Filpumps Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC131586 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2016

for

Filpumps Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Booth

I Grierson

R Mann

SECRETARY:

LC Secretaries Limited

REGISTERED OFFICE:

10 Camiestone Road

Thainstone Business Park

Inverurie

Aberdeenshire

AB51 5GT

REGISTERED NUMBER:

SC131586 (Scotland)

ACCOUNTANTS:

Alpha Business Services Limited

Chartered Accountant

Inverebrie

Ellon

Aberdeenshire

AB41 8PX

FIXED ASSETS

Tangible assets

4

1,441,354

1,532,986

CURRENT ASSETS

Stocks

5

249,053

313,175

Debtors

6

1,284,012

1,428,836

Cash at bank

649,544

376,689

2,182,609

2,118,700

CREDITORS

Amounts falling due within one year

7

1,064,379

1,117,920

NET CURRENT ASSETS

1,118,230

1,000,780

TOTAL ASSETS LESS CURRENT LIABILITIES

2,559,584

2,533,766

CREDITORS

Amounts falling due after more than one year

8

(45,037

)

(476,719

)

PROVISIONS FOR LIABILITIES

9

(120,929

)

(44,662

)

NET ASSETS

2,393,618

2,012,385

CAPITAL AND RESERVES

Called up share capital

1,200

1,200

Revaluation reserve

10

573,341

573,341

Retained earnings

1,819,077

1,437,844

SHAREHOLDERS' FUNDS

2,393,618

2,012,385

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.

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 21 June 2017 and were signed on its behalf by:

M Booth - Director

1.	STATUTORY INFORMATION

Filpumps Limited is a private company, limited by shares , registered in Scotland. 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 is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

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.

Freehold property

-

at varying rates on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% 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.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

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 28 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2016

1,300,000

388,930

103,558

Additions

-

2,798

-

Disposals

-

(2,250

)

-

At 31 December 2016

1,300,000

389,478

103,558

DEPRECIATION

At 1 January 2016

171,356

177,941

102,308

Charge for year

19,438

47,670

1,250

Eliminated on disposal

-

(312

)

-

At 31 December 2016

190,794

225,299

103,558

NET BOOK VALUE

At 31 December 2016

1,109,206

164,179

-

At 31 December 2015

1,128,644

210,989

1,250

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2016

365,115

59,265

2,216,868

Additions

87,760

-

90,558

Disposals

(112,340

)

-

(114,590

)

At 31 December 2016

340,535

59,265

2,192,836

DEPRECIATION

At 1 January 2016

187,061

45,216

683,882

Charge for year

72,099

11,141

151,598

Eliminated on disposal

(83,686

)

-

(83,998

)

At 31 December 2016

175,474

56,357

751,482

NET BOOK VALUE

At 31 December 2016

165,061

2,908

1,441,354

At 31 December 2015

178,054

14,049

1,532,986

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

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2016

199,550

31,987

231,537

Additions

69,765

-

69,765

Disposals

(31,995

)

-

(31,995

)

Transfer to ownership

(13,995

)

-

(13,995

)

At 31 December 2016

223,325

31,987

255,312

DEPRECIATION

At 1 January 2016

51,142

18,657

69,799

Charge for year

55,309

10,662

65,971

Eliminated on disposal

(15,331

)

-

(15,331

)

Transfer to ownership

(7,872

)

-

(7,872

)

At 31 December 2016

83,248

29,319

112,567

NET BOOK VALUE

At 31 December 2016

140,077

2,668

142,745

At 31 December 2015

148,408

13,330

161,738

5.

STOCKS

31.12.16

31.12.15

£

£

Stocks

238,252

307,711

Work-in-progress

10,801

5,464

249,053

313,175

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

677,628

814,470

Amounts owed by group undertakings

568,989

564,969

Other debtors

185

-

Sundry debtors and accrued

income

2,046

14,325

Prepayments

35,164

35,072

1,284,012

1,428,836

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans and overdrafts

-

50,000

Hire purchase contracts

68,123

70,879

Trade creditors

647,722

766,274

Tax

120,954

33,123

Social security and other taxes

20,299

20,673

VAT

89,642

76,739

Other creditors

80,143

79,462

Accrued expenses

37,496

20,770

1,064,379

1,117,920

All bank borrowings are secured by a bond and floating charge over the assets of the company.There

is also a standard security of a first charge over the commercial property at Thainstone, Inverurie.

Obligations under hire purchase and finance lease contracts are secured by the related assets.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans - 2-5 years

-

200,000

Bank loans more 5 yr by instal

-

213,141

Hire purchase contracts

45,037

63,578

45,037

476,719

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

213,141

9.	PROVISIONS FOR LIABILITIES

31.12.16

31.12.15

£

£

Deferred tax

120,929

44,662

Deferred

tax

£

Balance at 1 January 2016

44,662

Provided during year

76,267

Balance at 31 December 2016

120,929

10.

RESERVES

Revaluation

reserve

£

At 1 January 2016

and 31 December 2016

573,341