Caseware UK (AP4) 2023.0.135 2023.0.135 The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with Companies Act 2006 and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the Company as at the financial year end date, of the profit or loss for that financial year and otherwise comply with the Companies Act 2006. In preparing these unaudited financial statements, the directors are required to: select suitable accounting policies for the Company's financial statements and then apply them consistently; make judgments and accounting estimates that are reasonable and prudent; state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Director's declaration on unaudited financial statements The directors approve these financial statements and confirms that they are responsible for them, including selecting the appropriate accounting policies for the Company's financial statements, applying them consistently and making, on a reasonable and prudent basis, the judgments underlying them. They have been prepared on a going concern basis on the grounds that the Company will continue in business. The directors confirm that they have made available to Grant Thornton Business Advisory Services Limited, Chartered Accountants, all the Company's accounting records and provided all the information necessary for the compilation of the financial statements. The directors confirm that to the best of their knowledge and belief, the accounting records reflect all the transactions of the Company for the periods ended 30 November 2023. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Consolidated Pumps (N.I.) Limited (the "Company") for the year ended 30 November 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes to the financial statements, including a summary of significant accounting policies, from the Company's accounting records and from information and explanations you have given to us. The financial statements have been compiled on the basis set out in the Note 2.1 to the financial statements. This report is made solely to the directors of Consolidated Pumps (N.I.) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the Company's directors that we have done so and state those matters that we have agreed to state to the directors of Consolidated Pumps (N.I.) Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Consolidated Pumps (N.I.) Limited and its directors, as a body, for our work or for this report. We have carried out this engagement in accordance with the International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements You have approved the financial statements for the year ended 30 November 2023 and you have acknowledged on the Statement of Financial Position as at 30 November 2023 your duty to ensure that Consolidated Pumps (N.I.) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Consolidated Pumps (N.I.) Limited is exempt from the statutory audit requirement for the year ended 30 November 2023. We have not been instructed to carry out an audit or review the financial statements of Consolidated Pumps (N.I.) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.The financial statements are presented in Sterling (£). The Company's functional and presentational currency is Sterling (£).Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: the Company has transferred the significant risks and rewards of ownership to the buyer; the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due under the transaction; and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably.Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in Statement of Comprehensive Income.Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. As at 30 November 2023 and 2022, there are no financial instruments that are subsequently measured at fair value.Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.Rentals paid under operating leases are charged to Statement of Comprehensive Income on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.Consolidated Pumps (N.I.) Limited is related to Consolidated Pumps Limited, Pumphouse (Ireland) Limited, Consolidated Pumps (U.K.) Limited and Consolidated Engineering Limited through common directors and shareholders. During the year, the Company was charged a management fee of £4,127 (2022: £12,930) by Consolidated Pumps Limited. No management fee was charged by the Company during the year. The following balances were due from Consolidated Pumps (N.I.) Limited at year end: Consolidated Pumps Limited £109,953 (2022: £97,552). Pumphouse (Ireland) Limited £2,700 (2022: £1,915). Consolidated Pumps (U.K.) Limited £266 (2022: £266). Consolidated Engineering Limited £8,699 (2022: £8,386) No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102.true2022-12-01false00falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. NI014088 2022-12-01 2023-11-30 NI014088 2021-12-01 2022-11-30 NI014088 2023-11-30 NI014088 2022-11-30 NI014088 2021-12-01 NI014088 1 2022-12-01 2023-11-30 NI014088 d:CompanySecretary1 2022-12-01 2023-11-30 NI014088 d:Director1 2022-12-01 2023-11-30 NI014088 d:Director2 2022-12-01 2023-11-30 NI014088 d:Director3 2022-12-01 2023-11-30 NI014088 d:RegisteredOffice 2022-12-01 2023-11-30 NI014088 d:Agent1 2022-12-01 2023-11-30 NI014088 c:CurrentFinancialInstruments 2023-11-30 NI014088 c:CurrentFinancialInstruments 2022-11-30 NI014088 c:UKTax 2022-12-01 2023-11-30 NI014088 c:UKTax 2021-12-01 2022-11-30 NI014088 c:ShareCapital 2022-12-01 2023-11-30 NI014088 c:ShareCapital 2023-11-30 NI014088 c:ShareCapital 2022-11-30 NI014088 c:ShareCapital 2021-12-01 NI014088 c:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 NI014088 c:RetainedEarningsAccumulatedLosses 2023-11-30 NI014088 c:RetainedEarningsAccumulatedLosses 2021-12-01 2022-11-30 NI014088 c:RetainedEarningsAccumulatedLosses 2022-11-30 NI014088 c:RetainedEarningsAccumulatedLosses 2021-12-01 NI014088 d:OrdinaryShareClass1 2022-12-01 2023-11-30 NI014088 d:OrdinaryShareClass1 2021-12-01 2022-11-30 NI014088 d:OrdinaryShareClass1 2023-11-30 NI014088 d:OrdinaryShareClass1 2022-11-30 NI014088 d:FRS102 2022-12-01 2023-11-30 NI014088 d:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 NI014088 d:FullAccounts 2022-12-01 2023-11-30 NI014088 d:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 NI014088 c:EntityControlledByKeyManagementPersonnel1 2022-12-01 2023-11-30 NI014088 c:EntityControlledByKeyManagementPersonnel1 2021-12-01 2022-11-30 NI014088 c:EntityControlledByKeyManagementPersonnel1 2023-11-30 NI014088 c:EntityControlledByKeyManagementPersonnel1 2022-11-30 NI014088 c:EntityControlledByKeyManagementPersonnel2 2022-12-01 2023-11-30 NI014088 c:EntityControlledByKeyManagementPersonnel2 2023-11-30 NI014088 c:EntityControlledByKeyManagementPersonnel2 2022-11-30 NI014088 c:EntityControlledByKeyManagementPersonnel3 2022-12-01 2023-11-30 NI014088 c:EntityControlledByKeyManagementPersonnel3 2023-11-30 NI014088 c:EntityControlledByKeyManagementPersonnel3 2022-11-30 NI014088 c:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-12-01 2023-11-30 NI014088 c:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-11-30 NI014088 c:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-11-30 xbrli:shares iso4217:GBP xbrli:pure

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Financial Statements
Consolidated Pumps (N.I.) Limited
For the year ended 30 November 2023





































Registered number: NI014088

 
Consolidated Pumps (N.I.) Limited
 

Company Information


Directors
Ronald Tolan 
Mary Tolan 
Raymond Tolan 




Company secretary
Mary Tolan



Registered number
NI014088



Registered office
Forsyth House
Cromac Square

Belfast

BT2 8LA

Northern Ireland




Accountants
Grant Thornton Business Advisory Services Limited
Chartered Accountants

13 - 18 City Quay

Dublin 2




Bankers
Danske Bank
PO Box 533

Donegall Square West

Belfast

BT1 5GJ




Solicitors
P.P. O'Sullivan
24 Dame Street

Dublin 2





 
Consolidated Pumps (N.I.) Limited
 

Contents



Page
Directors' Report
1
Directors' Responsibilities Statement
2
Accountant's Report
3
Statement of Comprehensive Income
4
Statement of Financial Position
5
Statement of Changes in Equity
6
Notes to the Financial Statements
7 - 13


 
Consolidated Pumps (N.I.) Limited
 
 
Directors' Report
For the year ended 30 November 2023

The directors present their report and the financial statements for the year ended 30 November 2023.

Principal activities and business review

The principal activity of Consolidated Pumps (N.I.) Limited (the "Company") during the year was the sale of pumps and spare parts for pumps to the Northern Ireland market.
The directors consider the Company's state of affairs at the balance sheet to be satisfactory.

Results and dividends

The profit for the year, after taxation, amounted to £769 (2022: profit £1,064).

The directors have not recommended a dividend (2022: £Nil).

Directors and their interests

The directors who served during the year and their interests in the Company's issued share capital were:

Ordinary shares
of £1 each

30/11/23

1/12/22


Ronald Tolan 
999
999
Mary Tolan 
1
1
Raymond Tolan 
-
-


Events since the end of the year

There have been no significant events affecting the Company since the year ended 30 November 2023.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Ronald Tolan
Director
Mary Tolan
Director


Date: 12 August 2024

Page 1

 
Consolidated Pumps (N.I.) Limited
 

Directors' Responsibilities Statement
For the year ended 30 November 2023

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with Companies Act 2006 and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.  

Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the Company as at the financial year end date, of the profit or loss for that financial year and otherwise comply with the Companies Act 2006.

 In preparing these unaudited financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether the financial statements have been prepared in accordance with applicable accounting   standards, identify those standards, and note the effect and the reasons for any material departure from those  standards; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.


The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Director's declaration on unaudited financial statements

The directors approve these financial statements and confirms that they are responsible for them, including selecting the appropriate accounting policies for the Company's financial statements, applying them consistently and making, on a reasonable and prudent basis, the judgments underlying them. They have been prepared on a going concern basis on the grounds that the Company will continue in business.
The directors confirm that they have made available to Grant Thornton Business Advisory Services Limited, Chartered Accountants, all the Company's accounting records and provided all the information necessary for the compilation of the financial statements.
The directors confirm that to the best of their knowledge and belief, the accounting records reflect all the transactions of the Company for the periods ended 30 November 2023.

On behalf of the board



Ronald Tolan       Mary Tolan
Director         Director

Date: 12 August 2024

Page 2

  
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Independent Accountant's Report to the directors of the unaudited financial statements of Consolidated Pumps (N.I.) Limited for the year ended 30 November 2023

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Consolidated Pumps (N.I.) Limited (the "Company") for the year ended 30 November 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes to the financial statements, including a summary of significant accounting policies, from the Company's accounting records and from information and explanations you have given to us.

The financial statements have been compiled on the basis set out in the Note 2.1 to the financial statements.

This report is made solely to the directors of Consolidated Pumps (N.I.) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the Company's directors that we have done so and state those matters that we have agreed to state to the directors of Consolidated Pumps (N.I.) Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Consolidated Pumps (N.I.) Limited and its directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with the International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements

You have approved the financial statements for the year ended 30 November 2023 and you have acknowledged on the Statement of Financial Position as at 30 November 2023 your duty to ensure that Consolidated Pumps (N.I.) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Consolidated Pumps (N.I.) Limited is exempt from the statutory audit requirement for the year ended 30 November 2023.

We have not been instructed to carry out an audit or review the financial statements of Consolidated Pumps (N.I.) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. 




  


Grant Thornton Business Advisory Services Limited

Chartered Accountants
13 - 18 City Quay
Dublin 2







Date:   13 August 2024
Page 3

 
Consolidated Pumps (N.I.) Limited
 

Statement of Comprehensive Income
For the year ended 30 November 2023

2023
2022
Note
 £
£

  

Turnover
  
53,981
47,639

Cost of sales
  
(41,280)
(29,741)

Gross profit
  
12,701
17,898

Administrative expenses
  
(10,412)
(16,585)

Other operating losses
 4 
(1,339)
-

Operating profit
 4 
950
1,313

Tax on profit
 6 
(181)
(249)

Profit for the year
  
769
1,064

All amounts relate to continuing operations.
There was no other comprehensive income for 2023 (2022: £Nil).

The notes on pages 7 to 13 form part of these financial statements.

Page 4

 
Consolidated Pumps (N.I.) Limited
Registered number:NI014088

Statement of Financial Position
As at 30 November 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 7 
1,621
1,891

Debtors
 8 
6,405
-

Cash and cash equivalents
 9 
190,026
194,503

  
198,052
196,394

Current liabilities
  

Creditors
 10 
(124,416)
(123,527)

Net assets
  
 
 
73,636
 
 
72,867


Capital and reserves
  

Called up share capital 
 11 
1,000
1,000

Profit and loss account
 12 
72,636
71,867

Shareholders' funds
  
73,636
72,867


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to
the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Ronald Tolan
Mary Tolan
Director
Director


Date: 12 August 2024

The notes on pages 7 to 13 form part of these financial statements.

Page 5

 
Consolidated Pumps (N.I.) Limited
 

Statement of Changes in Equity
For the year ended 30 November 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 December 2022
1,000
71,867
72,867


Comprehensive income for the year

Profit for the year
-
769
769


At 30 November 2023
1,000
72,636
73,636



Statement of Changes in Equity
For the year ended 30 November 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 December 2021
1,000
70,803
71,803


Comprehensive income for the year

Profit for the year
-
1,064
1,064


At 30 November 2022
1,000
71,867
72,867


The notes on pages 7 to 13 form part of these financial statements.

Page 6

 
Consolidated Pumps (N.I.) Limited
 
 
Notes to the Financial Statements
For the year ended 30 November 2023

1.


General information

Consolidated Pumps (N.I.) Limited (the "Company") is a private company limited by shares and incorporated in Northern Ireland. Its registered office is Forsyth House, Cromac Square, Belfast, BT2 8LA, Northern Ireland. The principal activity of the Company during the year was the sale of pumps and spare parts for pumps to the Northern Ireland market.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
Page 7

 
Consolidated Pumps (N.I.) Limited
 

Notes to the Financial Statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.3

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in Statement of Comprehensive Income.

 
2.4

Debtors

Trade debtors are measured at transaction price, less any impairment. Other debtors are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and payable to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Page 8

 
Consolidated Pumps (N.I.) Limited
 

Notes to the Financial Statements
For the year ended 30 November 2023

2.Accounting policies (continued)


2.6
Financial instruments (continued)

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

As at 30 November 2023 and 2022, there are no financial instruments that are subsequently measured at fair value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including liabilities to related parties. Are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.

Page 9

 
Consolidated Pumps (N.I.) Limited
 

Notes to the Financial Statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.9

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to Statement of Comprehensive Income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.10

 Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

When preparing the financial statements, management undertakes a number of judgments, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses.
The following are significant management judgments in applying the accounting policies of the Company that have the most significant effect on the financial statements.
 
Impairment of other receivables
Adequate amount of allowance is made and provided for specific and groups of accounts where objective evidence of impairment exists. The Company evaluates these accounts based on available facts and circumstances affecting the collectability of the accounts, including, but not limited to, the length of the company’s relationship with its contracting parties, contracting parties’ current credit status, average age of accounts, settlement experience and historical loss experience.
 
Determining net realisable value of stocks
Management estimates the net realisable values of stocks, taking into account the most reliable evidence available at each reporting date. The future realisation of these stocks may be affected by future technology or other market-driven changes that may reduce future selling prices.


4.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Foreign currency losses, net
1,339
-

Operating lease
2,640
2,208

Page 10

 
Consolidated Pumps (N.I.) Limited
 
 
Notes to the Financial Statements
For the year ended 30 November 2023

5.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022: £Nil).

During the year, no director received emoluments (2022: £Nil).


6.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
181
249


Taxation on profit
181
249

Factors affecting tax charge for the year

There are no factors affecting tax charge for the year. The tax assessed for the year is equivalent to the standard rate of corporation tax in the UK of 19% (2022: 19%).



7.


Stocks

2023
2022
£
£

Finished goods and goods for resale
1,621
1,891


Stock recognised in cost of sales during the year as an expense was £41,280 (2022: £29,741).  In the opinion of the directors, the replacement cost of the stock did not differ significantly from the figures above.
An impairment loss of £Nil (2022: £Nil) was recognised in cost of sales against stock during the year.


8.


Debtors: Amounts falling due within one year

2023
2022
£
£


Trade debtors
6,405
-


An impairment loss of £Nil (2022: £Nil) was recognised against trade debtors.

Page 11

 
Consolidated Pumps (N.I.) Limited
 
 
Notes to the Financial Statements
For the year ended 30 November 2023

9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
190,026
194,503



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
287
221

Amounts owed to related parties
121,618
108,119

Corporation tax
843
662

VAT Payable
1,281
870

Accruals
387
13,655

124,416
123,527


Trade creditors are repayable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms.
Amounts owed to related parties are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
VAT and other taxes are repayable at various dates over the coming months in accordance with the applicable statutory provisions.


11.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



1,000 (2022: 1,000) Ordinary shares of £1.00 each
1,000
1,000



12.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.

Share capital

Issued share capital represents nominal value of shares issued.

Page 12

 
Consolidated Pumps (N.I.) Limited
 
 
Notes to the Financial Statements
For the year ended 30 November 2023

13.


Related party transactions

Consolidated Pumps (N.I.) Limited is related to Consolidated Pumps Limited, Pumphouse (Ireland) Limited, Consolidated Pumps (U.K.) Limited and Consolidated Engineering Limited through common directors and shareholders. 
During the year, the Company was charged a management fee of £4,127 (2022: £12,930) by Consolidated Pumps Limited. No management fee was charged by the Company during the year.
 
The following balances were due from Consolidated Pumps (N.I.) Limited at year end:
Consolidated Pumps Limited  £109,953 (2022: £97,552).
Pumphouse (Ireland) Limited  £2,700 (2022: £1,915).
Consolidated Pumps (U.K.) Limited £266 (2022: £266).
Consolidated Engineering Limited £8,699 (2022: £8,386)
No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102.


14.


Post balance sheet events

There have been no adjusting events affecting the Company since year end.


15.


Controlling party

The Company's ultimate controlling party is Ronald Tolan who owns 99.9% of the issued share capital. 


16.


Approval of financial statements

The board of directors approved these financial statements for issue on 12 August 2024.

Page 13