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REGISTERED NUMBER: SC497623 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

G S PIPEWORK LIMITED

G S PIPEWORK LIMITED (REGISTERED NUMBER: SC497623)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 29 FEBRUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


G S PIPEWORK LIMITED

COMPANY INFORMATION
for the year ended 29 FEBRUARY 2024







DIRECTOR: G I Smith





SECRETARY: Mrs C M Smith





REGISTERED OFFICE: 8 Toftcombs Avenue
Stonehouse
South Lanarkshire
ML9 3QY





REGISTERED NUMBER: SC497623 (Scotland)





ACCOUNTANTS: Thomas Barrie & Co LLP
Atlantic House
1a Cadogan Street
Glasgow
G2 6QE

G S PIPEWORK LIMITED (REGISTERED NUMBER: SC497623)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 18,005 24,998

CURRENT ASSETS
Stocks 15,000 19,995
Debtors 5 71,238 135,882
Cash at bank 36,861 75,552
123,099 231,429
CREDITORS
Amounts falling due within one year 6 (56,313 ) (135,417 )
NET CURRENT ASSETS 66,786 96,012
TOTAL ASSETS LESS CURRENT
LIABILITIES

84,791

121,010

CREDITORS
Amounts falling due after more than one
year

7

(15,000

)

(25,000

)

PROVISIONS FOR LIABILITIES (4,501 ) (6,250 )
NET ASSETS 65,290 89,760

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 65,190 89,660
SHAREHOLDERS' FUNDS 65,290 89,760

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

G S PIPEWORK LIMITED (REGISTERED NUMBER: SC497623)

STATEMENT OF FINANCIAL POSITION - continued
29 FEBRUARY 2024


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 director and authorised for issue on 4 October 2024 and were signed by:





G I Smith - Director


G S PIPEWORK LIMITED (REGISTERED NUMBER: SC497623)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 29 FEBRUARY 2024

1. STATUTORY INFORMATION

G S Pipework Limited is a private company, limited by shares, registered in Scotland, registration number SC497623. The registered office is 8 Toftcombs Avenue, Stonehouse, South Lanarkshire, ML9 3QY.

The principal activity of the company is the installation and servicing of compressors.

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.

The presentational and functional currency of the financial statements is Pounds Sterling (£).

Significant judgements and estimates
In preparing these financial statements, the director is required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements:

Plant and equipment
The estimates and assumptions made to determine asset lives require judgements to be made as regards useful lives and residual values. The useful lives and residual values of the company's financial assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on management experience with similar assets. The depreciation rates applied are outlined later in these notes.

Turnover
Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes.

Sale of Goods
Revenue is recognised when the significant risks and rewards of ownership have been transferred to the customer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably.

Services
Income from services is recognised when performed, such that risks and rewards have been transferred.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on reducing balance, 20% on cost and 15% on cost

The carrying values of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying values may not be reasonable.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

G S PIPEWORK LIMITED (REGISTERED NUMBER: SC497623)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

G S PIPEWORK LIMITED (REGISTERED NUMBER: SC497623)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 FEBRUARY 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 63,988
Additions 551
At 29 February 2024 64,539
DEPRECIATION
At 1 March 2023 38,990
Charge for year 7,544
At 29 February 2024 46,534
NET BOOK VALUE
At 29 February 2024 18,005
At 28 February 2023 24,998

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 66,042 133,137
Other debtors 5,196 2,745
71,238 135,882

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 16,376 67,492
Taxation and social security 22,104 46,412
Other creditors 7,833 11,513
56,313 135,417

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 15,000 25,000