Company Registration No. 03257498 (England and Wales)
INDEPENDENT TYRE DISTRIBUTORS NETWORK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
INDEPENDENT TYRE DISTRIBUTORS NETWORK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
INDEPENDENT TYRE DISTRIBUTORS NETWORK LIMITED
BALANCE SHEET
AS AT 31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
657,198
543,634
Current assets
Stocks
1,128
1,005
Debtors
4
444,766
410,719
Cash at bank and in hand
440,379
538,107
886,273
949,831
Creditors: amounts falling due within one year
5
(316,504)
(297,934)
Net current assets
569,769
651,897
Total assets less current liabilities
1,226,967
1,195,531
Reserves
Income and expenditure account
1,226,967
1,195,531
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial year ended 31 March 2019 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.
The financial statements were approved by the board of directors and authorised for issue on 6 August 2019 and are signed on its behalf by:
Mr PF Morley
Mrs SJ Mortimer
Director
Director
Company Registration No. 03257498
INDEPENDENT TYRE DISTRIBUTORS NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
1
Accounting policies
Company information
Independent Tyre Distributors Network Limited is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
Unit 9 Cranmere Road, Exeter Road Industrial Estate, Okehampton, Devon, EX20 1UE.
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 certain assets at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Subscriptions are accounted for over the period to which they relate.
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
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 Freehold
2% per annum on cost
Fixtures, fittings & equipment
10% per annum on cost
Computer equipment
25% per annum on cost
Computer software
33% per annum on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to surplus or deficit
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price
INDEPENDENT TYRE DISTRIBUTORS NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation
The company operates a membership based breakdown scheme whereby members mutually trade with each other in respect of tyre replacement and other breakdowns. Such income is exempt from corporation tax as it is classed as a mutual trading activity.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.11
Company status
The company is limited by guarantee. Should the company be wound up, the liability of each member is limited to a sum not exceeding £100.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 47 (2018 - 38).
INDEPENDENT TYRE DISTRIBUTORS NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2018
646,056
135,467
781,523
Additions
-
156,632
156,632
Disposals
-
(80,490)
(80,490)
At 31 March 2019
646,056
211,609
857,665
Depreciation and impairment
At 1 April 2018
123,725
114,164
237,889
Depreciation charged in the year
10,796
34,502
45,298
Eliminated in respect of disposals
-
(82,720)
(82,720)
At 31 March 2019
134,521
65,946
200,467
Carrying amount
At 31 March 2019
511,535
145,663
657,198
At 31 March 2018
522,331
21,303
543,634
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
440,551
408,805
Other debtors
4,215
1,914
444,766
410,719
5
Creditors: amounts falling due within one year
2019
2018
£
£
Other taxation and social security
67,778
83,719
Subscriptions received in advance
136,154
139,355
Other creditors
112,572
74,860
316,504
297,934
INDEPENDENT TYRE DISTRIBUTORS NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
6
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
3,112
6,100