John Wood Tyres (Hereford) Limited,Ltd - AccountsLtd - Accounts

John Wood Tyres (Hereford) Limited,Ltd - AccountsLtd - Accounts

JOHN WOOD TYRES (HEREFORD) LIMITED - Company Information

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2020-01-01 04870241 2020-12-31 04870241 2020-01-01 2020-12-31 04870241 2019-12-31 04870241 2019-01-01 2019-12-31 04870241 uk-core:WithinOneYear 2019-12-31 04870241 uk-core:WithinOneYear 2020-12-31 04870241 uk-core:AfterOneYear 2019-12-31 04870241 uk-core:AfterOneYear 2020-12-31 04870241 uk-core:ShareCapital 2020-12-31 04870241 uk-core:ShareCapital 2019-12-31 04870241 uk-core:RetainedEarningsAccumulatedLosses 2020-12-31 04870241 uk-core:RetainedEarningsAccumulatedLosses 2019-12-31 04870241 uk-bus:Director1 2020-01-01 2020-12-31 04870241 uk-bus:Director2 2020-01-01 2020-12-31 04870241 uk-core:NetGoodwill 2020-01-01 2020-12-31 04870241 uk-core:PlantMachinery 2020-01-01 2020-12-31 04870241 uk-core:ComputerEquipment 2020-01-01 2020-12-31 04870241 uk-core:CommercialMotorVehicles 2020-01-01 2020-12-31 04870241 uk-core:Goodwill 2019-12-31 04870241 uk-core:Goodwill 2020-12-31 04870241 uk-core:ComputerEquipment 2019-12-31 04870241 uk-core:CommercialMotorVehicles 2019-12-31 04870241 uk-core:PlantMachinery 2019-12-31 04870241 uk-core:PlantMachinery 2020-12-31 04870241 uk-core:CommercialMotorVehicles 2020-12-31 04870241 uk-core:ComputerEquipment 2020-12-31 04870241 uk-core:AfterOneYear uk-core:Secured 2020-12-31 04870241 uk-core:AfterOneYear uk-core:Secured 2019-12-31 iso4217:GBP xbrli:pure 04870241 uk-bus:AuditExemptWithAccountantsReport 2020-01-01 2020-12-31 04870241 uk-bus:FRS102 2020-01-01 2020-12-31 04870241 uk-bus:FullAccounts 2020-01-01 2020-12-31 04870241 uk-bus:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31
John Wood Tyres (Hereford) Limited
Registered Number:04870241
For the year ended 31 December 2020
England and Wales
Unaudited Financial Statements
2
Registered Number :
04870241
As at 31 December 2020
John Wood Tyres (Hereford) Limited
Statement of Financial Position
£
£
2019
2020
Notes
Fixed assets
Property, plant and equipment
53,961
56,730
3
53,961
56,730
Current assets
Inventories
214,826
180,644
4
Trade and other receivables
114,963
100,729
5
113,013
Cash and cash equivalents
235,464
516,837
442,802
Trade and other payables: amounts falling due within one year
(471,703)
(488,211)
6
(28,901)
28,626
Net current assets
Total assets less current liabilities
82,587
27,829
Trade and other payables: amounts falling due after more than one
year
(15,725)
(65,725)
7
(10,253)
(10,779)
Provisions for liabilities
6,609
Net assets
1,325
Capital and reserves
Called up share capital
4
4
Retained earnings
6,605
1,321
6,609
1,325
Shareholders' funds
For the year ended 31 December 2020 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section 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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GA Wood Director
LD Wood Director
These financial statements were approved and authorised for issue by the Board on 01 April 2021 and were signed by:
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Registered Number :
04870241
For the year ended 31 December 2020
John Wood Tyres (Hereford) Limited
Statement of Financial Position Continued
The notes form part of these financial statements
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For the year ended 31 December 2020
John Wood Tyres (Hereford) Limited
Notes to the Financial Statements
Statutory Information
John Wood Tyres (Hereford) Limited is a private limited company, limited by shares, domiciled in England and Wales,
registration number 04870241.
Principal place of business:
101 -107 St Owens Street
Hereford
HR1 2JW
Registered address:
Suite 22, Stirling House
Centenary Park, Skylon Central
Hereford
HR2 6FJ
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting Standard
102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. The
financial statements have been prepared under the historical costs convention as modified by the revaluation of certain assets.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, has been amortised evenly over its estimated useful life.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery
10% Straight line
10% Straight line
Computer Equipment
20% Straight line
Motor Vehicles
Inventories
Inventories are value at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
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For the year ended 31 December 2020
John Wood Tyres (Hereford) Limited
Notes to the Financial Statements Continued
2. Intangible fixed assets
Goodwill
Cost or valuation
£
At 01 January 2020
28,000
At 31 December 2020
28,000
Amortisation
At 01 January 2020
28,000
At 31 December 2020
28,000
Net book value
At 31 December 2020
-
At 31 December 2019
-
3. Property, plant and equipment
Total
Computer
Equipment
Motor Vehicles
Plant and
Machinery
£
£
£
£
Cost or valuation
At 01 January 2020
121,753
7,780
39,765
74,208
10,250
-
10,250
-
Additions
At 31 December 2020
74,208
50,015
7,780
132,003
Provision for depreciation and impairment
At 01 January 2020
65,023
6,380
17,877
40,766
Charge for year
13,019
206
7,024
5,789
At 31 December 2020
78,042
6,586
24,901
46,555
At 31 December 2020
Net book value
27,653
25,114
1,194
53,961
At 31 December 2019
33,442
21,888
1,400
56,730
4. Inventories
2019
2020
£
£
Stocks
180,644
214,826
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For the year ended 31 December 2020
John Wood Tyres (Hereford) Limited
Notes to the Financial Statements Continued
5. Trade and other receivables
2019
2020
£
£
Trade debtors
92,523
102,731
Other debtors
8,206
12,232
114,963
100,729
6. Trade and other payables: amounts falling due within one year
2019
2020
£
£
Trade creditors
381,799
393,740
Taxation and social security
83,580
48,810
Other creditors
22,832
29,153
488,211
471,703
7. Trade and other payables: amounts falling due after more than one year
2019
2020
£
£
Bank loans and overdraft
50,000
-
Other creditors
15,725
15,725
65,725
15,725
8. Related party transactions
The company was under the control of Mr and Mrs VJ Wood, GA Wood and LD Wood throughout the current and previous year.
John Wood Tyres (Hereford) Limited has a 75% controlling interest in JWT Performance Limited, a company in which GA
Wood and LD Wood are also shareholders.
During the year the amount outstanding and owed to JWT Performance Limited from John Wood Tyres (Hereford) Limited was
£15,725 (2019: £15,725). This is shown under as other creditors within Creditors: amounts falling due more than one year.
9. Average number of persons employed
During the year the average number of employees was 15 (2019 : 15)
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