FIRST STOP TYRE AND EXHAUST LTD

Company Registration Number:
SC442957 (Scotland)

Unaudited abridged accounts for the year ended 28 February 2024

Period of accounts

Start date: 01 March 2023

End date: 28 February 2024

FIRST STOP TYRE AND EXHAUST LTD

Contents of the Financial Statements

for the Period Ended 28 February 2024

Balance sheet
Notes

FIRST STOP TYRE AND EXHAUST LTD

Balance sheet

As at 28 February 2024


Notes

2024

2023


£

£
Fixed assets
Intangible assets: 3 0 2,500
Tangible assets: 4 12,926 13,283
Total fixed assets: 12,926 15,783
Current assets
Stocks: 10,200 11,400
Debtors: 5 7,064 6,008
Total current assets: 17,264 17,408
Creditors: amounts falling due within one year: 6 (29,181) (17,225)
Net current assets (liabilities): (11,917) 183
Total assets less current liabilities: 1,009 15,966
Creditors: amounts falling due after more than one year: 7 (9,000) (13,000)
Provision for liabilities: (2,256) (2,280)
Total net assets (liabilities): (10,247) 686
Capital and reserves
Called up share capital: 100 100
Profit and loss account: (10,347) 586
Shareholders funds: (10,247) 686

The notes form part of these financial statements

FIRST STOP TYRE AND EXHAUST LTD

Balance sheet statements

For the year ending 28 February 2024 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 18 November 2024
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 2024

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 & machinert etc -25% on reducing balance

Intangible fixed assets and amortisation policy

Goodwill being the amount paid in coinnection with the acquisition of a 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

Other accounting policies

Going Concern The accounts are prepared on the going concern basis based on the continued support of the director ans suppliers .

FIRST STOP TYRE AND EXHAUST LTD

Notes to the Financial Statements

for the Period Ended 28 February 2024

2. Employees

2024 2023
Average number of employees during the period 6 6

FIRST STOP TYRE AND EXHAUST LTD

Notes to the Financial Statements

for the Period Ended 28 February 2024

3. Intangible Assets

Total
Cost £
At 01 March 2023 25,000
At 28 February 2024 25,000
Amortisation
At 01 March 2023 22,500
Charge for year 2,500
At 28 February 2024 25,000
Net book value
At 28 February 2024 0
At 28 February 2023 2,500

FIRST STOP TYRE AND EXHAUST LTD

Notes to the Financial Statements

for the Period Ended 28 February 2024

4. Tangible Assets

Total
Cost £
At 01 March 2023 48,279
Additions 3,950
At 28 February 2024 52,229
Depreciation
At 01 March 2023 34,996
Charge for year 4,307
At 28 February 2024 39,303
Net book value
At 28 February 2024 12,926
At 28 February 2023 13,283

FIRST STOP TYRE AND EXHAUST LTD

Notes to the Financial Statements

for the Period Ended 28 February 2024

5. Debtors

2024 2023
££
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 2024

6. Creditors: amounts falling due within one year note

The amount due of £29181 is made up as follows: Bank loans & overdrafts £6181 Trade creditors £15589 Taxation & soxcial security £6411 Other creditors £1000

FIRST STOP TYRE AND EXHAUST LTD

Notes to the Financial Statements

for the Period Ended 28 February 2024

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

The amount due of £9000 refers to Bank loans

FIRST STOP TYRE AND EXHAUST LTD

Notes to the Financial Statements

for the Period Ended 28 February 2024

8. Loans to directors

Name of director receiving advance or credit: S FRASER
Description of the loan: Advance
£
Balance at 01 March 2023 3,334
Advances or credits made: 2,920
Advances or credits repaid: 3,334
Balance at 28 February 2024 2,920

The advance to the director has been repaid within 9 Months of the balance sheet date