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Registration number: SC400129

Total Pipeline Technology Civil Eng Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2022

 

Total Pipeline Technology Civil Eng Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Total Pipeline Technology Civil Eng Ltd

Company Information

Directors

Mr Noel Gerard Creamer

Mr Ian Harry Creamer

Registered office

Suite 3N International House
Blantyre
Glasgow
G72 0BN

 

Total Pipeline Technology Civil Eng Ltd

(Registration number: SC400129)
Balance Sheet as at 31 May 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

48,504

40,172

Current assets

 

Debtors

5

967,701

1,341,534

Cash at bank and in hand

 

696,946

640,239

 

1,664,647

1,981,773

Creditors: Amounts falling due within one year

6

(434,057)

(1,378,363)

Net current assets

 

1,230,590

603,410

Total assets less current liabilities

 

1,279,094

643,582

Provisions for liabilities

(108,400)

(111,911)

Net assets

 

1,170,694

531,671

Capital and reserves

 

Called up share capital

100

3

Profit and loss account

1,170,594

531,668

Shareholders' funds

 

1,170,694

531,671

For the financial year ending 31 May 2022 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 financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 July 2022 and signed on its behalf by:
 

.........................................
Mr Ian Harry Creamer
Director

 

Total Pipeline Technology Civil Eng Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Suite 3N International House
Blantyre
Glasgow
G72 0BN
Scotland

These financial statements were authorised for issue by the Board on 13 July 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Total Pipeline Technology Civil Eng Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

Straight line over 3 years

Plant and machinery

10% straight line

Motor vehicles

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Total Pipeline Technology Civil Eng Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2021 - 8).

 

Total Pipeline Technology Civil Eng Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2021

5,919

19,500

20,095

45,514

Additions

417

-

15,680

16,097

At 31 May 2022

6,336

19,500

35,775

61,611

Depreciation

At 1 June 2021

4,225

-

1,117

5,342

Charge for the year

1,562

3,900

2,303

7,765

At 31 May 2022

5,787

3,900

3,420

13,107

Carrying amount

At 31 May 2022

549

15,600

32,355

48,504

At 31 May 2021

1,694

19,500

18,978

40,172

5

Debtors

Note

2022
£

2021
£

Trade debtors

 

199,174

76,663

Accrued income

 

113,926

1,073,093

Sales Retentions

 

36,226

17,480

VAT Control account

 

17,142

95,920

Prepayments

 

10,439

13,232

Loans to Directors'

 

4,463

7,099

Amounts owed by related parties

7

583,047

58,047

Total current trade and other debtors

 

964,417

1,341,534

 

Total Pipeline Technology Civil Eng Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Trade creditors

 

222,173

526,330

Amounts owed to participating interests

7

-

250,000

Payroll liabilities

 

13,320

6,230

Accrued expenses

 

43,675

16,243

Subcontractor accruals

 

-

485,558

Corporation tax liability

 

149,011

89,030

Purchase Retentions

 

5,878

4,972

 

434,057

1,378,363

7

Related party transactions

Summary of transactions with related parties

The Perfect Tan and Beauty
Total Pipeline Technology Civil Eng Ltd has provided the related party with a loan of £58,047 (2021 - £58,047)
The unsecured loan, is non-interest bearing and will be repaid by mutual agreement, as and when cashflow allows.


 Creamer Holdings Limited
Total Pipeline Technology Civil Eng Ltd has provided the related party with a loan of £525,000 (2021 - £nil)
The unsecured loan, is non-interest bearing and will be repaid by mutual agreement, as and when cashflow allows.


 Connections 2 Energy Limited
Total Pipeline Technology Civil Eng Ltd was provided with a loan, during the year, this loan was repaid. As at the 31st May 2022, Total Pipeline Technology Civil Eng Limited owed Connections 2 Energy Limited £nil (2021 - £250,000)