Iverson Tyres Limited 31/03/2021 iXBRL

IVERSON TYRES LIMITED - Company Information

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Company registration number: 2681058

Iverson Tyres Limited

Unaudited filleted financial statements

31 March 2021

Iverson Tyres Limited

Contents

Directors and other information

Accountants report

Balance sheet

Statement of changes in equity

Notes to the financial statements

Iverson Tyres Limited

Directors and other information


	Directors	Mr D J Gardner
		Mr J P Powell


	Company number	2681058


	Registered office	First Floor, Shropshire House
		179 Tottenham Court Road
		London
		W1T 7NZ


	Business address	2 Penn Road
		Beaconsfield
		Buckinghamshire
		HP9 2PE


	Accountants	Couch Bright King & Co
		First Floor, Shropshire House
		179 Tottenham Court Road
		London
		W1T 7NZ

Iverson Tyres Limited

Chartered accountants report to the board of directors on the preparation of the

unaudited statutory financial statements of Iverson Tyres Limited

Year ended 31st March 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Iverson Tyres Limited for the year ended 31st March 2021 which comprise the Balance Sheet, statement of changes in equity and related notes 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.

This report is made solely to the board of directors of Iverson Tyres Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Iverson Tyres Limited and state those matters that we have agreed to state to the board of directors of Iverson Tyres Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Iverson Tyres Limited and its board of directors as a body for our work or for this report.

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

Couch Bright King & Co

Chartered Accountants

First Floor, Shropshire House

179 Tottenham Court Road

London

W1T 7NZ

21st December 2021

Iverson Tyres Limited

Balance sheet

31st March 2021

		2021		2020
	Note	£	£	£	£

Fixed assets
Intangible assets	4	-		7,825
Tangible assets	5	3,302,735		3,369,982
		_________		_________
			3,302,735		3,377,807

Current assets
Stocks		203,720		399,242
Debtors	6	432,125		1,170,131
Cash at bank and in hand		250		250
		_________		_________
		636,095		1,569,623
Creditors: amounts falling due
within one year	7	( 936,596)		( 1,989,861)
		_________		_________
Net current liabilities			( 300,501)		( 420,238)
			_________		_________
Total assets less current liabilities			3,002,234		2,957,569


Provisions for liabilities			( 46,378)		( 54,842)

			_________		_________
Net assets			2,955,856		2,902,727
			_________		_________

Capital and reserves
Called up share capital			50,100		50,100
Revaluation reserve			1,235,872		1,247,490
Profit and loss account			1,669,884		1,605,137
			_________		_________
Shareholders funds			2,955,856		2,902,727
			_________		_________

For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 21 December 2021 , and are signed on behalf of the board by:

Mr D J Gardner

Director

Company registration number: 2681058

Iverson Tyres Limited

Statement of changes in equity

Year ended 31st March 2021

	Called up share capital	Revaluation reserve	Profit and loss account	Total
	£	£	£	£


At 1st April 2019	50,100	1,262,681	1,374,725	2,687,506

Profit for the year			293,514	293,514
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account		( 11,618)	11,618	-
Tax relating to components of other comprehensive income		( 3,573)	-	( 3,573)
	_________	_________	_________	_________
Total comprehensive income for the year	-	( 15,191)	305,132	289,941

Dividends paid and payable			( 74,720)	( 74,720)
	_________	_________	_________	_________
Total investments by and distributions to owners	-	-	( 74,720)	( 74,720)

	_________	_________	_________	_________
At 31st March 2020 and 1st April 2020	50,100	1,247,490	1,605,137	2,902,727

Profit for the year			53,129	53,129
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account		( 11,618)	11,618	-
	_________	_________	_________	_________
Total comprehensive income for the year	-	( 11,618)	64,747	53,129

	_________	_________	_________	_________
At 31st March 2021	50,100	1,235,872	1,669,884	2,955,856
	_________	_________	_________	_________

Iverson Tyres Limited

Notes to the financial statements

Year ended 31st March 2021

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is First Floor, Shropshire House, 179 Tottenham Court Road, London, W1T 7NZ.

2. Accounting policies

Basis of preparation

The Accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with applicable Accounting Standards.

Going concern

These financial statements are prepared using a basis other than going concern as the directors of the company are selling the trade and assets but the company will remain in existence, albeit as a non-trading company.

Turnover

Turnover represents goods and services provided during the year net of trade discounts and Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold Buildings	-	2% on cost or re-valued amounts
Plant & Equipment	-	15% on the written down value
Computer Equipment	-	20%
Motor vehicles	-	25% on the written down value

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stock has been valued at the lower of average cost and net realisable value, after making due allowance for obsolete and slow-moving items.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance Sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss account for the year in which they are payable. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 33 (2020: 33 ).

4. Intangible assets

	Other intangible assets	Total
	£	£
Cost
At 1st April 2020 and 31st March 2021	31,300	31,300
	_________	_________
Amortisation
At 1st April 2020	23,475	23,475
Charge for the year	7,825	7,825
	_________	_________
At 31st March 2021	31,300	31,300
	_________	_________
Carrying amount
At 31st March 2021	-	-
	_________	_________
At 31st March 2020	7,825	7,825
	_________	_________

5. Tangible assets

	Freehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1st April 2020	3,265,000	707,756	163,108	4,135,864
Additions	-	-	60,150	60,150
Disposals	-	-	( 83,688)	( 83,688)
	_________	_________	_________	_________
At 31st March 2021	3,265,000	707,756	139,570	4,112,326
	_________	_________	_________	_________
Depreciation
At 1st April 2020	62,035	576,324	127,523	765,882
Charge for the year	62,035	26,533	18,969	107,537
Disposals	-	-	( 63,828)	( 63,828)
	_________	_________	_________	_________
At 31st March 2021	124,070	602,857	82,664	809,591
	_________	_________	_________	_________
Carrying amount
At 31st March 2021	3,140,930	104,899	56,906	3,302,735
	_________	_________	_________	_________
At 31st March 2020	3,202,965	131,432	35,585	3,369,982
	_________	_________	_________	_________

Land and buildings were re-valued as at the 15th August 2019 by White Druce & Brown Limited RICS on the basis of open market value. The historical cost of freehold land and buildings included above at a valuation of £3,265,000 was £2,654,737 (2020: £2,654,737) and the aggregate depreciation thereon would have been £782,694 (2020: £732,277).

6. Debtors

	2021	2020
	£	£
Trade debtors	366,276	530,146
Amounts owed by group undertakings and undertakings in which the company has a participating interest	18,813	-
Other debtors	47,036	639,985
	_________	_________
	432,125	1,170,131
	_________	_________

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	453,040	845,769
Trade creditors	379,610	964,434
Corporation tax	37,467	98,931
Social security and other taxes	34,640	48,624
Other creditors	31,839	32,103
	_________	_________
	936,596	1,989,861
	_________	_________

8. Financial instruments

Freehold Land & Buildings are used as security on overdraft facility with an aggregate value of £453,040. D J Gardner, a director of the company, is also a guarantor on the overdraft facility for the sum of £150,000.

9. Related party transactions

During the year the company had Sales of £20,115 (2020: £19,156) and Purchases of £16,555 (2020: £9,994) with Broadway Tyre Company Ltd, a company under common control.As at the year end a net debtor balance of £8,221 (2020: £8,792) existed between the two entities. Iverson Group Holdings Ltd, a holding company was incorporated on 28th July 2020. On 30th October 2020 Iverson Group Holdings Ltd acquired 100% of the share holdings in Iverson Tyres Ltd. The sole shareholder in Iverson Group Holdings Ltd is David Gardner with 31,345 shares.

10. Going Concern and Events After Date

The directors have concluded that the company is not a going concern and as explained in the Basis of preparation, the financial statements have been prepared using a basis other than going concern. The company has sold its trade and assets on 30th November 2021, but will remain in existence, albeit as a non-trading company.