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COMPANY REGISTRATION NUMBER: SC287103
TRED-RITE TYRES LTD.
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2018
TRED-RITE TYRES LTD.
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2018
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
TRED-RITE TYRES LTD.
OFFICERS AND PROFESSIONAL ADVISERS
Director
Mrs B West
Company secretary
David Anderson
Registered office
McLarens Brae
Buckie
Moray
AB56 1TS
Accountants
Ritsons
Chartered Accountants
1a Cluny Square
Buckie
Moray
AB56 1AH
Solicitors
Antons
14 East Church Street
Buckie
Moray
AB56 1AE
TRED-RITE TYRES LTD.
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TRED-RITE TYRES LTD.
YEAR ENDED 31 MARCH 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tred-Rite Tyres Ltd. for the year ended 31 March 2018, which comprise the 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Tred-Rite Tyres Ltd. in accordance with the terms of our engagement letter dated 25 March 2008. Our work has been undertaken solely to prepare for your approval the financial statements of Tred-Rite Tyres Ltd. and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tred-Rite Tyres Ltd. and its director for our work or for this report.
It is your duty to ensure that Tred-Rite Tyres Ltd. 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 Tred-Rite Tyres Ltd.. You consider that Tred-Rite Tyres Ltd. 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 Tred-Rite Tyres Ltd.. 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.
Ritsons Chartered Accountants
1a Cluny Square Buckie Moray AB56 1AH
12 November 2018
TRED-RITE TYRES LTD.
STATEMENT OF FINANCIAL POSITION
31 March 2018
2018
2017
Note
£
£
FIXED ASSETS
Tangible assets
5
13,955
13,731
CURRENT ASSETS
Stocks
109,729
108,243
Debtors
6
41,722
42,593
Cash at bank and in hand
844,000
822,985
---------
---------
995,451
973,821
CREDITORS: amounts falling due within one year
7
82,717
91,045
---------
---------
NET CURRENT ASSETS
912,734
882,776
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
926,689
896,507
CREDITORS: amounts falling due after more than one year
8
60,561
43,595
---------
---------
NET ASSETS
866,128
852,912
---------
---------
CAPITAL AND RESERVES
Called up share capital
1,000
1,000
Profit and loss account
865,128
851,912
---------
---------
SHAREHOLDERS FUNDS
866,128
852,912
---------
---------
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 income statement has not been delivered.
For the year ending 31 March 2018 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
TRED-RITE TYRES LTD.
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2018
These financial statements were approved by the board of directors and authorised for issue on 12 November 2018 , and are signed on behalf of the board by:
Mrs B West
Director
Company registration number: SC287103
TRED-RITE TYRES LTD.
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2018
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is McLarens Brae, Buckie, Moray, AB56 1TS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Turnover
The turnover shown in the detailed income statement represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost.
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 & Machinery
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
15% 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the income statement when due.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2017: 8 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2017
32,323
10,437
13,410
158
56,328
Additions
1,284
1,900
3,184
--------
--------
--------
----
--------
At 31 March 2018
33,607
10,437
15,310
158
59,512
--------
--------
--------
----
--------
Depreciation
At 1 April 2017
23,183
8,297
11,093
24
42,597
Charge for the year
1,566
320
1,054
20
2,960
--------
--------
--------
----
--------
At 31 March 2018
24,749
8,617
12,147
44
45,557
--------
--------
--------
----
--------
Carrying amount
At 31 March 2018
8,858
1,820
3,163
114
13,955
--------
--------
--------
----
--------
At 31 March 2017
9,140
2,140
2,317
134
13,731
--------
--------
--------
----
--------
6. Debtors
2018
2017
£
£
Trade debtors
41,007
41,932
Other debtors
715
661
--------
--------
41,722
42,593
--------
--------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
52,458
53,155
Corporation tax
8,624
19,453
Social security and other taxes
20,235
17,037
Other creditors
1,400
1,400
--------
--------
82,717
91,045
--------
--------
8. Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
60,561
43,595
--------
--------
9. Related party transactions
At 31 March 2018, the company owed the director £60,561 (2017: £43,595) by way of a director's loan account. During the year the company paid dividends of £24,000 (2017: £24,000) to the directors.