ZR Tyres Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 07708949 (England and Wales)

ZR TYRES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

7

Chartered Accountants' Report

8

DIRECTORS:

B C Bush

N A Bush

S D McCracken

REGISTERED OFFICE:

Station Yard

Horncastle

Lincolnshire

LN9 5AQ

REGISTERED NUMBER:

07708949 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

18 Northgate

Sleaford

Lincolnshire

NG34 7BJ

BANKERS:

Natwest

27 High Street

Horncastle

Lincolnshire

LN9 5XB

FIXED ASSETS

Tangible assets

4

108,619

128,530

CURRENT ASSETS

Stocks

44,238

47,225

Debtors

5

11,408

11,195

Cash at bank and in hand

14,416

10,412

70,062

68,832

CREDITORS

Amounts falling due within one year

6

398,210

395,937

NET CURRENT LIABILITIES

(328,148

)

(327,105

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(219,529

)

(198,575

)

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

(219,629

)

(198,675

)

SHAREHOLDERS' FUNDS

(219,529

)

(198,575

)

(219,529

)

(198,575

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 3 August 2017 and were signed on its behalf by:

N A Bush - Director

S D McCracken - Director

1.	STATUTORY INFORMATION

ZR Tyres 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Plant and machinery etc

-

20% on cost and 10% on cost

Stocks

Stocks are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance

for obsolete and slow moving items.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at

transaction price, unless the arrangement constitutes a financing transaction, where the transaction is

measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective

evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying

amount and the present value of the estimated cash flows discounted at the asset's original effective interest

rate. The impairment loss is recognised in profit or loss.

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are

settled, or substantially all the risk and rewards of the ownership of the asset are transferred to another party

or control of the asset has been transferred to another party who has the practical ability to unilaterally sell

the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies

and preference shares that are classified as debt, are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the present value

of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year

or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at

transaction price and subsequently measured at amortised cost using the effective interest method.

Going concern

Whilst the company has negative shareholder funds, the accounts have been prepared on a going concern

basis as the two shareholders have provided sufficient finance to meet the current financial needs of the

Company. The shareholders have indicated that they are not looking to withdraw these facilities in the next

twelve months. On this basis it is considered the company can successfully trade.

First year adoption

The company has adopted FRS 102 Section 1a for the first time in the period ended 31 December 2016. The

reported financial position and financial performance for the previous period are not affected by the transition

to FRS 102 Section 1a.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2015 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2016

and 31 December 2016

183,898

DEPRECIATION

At 1 January 2016

55,368

Charge for year

19,911

At 31 December 2016

75,279

NET BOOK VALUE

At 31 December 2016

108,619

At 31 December 2015

128,530

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Other debtors

11,408

11,195

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

5,092

6,179

Taxation and social security

4,291

4,004

Other creditors

388,827

385,754

398,210

395,937

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2016

2015

£

£

Within one year

28,000

28,000

Between one and five years

112,000

112,000

In more than five years

28,000

56,000

168,000

196,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

50

A Ordinary

£1

50

50

50

B Ordinary

£1

50

50

100

100

9.

RESERVES

Retained

earnings

£

At 1 January 2016

(198,675

)

Deficit for the year

(20,954

)

At 31 December 2016

(219,629

)

10.	RELATED PARTY DISCLOSURES

At the year end the company owed entities in which the directors have a significant interest loans of £383,371

(2015 - £369,900).

The following reproduces the text of the report prepared for the directors and members 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 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 ZR Tyres Limited for the year ended 31 December 2016 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 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 ZR Tyres Limited, 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 ZR Tyres Limited and state those matters that we have agreed to state to the Board of Directors of ZR Tyres Limited, 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 ZR Tyres Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that ZR Tyres 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 loss of ZR Tyres Limited. You consider that ZR Tyres 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 ZR Tyres 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.

Duncan & Toplis Limited

18 Northgate

Sleaford

Lincolnshire

NG34 7BJ

Date: .............................................