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REGISTERED NUMBER: SC315282 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

FOR

Probe Drainage Specialists Limited

Probe Drainage Specialists Limited (Registered number: SC315282)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Probe Drainage Specialists Limited

COMPANY INFORMATION
for the Year Ended 31 January 2023







DIRECTORS: D Walsh
F Reid





SECRETARY: D Walsh





REGISTERED OFFICE: 9 Glasgow Road
Paisley
PA1 3QS





REGISTERED NUMBER: SC315282 (Scotland)





ACCOUNTANTS: John M Taylor & Co
Chartered Accountants
9 Glasgow Road
PAISLEY
Renfrewshire
PA1 3QS

Probe Drainage Specialists Limited (Registered number: SC315282)

BALANCE SHEET
31 January 2023

31.1.22 31.1.23
£    £    Notes £    £   
FIXED ASSETS
183,949 Tangible assets 5 453,565

CURRENT ASSETS
4,510 Stocks 6,419
531,377 Debtors 6 582,558
11,788 Cash at bank 17,011
547,675 605,988
CREDITORS
164,738 Amounts falling due within one year 7 193,295
382,937 NET CURRENT ASSETS 412,693
566,886 TOTAL ASSETS LESS CURRENT
LIABILITIES

866,258

CREDITORS
(281,613 ) Amounts falling due after more than one
year

8

(451,772

)

(34,950 ) PROVISIONS FOR LIABILITIES (50,036 )
250,323 NET ASSETS 364,450

CAPITAL AND RESERVES
5,000 Called up share capital 10 5,000
245,323 Retained earnings 11 359,450
250,323 SHAREHOLDERS' FUNDS 364,450

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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.

Probe Drainage Specialists Limited (Registered number: SC315282)

BALANCE SHEET - continued
31 January 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 October 2023 and were signed on its behalf by:





D Walsh - Director


Probe Drainage Specialists Limited (Registered number: SC315282)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Probe Drainage Specialists Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared under the historical cost convention.

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


Turnover
Turnover represents net invoiced sale of services, excluding value added tax. Contract revenue, described as turnover, is recognised when and to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant & machinery - 20% on reducing balance
Motor vehicles - 20% on cost
Computer equipment - 20% on reducing balance

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Stocks
Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised cost. Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.


Probe Drainage Specialists Limited (Registered number: SC315282)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

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 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.

Rentals under operating leases are charges 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.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 7 ) .

Probe Drainage Specialists Limited (Registered number: SC315282)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant & and Motor Computer
Totals machinery fittings vehicles equipment
£    £    £    £    £   
COST
At 1 February 2022 276,078 150,112 1,185 121,226 3,555
Additions 332,171 295,842 - 34,999 1,330
Disposals (7,917 ) - - (7,917 ) -
At 31 January 2023 600,332 445,954 1,185 148,308 4,885
DEPRECIATION
At 1 February 2022 92,129 53,623 578 36,192 1,736
Charge for year 62,555 32,466 122 29,337 630
Eliminated on disposal (7,917 ) - - (7,917 ) -
At 31 January 2023 146,767 86,089 700 57,612 2,366
NET BOOK VALUE
At 31 January 2023 453,565 359,865 485 90,696 2,519
At 31 January 2022 183,949 96,489 607 85,034 1,819

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant & Motor
Totals machinery vehicles
£    £    £   
COST
At 1 February 2022 134,590 80,345 54,245
Additions 308,000 290,000 18,000
At 31 January 2023 442,590 370,345 72,245
DEPRECIATION
At 1 February 2022 26,918 16,069 10,849
Charge for year 39,304 24,855 14,449
At 31 January 2023 66,222 40,924 25,298
NET BOOK VALUE
At 31 January 2023 376,368 329,421 46,947
At 31 January 2022 107,672 64,276 43,396

Probe Drainage Specialists Limited (Registered number: SC315282)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors 174,856 179,272
Sundry debtors 374,864 320,026
Corporation Tax 24,634 24,732
Prepayments 8,204 7,347
582,558 531,377

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Other loans 39,660 34,669
Hire purchase contracts 66,020 25,978
Trade creditors 48,685 37,333
Corporation Tax - 7,014
Social security and other taxes 9,184 7,042
VAT 9,286 4,846
Directors' current accounts 12,073 32,810
Accrued expenses 8,387 15,046
193,295 164,738

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.23 31.1.22
£    £   
Other loans - 1-2 years 39,913 34,913
Other loans - 2-5 years 130,734 165,938
Hire purchase contracts 281,125 80,762
451,772 281,613

9. SECURED DEBTS

The Royal Bank of Scotland plc has a Bond and Floating Charge over all the property and undertaking of the company

Obligations under hire purchase contracts are secured over the assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.23 31.1.22
value: £    £   
2,750 Ordinary A £1 2,750 2,750
2,250 Ordinary B £1 2,250 2,250
5,000 5,000

Probe Drainage Specialists Limited (Registered number: SC315282)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

11. RESERVES
Retained
earnings
£   

At 1 February 2022 245,323
Profit for the year 148,127
Dividends (34,000 )
At 31 January 2023 359,450

12. ULTIMATE CONTROLLING PARTY

The Director, D Walsh controls the company as a result of holding directly 55% of the issued ordinary share
capital.