Premier Pipeline Supplies Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 02612866 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2017

for

Premier Pipeline Supplies Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

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

4

54,427

70,993

CURRENT ASSETS

Stocks

420,775

397,594

Debtors

5

743,998

704,291

Cash at bank and in hand

193,941

180,428

1,358,714

1,282,313

CREDITORS

Amounts falling due within one year

6

676,774

561,542

NET CURRENT ASSETS

681,940

720,771

TOTAL ASSETS LESS CURRENT LIABILITIES

736,367

791,764

CAPITAL AND RESERVES

Called up share capital

162

162

Retained earnings

736,205

791,602

SHAREHOLDERS' FUNDS

736,367

791,764

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 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 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 Board of Directors on 18 August 2017 and were signed on its behalf by:

V J Lee - Director

R Moska - Director

1.	STATUTORY INFORMATION

Premier Pipeline Supplies 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 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.

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 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.

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 profit or loss 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 July 2016

and 30 June 2017

47,117

59,543

43,512

17,980

168,152

DEPRECIATION

At 1 July 2016

18,362

43,695

21,564

13,538

97,159

Charge for year

4,312

3,171

5,487

3,596

16,566

At 30 June 2017

22,674

46,866

27,051

17,134

113,725

NET BOOK VALUE

At 30 June 2017

24,443

12,677

16,461

846

54,427

At 30 June 2016

28,755

15,848

21,948

4,442

70,993

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 July 2016

and 30 June 2017

16,083

DEPRECIATION

At 1 July 2016

and 30 June 2017

7,037

NET BOOK VALUE

At 30 June 2017

9,046

At 30 June 2016

9,046

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Trade debtors

736,721

696,839

Prepayments

7,277

7,452

743,998

704,291

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Hire purchase contracts

-

25

Trade creditors

410,162

300,481

Tax

108,930

111,232

Social security and other taxes

7,591

7,317

VAT

54,442

62,787

Directors' loan accounts

76,099

60,000

Accrued expenses

19,550

19,700

676,774

561,542

7.	RELATED PARTY DISCLOSURES

During the accounting period the company paid dividends of £80,000 each to the three company directors.