Tyres Life UK Ltd - Accounts to registrar (filleted) - small 22.3
Tyres Life UK Ltd - Accounts to registrar (filleted) - small 22.3
REGISTERED NUMBER: |
Tyres Life UK Ltd |
Abridged Unaudited Financial Statements |
for the period |
1 April 2021 to 31 December 2021 |
Tyres Life UK Ltd (Registered number: 11243309) |
Contents of the Financial Statements |
for the period 1 April 2021 to 31 December 2021 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Abridged Statement of Financial Position | 3 |
Notes to the Financial Statements | 5 |
Tyres Life UK Ltd |
Company Information |
for the period 1 April 2021 to 31 December 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
239-241 Kennington Lane |
London |
SE11 5QU |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Tyres Life UK Ltd |
The following reproduces the text of the report prepared for the directors 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 Abridged Income Statement and certain other primary statements and the Report of the Directors 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 Tyres Life UK Ltd for the period ended 31 December 2021 which comprise the Abridged Statement of Income and Retained Earnings, Abridged 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Tyres Life UK Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Tyres Life UK Ltd and state those matters that we have agreed to state to the Board of Directors of Tyres Life UK Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tyres Life UK Ltd and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Tyres Life UK Ltd 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 Tyres Life UK Ltd. You consider that Tyres Life UK Ltd is exempt from the statutory audit requirement for the period. |
We have not been instructed to carry out an audit or a review of the financial statements of Tyres Life UK Ltd. 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. |
Chartered Accountants |
239-241 Kennington Lane |
London |
SE11 5QU |
Tyres Life UK Ltd (Registered number: 11243309) |
Abridged Statement of Financial Position |
31 December 2021 |
2021 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
CURRENT ASSETS |
Inventories |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
5 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 6 | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | 8 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their 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. |
Tyres Life UK Ltd (Registered number: 11243309) |
Abridged Statement of Financial Position - continued |
31 December 2021 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Tyres Life UK Ltd (Registered number: 11243309) |
Notes to the Financial Statements |
for the period 1 April 2021 to 31 December 2021 |
1. | STATUTORY INFORMATION |
Tyres Life UK Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is derived from the ordinary trading activities of the business and is recognised when the customers take delivery of their goods. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
It is valued on first in first out basis. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
Tyres Life UK Ltd (Registered number: 11243309) |
Notes to the Financial Statements - continued |
for the period 1 April 2021 to 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
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 period 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 |
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 period was |
4. | PROPERTY, PLANT AND EQUIPMENT |
Totals |
£ |
COST |
At 1 April 2021 |
Additions |
Disposals | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 April 2021 |
Charge for period |
Eliminated on disposal | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 March 2021 |
Tyres Life UK Ltd (Registered number: 11243309) |
Notes to the Financial Statements - continued |
for the period 1 April 2021 to 31 December 2021 |
5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2021 | 2021 |
£ | £ |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
Repayable by instalments |
Bank loans more 5 yr by instal | 33,683 | - |
6. | PROVISIONS FOR LIABILITIES |
2021 | 2021 |
£ | £ |
Deferred tax | 914 | 1,915 |
Deferred |
tax |
£ |
Balance at 1 April 2021 |
Credit to Statement of Income and Retained Earnings during period | ( |
) |
Balance at 31 December 2021 |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2021 |
value: | £ | £ |
Ordinary | £1 | 100,000 | 1,000 |
99,000 Ordinary shares of £1 each were allotted and fully paid for |
8. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2021 | ( |
) |
Profit for the period |
At 31 December 2021 | ( |
) |
Tyres Life UK Ltd (Registered number: 11243309) |
Notes to the Financial Statements - continued |
for the period 1 April 2021 to 31 December 2021 |
9. | RELATED PARTY DISCLOSURES |
Included in creditors are amounts due to key management personnel at balance sheet date of £59,144 (2021: £85,144). No interest is charged on this balance and it is repayable on demand. |