Tyre Recovery Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04364012 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2021

for

Tyre Recovery Limited

Page

Company Information

1

Chartered Certified Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

Mr Stephen Andrew Brain

SECRETARY:

Mrs Joanne Barbara Brain

REGISTERED OFFICE:

Compound 15

Tudhoe Industrial Estate

Spennymoor

Durham

DL16 6TL

REGISTERED NUMBER:

04364012 (England and Wales)

ACCOUNTANTS:

Peter A Hodgson & Co Limited

Chartered Certified Accountants

Hett Mill Cottage

Hett

Durham

DH6 5LN

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tyre Recovery Limited for the year ended 31 January 2021 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Tyre Recovery Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Tyre Recovery Limited and state those matters that we have agreed to state to the director of Tyre Recovery Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Tyre Recovery 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 Tyre Recovery Limited. You consider that Tyre Recovery 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 Tyre Recovery 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.

Peter A Hodgson & Co Limited

Chartered Certified Accountants

Hett Mill Cottage

Hett

Durham

DH6 5LN

28 October 2021

FIXED ASSETS

Tangible assets

4

134,148

66,160

CURRENT ASSETS

Stocks

194,218

187,280

Debtors

5

298,840

287,445

Cash at bank and in hand

66,088

33,056

559,146

507,781

CREDITORS

Amounts falling due within one year

6

513,517

482,727

NET CURRENT ASSETS

45,629

25,054

TOTAL ASSETS LESS CURRENT LIABILITIES

179,777

91,214

CREDITORS

Amounts falling due after more than one year

7

(36,223

)

-

PROVISIONS FOR LIABILITIES

(22,707

)

(9,480

)

NET ASSETS

120,847

81,734

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

120,747

81,634

SHAREHOLDERS' FUNDS

120,847

81,734

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 October 2021 and were signed by:

Mr Stephen Andrew Brain - Director

1.	STATUTORY INFORMATION

Tyre Recovery 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.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

10% on reducing balance

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 (2020 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 February 2020

30,966

137,273

168,239

Additions

-

92,000

92,000

Disposals

-

(13,565

)

(13,565

)

At 31 January 2021

30,966

215,708

246,674

DEPRECIATION

At 1 February 2020

14,701

87,378

102,079

Charge for year

1,626

18,828

20,454

Eliminated on disposal

-

(10,007

)

(10,007

)

At 31 January 2021

16,327

96,199

112,526

NET BOOK VALUE

At 31 January 2021

14,639

119,509

134,148

At 31 January 2020

16,265

49,895

66,160

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

Additions

51,705

At 31 January 2021

51,705

DEPRECIATION

Charge for year

7,112

At 31 January 2021

7,112

NET BOOK VALUE

At 31 January 2021

44,593

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Trade debtors

241,929

247,663

Other debtors

56,911

39,782

298,840

287,445

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Bank loans and overdrafts

-

18,984

Hire purchase contracts (see note 8)

13,496

-

Trade creditors

327,148

278,173

Taxation and social security

43,365

43,042

Other creditors

129,508

142,528

513,517

482,727

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.21

31.1.20

£

£

Hire purchase contracts (see note 8)

36,223

-

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.1.21

31.1.20

£

£

Net obligations repayable:

Within one year

13,496

-

Between one and five years

36,223

-

49,719

-

Non-cancellable

operating leases

31.1.21

31.1.20

£

£

Between one and five years

3,216

3,216

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.21

31.1.20

£

£

Bank overdraft

-

11,336

Bank loans

-

7,648

Lloyds TSB Commercial Finance

105,799

105,585

105,799

124,569

Lloyds Bank plc has a fixed and floating charge of all property and undertaking of the Company.

Lloyds TSB Commercial Finance Limited has a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £20650 (2020 £25266), were paid to the director.

Mr S Brain is a director who owns 70% of the issue share capital, from whom the company rents the property at an annual rent of £25000, (2020 £25000) on normal commercial terms.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Stephen Andrew Brain.