Cirencester Tyre & Exhaust Centre - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05576335 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

CIRENCESTER TYRE & EXHAUST CENTRE

LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J A Tanner

Mrs N Temprell

Mr D J Tanner

REGISTERED OFFICE:

62 Elliot Road

Love Lane Industrial Estate

Cirencester

Gloucestershire

GL7 1YS

REGISTERED NUMBER:

05576335 (England and Wales)

ACCOUNTANTS:

Mitchell Glanville Limited

41 Rodney Road

Cheltenham

Gloucestershire

GL50 1HX

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

12,913

12,942

12,913

12,942

CURRENT ASSETS

Stocks

6

5,203

6,034

Debtors

7

27,216

24,425

Cash at bank

19,627

13,802

52,046

44,261

CREDITORS

Amounts falling due within one year

8

122,906

113,323

NET CURRENT LIABILITIES

(70,860

)

(69,062

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(57,947

)

(56,120

)

PROVISIONS FOR LIABILITIES

11

2,297

2,269

NET LIABILITIES

(60,244

)

(58,389

)

CAPITAL AND RESERVES

Called up share capital

6

6

Retained earnings

(60,250

)

(58,395

)

SHAREHOLDERS' FUNDS

(60,244

)

(58,389

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 21 July 2020 and were signed on its behalf by:

Mrs N Temprell - Director

Mr D J Tanner - Director

1.	STATUTORY INFORMATION

Cirencester Tyre & Exhaust Centre Limited 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.

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.

Turnover

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

tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, 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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 (2018 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2019

and 31 December 2019

68,000

AMORTISATION

At 1 January 2019

and 31 December 2019

68,000

NET BOOK VALUE

At 31 December 2019

-

At 31 December 2018

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2019

54,577

6,149

1,000

4,839

66,565

Additions

3,280

-

-

-

3,280

At 31 December 2019

57,857

6,149

1,000

4,839

69,845

DEPRECIATION

At 1 January 2019

43,428

5,645

496

4,054

53,623

Charge for year

2,987

-

126

196

3,309

At 31 December 2019

46,415

5,645

622

4,250

56,932

NET BOOK VALUE

At 31 December 2019

11,442

504

378

589

12,913

At 31 December 2018

11,149

504

504

785

12,942

6.

STOCKS

2019

2018

£

£

Stocks

5,203

6,034

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

15,415

12,415

Other debtors

1,805

1,805

Prepayments

9,996

10,205

27,216

24,425

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts (see note 9)

20,203

16,655

Trade creditors

60,784

58,652

Tax

12,927

10,808

Social security and other taxes

4,277

3,167

VAT

12,656

12,286

Other creditors

722

(547

)

Directors' loan accounts

8,752

8,752

Accrued expenses

2,585

3,550

122,906

113,323

9.

LOANS

An analysis of the maturity of loans is given below:

2019

2018

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

20,203

16,655

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

12,000

12,000

11.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

2,297

2,269

Deferred

tax

£

Balance at 1 January 2019

2,269

Provided during year

28

Balance at 31 December 2019

2,297

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in creditors is an amount of £8,752 (2018 - £8,752) owing to the director, Mr J A Tanner.

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £56,114 were paid to the directors .

Mr J A Tanner owns the property 62 Elliot Road, the trading address of the company. He has received £12,000 rental income

from this property in 2019 (2018 - £12,000).

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the directors.