REGISTERED NUMBER: 00706106 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

TERRASPAN PIPE FITTINGS LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

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

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

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.

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 2017 and were signed on its behalf by:

M D W Phillips - Director

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.

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

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