Acorah Software Products - Accounts Production 15.0.600 false true 30 December 2022 31 December 2021 false 31 December 2022 30 December 2023 30 December 2023 SC241615 Mr Iain Martin Mr Keith Thomson iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC241615 2022-12-30 SC241615 2023-12-30 SC241615 2022-12-31 2023-12-30 SC241615 frs-core:CurrentFinancialInstruments 2023-12-30 SC241615 frs-core:ComputerEquipment 2023-12-30 SC241615 frs-core:ComputerEquipment 2022-12-31 2023-12-30 SC241615 frs-core:ComputerEquipment 2022-12-30 SC241615 frs-core:FurnitureFittings 2023-12-30 SC241615 frs-core:FurnitureFittings 2022-12-31 2023-12-30 SC241615 frs-core:FurnitureFittings 2022-12-30 SC241615 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-30 SC241615 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-31 2023-12-30 SC241615 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-30 SC241615 frs-core:MotorVehicles 2023-12-30 SC241615 frs-core:MotorVehicles 2022-12-31 2023-12-30 SC241615 frs-core:MotorVehicles 2022-12-30 SC241615 frs-core:PlantMachinery 2023-12-30 SC241615 frs-core:PlantMachinery 2022-12-31 2023-12-30 SC241615 frs-core:PlantMachinery 2022-12-30 SC241615 frs-core:ShareCapital 2023-12-30 SC241615 frs-core:RetainedEarningsAccumulatedLosses 2023-12-30 SC241615 frs-bus:PrivateLimitedCompanyLtd 2022-12-31 2023-12-30 SC241615 frs-bus:FilletedAccounts 2022-12-31 2023-12-30 SC241615 frs-bus:SmallEntities 2022-12-31 2023-12-30 SC241615 frs-bus:AuditExempt-NoAccountantsReport 2022-12-31 2023-12-30 SC241615 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-31 2023-12-30 SC241615 frs-bus:Director1 2022-12-31 2023-12-30 SC241615 frs-bus:Director2 2022-12-31 2023-12-30 SC241615 frs-countries:Scotland 2022-12-31 2023-12-30 SC241615 2021-12-30 SC241615 2022-12-30 SC241615 2021-12-31 2022-12-30 SC241615 frs-core:CurrentFinancialInstruments 2022-12-30 SC241615 frs-core:ShareCapital 2022-12-30 SC241615 frs-core:RetainedEarningsAccumulatedLosses 2022-12-30
Registered number: SC241615
M & T Pipeline Supplies Limited
Financial Statements
For The Year Ended 30 December 2023
Northgate Accounting Services Limited
1 MacDowall Street
Paisley
PA3 2NB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC241615
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 71,390 22,531
71,390 22,531
CURRENT ASSETS
Stocks 5 350,000 385,000
Debtors 6 462,099 432,346
Cash at bank and in hand 366,783 329,887
1,178,882 1,147,233
Creditors: Amounts Falling Due Within One Year 7 (448,204 ) (478,381 )
NET CURRENT ASSETS (LIABILITIES) 730,678 668,852
TOTAL ASSETS LESS CURRENT LIABILITIES 802,068 691,383
NET ASSETS 802,068 691,383
CAPITAL AND RESERVES
Called up share capital 8 12,500 12,500
Profit and Loss Account 789,568 678,883
SHAREHOLDERS' FUNDS 802,068 691,383
Page 1
Page 2
For the year ending 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Iain Martin
Director
31st August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
M & T Pipeline Supplies Limited is a private company, limited by shares, incorporated in Scotland, registered number SC241615 . The registered office is 30 Kemps End, Tranent, East Lothian, EH33 2GZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 15 year
Plant & Machinery 25%RB
Motor Vehicles 25% Sl
Fixtures & Fittings 25% SL
Computer Equipment 33% SL
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. 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 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. 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 in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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2.5. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2022: 10)
10 10
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 31 December 2022 151,749 - 92,984 17,903
Additions - 5,650 66,875 -
As at 30 December 2023 151,749 5,650 159,859 17,903
Depreciation
As at 31 December 2022 133,539 - 92,984 13,735
Provided during the period 10,116 1,413 13,375 4,476
Disposals - - - -
As at 30 December 2023 143,655 1,413 106,359 18,211
Net Book Value
As at 30 December 2023 8,094 4,237 53,500 (308 )
As at 31 December 2022 18,210 - - 4,168
Computer Equipment Total
£ £
Cost
As at 31 December 2022 228 262,864
Additions 8,679 81,204
As at 30 December 2023 8,907 344,068
Depreciation
As at 31 December 2022 75 240,333
Provided during the period 624 30,004
Disposals 2,341 2,341
As at 30 December 2023 3,040 272,678
Net Book Value
As at 30 December 2023 5,867 71,390
As at 31 December 2022 153 22,531
5. Stocks
2023 2022
£ £
Stock 350,000 385,000
Page 4
Page 5
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 458,426 430,510
Prepayments and accrued income 3,673 1,836
462,099 432,346
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 377,493 428,100
Corporation tax 40,417 9,249
Other taxes and social security - 5,461
VAT 29,642 21,703
Accruals and deferred income - 13,050
Directors' loan accounts 652 818
448,204 478,381
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 12,500 12,500
Page 5