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REGISTERED NUMBER: 07401809 (England and Wales)




















ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2016

FOR

ABLEFIT TYRES & EXHAUSTS LIMITED

ABLEFIT TYRES & EXHAUSTS LIMITED (REGISTERED NUMBER: 07401809)






CONTENTS OF THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016




Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 4

ABLEFIT TYRES & EXHAUSTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2016







DIRECTORS: P D Wilson
Ms J V Wilson





SECRETARY: Ms J V Wilson





REGISTERED OFFICE: 9-13 High Street
Wells
Somerset
BA5 2AA





REGISTERED NUMBER: 07401809 (England and Wales)





ACCOUNTANTS: Simmons Accountants Limited
Chartered Certified Accountants
9-13 High Street
Wells
Somerset
BA5 2AA

ABLEFIT TYRES & EXHAUSTS LIMITED (REGISTERED NUMBER: 07401809)

ABBREVIATED BALANCE SHEET
31 OCTOBER 2016

2016 2015
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 2 - -
Tangible assets 3 853,829 852,372
853,829 852,372

CURRENT ASSETS
Stocks 149,100 134,314
Debtors 11,720 24,561
Cash at bank and in hand 550,728 451,008
711,548 609,883
CREDITORS
Amounts falling due within one year 970,828 1,069,049
NET CURRENT LIABILITIES (259,280 ) (459,166 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

594,549

393,206

PROVISIONS FOR LIABILITIES 6,618 9,403
NET ASSETS 587,931 383,803

CAPITAL AND RESERVES
Called up share capital 4 100 100
Profit and loss account 587,831 383,703
SHAREHOLDERS' FUNDS 587,931 383,803

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

ABLEFIT TYRES & EXHAUSTS LIMITED (REGISTERED NUMBER: 07401809)

ABBREVIATED BALANCE SHEET - continued
31 OCTOBER 2016


The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.


The financial statements were approved by the Board of Directors on 17 July 2017 and were signed on its behalf by:




P D Wilson - Director



Ms J V Wilson - Director


ABLEFIT TYRES & EXHAUSTS LIMITED (REGISTERED NUMBER: 07401809)

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016

1. ACCOUNTING POLICIES

Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with the
Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the
period of the lease.

2. INTANGIBLE FIXED ASSETS
Total
£   
COST
At 1 November 2015
and 31 October 2016 20,000
AMORTISATION
At 1 November 2015
and 31 October 2016 20,000
NET BOOK VALUE

At 31 October 2016 -
At 31 October 2015 -

ABLEFIT TYRES & EXHAUSTS LIMITED (REGISTERED NUMBER: 07401809)

NOTES TO THE ABBREVIATED ACCOUNTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2016

3. TANGIBLE FIXED ASSETS
Total
£   
COST
At 1 November 2015 905,303
Additions 18,000
At 31 October 2016 923,303
DEPRECIATION
At 1 November 2015 52,931
Charge for year 16,543
At 31 October 2016 69,474
NET BOOK VALUE
At 31 October 2016 853,829
At 31 October 2015 852,372

4. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2016 2015
value: £    £   
50 Ordinary B £1 50 50
50 Ordinary A £1 50 50
100 100

5. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2016 and
31 October 2015:

2016 2015
£    £   
P D Wilson
Balance outstanding at start of year (64,344 ) 21,900
Amounts advanced 68,050 47,407
Amounts repaid (53,634 ) (133,651 )
Balance outstanding at end of year (49,928 ) (64,344 )

Ms J V Wilson
Balance outstanding at start of year (101,393 ) (14,711 )
Amounts advanced 48,005 46,969
Amounts repaid (53,133 ) (133,651 )
Balance outstanding at end of year (106,521 ) (101,393 )