Medway Industrial Tyres Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 01490140 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

FOR

MEDWAY INDUSTRIAL TYRES LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

Mr P J Watts

SECRETARY:

Mr P J Watts

REGISTERED OFFICE:

Bank Chambers

1 Central Avenue

Sittingbourne

Kent

ME10 4AE

REGISTERED NUMBER:

01490140 (England and Wales)

ACCOUNTANTS:

McCabe Ford Williams

Chartered Accountants

Bank Chambers

1 Central Avenue

Sittingbourne

Kent

ME10 4AE

FIXED ASSETS

Tangible assets

2

78,806

50,854

CURRENT ASSETS

Stocks

128,217

133,723

Debtors

127,305

59,132

Cash at bank

62,450

68,340

317,972

261,195

CREDITORS

Amounts falling due within one year

197,565

173,588

NET CURRENT ASSETS

120,407

87,607

TOTAL ASSETS LESS CURRENT LIABILITIES

199,213

138,461

PROVISIONS FOR LIABILITIES

16,254

10,171

NET ASSETS

182,959

128,290

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

182,859

128,190

SHAREHOLDERS' FUNDS

182,959

128,290

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 7 October 2016 and were signed by:

Mr P J Watts - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

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.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33.33% 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

153,228

Additions

44,570

Disposals

(12,400

)

At 31 March 2016

185,398

DEPRECIATION

At 1 April 2015

102,374

Charge for year

26,468

Eliminated on disposal

(10,951

)

Transfer to ownership

(11,299

)

At 31 March 2016

106,592

NET BOOK VALUE

At 31 March 2016

78,806

At 31 March 2015

50,854

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

£

100

Ordinary

£1

100

100