Premier Pipeline Supplies Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 02612866 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 30 June 2016

for

Premier Pipeline Supplies Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

V J Lee

P O'Halloran

R Moska

SECRETARY:

R Moska

REGISTERED OFFICE:

Unit 25 Grove Mills

Elland Lane

Elland

West Yorkshire

HX5 9DZ

REGISTERED NUMBER:

02612866 (England and Wales)

ACCOUNTANTS:

Horley Green Chartered Accountants

Horley Green House

Horley Green Road

Claremount

Halifax

West Yorkshire

HX3 6AS

FIXED ASSETS

Tangible assets

2

70,993

78,575

CURRENT ASSETS

Stocks

397,594

435,960

Debtors

704,291

635,717

Cash at bank and in hand

180,428

256,126

1,282,313

1,327,803

CREDITORS

Amounts falling due within one year

561,542

567,054

NET CURRENT ASSETS

720,771

760,749

TOTAL ASSETS LESS CURRENT LIABILITIES

791,764

839,324

CAPITAL AND RESERVES

Called up share capital

3

162

162

Profit and loss account

791,602

839,162

SHAREHOLDERS' FUNDS

791,764

839,324

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 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 19 August 2016 and were signed on its behalf by:

V J Lee - Director

R Moska - 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 January 2015).

Turnover

Turnover represents the net amount receivable for goods supplied and services provided, excluding value added tax, except

in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

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.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% 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.

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 the profit and loss account 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, in favour of the three directors. Contributions payable for the

year are charged in the profit and loss account.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

166,464

Additions

15,688

Disposals

(14,000

)

At 30 June 2016

168,152

DEPRECIATION

At 1 July 2015

87,889

Charge for year

19,947

Eliminated on disposal

(10,677

)

At 30 June 2016

97,159

NET BOOK VALUE

At 30 June 2016

70,993

At 30 June 2015

78,575

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.16

30.6.15

value:

£

£

162

Ordinary

£1

162

162

4.	RELATED PARTY DISCLOSURES