Pit Parts Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 00508665 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2016

for

Pit Parts Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTOR:

N E Smith

SECRETARY:

N E Smith

REGISTERED OFFICE:

39 High Street

Wednesfield

Wolverhampton

West Midlands

WV11 1ST

BUSINESS ADDRESS:

Units 8 & 9

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

4

65,294

69,631

CURRENT ASSETS

Debtors

5

479,152

417,172

Cash at bank

18,143

59,366

497,295

476,538

CREDITORS

Amounts falling due within one year

6

(198,560

)

(197,649

)

NET CURRENT ASSETS

298,735

278,889

TOTAL ASSETS LESS CURRENT LIABILITIES

364,029

348,520

CAPITAL AND RESERVES

Called up share capital

7

100

100

Share premium

6,850

6,850

Retained earnings

357,079

341,570

SHAREHOLDERS' FUNDS

364,029

348,520

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 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 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 director on 5 June 2017 and were signed by:

N E Smith - Director

1.	STATUTORY INFORMATION

Pit Parts 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2016

and 31 December 2016

102,651

29,167

2,550

134,368

DEPRECIATION

At 1 January 2016

48,245

13,942

2,550

64,737

Charge for year

2,053

2,284

-

4,337

At 31 December 2016

50,298

16,226

2,550

69,074

NET BOOK VALUE

At 31 December 2016

52,353

12,941

-

65,294

At 31 December 2015

54,406

15,225

-

69,631

5.

DEBTORS

31.12.16

31.12.15

£

£

Amounts falling due within one year:

Trade debtors

11,877

4,501

Amounts owed by group undertakings

36,132

5,926

Amounts owed by related parties

149,618

56,572

Other debtors

41,923

18,645

239,550

85,644

Amounts falling due after more than one year:

Other debtors

239,602

331,528

Aggregate amounts

479,152

417,172

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade creditors

314

(193

)

Amounts owed to group undertakings

195,223

195,223

Taxation and social security

778

514

Other creditors

2,245

2,105

198,560

197,649

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.16

31.12.15

value:

£

£

100

Ordinary

£1

100

100

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the Mrs N E Smith Trust.

Mrs N E Smith is the settlor and a trustee of the Mrs N E Smith Trust.

9.	EXPLANATION OF TRANSITION TO FRS 102 1A FROM OLD UK GAAP

These are the Company's first financial statements prepared in accordance with FRS 102 1A. The accounting

policies set out in note 1 have been applied in preparing the financial statements for the year ended 31

December 2016 and the comparative information presented in these financial statements for the year ended

31 December 2015.

In preparing its FRS 102 1A balance sheet, the Company has identified no FRS 102 1A impact on the transition

from old UK GAAP to FRS 102 1A.

The following reproduces the text of the report prepared for the director 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 Director 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 Pit Parts 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 director of Pit Parts Limited 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 director of Pit Parts Limited 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 Pit Parts Limited director 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 profit 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.

Crowther Jordan Limited

Chartered Accountants

39 High Street

Wednesfield

Wolverhampton

West Midlands

WV11 1ST

5 June 2017