John Tarbox Tyres & Exhausts Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 01935617

Financial Statements for the Year Ended 31 January 2017

for

John Tarbox Tyres & Exhausts Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J V R Tarbox

M R Turnham

S P Tarbox

SECRETARY:

M R Turnham

REGISTERED OFFICE:

Suite 6b

Wentworth Lodge

Great North Road

Welwyn Garden City

Hertfordshire

AL8 7SR

REGISTERED NUMBER:

01935617

ACCOUNTANTS:

George Arthur Limited

Chartered Accountants

Suite 6B, Wentworth Lodge

Great North Road

Welwyn Garden City

Hertfordshire

AL8 7SR

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

84,168

121,508

Investments

6

151,286

151,286

235,454

272,794

CURRENT ASSETS

Stocks

47,894

43,007

Debtors

7

434,965

374,465

Cash at bank

52,636

103,731

535,495

521,203

CREDITORS

Amounts falling due within one year

8

259,461

275,996

NET CURRENT ASSETS

276,034

245,207

TOTAL ASSETS LESS CURRENT LIABILITIES

511,488

518,001

CREDITORS

Amounts falling due after more than one year

9

(2,266

)

(5,353

)

PROVISIONS FOR LIABILITIES

(5,849

)

(6,404

)

NET ASSETS

503,373

506,244

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

503,273

506,144

SHAREHOLDERS' FUNDS

503,373

506,244

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 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.

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.

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 on 27 October 2017 and were signed on its behalf by:

J V R Tarbox - Director

1.	STATUTORY INFORMATION

John Tarbox Tyres & Exhausts Limited is a private company, limited by shares, registered in England

& 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 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 represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill is written off over 4 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks and work in progress 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

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 32 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2016

and 31 January 2017

9,500

AMORTISATION

At 1 February 2016

and 31 January 2017

9,500

NET BOOK VALUE

At 31 January 2017

-

At 31 January 2016

-

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 February 2016

354,231

108,265

35,545

498,041

Additions

10,005

3,051

431

13,487

Disposals

(1,963

)

(58,294

)

(7,732

)

(67,989

)

At 31 January 2017

362,273

53,022

28,244

443,539

DEPRECIATION

At 1 February 2016

286,432

57,262

32,839

376,533

Charge for year

11,613

5,575

1,495

18,683

Eliminated on disposal

(1,574

)

(26,539

)

(7,732

)

(35,845

)

At 31 January 2017

296,471

36,298

26,602

359,371

NET BOOK VALUE

At 31 January 2017

65,802

16,724

1,642

84,168

At 31 January 2016

67,799

51,003

2,706

121,508

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 February 2016

and 31 January 2017

12,325

DEPRECIATION

At 1 February 2016

5,392

Charge for year

1,733

At 31 January 2017

7,125

NET BOOK VALUE

At 31 January 2017

5,200

At 31 January 2016

6,933

6.	FIXED ASSET INVESTMENTS

2017

2016

£

£

Other investments not loans

151,286

151,286

Additional information is as follows:

Other

investments

£

COST

At 1 February 2016

and 31 January 2017

148,273

NET BOOK VALUE

At 31 January 2017

148,273

At 31 January 2016

148,273

Investments (neither listed nor unlisted) were as follows:

2017

2016

£

£

Number plate (TAR80X)

2,500

2,500

Number plate (JT04SUE)

513

513

3,013

3,013

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

38,210

44,054

Other debtors

361,530

292,027

Prepayments

35,225

38,384

434,965

374,465

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

3,087

3,087

Trade creditors

113,614

119,817

Tax

18,696

30,281

Social security and other taxes

26,107

22,278

VAT

48,633

48,777

Other creditors

1,857

675

Directors' current accounts

18,261

19,685

Accrued expenses

29,206

31,396

259,461

275,996

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

2,266

5,353

10.	CONTINGENT LIABILITIES

At the balance sheet date there were no known contingent liabilities other than in the normal course of

business.

11.	OTHER FINANCIAL COMMITMENTS

At the balance sheet date there were no known other financial commitments.

12.	RELATED PARTY DISCLOSURES

During the year Mr M Turnham, a director of the company, acquired goods and services (including

value added tax) from the company, amounting to £71. In addition. Mr S Tarbox, a director of the

company, acquired goods and services (including value added tax) from the company, amounting to

£381.

During the year Golden Hope Investments Ltd raised net invoices for rent, insurance and other

expenses amounting to £72,821. At the year-end Golden Hope Investments Ltd owed £322,528 to

John Tarbox Tyres & Exhausts Ltd. This amount is included within other debtors. Mr J Tarbox and Mr

S Tarbox are directors and shareholders of both John Tarbox Tyres & Exhausts Ltd and Golden Hope

Investments Ltd.

During the year dividends of £75,000 were paid to the shareholders, who are also directors of the

company.

13.	ULTIMATE CONTROLLING PARTY

The company is controlled by Mr J V R Tarbox by virtue of his current holding of shares in the

company.