Fourply Specialist Coatings Ltd. - Limited company - abbreviated - 11.9

REGISTERED NUMBER: SC351362 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD

1 MAY 2014 TO 28 FEBRUARY 2015

FOR

FOURPLY SPECIALIST COATINGS LTD.

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

A G Morris

SECRETARY:

C G Barral

REGISTERED OFFICE:

13 Glasgow Road

Paisley

Renfrewshire

PA1 3QS

REGISTERED NUMBER:

SC351362 (Scotland)

ACCOUNTANTS:

Profit Counts Ltd

13 Glasgow Road

Paisley

Renfrewshire

PA1 3QS

FIXED ASSETS

Tangible assets

2

-

100

CURRENT ASSETS

Debtors

7,930

32,655

Cash at bank

1,040

2,922

8,970

35,577

CREDITORS

Amounts falling due within one year

8,744

20,095

NET CURRENT ASSETS

226

15,482

TOTAL ASSETS LESS CURRENT LIABILITIES

226

15,582

PROVISIONS FOR LIABILITIES

-

20

NET ASSETS

226

15,562

CAPITAL AND RESERVES

Called up share capital

3

1

1

Profit and loss account

225

15,561

SHAREHOLDERS' FUNDS

226

15,562

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 February 2015.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 February 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 26 November 2015 and were signed by:

A G Morris - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

As required by the Financial Reporting Standard for Smaller Entities (effective April 2008), the directors have

prepared the financial statements on the basis that the company is no longer a going concern.

As at 28 February 2015, the company ceased to trade and the trade and assets of the company were transferred

to Fourply Limited. The consideration for the transfer was the net book value of the assets at the time of the

transfer.

No material adjustments arose as a result of ceasing to apply the going concern basis.

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 is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the

goods are physically delivered to the customer. Turnover from the supply of services 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. Where the contract has only been partially completed at the balance sheet date

turnover represents the value of the service provided to date based on a proportion of the total contract value.

Where payments are received from customers in advance of services provided, the amounts are recorded as

Deferred Income and included as part of Creditors due within one year.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by

including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is

calculated by reference to the value of work performed to date as a proportion of the total contract value.

Tangible fixed assets

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

Computer equipment

-

33% on reducing balance

Deferred tax

The charge for taxation takes into account taxation deferred as a result of timing differences between the

treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in

respect of all timing differences that have originated but not reversed at the balance sheet date. However,

deferred tax assets are recognised only to the extent that the directors consider it more likely than not that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred taxation is

measured on a non-discounted basis at the average rates that would apply when the timing differences are

expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Work in progress

Work in progress is value at the lower of cost or net realisable value.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2014

682

Disposals

(682

)

At 28 February 2015

-

DEPRECIATION

At 1 May 2014

582

Charge for period

27

Eliminated on disposal

(609

)

At 28 February 2015

-

NET BOOK VALUE

At 28 February 2015

-

At 30 April 2014

100

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

1

Ordinary Shares

£1

1

1

4.	ULTIMATE PARENT COMPANY

Fourply Limited is regarded by the director as being the company's ultimate parent company.