Freeflow Pipesystems Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05219376 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2018

for

Freeflow Pipesystems Ltd

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

A J Marshall

SECRETARY:

Mrs B J Marshall

REGISTERED OFFICE:

Autobase Industrial Park Tipton Road

Tividale

Oldbury

West Midlands

B69 3HU

REGISTERED NUMBER:

05219376 (England and Wales)

ACCOUNTANTS:

Wilkes Tranter & Co Limited

Brook House

Moss Grove

Kingswinford

West Midlands

DY6 9HS

The following reproduces the text of the report prepared for the director 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 Director's Report 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 Freeflow Pipesystems Ltd for the year ended

31 March 2018 which comprise the Profit and loss account, 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 Freeflow Pipesystems Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Freeflow Pipesystems Ltd and state those matters that we have agreed to state to the director of Freeflow Pipesystems Ltd 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 Freeflow Pipesystems Ltd and its director for our work or for this report.

It is your duty to ensure that Freeflow Pipesystems Ltd 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 loss of Freeflow Pipesystems Ltd. You consider that Freeflow Pipesystems Ltd 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 Freeflow Pipesystems Ltd. 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.

Wilkes Tranter & Co Limited

Brook House

Moss Grove

Kingswinford

West Midlands

DY6 9HS

17 December 2018

FIXED ASSETS

Tangible assets

4

49,446

48,803

CURRENT ASSETS

Stocks

227,222

189,775

Debtors

5

889,676

1,666,349

Cash at bank and in hand

78,201

60,637

1,195,099

1,916,761

CREDITORS

Amounts falling due within one year

6

(860,585

)

(1,551,259

)

NET CURRENT ASSETS

334,514

365,502

TOTAL ASSETS LESS CURRENT LIABILITIES

383,960

414,305

PROVISIONS FOR LIABILITIES

(9,395

)

(9,761

)

NET ASSETS

374,565

404,544

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

374,564

404,543

374,565

404,544

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 Profit and loss account has not been delivered.

The financial statements were approved by the director on 17 December 2018 and were signed by:

A J Marshall - Director

1.	STATUTORY INFORMATION

Freeflow Pipesystems Ltd 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.

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

-

20% 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 Profit and

Loss account, 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2017 - 49 ) .

4.	TANGIBLE FIXED ASSETS

Plant &

machinery

£

COST

At 1 April 2017

67,900

Additions

11,350

At 31 March 2018

79,250

DEPRECIATION

At 1 April 2017

19,097

Charge for year

10,707

At 31 March 2018

29,804

NET BOOK VALUE

At 31 March 2018

49,446

At 31 March 2017

48,803

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

880,358

1,637,061

Other debtors

9,318

29,288

889,676

1,666,349

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

577,629

816,896

Amounts owed to group undertakings

165,465

607,318

Taxation and social security

58,183

89,713

Other creditors

59,308

37,332

860,585

1,551,259

7.	RELATED PARTY DISCLOSURES

During the year the company was provided with a loan from Priory Woodfield Engineering

Limited, a company in which Mr A J Marshall is a director. The balance due to Priory

Woodfield Engineering Limited at 31 March 2018 amounted to £165,465 (2017 - £607,318).

8.	ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is Freeflow Holdings Limited, a company registered in

England and Wales.