FIRST STOP TYRE AND EXHAUST LTD

Company Registration Number:
SC442957 (Scotland)

Unaudited abridged accounts for the year ended 28 February 2023

Period of accounts

Start date: 01 March 2022

End date: 28 February 2023

FIRST STOP TYRE AND EXHAUST LTD

Contents of the Financial Statements

for the Period Ended 28 February 2023

Balance sheet
Notes

FIRST STOP TYRE AND EXHAUST LTD

Balance sheet

As at 28 February 2023


Notes

2023

2022


£

£
Fixed assets
Intangible assets: 3 2,500 5,000
Tangible assets: 4 13,283 16,667
Total fixed assets: 15,783 21,667
Current assets
Stocks: 11,400 9,600
Debtors: 5 6,008 2,794
Cash at bank and in hand: 0 10,107
Total current assets: 17,408 22,501
Creditors: amounts falling due within one year: 6 (17,225) (14,693)
Net current assets (liabilities): 183 7,808
Total assets less current liabilities: 15,966 29,475
Creditors: amounts falling due after more than one year: 7 (13,000) (17,000)
Provision for liabilities: (2,280) (2,869)
Total net assets (liabilities): 686 9,606
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 586 9,506
Shareholders funds: 686 9,606

The notes form part of these financial statements

FIRST STOP TYRE AND EXHAUST LTD

Balance sheet statements

For the year ending 28 February 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 21 November 2023
and signed on behalf of the board by:

Name: S FRASER
Status: Director

The notes form part of these financial statements

FIRST STOP TYRE AND EXHAUST LTD

Notes to the Financial Statements

for the Period Ended 28 February 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable , excluding discounts , rebates ,value added tax and other sales taxes.

Tangible fixed assets and depreciation policy

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life Plant & machinery etc -25% on reducing balance

Intangible fixed assets and amortisation policy

Goodwill , being the amount paid in connection with the acquisition of the business in 2013,is being amortised evenly over its estimated useful life of 10 years

Valuation and information policy

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

FIRST STOP TYRE AND EXHAUST LTD

Notes to the Financial Statements

for the Period Ended 28 February 2023

2. Employees

2023 2022
Average number of employees during the period 6 5

FIRST STOP TYRE AND EXHAUST LTD

Notes to the Financial Statements

for the Period Ended 28 February 2023

3. Intangible Assets

Total
Cost £
At 01 March 2022 25,000
At 28 February 2023 25,000
Amortisation
At 01 March 2022 20,000
Charge for year 2,500
At 28 February 2023 22,500
Net book value
At 28 February 2023 2,500
At 28 February 2022 5,000

FIRST STOP TYRE AND EXHAUST LTD

Notes to the Financial Statements

for the Period Ended 28 February 2023

4. Tangible Assets

Total
Cost £
At 01 March 2022 47,219
Additions 1,060
At 28 February 2023 48,279
Depreciation
At 01 March 2022 30,552
Charge for year 4,444
At 28 February 2023 34,996
Net book value
At 28 February 2023 13,283
At 28 February 2022 16,667

FIRST STOP TYRE AND EXHAUST LTD

Notes to the Financial Statements

for the Period Ended 28 February 2023

5. Debtors

2023 2022
££
Debtors due after more than one year: 0 0

FIRST STOP TYRE AND EXHAUST LTD

Notes to the Financial Statements

for the Period Ended 28 February 2023

6. Creditors: amounts falling due within one year note

The amount due of £17225 is made up as follows : Bank loans & overdrafts £2157 Trade creditors £9465 Taxation &social security £4603 Other creditors £1000

FIRST STOP TYRE AND EXHAUST LTD

Notes to the Financial Statements

for the Period Ended 28 February 2023

7. Creditors: amounts falling due after more than one year note

The amount due of £13000 refers to bank loans

FIRST STOP TYRE AND EXHAUST LTD

Notes to the Financial Statements

for the Period Ended 28 February 2023

8. Loans to directors

Name of director receiving advance or credit: S FRASER
Description of the loan: Advance
£
Balance at 01 March 2022 0
Advances or credits made: 3,334
Balance at 28 February 2023 3,334

The advance to the director has been repaid within 9 months of the Balance Sheet date .