A & K TYRES & SPARES LIMITED
Registered number: 04442671
Balance Sheet
as at 31 March 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 6,916 3,353
Current assets
Stocks 5,000 4,500
Debtors 2 5,217 4,721
Cash at bank and in hand 76,304 58,263
86,521 67,484
Creditors: amounts falling due within one year 3 (22,167) (19,510)
Net current assets 64,354 47,974
Total assets less current liabilities 71,270 51,327
Creditors: amounts falling due after more than one year 4 (69,837) (37,330)
Net assets 1,433 13,997
Capital and reserves
Called up share capital 101 101
Profit and loss account 1,332 13,896
Shareholders' funds 1,433 13,997
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K G WATFORD
Director
Approved by the board on 11 May 2017
A & K TYRES & SPARES LIMITED
Notes to the Accounts
for the year ended 31 March 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Debtors 2017 2016
£ £
Trade debtors 5,217 4,721
3 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 12,844 12,568
Corporation tax 3,968 4,020
Other taxes and social security costs 5,355 2,922
22,167 19,510
4 Creditors: amounts falling due after one year 2017 2016
£ £
Other creditors 69,837 37,330
5 Other information
A & K TYRES & SPARES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
A & K TYRES & SPARES LIMITED 04442671 false 2016-04-01 2017-03-31 2017-03-31 VT Final Accounts March 2017 K G WATFORD No description of principal activity 04442671 core:WithinOneYear 2016-03-31 04442671 core:AfterOneYear 2016-03-31 04442671 core:ShareCapital 2016-03-31 04442671 core:RetainedEarningsAccumulatedLosses 2016-03-31 04442671 2016-04-01 2017-03-31 04442671 bus:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31 04442671 bus:AuditExemptWithAccountantsReport 2016-04-01 2017-03-31 04442671 bus:Director40 2016-04-01 2017-03-31 04442671 1 2016-04-01 2017-03-31 04442671 2 2016-04-01 2017-03-31 04442671 countries:England 2016-04-01 2017-03-31 04442671 bus:FRS102 2016-04-01 2017-03-31 04442671 bus:FullAccounts 2016-04-01 2017-03-31 04442671 2017-03-31 04442671 core:WithinOneYear 2017-03-31 04442671 core:AfterOneYear 2017-03-31 04442671 core:ShareCapital 2017-03-31 04442671 core:RetainedEarningsAccumulatedLosses 2017-03-31 04442671 2016-03-31 iso4217:GBP