Ian Jones Tyres - Period Ending 2014-12-31

Registration number: 03722878

Ian Jones Tyres

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Young & Co
Chartered Accountants
Bewell House
Bewell Street
Hereford
Herefordshire
HR4 0BA

Ian Jones Tyres
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ian Jones Tyres
for the Year Ended 31 December 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ian Jones Tyres for the year ended 31 December 2014 set out on pages 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 icaew.com/membershandbook.

This report is made solely to the Board of Directors of Ian Jones Tyres, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ian Jones Tyres and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ian Jones Tyres and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ian Jones Tyres has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ian Jones Tyres. You consider that Ian Jones Tyres 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 accounts of Ian Jones Tyres. 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 accounts.

......................................

Young & Co
Chartered Accountants
Bewell House
Bewell Street
Hereford
Herefordshire
HR4 0BA

22 April 2015

Page 1

Ian Jones Tyres
(Registration number: 03722878)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					32,619			40,295
Tangible fixed assets					53,511			66,890
					86,130			107,185
Current assets
Stocks					300,604			358,512
Debtors					256,121			296,892
Cash at bank and in hand					253,941			293,185
					810,666			948,589
Creditors: Amounts falling due within one year					(405,480)			(568,156)
Net current assets					405,186			380,433
Total assets less current liabilities					491,316			487,618
Provisions for liabilities					(6,902)			(9,507)
Net assets					484,414			478,111
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					484,412			478,109
Shareholders' funds					484,414			478,111

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 22 April 2015 and signed on its behalf by:

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Ian Jones Tyres
(Registration number: 03722878)
Abbreviated Balance Sheet at 31 December 2014
......... continued

.........................................
I A Jones Esq
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Ian Jones Tyres
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

All turnover was derived from the provision of goods and services that fall within the company's ordinary continuing activities stated net of value added tax. All turnover has been based on the same class of business and supplied to United Kingdom customers.

Amortisation

Amortisation is provided on purchased goodwill in equal instalments, commencing in the year of acquisition at rates estimated to write off its cost over its expected useful economic life which in the opinion of the directors is 20 years.

Asset class	Amortisation method and rate
Goodwill	Over 20 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Motor vehicles	20% of written down value per annum
Fixtures and fittings	20% of written down value per annum
Plant and machinery	20% of cost per annum
Computer equipment	33% of cost per annum

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 4

Ian Jones Tyres
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2014		197,516			303,045			500,561
Additions		-			12,371			12,371
Disposals		(30,000)			(17,461)			(47,461)
At 31 December 2014		167,516			297,955			465,471
Depreciation
At 1 January 2014		157,221			236,155			393,376
Charge for the year		7,676			23,507			31,183
Eliminated on disposals		(30,000)			(15,218)			(45,218)
At 31 December 2014		134,897			244,444			379,341
Net book value
At 31 December 2014		32,619			53,511			86,130
At 31 December 2013		40,295			66,890			107,185

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary Shares of £1 each		2			2			2			2

4

Control

The company is controlled by I A Jones Esq, by virtue of his 100% holding of the company's ordinary shares

.

Page 5