Towing & Trailers Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 05738426 (England and Wales)

TOWING & TRAILERS LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P Burrows

D G Vesey

Mrs J A Burrows

Mrs S L Burrows

REGISTERED OFFICE:

33 Chatsworth Road

Worksop

Nottinghamshire

S81 0LD

REGISTERED NUMBER:

05738426 (England and Wales)

ACCOUNTANTS:

Duncan Chartered Accountants

5 Cherrytree

Union Road

Sheffield

South Yorkshire

S11 9EF

FIXED ASSETS

Tangible assets

4

66,703

46,743

CURRENT ASSETS

Stocks

183,000

179,700

Debtors

5

22,228

13,258

Cash at bank and in hand

19,918

25,515

225,146

218,473

CREDITORS

Amounts falling due within one year

6

280,368

253,903

NET CURRENT LIABILITIES

(55,222

)

(35,430

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,481

11,313

CREDITORS

Amounts falling due after more than one year

7

(11,054

)

-

PROVISIONS FOR LIABILITIES

(6,600

)

(9,150

)

NET (LIABILITIES)/ASSETS

(6,173

)

2,163

CAPITAL AND RESERVES

Called up share capital

9

6

6

Retained earnings

(6,179

)

2,157

SHAREHOLDERS' FUNDS

12

(6,173

)

2,163

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 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 26 September 2017 and were signed on its behalf by:

P Burrows - Director

1.	STATUTORY INFORMATION

Towing & Trailers 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.

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.

Improvements to property

-

Straight line over the life of the lease

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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.

Website costs

Website development costs are capitalised along with the company's computer hardware costs, and are

depreciated over the estimated useful life of 3 years.

Expenditure to maintain and operate the website is charged to the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 May 2016

-

14,154

33,845

37,549

85,548

Additions

7,107

17,401

15,396

2,495

42,399

Disposals

-

-

(4,825

)

(54

)

(4,879

)

Reclassification/transfer

-

2,539

(2,539

)

-

-

At 30 April 2017

7,107

34,094

41,877

39,990

123,068

DEPRECIATION

At 1 May 2016

-

8,496

7,822

22,487

38,805

Charge for year

1,184

3,840

5,381

8,974

19,379

Eliminated on disposal

-

-

(1,801

)

(18

)

(1,819

)

At 30 April 2017

1,184

12,336

11,402

31,443

56,365

NET BOOK VALUE

At 30 April 2017

5,923

21,758

30,475

8,547

66,703

At 30 April 2016

-

5,658

26,023

15,062

46,743

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Trade debtors

12,010

7,358

Other debtors

10,218

5,900

22,228

13,258

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Bank loans and overdrafts

2,678

-

Trade creditors

182,658

175,985

Social security and other taxes

1,435

1,605

VAT

2,943

2,869

Other creditors

2,724

11,572

Directors' current accounts

80,197

61,176

Accruals and deferred income

7,733

696

280,368

253,903

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.17

30.4.16

£

£

Bank loans - 1-2 years

2,878

-

Bank loans - 2-5 years

8,176

-

11,054

-

8.	LEASING AGREEMENTS

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

30.4.17

30.4.16

£

£

Between one and five years

64,567

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.17

30.4.16

value:

£

£

3

Ordinary

£1

3

3

3

Ordinary "A"

£1

3

3

6

6

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the end of the year, the directors loan account of D Vesey was overdrawn by £3,075. No interest is charged

by the company on this amount.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is P Burrows.

12.	RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

30.4.17

30.4.16

£

£

(Loss)/profit for the financial year

(8,336

)

23,166

Dividends

-

(21,450

)

Net (reduction)/addition to shareholders' funds

(8,336

)

1,716

Opening shareholders' funds

2,163

447

Closing shareholders' funds

(6,173

)

2,163

13.	GOING CONCERN

The results for the year are as expected given the company's move to bigger premises mid-year, and the

resultant increased costs over the moving period. The company has had strong sales and a consistent gross

margin since the year end. The directors are confident that the company will soon return to profitability and

they continue to support the company financially through this period, and hence feel it is appropriate to prepare

the accounts on a going concern basis.

14.	FIRST YEAR ADOPTION

The date of transition to FRS 102 1A was 1 May 2015. There was no effect on the reported financial position

and performance under the previous financial reporting framework (FRSSE 2015), compared to the position at 1

May 2015 as shown in these accounts.

There have been no changes in accounting policies.