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COMPANY REGISTRATION NUMBER: NI064232
Pipeline Solutions NI Limited
Filleted Unaudited Financial Statements
30 June 2023
Pipeline Solutions NI Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
7
155,044
164,894
Investments
8
1
1
---------
---------
155,045
164,895
Current assets
Stocks
85,602
65,015
Debtors
9
698,069
985,148
Cash at bank and in hand
69,451
68,544
---------
------------
853,122
1,118,707
Creditors: amounts falling due within one year
10
197,710
203,148
---------
------------
Net current assets
655,412
915,559
---------
------------
Total assets less current liabilities
810,457
1,080,454
Creditors: amounts falling due after more than one year
11
72,312
85,875
Provisions
Taxation including deferred tax
26,102
26,102
---------
------------
Net assets
712,043
968,477
---------
------------
Pipeline Solutions NI Limited
Statement of Financial Position (continued)
30 June 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
13
1
1
Profit and loss account
712,042
968,476
---------
---------
Shareholders funds
712,043
968,477
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 24 March 2024 , and are signed on behalf of the board by:
Mr G McClean
Director
Company registration number: NI064232
Pipeline Solutions NI Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is c/o FEB Chartered Accountants, Linenhall Exchange, 26 Linenhall Street, Belfast, BT2 8BG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and Buildings
-
33% straight line
Plant & Machinery
-
20% reducing balance
Fixtures & Fittings
-
10% straight line
Motor Vehicles
-
25% straight line
Equipment
-
33 % straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 12 ).
5. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
68,000
57,000
--------
--------
6. Intangible assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
330,000
---------
Amortisation
At 1 July 2022 and 30 June 2023
330,000
---------
Carrying amount
At 30 June 2023
---------
At 30 June 2022
---------
7. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jul 2022
73,742
75,452
29,943
168,076
16,983
364,196
Additions
44,226
2,664
46,890
Disposals
( 15,566)
( 15,566)
--------
--------
--------
---------
--------
---------
At 30 Jun 2023
73,742
75,452
29,943
196,736
19,647
395,520
--------
--------
--------
---------
--------
---------
Depreciation
At 1 Jul 2022
71,253
40,809
22,258
57,890
7,092
199,302
Charge for the year
2,489
6,929
709
34,786
4,369
49,282
Disposals
( 8,108)
( 8,108)
--------
--------
--------
---------
--------
---------
At 30 Jun 2023
73,742
47,738
22,967
84,568
11,461
240,476
--------
--------
--------
---------
--------
---------
Carrying amount
At 30 Jun 2023
27,714
6,976
112,168
8,186
155,044
--------
--------
--------
---------
--------
---------
At 30 Jun 2022
2,489
34,643
7,685
110,186
9,891
164,894
--------
--------
--------
---------
--------
---------
8. Investments
Other investments other than loans
£
Cost
At 1 July 2022 and 30 June 2023
1
----
Impairment
At 1 July 2022 and 30 June 2023
----
Carrying amount
At 30 June 2023
1
----
At 30 June 2022
1
----
9. Debtors
2023
2022
£
£
Trade debtors
463,813
530,387
Other debtors
234,256
454,761
---------
---------
698,069
985,148
---------
---------
10. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,905
9,617
Trade creditors
103,797
123,857
Social security and other taxes
9,657
10,595
Amounts owed to related undertaking
4,801
16,745
Other creditors
69,550
42,334
---------
---------
197,710
203,148
---------
---------
11. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,752
30,766
Other creditors
51,560
55,109
--------
--------
72,312
85,875
--------
--------
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
26,102
26,102
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
26,102
26,102
--------
--------
13. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
14. Director's advances, credits and guarantees
During the year company received net loans of £334 from the director (2022 : the company repaid net loans of £200). The balance due to the director at the year end was £801 (2022: £467).
15. Related party transactions
The company was under the control of Mr Gareth McClean throughout the current and previous year. Mr McClean is the managing director and majority shareholder.