All Terrain Tyres Limited - Period Ending 2022-03-31
All Terrain Tyres Limited - Period Ending 2022-03-31
Registration number:
All Terrain Tyres Limited
for the Year Ended 31 March 2022
All Terrain Tyres Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
All Terrain Tyres Limited
Company Information
Directors |
Mr P H Richards Mr G Walters |
Company secretary |
Mr M E R Llewellyn |
Registered office |
|
All Terrain Tyres Limited
(Registration number: 05291738)
Balance Sheet as at 31 March 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
......................................... |
All Terrain Tyres Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
General information |
The company is a private company limited by share capital, incorporated in Wales.
The address of its registered office is:
The principal place of business is:
Hirwaun House
Hirwaun Industrial Estate
Hirwaun
Aberdare
Rhondda Cynon Taf
CF44 9UL
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency of the financial statements is the Pound Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Finance income and costs policy
Interest income from loan debtors is recognised using the effective interest rate method.
All Terrain Tyres Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Tax
The tax expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. Current or deferred tax assets and liabilities are not discounted.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
15% and 33% reducing balance |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
All Terrain Tyres Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 April 2021 |
|
|
At 31 March 2022 |
|
|
Depreciation |
||
At 1 April 2021 |
|
|
Charge for the year |
|
|
At 31 March 2022 |
|
|
Carrying amount |
||
At 31 March 2022 |
|
|
At 31 March 2021 |
|
|
Stocks |
2022 |
2021 |
|
Other inventories |
|
|
All Terrain Tyres Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Debtors |
2022 |
2021 |
|
Trade debtors |
|
|
Other debtors |
|
|
|
|
Details of non-current trade and other debtors
£1,159,112 (2021 -£1,324,113) of other debtors is classified as non current.
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,000 |
|
1,000 |
|
|
750,000 |
|
750,000 |
|
|
|
|
Related party transactions |
Other transactions with directors |
Dividends of £159,250 were paid to a director during the year.
Summary of transactions with entities with joint control or significant interest
All Terrain Tyres Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is