Filtration and Separation Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04241139 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2016

for

FILTRATION AND SEPARATION LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R A Pearce

Mrs M S Pearce

SECRETARY:

Mrs M S Pearce

REGISTERED OFFICE:

Roselea House

Pencoed Lane

Llanmartin

Newport

NP18 2ED

REGISTERED NUMBER:

04241139 (England and Wales)

ACCOUNTANTS:

KTS OWENS THOMAS LIMITED

Chartered Accountants and Business Advisers

The Counting House

Celtic Gateway

Dunleavy Drive

Cardiff

CF11 0SN

FIXED ASSETS

Intangible assets

4

-

2,750

Tangible assets

5

6,514

7,933

Investments

6

20

20

6,534

10,703

CURRENT ASSETS

Stocks

22,700

25,326

Debtors

42,450

26,860

Cash at bank and in hand

4,212

1,030

69,362

53,216

CREDITORS

Amounts falling due within one year

(64,833

)

(49,093

)

NET CURRENT ASSETS

4,529

4,123

TOTAL ASSETS LESS CURRENT LIABILITIES

11,063

14,826

CAPITAL AND RESERVES

Called up share capital

114

114

Share premium

9,986

9,986

Revaluation reserve

8

20,000

20,000

Retained earnings

(19,037

)

(15,274

)

SHAREHOLDERS' FUNDS

11,063

14,826

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 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

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 14 September 2017 and were signed on its behalf by:

R Pearce - Director

1.	STATUTORY INFORMATION

Filtration and Separation 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & Machinery

-

25% on reducing balance

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2016

and 31 December 2016

30,000

AMORTISATION

At 1 January 2016

27,250

Amortisation for year

2,750

At 31 December 2016

30,000

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

2,750

5.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 January 2016

67,139

Additions

612

At 31 December 2016

67,751

DEPRECIATION

At 1 January 2016

59,206

Charge for year

2,031

At 31 December 2016

61,237

NET BOOK VALUE

At 31 December 2016

6,514

At 31 December 2015

7,933

Cost or valuation at 31 December 2016 is represented by:

Totals

£

Valuation in 2005

67,751

If plant and machinery had not been revalued it would have been included at the following historical cost:

2016

2015

£

£

Cost

47,751

47,139

Aggregate depreciation

42,080

40,332

Plant and machinery was valued on an open market basis on 30 November 2005 by the directors of the company

.

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 January 2016

and 31 December 2016

20

NET BOOK VALUE

At 31 December 2016

20

At 31 December 2015

20

7.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank overdrafts

14,529

16,729

A debenture dated 14 December 2001 was created by the company to secure amounts owed to National

Westminster Bank plc.

8.

RESERVES

Revaluation

reserve

£

At 1 January 2016

and 31 December 2016

20,000

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2016 and

31 December 2015:

2016

2015

£

£

R Pearce and Mrs M Pearce

Balance outstanding at start of year

8,428

6,659

Amounts advanced

29,582

22,777

Amounts repaid

(29,924

)

(21,008

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

8,086

8,428

10.	RELATED PARTY DISCLOSURES

Included in creditors is an amount totalling £1,060 owed to T S 2 Limited (2015: Owed to T S 2 Limited

£1,060).

Mr & Mrs Pearce are the sole shareholders of T S 2 Limited.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the company is Mr R A Pearce by virtue of his shareholding.

12.	FIRST YEAR ADOPTION

This is the first year that the company has presented its results under FRS 102. The last financial statements

under UK GAAP were for the year ended 31 December 2015. The date of transition was 1 January 2015.

There are no material changes to the basis of preparation of the accounts arising on transition to FRS 102.