Tyne Electro Diesel Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02518471 (England and Wales)

Tyne Electro Diesel Limited

Unaudited Financial Statements

for the Year Ended 31 July 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K Bramley

P Robinson

LK Bramley

SECRETARY:

ML Bramley

REGISTERED OFFICE:

Unit 1 Fisher Street

Walker Riverside

NEWCASTLE UPON TYNE

NE6 4LT

REGISTERED NUMBER:

02518471 (England and Wales)

ACCOUNTANTS:

McMillan & Co LLP

Chartered Accountants

28 Eaton Avenue

Matrix Office Park

Buckshaw Village

Chorley

Lancashire

PR7 7NA

FIXED ASSETS

Tangible assets

4

1,370,893

83,777

CURRENT ASSETS

Stocks

343,200

618,470

Debtors

5

199,976

363,174

Cash at bank

90,871

368,230

634,047

1,349,874

CREDITORS

Amounts falling due within one year

6

521,280

147,512

NET CURRENT ASSETS

112,767

1,202,362

TOTAL ASSETS LESS CURRENT LIABILITIES

1,483,660

1,286,139

CREDITORS

Amounts falling due after more than one year

7

(660,561

)

-

PROVISIONS FOR LIABILITIES

10

(69,229

)

(13,521

)

NET ASSETS

753,870

1,272,618

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Capital redemption reserve

100

100

Retained earnings

752,770

1,271,518

SHAREHOLDERS' FUNDS

753,870

1,272,618

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2021 and were signed on its behalf by:

K Bramley - Director

1.	STATUTORY INFORMATION

Tyne Electro Diesel 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 (£).

The amounts in the financial statements have been rounded to the nearest £1.

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.

Turnover

Turnover represents sales of goods, excluding value added tax.

Tangible fixed assets

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

Freehold property

- 1% on cost

Short leasehold improvements

- straight line over the life of the lease

Plant and machinery

- 10% on cost

Fixtures and fittings

- 10% on cost

Motor vehicles

- 25% on cost

Stocks

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

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2019 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Short

Freehold

leasehold

Plant and

property

improvements

machinery

£

£

£

COST

At 1 August 2019

-

4,619

769,238

Additions

1,010,635

-

7,740

At 31 July 2020

1,010,635

4,619

776,978

DEPRECIATION

At 1 August 2019

-

4,619

688,248

Charge for year

7,583

-

17,666

At 31 July 2020

7,583

4,619

705,914

NET BOOK VALUE

At 31 July 2020

1,003,052

-

71,064

At 31 July 2019

-

-

80,990

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 August 2019

-

21,360

795,217

Additions

312,027

-

1,330,402

At 31 July 2020

312,027

21,360

2,125,619

DEPRECIATION

At 1 August 2019

-

18,573

711,440

Charge for year

15,250

2,787

43,286

At 31 July 2020

15,250

21,360

754,726

NET BOOK VALUE

At 31 July 2020

296,777

-

1,370,893

At 31 July 2019

-

2,787

83,777

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

158,963

330,626

Other debtors

41,013

32,548

199,976

363,174

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts (see note 8)

251,005

-

Trade creditors

90,455

104,286

Taxation and social security

6,507

13,448

Other creditors

173,313

29,778

521,280

147,512

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans (see note 8)

660,561

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

393,825

-

8.

LOANS

An analysis of the maturity of loans is given below:

2020

2019

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

184,321

-

Bank loans

66,684

-

251,005

-

Amounts falling due between one and two years:

Bank loans - 1-2 years

66,684

-

Amounts falling due between two and five years:

Bank loans - 2-5 years

200,052

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

393,825

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

727,245

-

The bank loan is secured by way of a fixed and floating charge over all the assets held by the company. Interest is payable at a variable rate of 3.27% above the Bank of England base rate.

10.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

Accelerated capital allowances

69,229

13,521

Deferred

tax

£

Balance at 1 August 2019

13,521

Provided during year

54,117

Change in rate of taxation

1,591

Balance at 31 July 2020

69,229

Deferred tax has been provided for using a rate of 19% (2019: 17%)

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1,000

Ordinary

£1

1,000

1,000

12.	RELATED PARTY DISCLOSURES

Included within trade creditors at the year end is a balance of £5,583 owed to Thames Diesel Injection Parts Limited, a company under common control. During the year, the company made purchases from Thames Diesel Injection Parts Limited amounting to £20,105 (2019 sales: £17,705).

Included within other creditors is a balance of £100,000 (2019: £nil) owed to K Bramley, one of the directors of the company.

13.	ULTIMATE CONTROLLING PARTY

In the opinion of the directors the company was controlled by Mr K Bramley and Mr J Chaytor.