Morecambe Tyre Specialists Limited Filleted accounts for Companies House (small and micro)

Morecambe Tyre Specialists Limited Filleted accounts for Companies House (small and micro)

MORECAMBE TYRE SPECIALISTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02814172
MORECAMBE TYRE SPECIALISTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 April 2021
MORECAMBE TYRE SPECIALISTS LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2021
2021
2020
Note
£
£
£
FIXED ASSETS
Intangible assets
5
46,683
56,019
Tangible assets
6
13,439
15,922
---------
---------
60,122
71,941
CURRENT ASSETS
Stocks
35,095
36,341
Debtors
7
88,694
65,021
Cash at bank and in hand
308
230
-----------
-----------
124,097
101,592
CREDITORS: amounts falling due within one year
8
118,469
92,234
-----------
-----------
NET CURRENT ASSETS
5,628
9,358
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
65,750
81,299
CREDITORS: amounts falling due after more than one year
9
10,506
10,825
PROVISIONS
Taxation including deferred tax
2,026
2,464
---------
---------
NET ASSETS
53,218
68,010
---------
---------
CAPITAL AND RESERVES
Called up share capital
10,000
10,000
Capital redemption reserve
40,000
40,000
Profit and loss account
3,218
18,010
---------
---------
SHAREHOLDERS FUNDS
53,218
68,010
---------
---------
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 income and retained earnings has not been delivered.
MORECAMBE TYRE SPECIALISTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2021
For the year ending 30th April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 August 2021 , and are signed on behalf of the board by:
M R Pollard
Director
Company registration number: 02814172
MORECAMBE TYRE SPECIALISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30th APRIL 2021
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Westgate Works, Westgate, Morecambe, LA3 3DD.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill is being amortised over 10 years.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Property alterations
-
straight line over period of lease
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance/straight line over 5 years
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 6 (2020: 8 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1st May 2020 and 30th April 2021
266,732
-----------
Amortisation
At 1st May 2020
210,713
Charge for the year
9,336
-----------
At 30th April 2021
220,049
-----------
Carrying amount
At 30th April 2021
46,683
-----------
At 30th April 2020
56,019
-----------
6. TANGIBLE ASSETS
Property alterations
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1st May 2020
1,554
37,340
27,867
26,300
93,061
Additions
–
995
–
–
995
--------
---------
---------
---------
---------
At 30th April 2021
1,554
38,335
27,867
26,300
94,056
--------
---------
---------
---------
---------
Depreciation
At 1st May 2020
1,554
31,221
27,476
16,888
77,139
Charge for the year
–
1,067
58
2,353
3,478
--------
---------
---------
---------
---------
At 30th April 2021
1,554
32,288
27,534
19,241
80,617
--------
---------
---------
---------
---------
Carrying amount
At 30th April 2021
–
6,047
333
7,059
13,439
--------
---------
---------
---------
---------
At 30th April 2020
–
6,119
391
9,412
15,922
--------
---------
---------
---------
---------
7. DEBTORS
2021
2020
£
£
Trade debtors
83,074
60,326
Prepayments and accrued income
4,653
4,695
Other debtors
967
–
---------
---------
88,694
65,021
---------
---------
8. CREDITORS: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
29,030
41,756
Trade creditors
70,886
32,473
Accruals and deferred income
2,249
2,172
Corporation tax
4,760
1,938
Social security and other taxes
7,719
6,770
Other creditors
3,825
7,125
-----------
---------
118,469
92,234
-----------
---------
9. CREDITORS: amounts falling due after more than one year
2021
2020
£
£
Director loan accounts
10,506
10,825
---------
---------
10. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2021
2020
£
£
Not later than 1 year
24,000
24,000
Later than 1 year and not later than 5 years
2,000
26,000
---------
---------
26,000
50,000
---------
---------
11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The dirctor had a loan account with the company that remained in credit throughout the year. The balance at the year end was £10,506 and is included in creditors.