Pipeways Limited Small abbreviated accounts

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COMPANY REGISTRATION NUMBER 03854754

PIPEWAYS LIMITED

Unaudited

Abbreviated Accounts

31 October 2016

PIPEWAYS LIMITED

Abbreviated Balance Sheet

31 October 2016

		2016		2015
Note		£	£	£
FIXED ASSETS	2
Tangible assets			612,960	610,383
			---------	---------

CURRENT ASSETS

Debtors		15,221		23,842
Cash at bank and in hand		65,847		99,186
		--------		---------
		81,068		123,028
CREDITORS: Amounts falling due within one year	3	109,466		156,527
		---------		---------
NET CURRENT LIABILITIES			( 28,398)	( 33,499)
			---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES			584,562	576,884

CREDITORS: Amounts falling due after more than one year	4		6,389	14,857

PROVISIONS FOR LIABILITIES	16,592	16,077
	---------	---------
	561,581	545,950
	---------	---------

CAPITAL AND RESERVES

Called up equity share capital	5	100	100
Revaluation reserve		93,772	93,772
Profit and loss account		467,709	452,078
		---------	---------
SHAREHOLDERS' FUNDS		561,581	545,950
		---------	---------

For the year ended 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved by the directors and authorised for issue on 7 July 2017 , and are signed on their behalf by:

Mrs J Ward

Company Registration Number: 03854754

PIPEWAYS LIMITED

Notes to the Abbreviated Accounts

Year Ended 31 October 2016

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents the invoice value of goods and services provided during the year, excluding Value Added Tax.

Fixed assets

All fixed assets are initially recorded at cost .

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant & Machinery-20% Reducing balance

Motor Vehicles-25% Reducing balance

Investment properties

Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

This is in accordance with the FRSSE which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

Hire purchase agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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.

2. FIXED ASSETS

	Tangible Assets
	£

COST OR VALUATION

At 1 November 2015	848,698
Additions	63,960
Disposals	( 207,708)
	---------
At 31 October 2016	704,950
	---------

DEPRECIATION

At 1 November 2015	238,315
Charge for year	16,039
On disposals	( 162,364)
	---------
At 31 October 2016	91,990
	---------

NET BOOK VALUE

At 31 October 2016	612,960
	---------

At 31 October 2015	610,383
	---------

3. CREDITORS: Amounts falling due within one year

The following liabilities disclosed under creditors falling due within one year are secured by the company:

	2016	2015
	£	£
Hire purchase agreements	3,333	8,433
	-------	-------

4. CREDITORS: Amounts falling due after more than one year

The following liabilities disclosed under creditors falling due after more than one year are secured by the company:

	2016	2015
	£	£
Hire purchase agreements	6,389	14,857
	-------	--------

5. SHARE CAPITAL

Allotted, called up and fully paid:

	2016		2015
	No	£	No	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----