28 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 01193923 2023-04-01 2024-03-31 01193923 2024-03-31 01193923 2023-03-31 01193923 2022-04-01 2023-03-31 01193923 2023-03-31 01193923 2022-03-31 01193923 core:LandBuildings 2023-04-01 2024-03-31 01193923 core:PlantMachinery 2023-04-01 2024-03-31 01193923 core:FurnitureFittings 2023-04-01 2024-03-31 01193923 core:MotorVehicles 2023-04-01 2024-03-31 01193923 bus:Director6 2023-04-01 2024-03-31 01193923 bus:Director7 2023-04-01 2024-03-31 01193923 core:LandBuildings 2023-03-31 01193923 core:PlantMachinery 2023-03-31 01193923 core:FurnitureFittings 2023-03-31 01193923 core:MotorVehicles 2023-03-31 01193923 core:LandBuildings 2024-03-31 01193923 core:PlantMachinery 2024-03-31 01193923 core:FurnitureFittings 2024-03-31 01193923 core:MotorVehicles 2024-03-31 01193923 core:WithinOneYear 2024-03-31 01193923 core:WithinOneYear 2023-03-31 01193923 core:AfterOneYear 2024-03-31 01193923 core:ShareCapital 2024-03-31 01193923 core:ShareCapital 2023-03-31 01193923 core:RetainedEarningsAccumulatedLosses 2024-03-31 01193923 core:RetainedEarningsAccumulatedLosses 2023-03-31 01193923 core:LandBuildings 2023-03-31 01193923 core:PlantMachinery 2023-03-31 01193923 core:FurnitureFittings 2023-03-31 01193923 core:MotorVehicles 2023-03-31 01193923 bus:Director1 2023-04-01 2024-03-31 01193923 bus:Director2 2023-04-01 2024-03-31 01193923 bus:SmallEntities 2023-04-01 2024-03-31 01193923 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 01193923 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01193923 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01193923 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 01193923
Arran Pipeline Supplies Limited
Filleted Unaudited Financial Statements
31 March 2024
Arran Pipeline Supplies Limited
Financial Statements
Year ended 31st March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Arran Pipeline Supplies Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
133,021
101,462
Current assets
Stocks
973,204
1,495,244
Debtors
6
2,189,702
2,024,695
Cash at bank and in hand
400,883
89,897
------------
------------
3,563,789
3,609,836
Creditors: amounts falling due within one year
7
1,702,844
2,032,892
------------
------------
Net current assets
1,860,945
1,576,944
------------
------------
Total assets less current liabilities
1,993,966
1,678,406
Creditors: amounts falling due after more than one year
8
16,315
Provisions
Taxation including deferred tax
28,541
19,012
------------
------------
Net assets
1,949,110
1,659,394
------------
------------
Capital and reserves
Called up share capital
210
210
Profit and loss account
1,948,900
1,659,184
------------
------------
Shareholders funds
1,949,110
1,659,394
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Arran Pipeline Supplies Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 4 October 2024 , and are signed on behalf of the board by:
S.G. Cunniffe
N.A. Cunniffe
Director
Director
Company registration number: 01193923
Arran Pipeline Supplies Limited
Notes to the Financial Statements
Year ended 31st March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Forrest Road, Gatewarth Industrial Estate, Great Sankey, Warrington, Cheshire, WA5 1DF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property Improvements
-
10% reducing balance
Plant and Machinery
-
25% reducing balance
Fixtures and Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 28 (2023: 25 ).
5. Tangible assets
Leasehold property improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1st April 2023
27,894
150,585
124,208
162,200
464,887
Additions
28,100
12,213
36,305
76,618
Disposals
( 10,500)
( 10,500)
--------
---------
---------
---------
---------
At 31st March 2024
27,894
178,685
136,421
188,005
531,005
--------
---------
---------
---------
---------
Depreciation
At 1st April 2023
21,149
109,172
118,379
114,725
363,425
Charge for the year
675
13,289
3,037
20,352
37,353
Disposals
( 2,794)
( 2,794)
--------
---------
---------
---------
---------
At 31st March 2024
21,824
122,461
121,416
132,283
397,984
--------
---------
---------
---------
---------
Carrying amount
At 31st March 2024
6,070
56,224
15,005
55,722
133,021
--------
---------
---------
---------
---------
At 31st March 2023
6,745
41,413
5,829
47,475
101,462
--------
---------
---------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
2,080,685
1,935,453
Other debtors
109,017
89,242
------------
------------
2,189,702
2,024,695
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
857,359
779,670
Social security and other taxes
507,140
538,733
Other creditors
338,345
714,489
------------
------------
1,702,844
2,032,892
------------
------------
The outstanding balance on hire purchase contracts is secured on the assets subject to the hire purchase finance.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
16,315
--------
----
The outstanding balance on hire purchase contracts is secured on the assets subject to the hire purchase finance.
9. Related party transactions
At 31 March 2024 the company owed £64,000 (2023: £532,000) to companies related by common ownership and control.
10. Controlling party
The company was under the control of S.G.Cunniffe throughout the current and previous year. S.G.Cunniffe is the managing director and majority shareholder.