R J Tyres (Southwest) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07613503 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

R J Tyres (Southwest) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A T Cole

J D Cole

R T Jones

REGISTERED OFFICE:

C/O Prydis

Senate Court

Southernhay Gardens

Exeter

Devon

EX1 1NT

REGISTERED NUMBER:

07613503 (England and Wales)

ACCOUNTANTS:

Prydis Accounts Limited

Chartered Accountants

Senate Court

Southernhay Gardens

Exeter

Devon

EX1 1NT

FIXED ASSETS

Tangible assets

4

3,120

3,899

CURRENT ASSETS

Stocks

9,937

13,205

Debtors

5

14,314

12,193

Cash at bank

12,281

10,758

36,532

36,156

CREDITORS

Amounts falling due within one year

6

56,850

53,333

NET CURRENT LIABILITIES

(20,318

)

(17,177

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(17,198

)

(13,278

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(17,200

)

(13,280

)

SHAREHOLDERS' FUNDS

(17,198

)

(13,278

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 21 August 2020 and were signed on its behalf by:

A T Cole - Director

1.	STATUTORY INFORMATION

R J Tyres (Southwest) 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.

The directors have assessed the impact of the recent outbreak of COVID-19 and the UK lockdown on the

businesses ability to continue trading in the foreseeable future. The company stopped trading during lockdown

and initially all staff were furloughed in order to reduce costs. The company has also received a small business

rates grant from the local council. Since June the company has begun trading again with a reduced workforce

and the directors are confident that, despite this, and the negative balance sheet, the business will be able to

continue trading. Therefore the accounts have been prepared on the going concern basis.

TURNOVER

Turnover represents net invoiced sales of goods, excluding value added tax, trade discounts and rebates.

Revenue is recognised on the sale of goods upon delivery to the customer.

TANGIBLE FIXED ASSETS

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

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

PRESENTATION CURRENCY

The financial statements are presented in Pound Sterling, being the functional currency of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2019

and 31 March 2020

10,389

3,450

3,308

17,147

DEPRECIATION

At 1 April 2019

7,907

2,726

2,615

13,248

Charge for year

496

145

138

779

At 31 March 2020

8,403

2,871

2,753

14,027

NET BOOK VALUE

At 31 March 2020

1,986

579

555

3,120

At 31 March 2019

2,482

724

693

3,899

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

10,709

9,183

Other debtors

3,605

3,010

14,314

12,193

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

17,097

13,910

Taxation and social security

3,066

2,894

Other creditors

36,687

36,529

56,850

53,333

7.	RELATED PARTY DISCLOSURES

Included within other creditors is a directors loan of £35,770 (2019 - £35,770). The loan is interest free and

repayable on demand.

8.	POST BALANCE SHEET EVENTS

Since the year end there has been an outbreak of COVID-19 which has had an impact both nationally and

globally. This is a non-adjusting event and narrative is included within the basis of preparation.