Pyrotec Services Limited - Abbreviated accounts

PYROTEC SERVICES LIMITED - Company Information

PYROTEC SERVICES LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2014

































Company Registration Number: 01416087

PYROTEC SERVICES LIMITED

ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014


CONTENTS									PAGES



Company information									1

Balance sheet									2 to 3

Notes to the abbreviated financial statements									4 to 6

PYROTEC SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2014


DIRECTORS

Mr P A Slater
Mr S P Pitts


SECRETARY

Mr S K Dexter


REGISTERED OFFICE

The Old Forge
Main Road
Fyfield
Abingdon
Oxfordshire
OX13 5LN


COMPANY REGISTRATION NUMBER

01416087 England and Wales

PYROTEC SERVICES LIMITED

BALANCE SHEET
AS AT 31 March 2014


	Notes	2014			2013
		£			£

FIXED ASSETS
Tangible assets	2			40,045		16,399

CURRENT ASSETS
Stock		30,584			67,832
Debtors		1,090,633			983,306
Cash at bank and in hand		286,724			238,842


		1,407,941			1,289,980

CREDITORS: Amounts falling due		707,280			631,537
within one year


NET CURRENT ASSETS				700,661		658,443


TOTAL ASSETS LESS CURRENT LIABILITIES				740,706		674,842

Provisions for liabilities and charges				7,282		1,482


NET ASSETS				733,424		673,360



CAPITAL AND RESERVES
Called up share capital	3			650		650
Capital redemption reserve				350		350
Profit and loss account				732,424		672,360


SHAREHOLDER'S FUNDS				733,424		673,360



These abbreviated accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

For the financial year ended 31 March 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

Members have not required the company to obtain an audit in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Signed on behalf of the board of directors


Mr P A Slater			Mr S P Pitts
Director			Director

Date approved by the board: 8 August 2014

PYROTEC SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014


1	STATEMENT OF ACCOUNTING POLICIES

	Accounting convention

	The accounts have been prepared under the historical cost convention and are based on accounts prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

	Turnover

	Turnover represents the invoiced value of the design, supply, maintenance and installation of fire detection and monitoring equipment and emergency lighting systems services provided, stated net of value added tax.

	Turnover is recognised as contract activity progresses, in accordance with the terms of the contractual agreement and the stage of completion of the work. The amount of revenue reflects the partial performance of the company's contractual obligations. Where recorded turnover exceeds amounts invoiced to clients, the excess is classified as income.

	Deferred income

	Deferred income comprises the relevant proportions of monies received from customers in respect of maintenance contracts where the services are to be provided after the year end. These monies will not have to be repaid but will be credited as income in the financial statements for the following year.

	Tangible fixed assets

	Fixed assets are stated at cost less accumulated depreciation.

	Depreciation has been provided at the following rate so as to write off the cost less residual value of the assets over their estimated useful lives.

	Equipment	25% Straight-line basis per annum

	Leases

	Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.

	Stock

	Stock has been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis. Net realisable value is based on estimated selling price less all further costs incurred to get the stock into its normal sale condition (including marketing, selling and distribution costs).

1	STATEMENT OF ACCOUNTING POLICIES (continued…)

	Long term contracts

	Long term contracts have been assessed on a contract-by-contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Turnover is ascertained in a manner appropriate to the stage of completion of the contract, calculated by reference to the costs incurred at the balance sheet date, the business and the industry in which it operates. Profit is taken on long term contracts on a prudent basis and only when the final outcome of the project is reasonably certain.


	Financial instruments

	Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

	Deferred taxation

	Deferred taxation is the taxation attributable to timing differences between profits computed for taxation purposes and profits as stated in the financial statements and is fully provided for, except in circumstances where losses are deemed irrecoverable, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

2	TANGIBLE ASSETS
					Tangible assets
					£
	Cost
	At 1 April 2013				115,908

	Additions				32,914

	Disposals				(511)


	At 31 March 2014				148,311


	Accumulated depreciation
	At 1 April 2013				99,509

	Charge for year				8,922

	Disposals				(165)


	At 31 March 2014				108,266


	Net book value
	At 1 April 2013				16,399


	At 31 March 2014				40,045

3	SHARE CAPITAL
		Nominal value	Number	2014	2013
		£		£	£
	Allotted, called up and fully paid:
	Ordinary shares	1	650	650	650


4	ULTIMATE PARENT COMPANY

	The company's parent and ultimate parent company is MC 416 Limited by virtue of their 100% ownership of the issued share capital of Pyrotec Services Limted.