Year Ended
Burnley Tyre & Battery Limited
Balance Sheet
31 May 2017
Registration Number:
Note |
2017 |
2016 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
|
|
For the financial year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
T A Davies
Director
Burnley Tyre & Battery Limited
Notes to the Financial Statements
Year Ended 31 May 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
5 Summerdale Drive
Holcombe Brook
Bury
Lancashire
BL0 9XF
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current tax.
Tangible assets
Tangible assets is stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Burnley Tyre & Battery Limited
Notes to the Financial Statements
Year Ended 31 May 2017
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
5% straight line basis |
Land and buildings |
2.5% straight line basis |
Goodwill
Goodwill is amortised over its useful life, which shall not exceed ten years.
Cash and cash equivalents
Cash and cash equivalents comprises of cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Burnley Tyre & Battery Limited
Notes to the Financial Statements
Year Ended 31 May 2017
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 June 2016 |
|
|
At 31 May 2017 |
|
|
Amortisation |
||
At 1 June 2016 |
|
|
Amortisation charge |
|
|
At 31 May 2017 |
|
|
Carrying amount |
||
At 31 May 2017 |
|
|
At 31 May 2016 |
|
|
Tangible assets |
Freehold land and buildings |
Other property, plant and equipment |
Total |
|
Cost or valuation |
|||
At 1 June 2016 |
|
|
|
At 31 May 2017 |
|
|
|
Depreciation |
|||
At 1 June 2016 |
|
|
|
Charge for the year |
|
|
|
At 31 May 2017 |
|
|
|
Carrying amount |
|||
At 31 May 2017 |
|
|
|
At 31 May 2016 |
|
|
|
Debtors |
2017 |
2016 |
|
Trade debtors |
|
|
Other debtors |
- |
|
Total current trade and other debtors |
|
|
Burnley Tyre & Battery Limited
Notes to the Financial Statements
Year Ended 31 May 2017
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
- |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
214,278 |
236,384 |
Creditors amounts falling due within one year includes £10,987 (2016- £6,956) on which secuirty has been given by the company.
Creditors amounts falling due after more than one year includes £nil (2016- £12,355) on which secuirty has been given by the company.
Loans and borrowings |
2017 |
2016 |
|
Non-current loans and borrowings |
||
Bank borrowings |
- |
|
Other borrowings |
|
|
|
|
2017 |
2016 |
|
Current loans and borrowings |
||
Bank overdrafts |
|
|
Transition to FRS 102 |
This is the first accounting period the company has prepared financial statements in accordance with FRS 102. There are no adjustments arising on transition from previous UK GAAP to FRS 102.