REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
Probe Drainage Specialists Limited |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
Probe Drainage Specialists Limited |
Probe Drainage Specialists Limited (Registered number: SC315282) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Probe Drainage Specialists Limited |
COMPANY INFORMATION |
for the Year Ended 31 January 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
9 Glasgow Road |
PAISLEY |
Renfrewshire |
PA1 3QS |
Probe Drainage Specialists Limited (Registered number: SC315282) |
BALANCE SHEET |
31 January 2024 |
31.1.23 | 31.1.24 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
( |
) | Amounts falling due after more than one year |
8 |
( |
) |
( |
) | PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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. |
Probe Drainage Specialists Limited (Registered number: SC315282) |
BALANCE SHEET - continued |
31 January 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Probe Drainage Specialists Limited (Registered number: SC315282) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Probe Drainage Specialists Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared under the historical cost convention. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover represents net invoiced sale of services, excluding value added tax. Contract revenue, described as turnover, is recognised when and to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the right to consideration. |
Tangible fixed assets |
Plant & machinery | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
Stocks |
Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial instruments are recognised at amortised cost. Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. |
Probe Drainage Specialists Limited (Registered number: SC315282) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 January 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis. |
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. |
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals under operating leases are charges to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholders. These amounts are recognised in the statement of changes in equity. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Probe Drainage Specialists Limited (Registered number: SC315282) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 January 2024 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant & | and | Motor | Computer |
Totals | machinery | fittings | vehicles | equipment |
£ | £ | £ | £ | £ |
COST |
At 1 February 2023 |
Additions |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant & | Motor |
Totals | machinery | vehicles |
£ | £ | £ |
COST |
At 1 February 2023 |
Additions |
Transfer to ownership | (96,100 | ) | (68,350 | ) | (27,750 | ) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Transfer to ownership | (35,706 | ) | (24,606 | ) | (11,100 | ) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade debtors |
Sundry debtors |
Directors' current accounts | 14,890 | - |
Corporation Tax |
VAT |
Prepayments |
Probe Drainage Specialists Limited (Registered number: SC315282) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 January 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Other loans |
Hire purchase contracts |
Trade creditors |
Social security and other taxes |
VAT | - | 9,286 |
Directors' current accounts | 9,557 | 12,073 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Other loans - 1-2 years | 30,211 | 39,913 |
Other loans - 2-5 years |
Hire purchase contracts |
9. | SECURED DEBTS |
The Royal Bank of Scotland plc has a Bond and Floating Charge over all the property and undertaking of the company |
Obligations under hire purchase contracts are secured over the assets to which they relate. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.24 | 31.1.23 |
value: | £ | £ |
Ordinary A | £1 | 2,750 | 2,750 |
Ordinary B | £1 | 2,250 | 2,250 |
5,000 | 5,000 |
11. | RESERVES |
Retained |
earnings |
£ |
At 1 February 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 January 2024 |
12. | ULTIMATE CONTROLLING PARTY |
The Director, capital. |