Terraspan Pipe Fittings Limited - Limited company - abbreviated - 11.0.0

Terraspan Pipe Fittings Limited - Limited company - abbreviated - 11.0.0


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REGISTERED NUMBER: 00706106(England and Wales)















ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

FOR

TERRASPAN PIPE FITTINGS LIMITED

TERRASPAN PIPE FITTINGS LIMITED (REGISTERED NUMBER: 00706106)






CONTENTS OF THE ABBREVIATED ACCOUNTS
for the year ended 31 December 2014




Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 4

TERRASPAN PIPE FITTINGS LIMITED

COMPANY INFORMATION
for the year ended 31 December 2014







DIRECTORS: M D W Phillips
K B Phillips





SECRETARY: K B Phillips





REGISTERED OFFICE: Suite No.2
Centre Court
Vine Lane
Halesowen
West Midlands
B63 3EB





REGISTERED NUMBER: 00706106(England and Wales)





ACCOUNTANTS: Bowker, Stevens & Co
Suite No. 2, Centre Court
Vine Lane
Halesowen
West Midlands
B63 3EB

TERRASPAN PIPE FITTINGS LIMITED (REGISTERED NUMBER: 00706106)

ABBREVIATED BALANCE SHEET
31 December 2014

31.12.14 31.12.13
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 2 93,849 98,625

CURRENT ASSETS
Stocks 237,509 239,757
Debtors 83,218 85,961
Cash at bank and in hand 309,416 296,544
630,143 622,262
CREDITORS
Amounts falling due within one year 71,063 79,453
NET CURRENT ASSETS 559,080 542,809
TOTAL ASSETS LESS CURRENT
LIABILITIES

652,929

641,434

PROVISIONS FOR LIABILITIES 2,503 3,251
NET ASSETS 650,426 638,183

CAPITAL AND RESERVES
Called up share capital 3 6,000 6,000
Revaluation reserve 19,132 19,132
Profit and loss account 625,294 613,051
SHAREHOLDERS' FUNDS 650,426 638,183

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 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.

TERRASPAN PIPE FITTINGS LIMITED (REGISTERED NUMBER: 00706106)

ABBREVIATED BALANCE SHEET - continued
31 December 2014


The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.


The financial statements were approved by the Board of Directors on 23 February 2015and were signed on its behalf
by:





M D W Phillips- Director


TERRASPAN PIPE FITTINGS LIMITED (REGISTERED NUMBER: 00706106)

NOTES TO THE ABBREVIATED ACCOUNTS
for the year ended 31 December 2014

1. ACCOUNTING POLICIES

Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with the
Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover
Turnover represents amounts receivable for goods and services provided in the UK and overseas net of trade
discounts,VAT and other related taxes.

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

Freehold land and buildings - 1% straight line
Fixtures and fittings - 10% reducing balance
Motor vehicles - 25% reducing balance
Computers - 20% straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.

Deferred tax
Deferred tax is provided using the liability method in respect of all timing differences that have originated but
not reversed at the balance sheet date.Deferred tax assets are recognised where it is considered more likely than
not that future profits will be available for offset.The company has not adopted a policy of discounting deferred
tax assets and liabilities.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at
the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 the profit and loss account in the period to which they relate.

2. TANGIBLE FIXED ASSETS
Total
£   
COST
At 1 January 2014
and 31 December 2014 162,091
DEPRECIATION
At 1 January 2014 63,466
Charge for year 4,776
At 31 December 2014 68,242
NET BOOK VALUE
At 31 December 2014 93,849
At 31 December 2013 98,625

TERRASPAN PIPE FITTINGS LIMITED (REGISTERED NUMBER: 00706106)

NOTES TO THE ABBREVIATED ACCOUNTS - continued
for the year ended 31 December 2014

3. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.14 31.12.13
value: £    £   
6,000 Ordinary Shares £1 6,000 6,000