Abbreviated Company Accounts - DIPSTICK'S TYRES & EXHAUSTS LIMITED

DIPSTICK'S TYRES & EXHAUSTS LIMITED - Company Information

Registered Number 04605762

DIPSTICK'S TYRES & EXHAUSTS LIMITED

Abbreviated Accounts

31 December 2015

DIPSTICK'S TYRES & EXHAUSTS LIMITED Registered Number 04605762

Abbreviated Balance Sheet as at 31 December 2015

	Notes	2015	2014
		£	£
Fixed assets
Tangible assets	2	34,083	15,042
		34,083	15,042
Current assets
Stocks		18,356	6,800
Debtors		120,457	123,089
Cash at bank and in hand		1	2,501
		138,814	132,390
Creditors: amounts falling due within one year		(170,339)	(141,270)
Net current assets (liabilities)		(31,525)	(8,880)
Total assets less current liabilities		2,558	6,162
Total net assets (liabilities)		2,558	6,162
Capital and reserves
Called up share capital		100	100
Profit and loss account		2,458	6,062
Shareholders' funds		2,558	6,162

For the year ending 31 December 2015 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.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 27 July 2016

And signed on their behalf by:
James H Palmer, Director

DIPSTICK'S TYRES & EXHAUSTS LIMITED Registered Number 04605762

Notes to the Abbreviated Accounts for the period ended 31 December 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents amounts chargeable net of value added tax in respect of the sale of goods and services to customers.

Tangible assets depreciation policy
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life:

Plant and machinery 25% reducing balance
Fixtures and fittings 25% reducing balance
Motor vehicles 25% reducing balance
Office equipment 25% reducing balance

Other accounting policies
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. Assets purchased by way of finance lease or hire purchase contracts are included at cost in the balance sheet, less any depreciation provided. The amounts due to lessors at the balance sheet date are included in trade creditors. Hire purchase interest is charged to revenue over the life of the contract.

Pensions
The cost of pensions for employees and the director are charged to revenue in the year in which they are incurred.

2Tangible fixed assets

	£
Cost
At 1 January 2015	92,932
Additions	30,403
Disposals	-
Revaluations	-
Transfers	-
At 31 December 2015	123,335
Depreciation
At 1 January 2015	77,890
Charge for the year	11,362
On disposals	-
At 31 December 2015	89,252
Net book values
At 31 December 2015	34,083
At 31 December 2014	15,042