Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-312023-06-01falsefalseNo description of principal activity98falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC371389 2023-06-01 2024-05-31 SC371389 2022-06-01 2023-05-31 SC371389 2024-05-31 SC371389 2023-05-31 SC371389 c:Director1 2023-06-01 2024-05-31 SC371389 d:PlantMachinery 2023-06-01 2024-05-31 SC371389 d:PlantMachinery 2024-05-31 SC371389 d:PlantMachinery 2023-05-31 SC371389 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 SC371389 d:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 SC371389 d:OtherPropertyPlantEquipment 2024-05-31 SC371389 d:OtherPropertyPlantEquipment 2023-05-31 SC371389 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 SC371389 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 SC371389 d:Goodwill 2024-05-31 SC371389 d:Goodwill 2023-05-31 SC371389 d:CurrentFinancialInstruments 2024-05-31 SC371389 d:CurrentFinancialInstruments 2023-05-31 SC371389 d:Non-currentFinancialInstruments 2024-05-31 SC371389 d:Non-currentFinancialInstruments 2023-05-31 SC371389 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 SC371389 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 SC371389 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 SC371389 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 SC371389 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-05-31 SC371389 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 SC371389 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-05-31 SC371389 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 SC371389 d:ShareCapital 2024-05-31 SC371389 d:ShareCapital 2023-05-31 SC371389 d:SharePremium 2023-06-01 2024-05-31 SC371389 d:SharePremium 2024-05-31 SC371389 d:SharePremium 2023-05-31 SC371389 d:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 SC371389 d:RetainedEarningsAccumulatedLosses 2024-05-31 SC371389 d:RetainedEarningsAccumulatedLosses 2023-05-31 SC371389 c:OrdinaryShareClass1 2023-06-01 2024-05-31 SC371389 c:OrdinaryShareClass1 2024-05-31 SC371389 c:OrdinaryShareClass1 2023-05-31 SC371389 c:FRS102 2023-06-01 2024-05-31 SC371389 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 SC371389 c:FullAccounts 2023-06-01 2024-05-31 SC371389 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC371389 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2023-06-01 2024-05-31 SC371389 2 2023-06-01 2024-05-31 SC371389 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: SC371389









SUSTAINABLE PIPELINE SYSTEMS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
SUSTAINABLE PIPELINE SYSTEMS LIMITED
REGISTERED NUMBER: SC371389

BALANCE SHEET
AS AT 31 MAY 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
4,657,925
4,142,665

Tangible assets
 5 
1,177
2,113

  
4,659,102
4,144,778

Current assets
  

Debtors: amounts falling due within one year
 6 
128,341
200,255

Cash at bank and in hand
 7 
101,356
229,839

  
229,697
430,094

Creditors: amounts falling due within one year
 8 
(163,867)
(118,553)

Net current assets
  
 
 
65,830
 
 
311,541

Creditors: amounts falling due after more than one year
 9 
(2,451,410)
(2,449,539)

Net assets
  
2,273,522
2,006,780


Capital and reserves
  

Called up share capital 
 11 
2
2

Share premium account
 12 
1,633,978
1,413,966

Profit and loss account
 12 
639,542
592,812

  
2,273,522
2,006,780


Page 1

 
SUSTAINABLE PIPELINE SYSTEMS LIMITED
REGISTERED NUMBER: SC371389
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 August 2024.




A Stevenson
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
SUSTAINABLE PIPELINE SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Sustainable Pipeline Systems Limited ("the Company") is a company limited by shares, incorporated in Scotland. Its registered office is 28 Albyn Place, Aberdeen, United Kingdom, AB10 1YL.
The Company is a knowledge intensive company under the definition of the Enterprise Investment Scheme where all turnover and costs contribute to the intellectual property value.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources and funding to continue in operational existence for the foreseeable future. The directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Page 3

 
SUSTAINABLE PIPELINE SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.10

Intangible assets

Expenses in relation to the intellectual property is capitalised at cost. Such costs relate to subcontractors, consumables and a proportion of direct labour costs including pension and national insurance contributions. On completion of the study, under the cost model, intellectual property is amortised over the useful life of the asset and is subsequently measured at cost less any accumulated amortisation and any accumulated impairment losses.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
3 years straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
SUSTAINABLE PIPELINE SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.12

Debtors

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

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.14

Creditors

Short term creditors are measured at the transaction price

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.


3.


Employees

2024
2023
£
£

Wages and salaries
47,440
51,749

Social security costs
5,793
6,755

Cost of defined contribution scheme
651
656

53,884
59,160


In the period, the Company incurred gross wages costs of £421,781 (2023 - £394,062) of which £374,341 (2023 - £342,313) were capitalised.

The average monthly number of employees, including directors, during the year was 9 (2023 - 8).

Page 5

 
SUSTAINABLE PIPELINE SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Intangible assets




Intellectual property

£



Cost


At 1 June 2023
4,142,665


Additions
515,260



At 31 May 2024

4,657,925






Net book value



At 31 May 2024
4,657,925



At 31 May 2023
4,142,665

SPS was formed in 2011 to commercialise the £3.5m Helipipe programme, previously undertaken by ITI Scotland, a subsidiary of Scottish Enterprise (SE), which successfully patented elements of the underpinning winding technology. SE owns and continues to protect this Intellectual Property (IP), to which SPS has added over the years and SPS has the benefit of an exclusive licence for the use of the international background patents with the rights to buy all IP outright.
The Company is a knowledge intensive company under the definition of the Enterprise Investment Scheme where all turnover and costs contribute to the intellectual property value.



Page 6

 
SUSTAINABLE PIPELINE SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Tangible fixed assets





Plant and machinery
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 June 2023
4,986
1
4,987


Additions
162
-
162



At 31 May 2024

5,148
1
5,149



Depreciation


At 1 June 2023
2,874
-
2,874


Charge for the year on owned assets
1,098
-
1,098



At 31 May 2024

3,972
-
3,972



Net book value



At 31 May 2024
1,176
1
1,177



At 31 May 2023
2,112
1
2,113


6.


Debtors

2024
2023
£
£

Other debtors
128,341
200,255



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
101,356
229,839


Page 7

 
SUSTAINABLE PIPELINE SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
112,500
37,500

Trade creditors
12,240
38,591

Other taxation and social security
9,696
-

Other creditors
236
17,293

Accruals
29,195
25,169

163,867
118,553



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
787,500
862,500

Other creditors
15,500
-

Government grants received
1,558,087
1,529,206

Accruals and deferred income
90,323
57,833

2,451,410
2,449,539


The bank loan of £900,000 (2023 - £900,000) is secured by a floating and fixed charge over the assets of the Company.  The loan of £900,000, from Innovate UK, has a seven year repayment term and a three year and six month repayment holiday. Under certain circumstances, the loan is convertible to equity at a future date at the market value of the company prevailing at that time.  The loan comes with free scale-up support from Innovate UK, a benefit only extended to approximately three hundred of the top innovative small companies in the UK.

Page 8

 
SUSTAINABLE PIPELINE SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
112,500
37,500

Amounts falling due 1-2 years

Bank loans
225,000
225,000

Amounts falling due 2-5 years

Bank loans
562,500
637,500


900,000
900,000



11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



172,902 (2023 - 166,842) Ordinary shares of £0.00001 each
2
2

During the period 6,060 Ordinary £0.00001 shares were issued for cash at a premium of £32.99999 each.



12.


Reserves

Share premium account

The share premium account represents the consideration of shares issued above par value.

Profit and loss account

The profit and loss account represents cumulative distributable profits and losses net of dividends and other adjustments.


13.


Contingent liabilities

The Executive Directors have since 2009 accepted a deferral of a portion of their remuneration. The total contingent liability for these deferred fees at 31 May 2024 was around £700,000. Payment of this sum, or any part of  it, will be subject to the agreement of the Board (excluding the Executive Directors concerned). Payment of these sums will be subject to the business being in a strong financial position and that any payments made will not be material to the business at that time.

Page 9

 
SUSTAINABLE PIPELINE SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

14.


Pension commitments

In the period the Company incurred defined contribution pension costs of £41,096 of which £40,445 was capitalised (2023 - £33,948 incurred and £33,292 capitalised). Included in other creditors is an amount of £236 (2023 - £1,793) owed to the pension scheme.


15.


Related party transactions

Included within other debtors is an amount of £3,891 (2023 - £3,891) owed by a company with a common director.
Included within other creditors due in over one year is an amount of £15,500 (
2023 - £15,500, under one year) owed to a director of the company.

 
Page 10