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REGISTERED NUMBER: 02004084 (England and Wales)


















Specialised Pipe & Services Limited

Unaudited Financial Statements for the Year Ended 31st March 2023






Specialised Pipe & Services Limited (Registered number: 02004084)






Contents of the Financial Statements
for the year ended 31st March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Specialised Pipe & Services Limited

Company Information
for the year ended 31st March 2023







DIRECTORS: Mr M W Hansley
Mr R J Hansley
Mr S Foster





REGISTERED OFFICE: Unit 6
Burma Drive
Marfleet Industrial Estate
Hull
East Yorkshire
HU9 5SD





REGISTERED NUMBER: 02004084 (England and Wales)





ACCOUNTANTS: Smailes Goldie
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire HU2 8BA

Specialised Pipe & Services Limited (Registered number: 02004084)

Balance Sheet
31st March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,040 760
Tangible assets 5 260,150 268,083
261,190 268,843

CURRENT ASSETS
Stocks 197,737 181,849
Debtors 6 297,195 282,972
Cash at bank and in hand 605,339 500,960
1,100,271 965,781
CREDITORS
Amounts falling due within one year 7 369,596 359,434
NET CURRENT ASSETS 730,675 606,347
TOTAL ASSETS LESS CURRENT
LIABILITIES

991,865

875,190

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve 27,927 28,576
Retained earnings 962,938 845,614
SHAREHOLDERS' FUNDS 991,865 875,190

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

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

Specialised Pipe & Services Limited (Registered number: 02004084)

Balance Sheet - continued
31st March 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9th November 2023 and were signed on its behalf by:





Mr R J Hansley - Director


Specialised Pipe & Services Limited (Registered number: 02004084)

Notes to the Financial Statements
for the year ended 31st March 2023

1. STATUTORY INFORMATION

Specialised Pipe & Services Limited 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 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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of specialist hydraulic and instrumental equipment is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Interest and other income
Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Leasehold property - 2% on cost
Office equipment - 15% on cost
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost
Computer
equipment

- 33% on cost

Stocks
Stock and work in progress is stated at the lower of cost and net realisable value.

In the case of raw materials and consumable stores cost means purchase price including transport and handling costs, less trade discounts calculated on a first in first out basis. In the case of work in progress and finished goods, cost consists of direct materials, direct labour and attributable overheads based on normal levels of activity.

Net realisable value means estimated selling price less all further costs to completion and all costs to be incurred in marketing, selling and distribution.

Specialised Pipe & Services Limited (Registered number: 02004084)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 9 ) .

Specialised Pipe & Services Limited (Registered number: 02004084)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st April 2022 7,450
Additions 1,040
At 31st March 2023 8,490
AMORTISATION
At 1st April 2022 6,690
Charge for year 760
At 31st March 2023 7,450
NET BOOK VALUE
At 31st March 2023 1,040
At 31st March 2022 760

5. TANGIBLE FIXED ASSETS
Leasehold Office Plant and
property equipment machinery
£    £    £   
COST OR VALUATION
At 1st April 2022
and 31st March 2023 300,000 6,699 39,346
DEPRECIATION
At 1st April 2022 36,000 5,489 38,313
Charge for year 6,000 227 536
At 31st March 2023 42,000 5,716 38,849
NET BOOK VALUE
At 31st March 2023 258,000 983 497
At 31st March 2022 264,000 1,210 1,033

Specialised Pipe & Services Limited (Registered number: 02004084)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1st April 2022
and 31st March 2023 13,890 37,383 18,172 415,490
DEPRECIATION
At 1st April 2022 13,373 37,383 16,849 147,407
Charge for year 182 - 988 7,933
At 31st March 2023 13,555 37,383 17,837 155,340
NET BOOK VALUE
At 31st March 2023 335 - 335 260,150
At 31st March 2022 517 - 1,323 268,083

Cost or valuation at 31st March 2023 is represented by:

Leasehold Office Plant and
property equipment machinery
£    £    £   
Valuation in 2015 32,470 - -
Cost 267,530 6,699 39,346
300,000 6,699 39,346

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2015 - - - 32,470
Cost 13,890 37,383 18,172 383,020
13,890 37,383 18,172 415,490

If Leasehold property had not been revalued 2015 would have been included at the following historical cost:

2023 2022
£    £   
Cost 267,530 267,530
Aggregate depreciation 37,454 32,104

Specialised Pipe & Services Limited (Registered number: 02004084)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 287,862 276,153
Other debtors 9,333 6,819
297,195 282,972

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 264,316 267,876
Amounts owed to group undertakings 25,180 12,320
Taxation and social security 70,846 70,757
Other creditors 9,254 8,481
369,596 359,434

8. FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance amount to £1,870 (2022 - £6,358).

9. ULTIMATE CONTROLLING PARTY

The company's parent company is Specialised Pipe and Services (Holdings) Limited, their registered office and principle place of business is Unit 6, Burma Drive, Marfleet Industrial Estate, Hull.