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

REGISTERED NUMBER: 01220878 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2020

for

Tyre Services (Slough) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C S S Bennett

D Bennett

D R Gardner

REGISTERED OFFICE:

27 Chapel Square

Virginia Water

Surrey

GU25 4SZ

REGISTERED NUMBER:

01220878 (England and Wales)

ACCOUNTANTS:

Wilson Partners Limited

Chartered Accountants

5a Frascati Way

Maidenhead

Berkshire

SL6 4UY

FIXED ASSETS

Tangible assets

4

1,223

4,181

Investment property

5

2,250,000

2,250,000

2,251,223

2,254,181

CURRENT ASSETS

Debtors

6

3,186

4,607

Cash at bank and in hand

62,600

60,361

65,786

64,968

CREDITORS

Amounts falling due within one year

7

(76,640

)

(53,728

)

NET CURRENT (LIABILITIES)/ASSETS

(10,854

)

11,240

TOTAL ASSETS LESS CURRENT LIABILITIES

2,240,369

2,265,421

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,240,269

2,265,321

SHAREHOLDERS' FUNDS

2,240,369

2,265,421

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 October 2020 and were signed on its behalf by:

C S S Bennett - Director

D Bennett - Director

1.	STATUTORY INFORMATION

Tyre Services (Slough) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Significant judgements and estimates

In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company does not make significant estimates and assumptions concerning the future that affect the position shown in the accounts.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of goods and services in the ordinary nature of the business. Turnover is shown net of Value Added Tax.

Rental income is recognised on an accruals basis in relation to the period of the rent.

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

-

33% on cost and 10% on cost

Fixtures and fittings

-

20% on cost and 10% on cost

Motor vehicles

-

20% on cost

An amount equal to the excess of the depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred from the revaluation reserve to the profit and loss reserve.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.

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 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2019

48,644

Disposals

(41,715

)

At 31 July 2020

6,929

DEPRECIATION

At 1 August 2019

44,463

Charge for year

409

Eliminated on disposal

(39,166

)

At 31 July 2020

5,706

NET BOOK VALUE

At 31 July 2020

1,223

At 31 July 2019

4,181

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2019

and 31 July 2020

2,250,000

NET BOOK VALUE

At 31 July 2020

2,250,000

At 31 July 2019

2,250,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Trade debtors

-

2,212

Other debtors

3,186

2,395

3,186

4,607

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Trade creditors

-

746

Taxation and social security

2,365

5,398

Other creditors

74,275

47,584

76,640

53,728

8.	ULTIMATE CONTROLLING PARTY

The company is controlled by two directors, CSS Bennett and D Bennett.