2023-01-012023-12-312023-12-31false10512945HYDROSTATIC TESTING PIPELINE SERVICES 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HYDROSTATIC TESTING PIPELINE SERVICES LTD

Registered Number
10512945
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

HYDROSTATIC TESTING PIPELINE SERVICES LTD
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

Christopher Thomas
Davies, Daniel Edward

Registered Address

73 Bye Pass Road
Tarvin
Chester
CH3 8EF

Place of Business

Unit 65

Clywedog Rd N

Wrexham

LL13 9XN


Registered Number

10512945 (England and Wales)
HYDROSTATIC TESTING PIPELINE SERVICES LTD
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3178,03090,726
178,03090,726
Current assets
Debtors488,799170,236
Cash at bank and on hand13,29386
102,092170,322
Creditors amounts falling due within one year5(53,171)(119,603)
Net current assets (liabilities)48,92150,719
Total assets less current liabilities226,951141,445
Creditors amounts falling due after one year6(54,265)(36,126)
Net assets172,686105,319
Capital and reserves
Called up share capital100100
Profit and loss account172,586105,219
Shareholders' funds172,686105,319
The financial statements were approved and authorised for issue by the Board of Directors on 9 August 2024, and are signed on its behalf by:
Christopher Thomas
Director
Registered Company No. 10512945
HYDROSTATIC TESTING PIPELINE SERVICES LTD
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20232022
Average number of employees during the year33
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 23174,736
Additions120,624
At 31 December 23295,360
Depreciation and impairment
At 01 January 2384,010
Charge for year33,320
At 31 December 23117,330
Net book value
At 31 December 23178,030
At 31 December 2290,726
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables67,64224,401
Other debtors12,399145,135
Prepayments and accrued income8,058-
Total88,099169,536
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables15,22713,037
Bank borrowings and overdrafts10,00014,455
Taxation and social security12,63927,819
Finance lease and HP contracts12,3324,902
Other creditors2,97319,390
Accrued liabilities and deferred income-40,000
Total53,171119,603
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts14,37025,130
Other creditors39,89510,996
Total54,26536,126
7.Obligations under finance leases

2023

2022

££
Finance lease and HP contracts39,89510,996