Hillam Tyres Ltd 31/03/2020 iXBRL

Hillam Tyres Ltd 31/03/2020 iXBRL

HILLAM TYRES LTD - Company Information

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Hillam Tyres Ltd
Unaudited filleted financial statements
31 March 2020
Company registration number: 07506773
Hillam Tyres Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Hillam Tyres Ltd
Directors and other information
Directors R. Lodge
R. J. Lodge
P. S. Lodge
Company number 07506773
Registered office 1 Victoria Court
Bank Square
Morley
LS27 9SE
Accountants Novis & Co
1 Victoria Court
Bank Square
Morley
Leeds
LS27 9SE
Bankers Natwest Bank Plc
Wakefield City Branch
56 Westgate
Wakefield
WF1 1XF
Hillam Tyres Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Hillam Tyres Ltd
Year ended 31 March 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hillam Tyres Ltd for the year ended 31 March 2020 which comprise the statement of financial position and 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 at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Hillam Tyres Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Hillam Tyres Ltd and state those matters that we have agreed to state to the board of directors of Hillam Tyres Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hillam Tyres Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Hillam Tyres Ltd 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 Hillam Tyres Ltd. You consider that Hillam Tyres Ltd 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 Hillam Tyres Ltd. 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.
Novis & Co
Chartered Accountants
1 Victoria Court
Bank Square
Morley
Leeds
LS27 9SE
12 October 2020
Hillam Tyres Ltd
Statement of financial position
31 March 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 21,505 12,639
_______ _______
21,505 12,639
Current assets
Stocks 11,496 8,434
Debtors 6 28,462 38,287
Cash at bank and in hand 91,211 71,775
_______ _______
131,169 118,496
Creditors: amounts falling due
within one year 7 ( 139,519) ( 124,920)
_______ _______
Net current liabilities ( 8,350) ( 6,424)
_______ _______
Total assets less current liabilities 13,155 6,215
Creditors: amounts falling due
after more than one year 8 ( 8,727) -
Provisions for liabilities 10 ( 4,086) ( 2,149)
_______ _______
Net assets 342 4,066
_______ _______
Capital and reserves
Called up share capital 12 150 150
Profit and loss account 192 3,916
_______ _______
Shareholders funds 342 4,066
_______ _______
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 October 2020 , and are signed on behalf of the board by:
R. Lodge
Director
Company registration number: 07506773
Hillam Tyres Ltd
Notes to the financial statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Victoria Court, Bank Square, Morley, LS27 9SE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Pension contributions
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2019: 5 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 April 2019 9,860 24,302 34,162
Additions 16,182 - 16,182
Disposals ( 350) - ( 350)
_______ _______ _______
At 31 March 2020 25,692 24,302 49,994
_______ _______ _______
Depreciation
At 1 April 2019 6,559 14,964 21,523
Charge for the year 4,834 2,335 7,169
Disposals ( 203) - ( 203)
_______ _______ _______
At 31 March 2020 11,190 17,299 28,489
_______ _______ _______
Carrying amount
At 31 March 2020 14,502 7,003 21,505
_______ _______ _______
At 31 March 2019 3,301 9,338 12,639
_______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 March 2020 8,925
_______
At 31 March 2019 -
_______
6. Debtors
2020 2019
£ £
Trade debtors 25,229 33,694
Other debtors 3,233 4,593
_______ _______
28,462 38,287
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 60,664 35,680
Corporation tax 14,184 20,919
Social security and other taxes 8,125 7,890
Other creditors 56,546 60,431
_______ _______
139,519 124,920
_______ _______
8. Creditors: amounts falling due after more than one year
2020 2019
£ £
Other creditors 8,727 -
_______ _______
9. Obligations under finance leases
Included within other creditors are balances due under hire purchase agreements totalling £11,107 (2019: £nil) which are secured against the assets to which they relate.
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 April 2019 2,149 2,149
Additions 1,937 1,937
_______ _______
At 31 March 2020 4,086 4,086
_______ _______
11. Deferred tax
The deferred tax account consists of the tax effect of timing differences in respect of:
2020 2019
£ £
Accelerated capital allowances 4,086 2,149
_______ _______
12. Called up share capital
Issued, called up and fully paid
2020 2019
No £ No £
Ordinary shares of £ 1.00 each 150 150 150 150
_______ _______ _______ _______
13. Related party transactions
During the year the company entered into the following transactions with related parties:
Balance owed by/(owed to)
2020 2019
£ £
A director (49,739) (56,094)
_______ _______