Pit Parts Limited - Limited company - abbreviated

REGISTERED NUMBER: 00508665 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 December 2014

for

Pit Parts Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

Chartered Accountants' Report

5

DIRECTORS:

Mrs N E Smith

N E Smith

SECRETARY:

Mrs N E Smith

REGISTERED OFFICE:

Plots 11 & 12 Ind Est

Conduit Road

Norton Canes

Cannock

Staffordshire

WS11 3TJ

REGISTERED NUMBER:

00508665 (England and Wales)

ACCOUNTANTS:

Crowther Jordan Limited

Chartered Accountants

39 High Street

Wednesfield

Wolverhampton

West Midlands

WV11 1ST

FIXED ASSETS

Tangible assets

2

75,007

80,859

CURRENT ASSETS

Stocks

19,799

-

Debtors

3

373,382

390,454

Cash at bank

109,211

78,473

502,392

468,927

CREDITORS

Amounts falling due within one year

(243,331

)

(213,234

)

NET CURRENT ASSETS

259,061

255,693

TOTAL ASSETS LESS CURRENT LIABILITIES

334,068

336,552

CAPITAL AND RESERVES

Called up share capital

4

100

Share premium

6,850

Profit and loss account

327,118

329,602

SHAREHOLDERS' FUNDS

334,068

336,552

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 21 May 2015 and were signed on its behalf by:

N E Smith - 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

Rental income represents the value of services provided under contracts to the extent that there is a right to

consideration and is recorded at the value of the consideration due.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on cost

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 recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

and 31 December 2014

134,368

DEPRECIATION

At 1 January 2014

53,509

Charge for year

5,852

At 31 December 2014

59,361

NET BOOK VALUE

At 31 December 2014

75,007

At 31 December 2013

80,859

3.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 344,488 (31.12.13 - £ 349,115 )

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.14

31.12.13

value:

£

100

Ordinary

£1

100

5.	ULTIMATE PARENT COMPANY

W E Smith Holdings Limited is regarded by the directors as being the company's ultimate parent company.

6.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the Mrs N E Smith Trust, of which Mrs N E Smith is settlor and a trustee.

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 two to four)

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 Pit Parts Limited for the year ended 31 December 2014 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Pit Parts 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 Pit Parts Limited and state those matters that we have agreed to state to the Board of Directors of Pit Parts Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. 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 Pit Parts 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 loss of Pit Parts Limited. You consider that Pit Parts 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 Pit Parts 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.