back to TYRED AND EXHAUSTED LIMITED detail Tyred and Exhausted Limited Small abridged accounts
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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Tyred and Exhausted Limited have consented to the preparation of the statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 01254429
Tyred and Exhausted Limited
Unaudited Abridged Financial Statements
31 December 2016
G W ACCOUNTANTS LIMITED
Accountants
1 Jesmond Business Court
217 Jesmond Road
Newcastle upon Tyne
NE2 1LA
Tyred and Exhausted Limited
Abridged Financial Statements
Year ended 31 December 2016
Contents
Page
Director's report
1
Abridged statement of financial position
2
Notes to the abridged financial statements
3
Tyred and Exhausted Limited
Director's Report
Year ended 31 December 2016
The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 December 2016 .
Director
The director who served the company during the year was as follows:
Mr J Straker
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 11 May 2017 and signed on behalf of the board by:
Mr J Straker
Director
Company Secretary
Registered office:
188 Portland Road
Shieldfield
Newcastle upon Tyne
NE2 1DJ
Tyred and Exhausted Limited
Abridged Statement of Financial Position
31 December 2016
2016
2015
Note
£
£
£
Creditors: amounts falling due within one year
463
463
----
----
Net current liabilities
463
463
----
----
Total assets less current liabilities
( 463)
( 463)
----
----
Net liabilities
( 463)
( 463)
----
----
Capital and reserves
Called up share capital
100
100
Other reserves
2,150
2,150
Profit and loss account
( 2,713)
( 2,713)
-------
-------
Members deficit
( 463)
( 463)
-------
-------
These abridged financial statements have been prepared 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'.
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 11 May 2017 , and are signed on behalf of the board by:
Mr J Straker
Director
Company registration number: 01254429
Tyred and Exhausted Limited
Notes to the Abridged Financial Statements
Year ended 31 December 2016
1. General information
The company is a private company limited by shares, registered in England and Wales.
The address of the registered office is 188 Portland Road, Shieldfield, Newcastle
upon Tyne, NE2 1DJ.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 5.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to Nil (2015: Nil).
5. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.
No transitional adjustments were required in equity or profit or loss for the year.