Carter Horsley (Tyres) Limited 31/12/2017 iXBRL

Carter Horsley (Tyres) Limited 31/12/2017 iXBRL

CARTER HORSLEY (TYRES) LIMITED - Company Information

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31/12/2017 2017-12-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2017-01-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 01382666 2017-01-01 2017-12-31 01382666 2017-12-31 01382666 2016-12-31 01382666 2016-12-31 01382666 core:PlantMachinery 2017-01-01 2017-12-31 01382666 core:FurnitureFittingsToolsEquipment 2017-01-01 2017-12-31 01382666 core:MotorVehicles 2017-01-01 2017-12-31 01382666 bus:RegisteredOffice 2017-01-01 2017-12-31 01382666 bus:Director1 2017-01-01 2017-12-31 01382666 bus:CompanySecretary1 2017-01-01 2017-12-31 01382666 core:PlantMachinery 2016-12-31 01382666 core:FurnitureFittingsToolsEquipment 2016-12-31 01382666 core:MotorVehicles 2016-12-31 01382666 core:PlantMachinery 2017-12-31 01382666 core:FurnitureFittingsToolsEquipment 2017-12-31 01382666 core:MotorVehicles 2017-12-31 01382666 core:WithinOneYear 2017-12-31 01382666 core:WithinOneYear 2016-12-31 01382666 core:ShareCapital 2017-12-31 01382666 core:ShareCapital 2016-12-31 01382666 core:RetainedEarningsAccumulatedLosses 2017-12-31 01382666 core:RetainedEarningsAccumulatedLosses 2016-12-31 01382666 core:PlantMachinery 2016-12-31 01382666 core:FurnitureFittingsToolsEquipment 2016-12-31 01382666 core:MotorVehicles 2016-12-31 01382666 bus:SmallEntities 2017-01-01 2017-12-31 01382666 bus:AuditExempt-NoAccountantsReport 2017-01-01 2017-12-31 01382666 bus:FullAccounts 2017-01-01 2017-12-31 01382666 bus:SmallCompaniesRegimeForAccounts 2017-01-01 2017-12-31 01382666 bus:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31
Company registration number: 01382666
Carter Horsley (Tyres) Limited
Unaudited filleted financial statements
31 December 2017
Carter Horsley (Tyres) Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Carter Horsley (Tyres) Limited
Directors and other information
Director Mr S Horsley
Secretary Mr S Horsley
Company number 01382666
Registered office 1st Floor
87-89 High Street
Hoddesdon
Herts
EN11 8TL
Business address Watergate
Broxhill Road
Romford
Essex
RM4 1QH
Carter Horsley (Tyres) Limited
Statement of financial position
31 December 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 4 52,585 13,549
_______ _______
52,585 13,549
Current assets
Stocks 1,305,786 1,305,400
Debtors 5 352,706 696,296
Cash at bank and in hand 201,502 123,259
_______ _______
1,859,994 2,124,955
Creditors: amounts falling due
within one year 6 ( 2,712,090) ( 3,217,040)
_______ _______
Net current liabilities ( 852,096) ( 1,092,085)
_______ _______
Total assets less current liabilities ( 799,511) ( 1,078,536)
_______ _______
Net liabilities ( 799,511) ( 1,078,536)
_______ _______
Capital and reserves
Called up share capital 400,000 400,000
Profit and loss account ( 1,199,511) ( 1,478,536)
_______ _______
Shareholders deficit ( 799,511) ( 1,078,536)
_______ _______
For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 September 2018 , and are signed on behalf of the board by:
Mr S Horsley
Director
Company registration number: 01382666
Carter Horsley (Tyres) Limited
Notes to the financial statements
Year ended 31 December 2017
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 1st Floor, 87-89 High Street, Hoddesdon, Herts, EN11 8TL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts are prepared on a going concern basis on the grounds that the financial support available will continue in the future.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 30 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2017 11,500 17,206 12,687 41,393
Additions 1,999 33,608 15,650 51,257
_______ _______ _______ _______
At 31 December 2017 13,499 50,814 28,337 92,650
_______ _______ _______ _______
Depreciation
At 1 January 2017 10,842 9,665 7,337 27,844
Charge for the year 798 6,173 5,250 12,221
_______ _______ _______ _______
At 31 December 2017 11,640 15,838 12,587 40,065
_______ _______ _______ _______
Carrying amount
At 31 December 2017 1,859 34,976 15,750 52,585
_______ _______ _______ _______
At 31 December 2016 658 7,541 5,350 13,549
_______ _______ _______ _______
5. Debtors
2017 2016
£ £
Trade debtors 311,969 681,948
Other debtors 40,737 14,348
_______ _______
352,706 696,296
_______ _______
6. Creditors: amounts falling due within one year
2017 2016
£ £
Trade creditors 16,538 251,212
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,084,196 2,520,080
Other creditors 611,356 445,748
_______ _______
2,712,090 3,217,040
_______ _______
7. Controlling party
The company is under the control of the director S Horsley by virtue of his ownership of the entire issued share capital of the ultimate parent company, Carter Horsley Holdings Limited.