REGISTERED NUMBER: SC301150 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Abbotsinch Tyres & Exhausts Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P Findlay

A T Findlay

SECRETARY:

A T Findlay

REGISTERED OFFICE:

17 James Little Street

KILMARNOCK

Ayrshire

KA1 4AU

REGISTERED NUMBER:

SC301150 (Scotland)

ACCOUNTANTS:

Sinclair Scott Chartered Accountants

3 Wellington Square

Ayr

Ayrshire

KA7 1EN

FIXED ASSETS

Intangible assets

4

831

5,831

Tangible assets

5

74,830

77,595

75,661

83,426

CURRENT ASSETS

Stocks

6

51,500

58,000

Debtors

7

113,298

112,723

Cash at bank and in hand

155,252

150,272

320,050

320,995

CREDITORS

Amounts falling due within one year

8

290,155

288,863

NET CURRENT ASSETS

29,895

32,132

TOTAL ASSETS LESS CURRENT LIABILITIES

105,556

115,558

PROVISIONS FOR LIABILITIES

9

8,442

8,073

NET ASSETS

97,114

107,485

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

97,014

107,385

SHAREHOLDERS' FUNDS

97,114

107,485

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 19 December 2017 and were signed on its behalf by:

P Findlay - Director

1.	STATUTORY INFORMATION

Abbotsinch Tyres & Exhausts Ltd is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

The turnover shown in the profit and loss account represents revenue recognised by the company in respect of selling and

distributing vehicle tyres and exhausts during the period, exclusive of Value Added Tax and any trade discounts if

appropriate.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Short leasehold

-

10% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that

it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted

or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are

charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

50,000

AMORTISATION

At 1 April 2016

44,169

Charge for year

5,000

At 31 March 2017

49,169

NET BOOK VALUE

At 31 March 2017

831

At 31 March 2016

5,831

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 April 2016

38,367

36,287

12,167

Additions

-

5,123

550

At 31 March 2017

38,367

41,410

12,717

DEPRECIATION

At 1 April 2016

1,912

15,620

1,191

Charge for year

3,837

6,448

2,882

Eliminated on disposal

-

-

-

At 31 March 2017

5,749

22,068

4,073

NET BOOK VALUE

At 31 March 2017

32,618

19,342

8,644

At 31 March 2016

36,455

20,667

10,976

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2016

23,734

8,152

118,707

Additions

8,645

1,828

16,146

Disposals

(953

)

(6,617

)

(7,570

)

At 31 March 2017

31,426

3,363

127,283

DEPRECIATION

At 1 April 2016

16,018

6,371

41,112

Charge for year

4,075

984

18,226

Eliminated on disposal

(894

)

(5,991

)

(6,885

)

At 31 March 2017

19,199

1,364

52,453

NET BOOK VALUE

At 31 March 2017

12,227

1,999

74,830

At 31 March 2016

7,716

1,781

77,595

6.

STOCKS

2017

2016

£

£

Stock

51,500

58,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

113,298

112,723

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

45,631

54,105

Trade creditors

159,307

154,298

Taxation

24,247

21,328

Social security and other taxes

2,550

1,962

VAT

13,597

12,415

Other creditors

1,777

1,531

Directors' current accounts

40,446

41,924

Accrued expenses

2,600

1,300

290,155

288,863

9.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

8,442

8,073

Deferred

tax

£

Balance at 1 April 2016

8,073

Provided during year

369

Balance at 31 March 2017

8,442

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary Shares

£1

100

100