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REGISTERED NUMBER: 02974969 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 December 2023

for

HYGIENIC PIGGING SYSTEMS LIMITED

HYGIENIC PIGGING SYSTEMS LIMITED (REGISTERED NUMBER: 02974969)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HYGIENIC PIGGING SYSTEMS LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S T Ker
G M Murphy
P J Elgar





REGISTERED OFFICE: Unit 46 Evelyn Street
Beeston
Nottingham
NG9 2EU





REGISTERED NUMBER: 02974969 (England and Wales)





ACCOUNTANTS: Cornerstone Glasgow Ltd
6th Floor
Gordon Chambers
90 Mitchell Street
Glasgow
Lanarkshire
G1 3NQ

HYGIENIC PIGGING SYSTEMS LIMITED (REGISTERED NUMBER: 02974969)

Balance Sheet
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 57,797 75,418
Investments 5 14,025 14,025
71,822 89,443

CURRENT ASSETS
Inventories 715,105 642,689
Debtors 6 1,962,492 2,458,640
Cash at bank and in hand 1,930,059 1,498,332
4,607,656 4,599,661
CREDITORS
Amounts falling due within one year 7 2,669,215 2,961,003
NET CURRENT ASSETS 1,938,441 1,638,658
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,010,263

1,728,101

PROVISIONS FOR LIABILITIES 14,660 14,329
NET ASSETS 1,995,603 1,713,772

CAPITAL AND RESERVES
Called up share capital 116 116
Share premium 99,984 99,984
Retained earnings 1,895,503 1,613,672
1,995,603 1,713,772

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

HYGIENIC PIGGING SYSTEMS LIMITED (REGISTERED NUMBER: 02974969)

Balance Sheet - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 May 2024 and were signed on its behalf by:





S T Ker - Director


HYGIENIC PIGGING SYSTEMS LIMITED (REGISTERED NUMBER: 02974969)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Hygienic Pigging Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 10% on a straight line basis
Plant and machinery - 33% on a straight line basis
Motor vehicles - 25% on a straight line basis

Stocks
Inventories 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.

Cost is calculated using the weighted average method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


HYGIENIC PIGGING SYSTEMS LIMITED (REGISTERED NUMBER: 02974969)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 21 ) .

HYGIENIC PIGGING SYSTEMS LIMITED (REGISTERED NUMBER: 02974969)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Leasehold Plant and Motor
improvements machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 86,008 314,991 10,382 411,381
Additions - 30,927 - 30,927
At 31 December 2023 86,008 345,918 10,382 442,308
DEPRECIATION
At 1 January 2023 71,480 254,101 10,382 335,963
Charge for year 5,479 43,069 - 48,548
At 31 December 2023 76,959 297,170 10,382 384,511
NET BOOK VALUE
At 31 December 2023 9,049 48,748 - 57,797
At 31 December 2022 14,528 60,890 - 75,418

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Other investments 14,025 14,025

HYGIENIC PIGGING SYSTEMS LIMITED (REGISTERED NUMBER: 02974969)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. FIXED ASSET INVESTMENTS - continued

The company's investments at the balance sheet date in the share capital of companies include the following:

HPS (Australasia) Pty Ltd
Country of incorporation: Australia
Nature of business: Trading company

%
Class of shares holding
Ordinary 100.00


31.12.23 31.12.22
£ £
Aggregate capital and reserves 5,322 15,112
Loss for the year (8,974 ) (16,776 )


HPS LLC
Country of incorporation: USA
Nature of business: Sales agent

%
Class of shares holding
Ordinary 100.00


31.12.23 31.12.22
£ £
Aggregate capital and reserves 27,342 16,886
Profit for the year 14,172 17,180

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,620,268 2,268,495
Amounts owed by group undertakings 100,715 55,959
Other debtors 241,509 134,186
1,962,492 2,458,640

HYGIENIC PIGGING SYSTEMS LIMITED (REGISTERED NUMBER: 02974969)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 749,517 818,552
Amounts owed to group undertakings 102,111 320,298
Taxation and social security 184,312 322,031
Other creditors 1,633,275 1,500,122
2,669,215 2,961,003

8. LEASING AGREEMENTS
Annual lease payments under non-cancellable operating leases fall due as follows:


2023 2022
£ £
Between one and five years 49,099 -
In more than five years 54,000 54,000
103,099 54,000

9. PENSION COMMITMENTS

The company operates a defined contribution pension scheme and during the year it made contributions to employee schemes of £43,624 (2022 - £39,283).

There were no outstanding or prepaid contributions at the balance sheet date.

10. CONTINGENT LIABILITIES

A fixed and floating charge over all the assets was also outstanding at the year end for Clydesdale Bank Plc which was registered on 1 December 2010 by way of debenture. The amount secured is all monies due or to become due from the company to the charge on any accounts whatsoever.

HYGIENIC PIGGING SYSTEMS LIMITED (REGISTERED NUMBER: 02974969)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. RELATED PARTY DISCLOSURES

During the year the company traded with the following businesses who are deemed to be related parties:

HPS (Australasia) Pty Limited

The company traded with HPS (Australasia) Pty Limited a 100% subsidiary company, on normal commercial terms. During the year the company made sales to HPS (Australasia) Pty Limited of £336,191 (2022 - £237,358) and the company also made purchases from HPS (Australasia) Pty Limited of £18,902 (2022 - £75,079). The total amount due to the company on normal trading terms at the year end is £100,715 (2022 - £55,959).

HPS Product Recovery Solutions Ltd

As at 31 December 2023 £nil (2022 - £225,000) is owed by the company to HPS Product Recovery Solutions Ltd which is the company's parent company.

HPS LLC

As at 31 December 2023 £102,111 (2022 - £95,298) is owed to HPS LLC by the company. During the year the company made purchases from HPS LLC of £379,580 (2022 - £342,058)

12. ULTIMATE CONTROLLING PARTY

HPS Product Recovery Solutions Ltd controls the company by virtue of its shareholding. The address of the ultimate parent company is the registered office of Hygienic Pigging Systems Limited shown on page 1.