REGISTERED NUMBER: |
Basingstoke Pressure Vessels And |
Pipework Limited |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
REGISTERED NUMBER: |
Basingstoke Pressure Vessels And |
Pipework Limited |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
Basingstoke Pressure Vessels And |
Pipework Limited (Registered number: 02101231) |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Basingstoke Pressure Vessels And |
Pipework Limited |
Company Information |
for the year ended 31 March 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
250 Fowler Avenue |
Farnborough |
Hampshire |
GU14 7JP |
Basingstoke Pressure Vessels And |
Pipework Limited (Registered number: 02101231) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital | 8 |
Retained earnings |
Shareholders' funds |
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. |
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 and authorised for issue on |
Basingstoke Pressure Vessels And |
Pipework Limited (Registered number: 02101231) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | Statutory information |
Basingstoke Pressure Vessels And Pipework Limited is a |
2. | Accounting policies |
Accounting convention |
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest pound. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
Going Concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This view has given due consideration to the impact of COVID-19 on the business, and is to the best knowledge of the directors based on the current circumstances. The company has a strong solvent balance sheet and healthy cash position. Hence the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Buildings leasehold | 50 years straight line |
Plant and machinery | 10% reducing balance - 20% straight line |
Fixtures, fittings & equipment | 10% reducing balance |
Motor vehicles | 25% straight line |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
Stocks |
Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. The stock value is based on the estimate of the directors, and impairment is also considered. |
Cash at bank and in hand |
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank loans. |
Basingstoke Pressure Vessels And |
Pipework Limited (Registered number: 02101231) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
2. | Accounting policies - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
Taxation |
The tax expense represents the sum of the tax currently payable and deferred tax. |
Current tax |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
Deferred tax |
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Leases |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense. |
Retirement benefits |
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
3. | Employees and directors |
The average number of employees during the year was |
Basingstoke Pressure Vessels And |
Pipework Limited (Registered number: 02101231) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
4. | Tangible fixed assets |
Fixtures |
Long | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
Depreciation |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
Leasehold buildings have been pledged as security for bank borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity. |
5. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 7) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 46,981 | 44,354 |
Directors' current accounts | 6,678 | 6,678 |
Accrued expenses |
The aggregate amount of creditors for which security has been given amounted to £Nil (2022 - £5,238). |
7. | Leasing agreements |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Basingstoke Pressure Vessels And |
Pipework Limited (Registered number: 02101231) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
7. | Leasing agreements - continued |
Non-cancellable |
operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
9. | Operating lease commitments |
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows: |
2023 | 2022 |
£ | £ |
7,931 | 8,837 |
10. | Related party transactions |
Included in turnover is £606,530 (2022 - £523,254) receivable from Active Flow Controls Limited. Included in debtors at the year end is an amount of £Nil (2022 - £16,384) owed by Active Flow Controls Limited, a company in which A M Cole and D A Collier are also directors. |