Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-312021-04-01falseNo description of principal activity32truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09547308 2021-04-01 2022-03-31 09547308 2020-04-01 2021-03-31 09547308 2022-03-31 09547308 2021-03-31 09547308 c:Director1 2021-04-01 2022-03-31 09547308 d:PlantMachinery 2021-04-01 2022-03-31 09547308 d:PlantMachinery 2022-03-31 09547308 d:PlantMachinery 2021-03-31 09547308 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 09547308 d:MotorVehicles 2021-04-01 2022-03-31 09547308 d:MotorVehicles 2022-03-31 09547308 d:MotorVehicles 2021-03-31 09547308 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 09547308 d:FurnitureFittings 2021-04-01 2022-03-31 09547308 d:FurnitureFittings 2022-03-31 09547308 d:FurnitureFittings 2021-03-31 09547308 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 09547308 d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 09547308 d:CurrentFinancialInstruments 2022-03-31 09547308 d:CurrentFinancialInstruments 2021-03-31 09547308 d:Non-currentFinancialInstruments 2022-03-31 09547308 d:Non-currentFinancialInstruments 2021-03-31 09547308 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 09547308 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 09547308 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 09547308 d:Non-currentFinancialInstruments d:AfterOneYear 2021-03-31 09547308 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 09547308 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-03-31 09547308 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 09547308 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-03-31 09547308 d:ShareCapital 2022-03-31 09547308 d:ShareCapital 2021-03-31 09547308 d:RetainedEarningsAccumulatedLosses 2022-03-31 09547308 d:RetainedEarningsAccumulatedLosses 2021-03-31 09547308 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 09547308 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2021-03-31 09547308 c:FRS102 2021-04-01 2022-03-31 09547308 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 09547308 c:FullAccounts 2021-04-01 2022-03-31 09547308 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 09547308 d:BetweenOneFiveYears 2022-03-31 09547308 d:BetweenOneFiveYears 2021-03-31 09547308 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 09547308 d:AcceleratedTaxDepreciationDeferredTax 2021-03-31 iso4217:GBP xbrli:pure

Registered number: 09547308










ERMINE TYRES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2022

 
ERMINE TYRES LIMITED
REGISTERED NUMBER: 09547308

BALANCE SHEET
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
8,752
11,449

  
8,752
11,449

Current assets
  

Stocks
  
40,175
37,250

Debtors: amounts falling due within one year
 5 
73,250
51,581

Cash at bank and in hand
 6 
48,925
7,800

  
162,350
96,631

Creditors: amounts falling due within one year
 7 
(74,485)
(52,929)

Net current assets
  
 
 
87,865
 
 
43,702

Total assets less current liabilities
  
96,617
55,151

Creditors: amounts falling due after more than one year
 8 
(42,907)
(50,000)

Provisions for liabilities
  

Deferred tax
 11 
(1,663)
-

  
 
 
(1,663)
 
 
-

Net assets
  
52,047
5,151


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
51,947
5,051

  
52,047
5,151


Page 1

 
ERMINE TYRES LIMITED
REGISTERED NUMBER: 09547308

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S. Kryeziu
Director

Date: 23 August 2022

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
ERMINE TYRES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

The company is a private company limited by shares and was incorporated in England and Wales. The registered office is:
Kingsridge House,
601 London Road,
Westcliff-on-Sea,
Essex,
SS0 9PE.
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Page 3

 
ERMINE TYRES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
ERMINE TYRES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15% Reducing balance
Motor vehicles
-
25% Reducing balance
Fixtures and fittings
-
15% Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
ERMINE TYRES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2021 - 2).

Page 6

 
ERMINE TYRES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2021
15,888
6,000
453
22,341


Additions
-
-
632
632



At 31 March 2022

15,888
6,000
1,085
22,973



Depreciation


At 1 April 2021
8,101
2,625
166
10,892


Charge for the year on owned assets
2,383
844
102
3,329



At 31 March 2022

10,484
3,469
268
14,221



Net book value



At 31 March 2022
5,404
2,531
817
8,752



At 31 March 2021
7,787
3,375
287
11,449

Page 7

 
ERMINE TYRES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

5.


Debtors

2022
2021
£
£


Trade debtors
73,250
51,581

73,250
51,581



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
48,925
7,800

48,925
7,800



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
4,726
3,850

Accruals
3,852
2,036

Other taxation and social security
15,512
14,886

Corporation tax
10,983
-

Directors loan account
39,412
32,157

74,485
52,929



8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
42,907
50,000

42,907
50,000


Page 8

 
ERMINE TYRES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

9.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£


Amounts falling due 1-2 years

Bank loans
9,681
-


9,681
-

Amounts falling due 2-5 years

Bank loans
33,225
50,000


33,225
50,000


42,906
50,000



10.


Financial instruments

2022
2021
£
£

Financial assets


Financial assets measured at fair value through profit or loss
48,925
7,800




Financial assets measured at fair value through profit or loss comprise cash at bank.


11.


Deferred taxation




2022


£






Charged to profit or loss
1,663



At end of year
1,663

Page 9

 
ERMINE TYRES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
 
11.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2022
2021
£
£


Accelerated capital allowances
1,663
-

1,663
-


12.


Commitments under operating leases

At 31 March 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Later than 1 year and not later than 5 years
19,500
32,500

19,500
32,500


Page 10