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Company registration number: 14009480
ISPF PIPEWORK LIMITED
Unaudited filleted financial statements
31 March 2024
ISPF PIPEWORK LIMITED
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
ISPF PIPEWORK LIMITED
Directors and other information
Directors Mrs Sophia Barker
Mr Ian Barker
Company number 14009480
Registered office c/o MCL Accountants
29-31 Shoebury Road
Southend-on-Sea
Essex
SS1 3RP
ISPF PIPEWORK LIMITED
Statement of financial position
31 March 2024
31/03/24 31/03/23
Note £ £ £ £
Fixed assets
Tangible assets 5 56,370 2,363
_______ _______
56,370 2,363
Current assets
Debtors 6 69,965 37,761
Cash at bank and in hand 39,279 15,252
_______ _______
109,244 53,013
Creditors: amounts falling due
within one year 7 ( 54,240) ( 26,615)
_______ _______
Net current assets 55,004 26,398
_______ _______
Total assets less current liabilities 111,374 28,761
Creditors: amounts falling due
after more than one year 8 ( 31,788) -
_______ _______
Net assets 79,586 28,761
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 79,584 28,759
_______ _______
Shareholders funds 79,586 28,761
_______ _______
For the year ending 31 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 November 2024 , and are signed on behalf of the board by:
Mrs Sophia Barker
Director
Company registration number: 14009480
ISPF PIPEWORK LIMITED
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is c/o MCL Accountants, 29-31 Shoebury Road, Southend-on-Sea, Essex, SS1 3RP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2023 - 3,151 3,151
Additions 55,744 2,578 58,322
_______ _______ _______
At 31 March 2024 55,744 5,729 61,473
_______ _______ _______
Depreciation
At 1 April 2023 - 788 788
Charge for the year 3,249 1,066 4,315
_______ _______ _______
At 31 March 2024 3,249 1,854 5,103
_______ _______ _______
Carrying amount
At 31 March 2024 52,495 3,875 56,370
_______ _______ _______
At 31 March 2023 - 2,363 2,363
_______ _______ _______
6. Debtors
31/03/24 31/03/23
£ £
Trade debtors 40,180 13,423
Other debtors 29,785 24,338
_______ _______
69,965 37,761
_______ _______
7. Creditors: amounts falling due within one year
31/03/24 31/03/23
£ £
Trade creditors 9,285 286
Corporation tax 21,730 15,706
Social security and other taxes 5,689 623
Other creditors 17,536 10,000
_______ _______
54,240 26,615
_______ _______
8. Creditors: amounts falling due after more than one year
31/03/24 31/03/23
£ £
Other creditors 31,788 -
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 9,663 9,663
Later than 1 year and not later than 5 years 14,495 24,159
_______ _______
24,158 33,822
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Year ended 31/03/24
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs Sophia Barker ( 5,000) - 5,000 -
Mr Ian Barker ( 5,000) - 5,000 -
_______ _______ _______ _______
( 10,000) - 10,000 -
_______ _______ _______ _______
Year ended 31/03/23
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs Sophia Barker - ( 5,000) - ( 5,000)
Mr Ian Barker - ( 5,000) - ( 5,000)
_______ _______ _______ _______
- ( 10,000) - ( 10,000)
_______ _______ _______ _______