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REGISTERED NUMBER: 07401809 (England and Wales)




















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

ABLEFIT TYRES & EXHAUSTS LIMITED

ABLEFIT TYRES & EXHAUSTS LIMITED (REGISTERED NUMBER: 07401809)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ABLEFIT TYRES & EXHAUSTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







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
13 High Street
Wells
Somerset
BA5 2AA

ABLEFIT TYRES & EXHAUSTS LIMITED (REGISTERED NUMBER: 07401809)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 826,620 812,866
826,620 812,866

CURRENT ASSETS
Stocks 187,957 157,510
Debtors 6 444,390 31,594
Cash at bank 1,186,833 1,427,476
1,819,180 1,616,580
CREDITORS
Amounts falling due within one year 7 493,481 563,309
NET CURRENT ASSETS 1,325,699 1,053,271
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,152,319

1,866,137

PROVISIONS FOR LIABILITIES 4,071 301
NET ASSETS 2,148,248 1,865,836

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,148,148 1,865,736
SHAREHOLDERS' FUNDS 2,148,248 1,865,836

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 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)

BALANCE SHEET - continued
31 OCTOBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 30 July 2024 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 FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

Ablefit Tyres & Exhausts Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

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

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.

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

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.

ABLEFIT TYRES & EXHAUSTS LIMITED (REGISTERED NUMBER: 07401809)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued

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 18 (2022 - 25 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 20,000
AMORTISATION
At 1 November 2022
and 31 October 2023 20,000
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 November 2022 798,807 54,236 33,770
Additions - 21,150 -
At 31 October 2023 798,807 75,386 33,770
DEPRECIATION
At 1 November 2022 - 48,346 31,604
Charge for year - 5,407 541
At 31 October 2023 - 53,753 32,145
NET BOOK VALUE
At 31 October 2023 798,807 21,633 1,625
At 31 October 2022 798,807 5,890 2,166

ABLEFIT TYRES & EXHAUSTS LIMITED (REGISTERED NUMBER: 07401809)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2022 43,283 207 930,303
Additions - - 21,150
At 31 October 2023 43,283 207 951,453
DEPRECIATION
At 1 November 2022 37,289 198 117,437
Charge for year 1,445 3 7,396
At 31 October 2023 38,734 201 124,833
NET BOOK VALUE
At 31 October 2023 4,549 6 826,620
At 31 October 2022 5,994 9 812,866

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 53,800 27,884
Other debtors 2,531 3,710
Directors' current accounts 388,059 -
444,390 31,594

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 238,464 229,552
Tax 151,553 74,460
Social security and other taxes 8,263 56,548
VAT 52,471 -
Other creditors - 532
Pension control 1,913 1,433
Directors' current accounts - 162,192
Accrued expenses 40,817 38,592
493,481 563,309

ABLEFIT TYRES & EXHAUSTS LIMITED (REGISTERED NUMBER: 07401809)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
P D Wilson
Balance outstanding at start of year - -
Amounts advanced 201,250 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 201,250 -

Ms J V Wilson
Balance outstanding at start of year - -
Amounts advanced 186,810 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 186,810 -

9. RELATED PARTY DISCLOSURES

The company was under the control of the directors throughout the period. The directors own all of the issued share capital of the company.