Tyre Recovery Limited,Ltd - Accounts

Tyre Recovery Limited,Ltd - Accounts

TYRE RECOVERY LIMITED - Company Information

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2014-02-01 true false Private Limited Company 04364012 2015-01-31 04364012 2014-02-01 2015-01-31 04364012 2014-01-31 04364012 2013-02-01 2014-01-31 04364012 uk-bus:Director1 2014-02-01 2015-01-31 04364012 uk-gaap:Buildings 2014-02-01 2015-01-31 04364012 uk-gaap:PlantMachinery 2014-02-01 2015-01-31 04364012 uk-gaap:ComputerEquipment 2014-02-01 2015-01-31 04364012 uk-gaap:CommercialMotorVehicles 2014-02-01 2015-01-31 04364012 uk-gaap:FixturesFittings 2014-02-01 2015-01-31 04364012 uk-gaap:WithinOneYear 2015-01-31 04364012 uk-gaap:WithinOneYear 2014-01-31 04364012 uk-gaap:AfterOneYear 2014-01-31 04364012 uk-bus:OrdinaryShareClass1 2015-01-31 iso4217:GBP
Tyre Recovery Limited
For the year ended 31 January 2015
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 04364012
2
Contents Page
Tyre Recovery Limited
For the year ended 31 January 2015
1
Accountants' Report
2
Balance Sheet
3 to 4
Notes to the Abbreviated Financial Statements
3
Tyre Recovery Limited
Accountants' Report
For the year ended 31 January 2015
In order to assist you to fulfil your duties under Companies Act 2006, we have prepared for your approval the
accounts of Tyre Recovery Limited for the year ended 31 January 2015 which comprise the Profit and Loss
Account, the Balance Sheet and the related notes from the company's accounting records and from information
and explanations you have given us.
As a practising firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other
professional requirements which are detailed at http://rulebook.accaglobal.com.
This report is made solely to the Board of Directors of Tyre Recovery Limited, as a body, in accordance with the
terms of our engagement letter dated 13 April 2007. Our work has been undertaken solely to prepare for your
approval the accounts of Tyre Recovery Limited and state those matters that we have agreed to state to the Board
of Directors of Tyre Recovery Limited, as a body, in this report in accordance with the requirements of the
Association of Chartered Certified Accountants and 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 Tyre Recovery
Limited and its Board of Directors as a body 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
accounts 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.
Peter A Hodgson & Co Limited
Chartered Certified Accountants
Hett Mill Cottage
Hett
Durham
DH6 5LN
14 October 2015
Dated:
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4
Abbreviated Balance Sheet
Tyre Recovery Limited
As at 31 January 2015
04364012
Registered Number :
£
£
2015
Notes
2014
Fixed assets
Tangible assets
2
43,341
45,819
43,341
45,819
Current assets
Stocks
171,259
179,890
Debtors
227,055
207,001
Cash at bank and in hand
25,385
21,235
412,276
419,549
Creditors: amounts falling due within one year
3
(400,246)
(408,336)
19,303
3,940
Net current assets
Total assets less current liabilities
47,281
65,122
Creditors: amounts falling due after more than one year
4
(8,941)
(2,551)
(7,447)
(7,806)
Provisions for liabilities
37,283
Net assets
48,375
Capital and reserves
Called up share capital
100
5
100
Profit and loss account
37,183
48,275
37,283
48,375
Shareholders funds
For the year ended 31 January 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
2) The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Date approved by the board: 14 October 2015
Mr Stephen Brain Director
Signed on behalf of the board of directors
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5
Notes to the Abbreviated Financial Statements
Tyre Recovery Limited
For the year ended 31 January 2015
1 Accounting Policies
Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Deferred taxation
Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.
Tangible fixed assets
Tangible fixed assets, 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:
Leasehold improvements
10% Reducing balance
Plant and Machinery
20% Reducing balance
Computer Equipment
20% Reducing balance
Motor Vehicles
25% Reducing balance
Fixtures and Fittings
20% Reducing balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and
rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets
and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
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6
Notes to the Abbreviated Financial Statements
Tyre Recovery Limited
For the year ended 31 January 2015
Factored debts
The company includes factored debts within trade debtors since most of the risks and rewards of ownership of the
factored debts have not passed to the factors. A corresponding liability is included in liabilities in respect of the
proceeds received from the factor.
2 Tangible fixed assets
Tangible fixed
assets
Cost or valuation
£
100,191
At 01 February 2014
8,925
Additions
(3,149)
Disposals
At 31 January 2015
105,967
Depreciation
54,372
At 01 February 2014
(2,728)
Disposals
10,982
Charge for year
62,626
At 31 January 2015
Net book values
At 31 January 2015
43,341
45,819
At 31 January 2014
2015
3 Creditors: amounts falling due within one year
£
£
2014
104,454
150,114
Bank loans and overdrafts (secured)
Secured Debt The following secured debts are included within creditors: 2015 2014 Bank overdraft 26990 5903Bank loan 6551 10691Invoice financing 104454 150114
2014
2015
4 Creditors due after more than one year
£
£
2,551
6,691
Bank loans and overdraft
5 Share capital
Allotted called up and fully paid
2015
2014
£
£
100 Ordinary shares of £1.00 each
100
100
100
100
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