REGISTERED NUMBER: |
Goodtread Tyre Company (Evanton) Limited |
Financial Statements For The Year Ended 29 August 2021 |
REGISTERED NUMBER: |
Goodtread Tyre Company (Evanton) Limited |
Financial Statements For The Year Ended 29 August 2021 |
Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135) |
Contents of the Financial Statements |
For The Year Ended 29 August 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Goodtread Tyre Company (Evanton) Limited |
Company Information |
For The Year Ended 29 August 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
1st Floor |
Robertson House |
Shore Street |
Inverness |
Highland |
IV1 1NF |
BANKERS: |
Alness Branch |
53 High Street |
Alness |
Ross-Shire |
IV17 0SH |
Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135) |
Balance Sheet |
29 August 2021 |
29.8.21 | 29.8.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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. |
Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135) |
Balance Sheet - continued |
29 August 2021 |
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 and authorised for issue on |
Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135) |
Notes to the Financial Statements |
For The Year Ended 29 August 2021 |
1. | STATUTORY INFORMATION |
Goodtread Tyre Company (Evanton) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Improvements to property | - |
Equipment | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135) |
Notes to the Financial Statements - continued |
For The Year Ended 29 August 2021 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to |
property | property | Equipment |
£ | £ | £ |
COST OR VALUATION |
At 30 August 2020 |
Additions |
Disposals |
At 29 August 2021 |
DEPRECIATION |
At 30 August 2020 |
Charge for year |
Eliminated on disposal |
At 29 August 2021 |
NET BOOK VALUE |
At 29 August 2021 |
At 29 August 2020 |
Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135) |
Notes to the Financial Statements - continued |
For The Year Ended 29 August 2021 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 30 August 2020 |
Additions |
Disposals | ( |
) | ( |
) |
At 29 August 2021 |
DEPRECIATION |
At 30 August 2020 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 29 August 2021 |
NET BOOK VALUE |
At 29 August 2021 |
At 29 August 2020 |
Cost or valuation at 29 August 2021 is represented by: |
Improvements |
Freehold | to |
property | property | Equipment |
£ | £ | £ |
Valuation in 2012 | 272,877 | - | - |
Valuation in 2016 | 125,000 | - | - |
Valuation in 2017 | 25,000 | - | - |
Cost | 167,123 | 7,177 | 172,725 |
590,000 | 7,177 | 172,725 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Valuation in 2012 | - | - | 272,877 |
Valuation in 2016 | - | - | 125,000 |
Valuation in 2017 | - | - | 25,000 |
Cost | 123,690 | 258,059 | 728,774 |
123,690 | 258,059 | 1,151,651 |
Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135) |
Notes to the Financial Statements - continued |
For The Year Ended 29 August 2021 |
4. | TANGIBLE FIXED ASSETS - continued |
If freehold property had not been revalued they would have been included at the following historical cost: |
29.8.21 | 29.8.20 |
£ | £ |
Cost | 167,123 | 167,123 |
Freehold land and buildings were valued on an open market basis on 19 May 2017 by Allied Scotland, Chartered Surveyors . |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
Equipment | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 30 August 2020 |
Additions |
At 29 August 2021 |
DEPRECIATION |
At 30 August 2020 |
Charge for year |
At 29 August 2021 |
NET BOOK VALUE |
At 29 August 2021 |
At 29 August 2020 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 30 August 2020 |
and 29 August 2021 |
NET BOOK VALUE |
At 29 August 2021 |
At 29 August 2020 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.8.21 | 29.8.20 |
£ | £ |
Trade debtors |
Other debtors |
Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135) |
Notes to the Financial Statements - continued |
For The Year Ended 29 August 2021 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.8.21 | 29.8.20 |
£ | £ |
Other loans |
Hire purchase contracts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 57,169 | 65,764 |
Sundry creditors |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.8.21 | 29.8.20 |
£ | £ |
Other loans - 1-2 years |
Other loans - 2-5 years |
Hire purchase contracts |
9. | PROVISIONS FOR LIABILITIES |
29.8.21 | 29.8.20 |
£ | £ |
Deferred tax | 87,805 | 82,453 |
Deferred |
tax |
£ |
Balance at 30 August 2020 |
Provided during year |
Balance at 29 August 2021 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.8.21 | 29.8.20 |
value: | £ | £ |
Ordinary | £1 | 24,000 | 24,000 |
Goodtread Tyre Company (Evanton) Limited (Registered number: SC061135) |
Notes to the Financial Statements - continued |
For The Year Ended 29 August 2021 |
11. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 30 August 2020 | 1,673,562 |
Deficit for the year | ( |
) | ( |
) |
At 29 August 2021 | 1,662,979 |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is A D J Mackenzie. |