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A & B TYRES LTD
For the year ended 28 February 2016
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 02581872
2
Contents Page
A & B TYRES LTD
For the year ended 28 February 2016
1
Accountants' Report
2
Balance Sheet
3 to 4
Notes to the Abbreviated Financial Statements
3
A & B TYRES LTD
Chartered Accountants' Report
For the year ended 28 February 2016
Chartered Accountants' Report to the Board of Directors
As described on the balance sheet you are responsible for the preparation of the financial statements for the year
ended 28 February 2016 and you consider that the company is exempt from an audit under the Companies Act
2006.
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you
to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.
Brindley Goldstein Limited
103 High Street
Waltham Cross
Hertfordshire
EN8 7AN
04 November 2016
Dated:
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4
Abbreviated Balance Sheet
A & B TYRES LTD
As at 28 February 2016
02581872
Registered Number :
£
£
2016
Notes
2015
Fixed assets
Tangible assets
2
202,801
203,336
Investments
300,000
300,000
3
502,801
503,336
Current assets
Debtors
-
292
Cash at bank and in hand
43,507
15,894
43,799
15,894
Creditors: amounts falling due within one year
(113,643)
(112,688)
(97,749)
(68,889)
Net current liabilities
Total assets less current liabilities
433,912
405,587
Creditors: amounts falling due after more than one year
-
(40)
433,872
Net assets
405,587
Capital and reserves
Called up share capital
100
4
100
Profit and loss account
433,772
405,487
433,872
405,587
Shareholders funds
For the year ended 28 February 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
2) The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Date approved by the board: 04 November 2016
Mrs V.Barwell Director
Signed on behalf of the board of directors
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5
Notes to the Abbreviated Financial Statements
A & B TYRES LTD
For the year ended 28 February 2016
1 Accounting Policies
Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Deferred taxation
Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment
33 1/3% Straight line
Motor Vehicles
20% Straight line
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
2 Tangible fixed assets
Tangible fixed
assets
Cost or valuation
£
206,999
At 01 March 2015
At 28 February 2016
206,999
Depreciation
3,663
At 01 March 2015
535
Charge for year
4,198
At 28 February 2016
Net book values
At 28 February 2016
202,801
203,336
At 28 February 2015
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6
Notes to the Abbreviated Financial Statements
A & B TYRES LTD
For the year ended 28 February 2016
3 Fixed asset investments
300,000
At 01 March 2015
Fixed asset
investments
Cost
£
At 28 February 2016
300,000
Net book value
At 01 March 2015
At 28 February 2016
300,000
300,000
The company owns 36% of the ordinary share capital of Royal Real Estates Inc.
4 Share capital
Allotted called up and fully paid
2016
2015
£
£
100 Ordinary shares of £1.00 each
100
100
100
100
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