Enginetuner Ltd - Filleted accounts

Enginetuner Ltd - Filleted accounts

ENGINETUNER LTD - Company Information

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Registered number
04599837
Enginetuner Ltd
Filleted Accounts
31 December 2019
Enginetuner Ltd
Registered number: 04599837
Balance Sheet
as at 31 December 2019
Notes 2019 2018
£ £
Fixed assets
Tangible assets 4 1 1,523
Current assets
Stocks 128,927 116,292
Debtors 5 10,639 11,848
Cash at bank and in hand 235 710
139,801 128,850
Creditors: amounts falling due within one year 6 (100,539) (101,656)
Net current assets 39,262 27,194
Net assets 39,263 28,717
Capital and reserves
Called up share capital 100 100
Profit and loss account 39,163 28,617
Shareholders' funds 39,263 28,717
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs E G E Jeffery
Director
Approved by the board on 26 October 2020
Enginetuner Ltd
Notes to the Accounts
for the year ended 31 December 2019
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Goodwill 20% on cost
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and equipment 25% straight line
Fixtures and fittings 15% straight line
Motor vehicle 25% straight line
Leasehold premises Straight line basis over the life of the asset
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Going concern
The company’s balance sheet shows a net liability position. However, the directors consider the company can continue to rely upon their own support to ensure that its liabilities can be settled when they fall due. Accordingly, these financial statements have been prepared on a going concern basis and do not include any provision for adjustments that may become necessary if the support referred to above were withdrawn.
2 Employees 2019 2018
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2019 25,000
At 31 December 2019 25,000
Amortisation
At 1 January 2019 25,000
At 31 December 2019 25,000
Net book value
At 31 December 2019 -
4 Tangible fixed assets
Leasehold premises Plant, equipment, fixturs and fittings Motor vehicles Total
£ £ £ £
Cost
At 1 January 2019 18,366 149,856 13,445 181,667
At 31 December 2019 18,366 149,856 13,445 181,667
Depreciation
At 1 January 2019 18,366 148,334 13,444 180,144
Charge for the year - 1,522 - 1,522
At 31 December 2019 18,366 149,856 13,444 181,666
Net book value
At 31 December 2019 - - 1 1
At 31 December 2018 - 1,522 1 1,523
5 Debtors 2019 2018
£ £
Trade debtors 738 1,991
Other debtors 9,901 9,857
10,639 11,848
6 Creditors: amounts falling due within one year 2019 2018
£ £
Bank loans and overdrafts 26,038 27,956
Accruals and deferred income 34,309 34,089
Trade creditors 6,751 172
Taxation and social security costs 14,397 14,194
Other creditors 19,044 25,245
100,539 101,656
7 Other information
Enginetuner Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Mill
Kingsteignton Road
Newton Abbot
Devon
TQ12 2QA
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