Pipecraft Limited NI683715 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is Plumbing, heat and air-conditioning installation Digita Accounts Production Advanced 6.30.9574.0 true true NI683715 2022-12-01 2023-11-30 NI683715 2023-11-30 NI683715 bus:OrdinaryShareClass1 2023-11-30 NI683715 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-11-30 NI683715 core:CurrentFinancialInstruments 2023-11-30 NI683715 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 NI683715 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 NI683715 core:LandBuildings 2023-11-30 NI683715 core:MotorVehicles 2023-11-30 NI683715 core:OtherPropertyPlantEquipment 2023-11-30 NI683715 bus:SmallEntities 2022-12-01 2023-11-30 NI683715 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 NI683715 bus:FilletedAccounts 2022-12-01 2023-11-30 NI683715 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 NI683715 bus:RegisteredOffice 2022-12-01 2023-11-30 NI683715 bus:Director1 2022-12-01 2023-11-30 NI683715 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 NI683715 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 NI683715 core:LandBuildings 2022-12-01 2023-11-30 NI683715 core:MotorVehicles 2022-12-01 2023-11-30 NI683715 core:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 NI683715 countries:NorthernIreland 2022-12-01 2023-11-30 NI683715 2022-11-30 NI683715 core:LandBuildings 2022-11-30 NI683715 core:MotorVehicles 2022-11-30 NI683715 core:OtherPropertyPlantEquipment 2022-11-30 NI683715 2021-11-10 2022-11-30 NI683715 2022-11-30 NI683715 bus:OrdinaryShareClass1 2022-11-30 NI683715 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-11-30 NI683715 core:CurrentFinancialInstruments 2022-11-30 NI683715 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 NI683715 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 NI683715 core:LandBuildings 2022-11-30 NI683715 core:MotorVehicles 2022-11-30 NI683715 core:OtherPropertyPlantEquipment 2022-11-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI683715

Pipecraft Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Pipecraft Limited

(Registration number: NI683715)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

36,263

26,182

Current assets

 

Stocks

5

13,978

4,733

Debtors

6

9,833

3,650

Cash at bank and in hand

 

7,180

2,294

 

30,991

10,677

Creditors: Amounts falling due within one year

7

(60,446)

(40,056)

Net current liabilities

 

(29,455)

(29,379)

Total assets less current liabilities

 

6,808

(3,197)

Creditors: Amounts falling due after more than one year

7

(5,617)

(9,871)

Net assets/(liabilities)

 

1,191

(13,068)

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

1,190

(13,069)

Shareholders' funds/(deficit)

 

1,191

(13,068)

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Pipecraft Limited

(Registration number: NI683715)
Balance Sheet as at 30 November 2023

Approved and authorised by the director on 23 August 2024
 

.........................................
Mr Michael Bell
Director

 

Pipecraft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 15 Gallagh Road, Toomebridge, Antrim, Co Antrim, BT41 3QS.

These financial statements were authorised for issue by the director on 23 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Pipecraft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Pipecraft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Pipecraft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Office
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

-

22,250

12,660

34,910

Additions

15,954

-

903

16,857

At 30 November 2023

15,954

22,250

13,563

51,767

Depreciation

At 1 December 2022

-

5,563

3,165

8,728

Charge for the year

-

4,172

2,604

6,776

At 30 November 2023

-

9,735

5,769

15,504

Carrying amount

At 30 November 2023

15,954

12,515

7,794

36,263

At 30 November 2022

-

16,687

9,495

26,182

5

Stocks

2023
£

2022
£

Work in progress

4,978

2,733

Other inventories

9,000

2,000

13,978

4,733

 

Pipecraft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

9,833

1,300

Prepayments

-

82

Other debtors

-

2,268

 

9,833

3,650

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

4,254

4,028

Trade creditors

 

3,910

2,790

Taxation and social security

 

1,007

-

Accruals and deferred income

 

6,400

3,258

Other creditors

 

44,875

29,980

 

60,446

40,056

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       
 

Pipecraft Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

HP and finance lease liabilities

5,617

9,871

Current loans and borrowings

2023
£

2022
£

HP and finance lease liabilities

4,254

4,028