Terraspan Pipe Fittings Limited - Accounts to registrar - small 16.3d

Terraspan Pipe Fittings Limited - Accounts to registrar - small 16.3d


IRIS Accounts Productionv16.3.0.98700706106Board of Directors1.1.1631.12.1631.12.16falsetruefalsefalsefalseiso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure007061062015-12-31007061062016-12-31007061062016-01-012016-12-31007061062014-12-31007061062015-01-012015-12-31007061062015-12-3100706106ns15:EnglandWales2016-01-012016-12-3100706106ns14:PoundSterling2016-01-012016-12-3100706106ns10:Director12016-01-012016-12-3100706106ns10:PrivateLimitedCompanyLtd2016-01-012016-12-3100706106ns10:SmallEntities2016-01-012016-12-3100706106ns10:AuditExemptWithAccountantsReport2016-01-012016-12-3100706106ns10:SmallCompaniesRegimeForDirectorsReport2016-01-012016-12-3100706106ns10:SmallCompaniesRegimeForAccounts2016-01-012016-12-3100706106ns10:FullAccounts2016-01-012016-12-3100706106ns10:Director22016-01-012016-12-3100706106ns10:CompanySecretary12016-01-012016-12-3100706106ns10:RegisteredOffice2016-01-012016-12-3100706106ns5:CurrentFinancialInstruments2016-12-3100706106ns5:CurrentFinancialInstruments2015-12-3100706106ns5:ShareCapital2016-12-3100706106ns5:ShareCapital2015-12-3100706106ns5:RevaluationReserve2016-12-3100706106ns5:RevaluationReserve2015-12-3100706106ns5:RetainedEarningsAccumulatedLosses2016-12-3100706106ns5:RetainedEarningsAccumulatedLosses2015-12-3100706106ns5:LandBuildings2015-12-3100706106ns5:FurnitureFittings2015-12-3100706106ns5:MotorVehicles2015-12-3100706106ns5:ComputerEquipment2015-12-3100706106ns5:LandBuildings2016-01-012016-12-3100706106ns5:FurnitureFittings2016-01-012016-12-3100706106ns5:MotorVehicles2016-01-012016-12-3100706106ns5:ComputerEquipment2016-01-012016-12-3100706106ns5:LandBuildings2016-12-3100706106ns5:FurnitureFittings2016-12-3100706106ns5:MotorVehicles2016-12-3100706106ns5:ComputerEquipment2016-12-3100706106ns5:LandBuildings2015-12-3100706106ns5:FurnitureFittings2015-12-3100706106ns5:MotorVehicles2015-12-3100706106ns5:ComputerEquipment2015-12-3100706106ns5:CurrentFinancialInstrumentsns5:WithinOneYear2016-12-3100706106ns5:CurrentFinancialInstrumentsns5:WithinOneYear2015-12-3100706106ns5:RevaluationReserve2015-12-31
REGISTERED NUMBER: 00706106(England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

TERRASPAN PIPE FITTINGS LIMITED

TERRASPAN PIPE FITTINGS LIMITED (REGISTERED NUMBER: 00706106)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2016




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


TERRASPAN PIPE FITTINGS LIMITED

COMPANY INFORMATION
for the year ended 31 December 2016







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

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
TERRASPAN PIPE FITTINGS LIMITED

The following reproduces the text of the report prepared for the directors and members in respect of the
company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is
only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other
primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements of Terraspan Pipe Fittings Limited for the year ended 31 December 2016 which comprise the
Income Statement, 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Terraspan Pipe Fittings 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 Terraspan Pipe Fittings Limited and state those matters that we have agreed to state to the Board of Directors of Terraspan Pipe Fittings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Terraspan Pipe Fittings Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Terraspan Pipe Fittings 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 Terraspan Pipe Fittings Limited. You consider that Terraspan Pipe Fittings 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 Terraspan Pipe Fittings 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.






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


15 March 2017

TERRASPAN PIPE FITTINGS LIMITED (REGISTERED NUMBER: 00706106)

BALANCE SHEET
31 December 2016

31.12.16 31.12.15
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 94,763 101,401

CURRENT ASSETS
Stocks 245,447 239,093
Debtors 5 79,756 57,736
Cash at bank and in hand 351,785 318,477
676,988 615,306
CREDITORS
Amounts falling due within one year 6 109,688 63,357
NET CURRENT ASSETS 567,300 551,949
TOTAL ASSETS LESS CURRENT
LIABILITIES

662,063

653,350

PROVISIONS FOR LIABILITIES 3,100 4,221
NET ASSETS 658,963 649,129

CAPITAL AND RESERVES
Called up share capital 6,000 6,000
Revaluation reserve 7 19,132 19,132
Retained earnings 633,831 623,997
SHAREHOLDERS' FUNDS 658,963 649,129

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

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

TERRASPAN PIPE FITTINGS LIMITED (REGISTERED NUMBER: 00706106)

BALANCE SHEET - continued
31 December 2016


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 6 March 2017and were signed on its behalf by:





M D W Phillips- Director


TERRASPAN PIPE FITTINGS LIMITED (REGISTERED NUMBER: 00706106)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2016

1. STATUTORY INFORMATION

Terraspan Pipe Fittings Limited is a private company, limited by shares, registered in England and 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 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 stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all
costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and
condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and
slow-moving stock where appropriate.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit or loss for the
current or past reporting periods. It is measured at the amount expected to be paid or recovered 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.

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 FINANCIAL STATEMENTS - continued
for the year ended 31 December 2016

2. ACCOUNTING POLICIES - continued

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other
administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance
sheet date. If such condition exists, the recoverable amount of the asset, or the asset's cash generating unit, is
estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an
impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the
impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5(2015 - 6) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2016
and 31 December 2016 103,701 17,126 16,257 26,554 163,638
DEPRECIATION
At 1 January 2016 23,403 13,700 57 25,077 62,237
Charge for year 1,037 343 4,050 1,208 6,638
At 31 December 2016 24,440 14,043 4,107 26,285 68,875
NET BOOK VALUE
At 31 December 2016 79,261 3,083 12,150 269 94,763
At 31 December 2015 80,298 3,426 16,200 1,477 101,401

Included in freehold land and buildings at Manor Farm Road are buildings revalued by James & Lister Lea in
May 1992 in the sum of £50,000. No provision has been made for any potential capital gains tax liability on the
revaluation as the amount is not considered to be material. Property purchased subsequent to this date has been
included at cost.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.16 31.12.15
£    £   
Trade debtors 60,846 43,143
Other debtors 18,910 14,593
79,756 57,736

TERRASPAN PIPE FITTINGS LIMITED (REGISTERED NUMBER: 00706106)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2016

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.16 31.12.15
£    £   
Trade creditors 61,832 29,402
Taxation and social security 33,093 23,946
Other creditors 14,763 10,009
109,688 63,357

7. RESERVES
Revaluation
reserve
£   
At 1 January 2016
and 31 December 2016 19,132