Tyre Recovery Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04364012 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2018

for

Tyre Recovery Limited

Page

Company Information

1

Chartered Certified Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

Mr Stephen Andrew Brain

SECRETARY:

Mrs Joanne Barbara Brain

REGISTERED OFFICE:

Compound 15

Tudhoe Industrial Estate

Spennymoor

Durham

DL16 6TL

REGISTERED NUMBER:

04364012 (England and Wales)

ACCOUNTANTS:

Peter A Hodgson & Co Limited

Hett Mill Cottage

Hett

Durham

DH6 5LN

The following reproduces the text of the report prepared for the director 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 Director 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 Tyre Recovery Limited for the year ended

31 January 2018 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Tyre Recovery Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Tyre Recovery Limited and state those matters that we have agreed to state to the director of Tyre Recovery Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Tyre Recovery 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 Tyre Recovery Limited. You consider that Tyre Recovery 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 Tyre Recovery 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.

Peter A Hodgson & Co Limited

Hett Mill Cottage

Hett

Durham

DH6 5LN

2 August 2018

FIXED ASSETS

Tangible assets

4

67,237

71,579

CURRENT ASSETS

Stocks

183,209

153,608

Debtors

5

265,838

253,593

Cash at bank and in hand

37,471

18,449

486,518

425,650

CREDITORS

Amounts falling due within one year

6

465,095

423,558

NET CURRENT ASSETS

21,423

2,092

TOTAL ASSETS LESS CURRENT LIABILITIES

88,660

73,671

CREDITORS

Amounts falling due after more than one year

7

(15,657

)

(23,111

)

PROVISIONS FOR LIABILITIES

(8,960

)

(10,236

)

NET ASSETS

64,043

40,324

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

63,943

40,224

SHAREHOLDERS' FUNDS

64,043

40,324

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 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 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 director on 2 August 2018 and were signed by:

Mr Stephen Andrew Brain - Director

1.	STATUTORY INFORMATION

Tyre Recovery 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.

Land and buildings

-

10% on reducing balance

Plant and machinery etc

-

25% on reducing balance and 20% 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive

income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that

have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

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

reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in

periods different from those in which they are recognised in financial statements. Deferred

tax is measured using tax rates and laws that have been enacted or substantively enacted

by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it

is probable that they will be recovered against the reversal of deferred tax liabilities or other

future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over

the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2017 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 February 2017

29,054

113,025

142,079

Additions

1,912

7,600

9,512

At 31 January 2018

30,966

120,625

151,591

DEPRECIATION

At 1 February 2017

8,655

61,845

70,500

Charge for year

2,231

11,623

13,854

At 31 January 2018

10,886

73,468

84,354

NET BOOK VALUE

At 31 January 2018

20,080

47,157

67,237

At 31 January 2017

20,399

51,180

71,579

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.18

31.1.17

£

£

Trade debtors

255,280

244,315

Other debtors

10,558

9,278

265,838

253,593

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.18

31.1.17

£

£

Bank loans and overdrafts

19,613

32,751

Trade creditors

254,743

211,929

Taxation and social security

30,510

34,699

Other creditors

160,229

144,179

465,095

423,558

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.18

31.1.17

£

£

Bank loans

15,657

23,111

8.	LEASING AGREEMENTS

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

31.1.18

31.1.17

£

£

Between one and five years

3,216

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.18

31.1.17

£

£

Bank overdrafts

11,897

25,035

Bank loans

23,373

30,827

Lloyds TSB Commercial Finance

130,857

105,588

166,127

161,450

Lloyds Bank plc has a fixed and floating charge of all property and undertaking of the

Company.

Lloyds TSB Commercial Finance Limited has a fixed and floating charge over the

undertaking and all property and assets present and future, including goodwill, book debts,

uncalled capital, buildings, fixtures, fixed plant & machinery.

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £11772 (2017 £12250), were paid to the director.

Mr S Brain is a director who owns 70% of the issue share capital, from whom the company

rents the property at an annual rent of £25975, (2017 £38200) on normal commercial terms.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Stephen Andrew Brain.