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Statement of Consent to Prepare Abridged Financial Statements
All of the members of A & J Tyre Services Limited have consented to the preparation of the statement of income and retained earnings and the abridged statement of financial position for the year ending 28 February 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 05389435
A & J Tyre Services Limited
Unaudited Abridged Financial Statements
28 February 2017
NICHOLAS BARWELL & CO LTD
Accountants
Stirling House
Church Road
Wombourne
Wolverhampton
West Midlands
WV5 9DJ
A & J Tyre Services Limited
Abridged Financial Statements
Year ended 28 February 2017
Contents
Page
Officers and professional advisers
1
Directors' report
2
Accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements
3
Abridged statement of financial position
4
Notes to the abridged financial statements
5
A & J Tyre Services Limited
Officers and Professional Advisers
The board of directors
Mr. J.T. Lees
Mr. A. Lees
Company secretary
Mr A. Lees
Registered office
Field Street
Willenhall
West Midlands
WV13 2NX
Accountants
NICHOLAS BARWELL & CO LTD
Accountants
Stirling House
Church Road
Wombourne
Wolverhampton
West Midlands
WV5 9DJ
A & J Tyre Services Limited
Directors' Report
Year ended 28 February 2017
The directors present their report and the unaudited abridged financial statements of the company for the year ended 28 February 2017 .
Directors
The directors who served the company during the year were as follows:
Mr. J.T. Lees
Mr. A. Lees
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 14 September 2017 and signed on behalf of the board by:
Mr. J.T. Lees
Mr A. Lees
Director
Company Secretary
Registered office:
Field Street
Willenhall
West Midlands
WV13 2NX
A & J Tyre Services Limited
Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of A & J Tyre Services Limited
Year ended 28 February 2017
As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 28 February 2017, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
NICHOLAS BARWELL & CO LTD Accountants
Stirling House Church Road Wombourne Wolverhampton West Midlands WV5 9DJ
14 September 2017
A & J Tyre Services Limited
Abridged Statement of Financial Position
28 February 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
6
38,110
29,120
Current assets
Stocks
20,000
12,975
Debtors
162,980
126,547
Cash at bank and in hand
89,403
68,977
---------
---------
272,383
208,499
Creditors: amounts falling due within one year
185,803
162,454
---------
---------
Net current assets
86,580
46,045
---------
--------
Total assets less current liabilities
124,690
75,165
---------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
124,688
75,163
---------
--------
Members funds
124,690
75,165
---------
--------
These abridged 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.
For the year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 14 September 2017 , and are signed on behalf of the board by:
Mr. J.T. Lees
Director
Company registration number: 05389435
A & J Tyre Services Limited
Notes to the Abridged Financial Statements
Year ended 28 February 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Field Street, Willenhall, West Midlands, WV13 2NX.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
Income tax
The charge for taxation takes into account, where material, taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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 & machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
4. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to 9 (2016: 8).
5. Profit before taxation
Profit before taxation is stated after charging:
2017
2016
£
£
Depreciation of tangible assets
12,703
9,708
--------
-------
6. Tangible assets
£
Cost
At 1 March 2016
62,358
Additions
21,693
--------
At 28 February 2017
84,051
--------
Depreciation
At 1 March 2016
33,238
Charge for the year
12,703
--------
At 28 February 2017
45,941
--------
Carrying amount
At 28 February 2017
38,110
--------
At 29 February 2016
29,120
--------
7. Directors' advances, credits and guarantees
A directors loan account balance remains at the year end in the sum of £26,400 owing to the directors. This loan is interest free and repayable on demand.
8. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 2015.
No transitional adjustments were required in equity or profit or loss for the year.