Terraspan Pipe Fittings Limited - Limited company - abbreviated

REGISTERED NUMBER: 00706106 (England and Wales)

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

FOR

TERRASPAN PIPE FITTINGS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

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

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

Revaluation reserve

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.

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 2015 and were signed on its behalf
by:

M D W Phillips - Director

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

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