Company Registration No. 03306657 (England and Wales)
BURNLEY TYRE & BATTERY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
PAGES FOR FILING WITH REGISTRAR
BURNLEY TYRE & BATTERY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BURNLEY TYRE & BATTERY LTD
BALANCE SHEET
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
550
Tangible assets
4
293,730
295,730
293,730
296,280
Current assets
Debtors
5
1,890
1,890
Cash at bank and in hand
4,654
6,286
6,544
8,176
Creditors: amounts falling due within one year
6
(4,464)
(3,665)
Net current assets
2,080
4,511
Total assets less current liabilities
295,810
300,791
Creditors: amounts falling due after more than one year
7
(194,447)
(215,890)
Net assets
101,363
84,901
Capital and reserves
Called up share capital
50,200
50,200
Profit and loss reserves
51,163
34,701
Total equity
101,363
84,901
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BURNLEY TYRE & BATTERY LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 January 2022 and are signed on its behalf by:
Mr T A Davies
Director
Company Registration No. 03306657
BURNLEY TYRE & BATTERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
- 3 -
1
Accounting policies
Company information
Burnley Tyre & Battery Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
St. Crispin House, St. Crispin Way, Haslingden, Rossendale, Lancashire, United Kingdom, BB4 4PW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill is amortised over its useful life, which shall not exceed ten years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
No depreciation
Plant and machinery
5% straight line basis
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and call deposits.
Trade Debtors
Trade debtors are obligations to pay for goods or services that have been acquired 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.
BURNLEY TYRE & BATTERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
1
Accounting policies
(Continued)
- 4 -
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Ordinary shares are classified as equity.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
BURNLEY TYRE & BATTERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2020 and 31 May 2021
10,000
Amortisation and impairment
At 1 June 2020
9,450
Amortisation charged for the year
550
At 31 May 2021
10,000
Carrying amount
At 31 May 2021
At 31 May 2020
550
4
Tangible fixed assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 June 2020 and 31 May 2021
256,170
75,391
331,561
Depreciation and impairment
At 1 June 2020
35,831
35,831
Depreciation charged in the year
2,000
2,000
At 31 May 2021
37,831
37,831
Carrying amount
At 31 May 2021
256,170
37,560
293,730
At 31 May 2020
256,170
39,560
295,730
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,890
1,890
6
Creditors: amounts falling due within one year
2021
2020
£
£
Taxation and social security
4,464
3,665
BURNLEY TYRE & BATTERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 6 -
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Loans and borrowings
44,245
65,688
Amounts owed to group undertakings
150,202
150,202
194,447
215,890