11,204

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

Related party disclosures

2019

2018

Transactions with related parties

Name of related party

Greenaways Tyre And Exhaust Services (Launceston) Ltd

Description of relationship between the parties

The shareholders and directors Mr P Arscott and Mrs L Arscott who own 67% of Greenaways Tyre And Exhaust Services also own 100% of Greenaways Tyre And Exhaust Services (Launceston) Ltd

Description of transaction and general amounts involved

At 31 May 2019 Greenaways Tyre And Exhaust Services Ltd owed Greenaways Tyre And Exhaust Services (Launceston) Ltd £10,564.

Amount due from/(to) the related party

10,564

23,686

Controlling party

Immediate controlling party

P. Arscott

Additional information

Its registered number is:

06914934

Its registered office is:

Prospect House

11 Western Road

Launceston

Cornwall

PL15 7AS