Terraspan Pipe Fittings Limited - Limited company - abbreviated - 11.9

Terraspan Pipe Fittings Limited - Limited company - abbreviated - 11.9


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REGISTERED NUMBER: 00706106(England and Wales)















ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

FOR

TERRASPAN PIPE FITTINGS LIMITED

TERRASPAN PIPE FITTINGS LIMITED (REGISTERED NUMBER: 00706106)






CONTENTS OF THE ABBREVIATED ACCOUNTS
for the year ended 31 December 2015




Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3

TERRASPAN PIPE FITTINGS LIMITED

COMPANY INFORMATION
for the year ended 31 December 2015







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 2015

31.12.15 31.12.14
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 2 101,401 93,849

CURRENT ASSETS
Stocks 239,093 237,509
Debtors 57,736 83,218
Cash at bank and in hand 318,477 309,416
615,306 630,143
CREDITORS
Amounts falling due within one year 63,357 71,063
NET CURRENT ASSETS 551,949 559,080
TOTAL ASSETS LESS CURRENT
LIABILITIES

653,350

652,929

PROVISIONS FOR LIABILITIES 4,221 2,503
NET ASSETS 649,129 650,426

CAPITAL AND RESERVES
Called up share capital 3 6,000 6,000
Revaluation reserve 19,132 19,132
Retained earnings 623,997 625,294
SHAREHOLDERS' FUNDS 649,129 650,426

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 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 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 7 March 2016and 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 2015

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 profit or loss in the period to which they relate.

TERRASPAN PIPE FITTINGS LIMITED (REGISTERED NUMBER: 00706106)

NOTES TO THE ABBREVIATED ACCOUNTS - continued
for the year ended 31 December 2015

2. TANGIBLE FIXED ASSETS
Total
£   
COST
At 1 January 2015 162,091
Additions 16,257
Disposals (14,710 )
At 31 December 2015 163,638
DEPRECIATION
At 1 January 2015 68,242
Charge for year 2,757
Eliminated on disposal (8,762 )
At 31 December 2015 62,237
NET BOOK VALUE
At 31 December 2015 101,401
At 31 December 2014 93,849

3. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.15 31.12.14
value: £    £   
6,000 Ordinary Shares £1 6,000 6,000