31/08/2020
2020-08-31
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No description of principal activities is disclosed
2019-09-01
Sage Accounts Production 20.0 - FRS102_2014
xbrli:pure
xbrli:shares
iso4217:GBP
05881071
2019-09-01
2020-08-31
05881071
2020-08-31
05881071
2019-08-31
05881071
2018-09-01
2019-08-31
05881071
2019-08-31
05881071
core:PlantMachinery
2019-09-01
2020-08-31
05881071
core:MotorVehicles
2019-09-01
2020-08-31
05881071
core:NetGoodwill
2019-09-01
2020-08-31
05881071
bus:RegisteredOffice
2019-09-01
2020-08-31
05881071
bus:OrdinaryShareClass1
2019-09-01
2020-08-31
05881071
bus:LeadAgentIfApplicable
2019-09-01
2020-08-31
05881071
bus:Director1
2019-09-01
2020-08-31
05881071
bus:CompanySecretary1
2019-09-01
2020-08-31
05881071
core:NetGoodwill
2020-08-31
05881071
core:PlantMachinery
2019-08-31
05881071
core:FurnitureFittingsToolsEquipment
2019-08-31
05881071
core:MotorVehicles
2019-08-31
05881071
core:PlantMachinery
2020-08-31
05881071
core:FurnitureFittingsToolsEquipment
2020-08-31
05881071
core:MotorVehicles
2020-08-31
05881071
core:DeferredTaxation
2019-09-01
2020-08-31
05881071
core:WithinOneYear
2020-08-31
05881071
core:WithinOneYear
2019-08-31
05881071
core:AfterOneYear
2020-08-31
05881071
core:AfterOneYear
2019-08-31
05881071
core:UKTax
2019-09-01
2020-08-31
05881071
core:UKTax
2018-09-01
2019-08-31
05881071
core:ShareCapital
2020-08-31
05881071
core:ShareCapital
2019-08-31
05881071
core:RetainedEarningsAccumulatedLosses
2020-08-31
05881071
core:RetainedEarningsAccumulatedLosses
2019-08-31
05881071
bus:OrdinaryShareClass1
core:ShareCapital
2020-08-31
05881071
bus:OrdinaryShareClass1
core:ShareCapital
2019-08-31
05881071
core:NetGoodwill
2019-08-31
05881071
core:AcceleratedTaxDepreciationDeferredTax
2020-08-31
05881071
core:AcceleratedTaxDepreciationDeferredTax
2019-08-31
05881071
core:PlantMachinery
2019-08-31
05881071
core:MotorVehicles
2019-08-31
05881071
core:LeasedAssetsHeldAsLessee
core:MotorVehicles
2020-08-31
05881071
core:LeasedAssetsHeldAsLessee
core:MotorVehicles
2019-08-31
05881071
core:DeferredTaxation
2019-08-31
05881071
core:DeferredTaxation
2020-08-31
05881071
bus:SmallEntities
2019-09-01
2020-08-31
05881071
bus:AuditExemptWithAccountantsReport
2019-09-01
2020-08-31
05881071
bus:FullAccounts
2019-09-01
2020-08-31
05881071
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2019-09-01
2020-08-31
05881071
bus:PrivateLimitedCompanyLtd
2019-09-01
2020-08-31
Company registration number:
05881071
Steve Lister Tyres Ltd
Unaudited filleted financial statements
31 August 2020
Steve Lister Tyres Ltd
Contents
Director and other information
Accountants report
Statement of financial position
Notes to the financial statements
Steve Lister Tyres Ltd
Directors and other information
|
|
|
|
Director
|
Stephen Lister
|
|
|
|
|
|
|
|
Secretary
|
Linda Ratcliffe
|
|
|
|
|
|
|
|
Company number
|
05881071
|
|
|
|
|
|
|
|
Registered office
|
161 Preston Road
|
|
|
Coppull
|
|
|
Chorley
|
|
|
PR7 5DR
|
|
|
|
|
|
|
|
Business address
|
161 Preston Road
|
|
|
Coppull
|
|
|
Chorley
|
|
|
PR7 5DR
|
|
|
|
|
|
|
|
Accountants
|
Leach Briely
|
|
|
Craven House
|
|
|
32 Lee Lane
|
|
|
Horwich
|
|
|
Bolton
|
|
|
BL6 7BY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers
|
HSBC
|
|
|
26 Market Street
|
|
|
Chorley
|
|
|
PR7 5DR
|
|
|
|
Steve Lister Tyres Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Steve Lister Tyres Ltd
Year ended 31 August 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Steve Lister Tyres Ltd for the year ended 31 August 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com.
This report is made solely to the director of Steve Lister Tyres Ltd, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Steve Lister Tyres Ltd and state those matters that we have agreed to state to him, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Steve Lister Tyres Ltd and its director for our work or for this report.
It is your duty to ensure that Steve Lister Tyres Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Steve Lister Tyres Ltd. You consider that Steve Lister Tyres Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Steve Lister Tyres Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Leach Briely
Accountants
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
17 November 2020
Steve Lister Tyres Ltd
Statement of financial position
31 August 2020
|
|
|
2020
|
|
|
|
2019
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
6
|
37,500
|
|
|
|
37,500
|
|
|
Tangible assets
|
|
7
|
52,674
|
|
|
|
48,802
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
90,174
|
|
|
|
86,302
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Stocks
|
|
|
15,676
|
|
|
|
12,750
|
|
|
Debtors
|
|
8
|
132,911
|
|
|
|
139,073
|
|
|
Cash at bank and in hand
|
|
|
38,276
|
|
|
|
94
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
186,863
|
|
|
|
151,917
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
9
|
(
112,897)
|
|
|
|
(
132,651)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current assets
|
|
|
|
|
73,966
|
|
|
|
19,266
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
164,140
|
|
|
|
105,568
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
after more than one year
|
|
10
|
|
|
(
100,154)
|
|
|
|
(
31,935)
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
11
|
|
|
(
10,008)
|
|
|
|
(
9,273)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net assets
|
|
|
|
|
53,978
|
|
|
|
64,360
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
13
|
|
|
100
|
|
|
|
100
|
Profit and loss account
|
|
|
|
|
53,878
|
|
|
|
64,260
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholder funds
|
|
|
|
|
53,978
|
|
|
|
64,360
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
For the year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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.
These financial statements were approved by the
board of directors
and authorised for issue on
17 November 2020
, and are signed on behalf of the board by:
Stephen Lister
Director
Company registration number:
05881071
Steve Lister Tyres Ltd
Notes to the financial statements
Year ended 31 August 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 161 Preston Road, Coppull, Chorley, PR7 5DR.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements are prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in the statement of income and retained earnings. Current tax is recognised on taxable profiit for the current period. Current tax is measured at the amounts of tax expected to be paid using tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Amortisation of goodwill has not been provided for by the company as in the opinion of the director it has an indefinite useful economic life. This accounting policy departs from the requirements of FRS 102 to amortise goodwill over a finite period. The effect of the departure is that amortisation as required by the requirements of FRS 102 has not been accounted for. If amortisation had been accounted for the charge for the year would have amounted to £3,700 and the profit for the year reduced accordingly.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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 and machinery
|
-
|
20 %
|
reducing balance
|
|
Motor vehicles
|
-
|
25 %
|
reducing balance
|
|
|
|
|
|
Stocks
Stocks are measured at cost.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
The company only enters into basic financial instruments that result in the recognition of the financial assets and liabilities such as trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2019:
4
).
5.
Tax on profit
Major components of tax expense
|
|
|
2020
|
2019
|
|
|
|
£
|
£
|
|
Current tax:
|
|
|
|
|
UK current tax expense
|
|
6,915
|
12,007
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
Deferred tax:
|
|
|
|
|
Origination and reversal of timing differences
|
|
735
|
(
2,173)
|
|
|
|
_______
|
_______
|
|
Tax on profit
|
|
7,650
|
9,834
|
|
|
|
_______
|
_______
|
|
|
|
|
|
6.
Intangible assets
|
|
Goodwill
|
Total
|
|
|
|
|
|
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 1 September 2019 and 31 August 2020
|
37,500
|
37,500
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Amortisation
|
|
|
|
|
|
|
|
At 1 September 2019 and 31 August 2020
|
-
|
-
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 31 August 2020
|
37,500
|
37,500
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 31 August 2019
|
37,500
|
37,500
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Tangible assets
|
|
Plant and machinery
|
Fixtures, fittings and equipment
|
Motor vehicles
|
Total
|
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1 September 2019
|
96,034
|
1,882
|
38,944
|
136,860
|
|
|
|
|
Additions
|
1,395
|
-
|
18,215
|
19,610
|
|
|
|
|
Disposals
|
(
13,191)
|
-
|
(
6,000)
|
(
19,191)
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31 August 2020
|
84,238
|
1,882
|
51,159
|
137,279
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 September 2019
|
65,719
|
1,882
|
20,457
|
88,058
|
|
|
|
|
Charge for the year
|
6,133
|
-
|
6,243
|
12,376
|
|
|
|
|
Disposals
|
(
12,529)
|
-
|
(
3,300)
|
(
15,829)
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31 August 2020
|
59,323
|
1,882
|
23,400
|
84,605
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 31 August 2020
|
24,915
|
-
|
27,759
|
52,674
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31 August 2019
|
30,315
|
-
|
18,487
|
48,802
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
|
|
|
|
|
|
|
|
|
|
Motor vehicles
|
|
|
|
|
|
|
|
|
£
|
|
|
|
|
|
|
|
At 31 August 2020
|
23,734
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
At 31 August 2019
|
5,104
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.
Debtors
|
|
|
2020
|
2019
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
55,606
|
46,654
|
|
Other debtors
|
|
77,305
|
92,419
|
|
|
|
_______
|
_______
|
|
|
|
132,911
|
139,073
|
|
|
|
_______
|
_______
|
|
|
|
|
|
9.
Creditors: amounts falling due within one year
|
|
|
2020
|
2019
|
|
|
|
£
|
£
|
|
Bank loans and overdrafts
|
|
15,371
|
50,962
|
|
Trade creditors
|
|
53,160
|
39,742
|
|
Corporation tax
|
|
12,894
|
22,281
|
|
Social security and other taxes
|
|
17,973
|
10,951
|
|
Other creditors
|
|
13,499
|
8,715
|
|
|
|
_______
|
_______
|
|
|
|
112,897
|
132,651
|
|
|
|
_______
|
_______
|
|
|
|
|
|
10.
Creditors: amounts falling due after more than one year
|
|
|
2020
|
2019
|
|
|
|
£
|
£
|
|
Bank loans and overdrafts
|
|
84,977
|
26,024
|
|
Other creditors
|
|
15,177
|
5,911
|
|
|
|
_______
|
_______
|
|
|
|
100,154
|
31,935
|
|
|
|
_______
|
_______
|
|
|
|
|
|
One of the bank loans is repayable by monthly installments over 10 years commencing in May 2021. Repayments falling due after 31st August 2025 amount to £10,350.
11.
Provisions
|
|
Deferred tax (note 12)
|
Total
|
|
|
|
|
|
£
|
£
|
|
|
|
|
At 1 September 2019
|
9,273
|
9,273
|
|
|
|
|
Additions
|
735
|
735
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
At 31 August 2020
|
10,008
|
10,008
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
12.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
2020
|
2019
|
|
|
|
£
|
£
|
|
Included in provisions (note 11)
|
|
10,008
|
9,273
|
|
|
|
_______
|
_______
|
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2020
|
2019
|
|
|
|
£
|
£
|
|
Accelerated capital allowances
|
|
10,008
|
9,273
|
|
|
|
_______
|
_______
|
|
|
|
|
|
13.
Called up share capital
Issued, called up and fully paid
|
|
|
2020
|
|
|
|
2019
|
|
|
|
|
|
No
|
|
£
|
|
No
|
|
£
|
|
Ordinary
shares of £
1.00 each
|
|
100
|
|
100
|
|
100
|
|
100
|
|
|
|
_______
|
|
_______
|
|
_______
|
|
_______
|
|
|
|
|
|
|
|
|
|
|