P.S.Adhesive Systems Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 02262524 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 30 April 2016

for

P.S.Adhesive Systems Limited

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTORS:

G Mathieson

R B Wilson

REGISTERED OFFICE:

Marbury Works

Clarence Drive

Filey

North Yorkshire

YO14 0AB

REGISTERED NUMBER:

02262524 (England and Wales)

ACCOUNTANTS:

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages three to six)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of P.S.Adhesive Systems Limited for the year ended 30 April 2016 which comprise the Profit and

Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to the Board of Directors of P.S.Adhesive Systems Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of P.S.Adhesive Systems Limited and state those matters that we have agreed to state to the Board of Directors of P.S.Adhesive Systems Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that P.S.Adhesive Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of P.S.Adhesive Systems Limited. You consider that P.S.Adhesive Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of P.S.Adhesive Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

27 October 2016

FIXED ASSETS

Tangible assets

2

165,635

78,550

CURRENT ASSETS

Stocks

104,039

65,541

Debtors

272,477

233,927

Cash at bank

88,798

23,952

465,314

323,420

CREDITORS

Amounts falling due within one year

3

358,017

225,427

NET CURRENT ASSETS

107,297

97,993

TOTAL ASSETS LESS CURRENT
LIABILITIES

272,932

176,543

CREDITORS

Amounts falling due after more than one
year

3

(6,545

)

-

PROVISIONS FOR LIABILITIES

(26,782

)

(12,729

)

ACCRUALS AND DEFERRED INCOME

(1,382

)

(1,622

)

NET ASSETS

238,223

162,192

CAPITAL AND RESERVES

Called up share capital

4

1,000

Revaluation reserve

124

Profit and loss account

237,099

161,068

SHAREHOLDERS' FUNDS

238,223

162,192

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2016 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 27 October 2016 and were signed on its behalf by:

R B Wilson - Director

G Mathieson - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis.

Accounting convention

The financial statements have been prepared under the historical cost convention.

Turnover/revenue recognition

Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of

services in the ordinary course of the Company's activities.

Sales are presented, net of value-added tax, rebates and discounts.

The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is

probable that the collectability of the related receivables is reasonably assured and when the specific criteria for

each of the Company's activities are met.

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 are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in,

first out basis. Net realisable value is based on estimated selling price less additional costs to completion and

disposal.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date, except that the recognition of deferred tax assets is limited to the extent that the company anticipates

making sufficient taxable profits in the future to absorb the reversal of the underlying timing differences.

Deferred tax balances are not discounted.

Hire purchase and leasing commitments

Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases),

the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the

minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown

as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account

over the shorter of estimated useful economic life and the period of the lease.

Lease payments are analysed between capital and interest components so that the interest element of the payment

is charged to the profit and loss account over the period of the lease and is calculated so that it represents a

constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts

payable to the lessor.

All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on

a straight line basis over the terms of the lease.

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss

account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit

and loss account as the related expenditure is incurred.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

294,521

Additions

108,084

Disposals

(9,465

)

Reclassification/transfer

(667

)

At 30 April 2016

392,473

DEPRECIATION

At 1 May 2015

215,971

Charge for year

20,252

Eliminated on disposal

(9,385

)

At 30 April 2016

226,838

NET BOOK VALUE

At 30 April 2016

165,635

At 30 April 2015

78,550

3.

CREDITORS

Creditors include an amount of £ 12,587 (2015 - £ 4,699 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1,000

Ordinary

1

1,000

5.	ULTIMATE CONTROLLING PARTY

The company is under the joint control of Mr R Wilson, Mr G Mathieson and Mr C Mathieson who together own

100% of the issued share capital of the ultimate parent company, Coastline Adhesive Tapes (2008) Limited.