Company Registration No. 00362219 (England and Wales)
TRACTOR SPARES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
TRACTOR SPARES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
TRACTOR SPARES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2016
30 September 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
914,389
947,424
Investments
2
500
500
914,889
947,924
Current assets
Debtors
281,713
319,966
Cash at bank and in hand
9,190
34,414
290,903
354,380
Creditors: amounts falling due within one year
(52,279)
(62,359)
Net current assets
238,624
292,021
Total assets less current liabilities
1,153,513
1,239,945
Capital and reserves
Called up share capital
3
355,376
355,376
Share premium account
449,153
449,153
Revaluation reserve
436,393
444,737
Profit and loss account
(87,409)
(9,321)
Shareholders' funds
1,153,513
1,239,945
For the financial year ended 30 September 2016 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 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 financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 15 March 2017
Mr C G Weight Jnr
Director
Company Registration No. 00362219
TRACTOR SPARES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Freehold buildings
2% on cost or valuation
Plant and machinery
15% on written down values
Fixtures, fittings & equipment
15% on written down values
Motor vehicles
25% on written down values
The part of the annual depreciation charge on revalued assets which relates to the revaluation surplus is transferred from the revaluation reserve to the profit and loss account.
1.4
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.5
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.6
Deferred taxation
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
1.7
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
TRACTOR SPARES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 3 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost or valuation
At 1 October 2015 & at 30 September 2016
1,517,045
500
1,517,545
Depreciation
At 1 October 2015
569,621
-
569,621
Charge for the year
33,035
-
33,035
At 30 September 2016
602,656
-
602,656
Net book value
At 30 September 2016
914,389
500
914,889
At 30 September 2015
947,424
500
947,924
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
ITS Trac Limited
England
Ordinary Shares
50.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2016
2016
Principal activity
£
£
ITS Trac Limited
Supply of parts for equipment
552,750
24,772
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
355,376 Ordinary shares of £1 each
355,376
355,376