WESS_TYRE_TRADERS_LIMITED - Accounts
WESS_TYRE_TRADERS_LIMITED - Accounts
Company Registration No. 09291173 (England and Wales)
ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 30 APRIL 2016
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WESS TYRE TRADERS LIMITED FOR THE PERIOD ENDED 30 APRIL 2016
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wess Tyre Traders Limited for the Period ended 30 April 2016 set out on pages 2 to 4 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, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Wess Tyre Traders 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 Wess Tyre Traders Limited and state those matters that we have agreed to state to the Board of Directors of Wess Tyre Traders Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wess Tyre Traders Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Wess Tyre Traders 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 Wess Tyre Traders Limited. You consider that Wess Tyre Traders Limited 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 Wess Tyre Traders 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.
Moore and Smalley LLP
Chartered Accountants
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2016
- 2 -
2016
Notes
£
£
Fixed assets
Tangible assets
2
Current assets
Stocks
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
(1,113,647 )
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
(10,509 )
Provisions for liabilities
(2,872 )
108,840
Capital and reserves
Called up share capital
3
Profit and loss account
Shareholders' funds
Director's responsibilities:
-
-
Approved by the Board for issue on 26 September 2016
Director
Company Registration No. 09291173
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 30 APRIL 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
1.4
Tangible fixed assets and depreciation
Plant and machinery
Motor vehicles
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.7
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 3 November 2014
-
Additions
19,738
At 30 April 2016
19,738
Depreciation
At 3 November 2014
-
Charge for the period
2,843
At 30 April 2016
2,843
Net book value
At 30 April 2016
16,895
3
Share capital
2016
£
Allotted, called up and fully paid
On 3 November 2014 the company issued 50,000 Ordinary £1 shares at par, being the initial issue of shares on incorporation of the company.
4
Ultimate parent company
The company is the subsidiary of JSWS Co Limited which is the ultimate parent company, incorporated in Hong Kong.