City Tyre Services (Cardiff) Limited - Accounts to registrar (filleted) - small 18.2

City Tyre Services (Cardiff) Limited

Financial Statements for the Year Ended 29 February 2020

DIRECTORS:

B Matthews

S A Matthews

C V Matthews

SECRETARY:

S A Matthews

REGISTERED OFFICE:

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

REGISTERED NUMBER:

01886381 (England and Wales)

ACCOUNTANTS:

BPU Limited

Chartered Accountants

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

The following reproduces the text of the report prepared for the directors in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act

2006, the company is only required to file a Balance Sheet. Readers are cautioned that the

Profit and Loss Account and certain other primary statements and the Report of the

Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for

your approval the financial statements of City Tyre Services (Cardiff) Limited for the year ended

29 February 2020 which comprise the Profit and Loss Account, Balance Sheet and the related

notes from the company's accounting records and from information and explanations you have

given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of City Tyre Services (Cardiff) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of City Tyre Services (Cardiff) Limited and state those matters that we have agreed to state to the Board of Directors of City Tyre Services (Cardiff) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than City Tyre Services (Cardiff) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that City Tyre Services (Cardiff) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of City Tyre Services (Cardiff) Limited. You consider that City Tyre Services (Cardiff) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of City Tyre Services (Cardiff) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

BPU Limited

Chartered Accountants

17 August 2020

FIXED ASSETS

Tangible assets

3

148,018

150,842

CURRENT ASSETS

Stocks

7,200

7,728

Debtors

4

52,771

56,703

Cash at bank and in hand

154,225

168,788

214,196

233,219

CREDITORS

Amounts falling due within one year

5

145,442

180,096

NET CURRENT ASSETS

68,754

53,123

TOTAL ASSETS LESS CURRENT LIABILITIES

216,772

203,965

CREDITORS

Amounts falling due after more than one year

6

(3,199

)

(6,151

)

PROVISIONS FOR LIABILITIES

(3,500

)

(4,000

)

NET ASSETS

210,073

193,814

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

209,973

193,714

SHAREHOLDERS' FUNDS

210,073

193,814

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2020 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 August 2020 and were signed on its behalf by:

B Matthews - Director

1.	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 represents the invoiced value of goods and services supplied by the company, net

of value added tax and trade discounts.

Tangible fixed assets

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

Freehold property

-

not provided

Plant and machinery

-

20% reducing balance

Motor vehicles

-

25% reducing balance

The company has not depreciated the freehold property, which is contrary to the Companies

Act 2006. In the opinion of the directors, the freehold property is worth more than the

carrying value.

Tangible fixed assets are initially recorded at cost.

Stocks

Stocks are valued at lower of cost and net realisable value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and

Loss Account, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the balance sheet 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.

Hire purchase and leasing commitments

Assets held under finance leases and hire purchase contracts, which are those where

substantially all the risks and rewards of ownership of the asset have passed to the

company, are capitalised in the balance sheet and depreciated over their useful lives.

The interest element of the rental obligations is charged to the profit and loss account over

the period of the lease and represents a constant proportion of the balance of capital

repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the

lease term.

Pensions

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 5 ) .

3.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 March 2019

130,000

58,808

26,108

214,916

Additions

-

2,265

-

2,265

Disposals

-

(8,946

)

-

(8,946

)

At 29 February 2020

130,000

52,127

26,108

208,235

DEPRECIATION

At 1 March 2019

-

54,101

9,973

64,074

Charge for year

-

1,055

4,034

5,089

Eliminated on disposal

-

(8,946

)

-

(8,946

)

At 29 February 2020

-

46,210

14,007

60,217

NET BOOK VALUE

At 29 February 2020

130,000

5,917

12,101

148,018

At 28 February 2019

130,000

4,707

16,135

150,842

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

52,771

56,703

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts

2,953

3,154

Trade creditors

74,062

82,485

Taxes & social security costs

30,165

29,245

Other creditors & accruals

38,262

65,212

145,442

180,096

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

3,199

6,151

7.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Hire purchase contracts

6,152

9,305

The hire purchase contracts are secured over the assets to which they relate.