Godsman Tyres & Exhausts Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC252460 (Scotland)

Unaudited Financial Statements for the Year Ended 31 July 2017

for

Godsman Tyres & Exhausts Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J H Godsman

SECRETARY:

Mrs C M Godsman

REGISTERED OFFICE:

Blarliath Industrial Estate

Tain

Ross shire

IV19 1EB

REGISTERED NUMBER:

SC252460 (Scotland)

ACCOUNTANTS:

Mackay & Co

Chartered Accountants

Main Street

Golspie

Sutherland

KW10 6RH

FIXED ASSETS

Tangible assets

4

109,562

111,943

CURRENT ASSETS

Stocks

22,296

16,548

Debtors

7,204

5,907

Cash at bank and in hand

49,613

43,196

79,113

65,651

CREDITORS

Amounts falling due within one year

108,255

104,337

NET CURRENT LIABILITIES

(29,142

)

(38,686

)

TOTAL ASSETS LESS CURRENT LIABILITIES

80,420

73,257

CREDITORS

Amounts falling due after more than one year

49,875

57,216

NET ASSETS

30,545

16,041

CAPITAL AND RESERVES

Called up share capital

1,998

1,998

Retained earnings

28,547

14,043

SHAREHOLDERS' FUNDS

30,545

16,041

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 July 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director on 1 March 2018 and were signed by:

J H Godsman - Director

1.	STATUTORY INFORMATION

Godsman Tyres & Exhausts Limited 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.

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

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

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

Plant and machinery

-

at variable rates on reducing balance

Motor vehicles

-

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2016

141,507

Additions

1,413

At 31 July 2017

142,920

DEPRECIATION

At 1 August 2016

29,564

Charge for year

3,794

At 31 July 2017

33,358

NET BOOK VALUE

At 31 July 2017

109,562

At 31 July 2016

111,943

5.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.17

31.7.16

£

£

Bank loans

56,175

62,563

The security provided in respect of the loan from the Bank of Scotland is as follows:

Personal bond and first ranking standard security over the buildings - Unit 3, Blairliath

Industrial Estate.

A deed of postponement from the director, in respect of his director's loan account, extant at

31st July 2015.

An unlimited debenture.

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended

31 July 2017 and 31 July 2016:

31.7.17

31.7.16

£

£

J H Godsman

Balance outstanding at start of year

51,427

40,192

Amounts advanced

20,000

15,000

Amounts repaid

(17,868

)

(3,765

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

53,559

51,427