Acorah Software Products - Accounts Production 16.0.110 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 SC316897 Mr Martin Devlin Mrs Carol Devlin iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC316897 2023-03-31 SC316897 2024-03-31 SC316897 2023-04-01 2024-03-31 SC316897 frs-core:CurrentFinancialInstruments 2024-03-31 SC316897 frs-core:Non-currentFinancialInstruments 2024-03-31 SC316897 frs-core:BetweenOneFiveYears 2024-03-31 SC316897 frs-core:MotorVehicles 2024-03-31 SC316897 frs-core:MotorVehicles 2023-04-01 2024-03-31 SC316897 frs-core:MotorVehicles 2023-03-31 SC316897 frs-core:PlantMachinery 2024-03-31 SC316897 frs-core:PlantMachinery 2023-04-01 2024-03-31 SC316897 frs-core:PlantMachinery 2023-03-31 SC316897 frs-core:WithinOneYear 2024-03-31 SC316897 frs-core:ShareCapital 2024-03-31 SC316897 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 SC316897 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC316897 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 SC316897 frs-bus:SmallEntities 2023-04-01 2024-03-31 SC316897 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 SC316897 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC316897 frs-bus:Director1 2023-04-01 2024-03-31 SC316897 frs-bus:Director1 2023-03-31 SC316897 frs-bus:Director1 2024-03-31 SC316897 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 SC316897 frs-countries:Scotland 2023-04-01 2024-03-31 SC316897 2022-03-31 SC316897 2023-03-31 SC316897 2022-04-01 2023-03-31 SC316897 frs-core:CurrentFinancialInstruments 2023-03-31 SC316897 frs-core:Non-currentFinancialInstruments 2023-03-31 SC316897 frs-core:BetweenOneFiveYears 2023-03-31 SC316897 frs-core:MotorVehicles 2022-04-01 2023-03-31 SC316897 frs-core:WithinOneYear 2023-03-31 SC316897 frs-core:ShareCapital 2023-03-31 SC316897 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Tubular Inspection Products Ltd.
Financial Statements
For The Year Ended 31 March 2024
Arthur Garty & Co. Ltd.
161 Albert Street
Dundee
Tayside
DD4 6PX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: SC316897
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 58,492 11,617
58,492 11,617
CURRENT ASSETS
Debtors 5 421,189 308,758
Cash at bank and in hand 192,367 315,061
613,556 623,819
Creditors: Amounts Falling Due Within One Year 6 (277,305 ) (266,118 )
NET CURRENT ASSETS (LIABILITIES) 336,251 357,701
TOTAL ASSETS LESS CURRENT LIABILITIES 394,743 369,318
Creditors: Amounts Falling Due After More Than One Year 7 (23,611 ) -
NET ASSETS 371,132 369,318
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 371,032 369,218
SHAREHOLDERS' FUNDS 371,132 369,318
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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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Martin Devlin
Director
29th November 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Tubular Inspection Products Ltd. is a private company, limited by shares, incorporated in Scotland, registered number SC316897 . The registered office is 25 Balmossie Terrace, Broughty Ferry, Dundee, DD5 3GH.
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:
Plant & Machinery 20% on reducing balance
Motor Vehicles 25% on reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
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.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 April 2023 70,237 38,176 108,413
Additions - 69,245 69,245
Disposals - (38,176 ) (38,176 )
As at 31 March 2024 70,237 69,245 139,482
Depreciation
As at 1 April 2023 62,522 34,274 96,796
Provided during the period 1,157 17,311 18,468
Disposals - (34,274 ) (34,274 )
As at 31 March 2024 63,679 17,311 80,990
Net Book Value
As at 31 March 2024 6,558 51,934 58,492
As at 1 April 2023 7,715 3,902 11,617
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 51,934 -
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 231,492 130,001
Other debtors 189,697 178,757
421,189 308,758
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 16,667 -
Trade creditors 164,739 144,631
Other creditors 69,439 103,832
Taxation and social security 26,460 17,655
277,305 266,118
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 23,611 -
8. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 40,278 -
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 16,667 -
Later than one year and not later than five years 23,611 -
40,278 -
40,278 -
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10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Martin Devlin 93,797 89,115 93,797 - 89,115
The above loan is unsecured, interest free and repayable on demand.
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