Registered Number 03463408

CORROSION PROTECTION SYSTEMS LIMITED

Abbreviated Accounts

31 December 2013

CORROSION PROTECTION SYSTEMS LIMITED Registered Number 03463408

Abbreviated Balance Sheet as at 31 December 2013

Notes 2013 2012
£ £
Fixed assets
Intangible assets 2 921 225
Tangible assets 3 25,747 31,989
26,668 32,214
Current assets
Stocks 17,238 12,050
Debtors 117,407 84,822
Cash at bank and in hand 99,594 25,869
234,239 122,741
Prepayments and accrued income 23,571 18,231
Creditors: amounts falling due within one year (67,336) (33,705)
Net current assets (liabilities) 190,474 107,267
Total assets less current liabilities 217,142 139,481
Creditors: amounts falling due after more than one year (5,176) (8,000)
Total net assets (liabilities) 211,966 131,481
Capital and reserves
Called up share capital 4 100 100
Profit and loss account 211,866 131,381
Shareholders' funds 211,966 131,481
  • For the year ending 31 December 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 16 September 2014

And signed on their behalf by:
J G Tucker, Director
P R Metcalf, Director

CORROSION PROTECTION SYSTEMS LIMITED Registered Number 03463408

Notes to the Abbreviated Accounts for the period ended 31 December 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling with the company's ordinary activities.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less the residual value of each asset over its expected useful life, as follows:
Plant and machinery - 25% reducing balance
Fixtures, fittings and equipment - 25% reducing balance
Motor Vehicles - 25% reducing balance

Intangible assets amortisation policy
Patents are valued at cost less accumulated amortisation.
Amortisation is calculated to write off the cost in equal annual instalments over their estimated life of 5 years.

Other accounting policies
Leasing and Hire purchase commitments
Assets obtained under hire purchase and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

2Intangible fixed assets
£
Cost
At 1 January 2013 10,384
Additions 940
Disposals -
Revaluations -
Transfers -
At 31 December 2013 11,324
Amortisation
At 1 January 2013 10,159
Charge for the year 244
On disposals -
At 31 December 2013 10,403
Net book values
At 31 December 2013 921
At 31 December 2012 225
3Tangible fixed assets
£
Cost
At 1 January 2013 74,532
Additions 2,571
Disposals -
Revaluations -
Transfers -
At 31 December 2013 77,103
Depreciation
At 1 January 2013 42,543
Charge for the year 8,813
On disposals -
At 31 December 2013 51,356
Net book values
At 31 December 2013 25,747
At 31 December 2012 31,989
4Called Up Share Capital
Allotted, called up and fully paid:
2013
£
2012
£
100 Ordinary shares of £1 each 100 100