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 NI072002 Mr Robert Teeney Mr Glenn Mosley Mr Warren Simpson iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure NI072002 2023-03-31 NI072002 2024-03-31 NI072002 2023-04-01 2024-03-31 NI072002 frs-core:CurrentFinancialInstruments 2024-03-31 NI072002 frs-core:Non-currentFinancialInstruments 2024-03-31 NI072002 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-03-31 NI072002 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 NI072002 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-31 NI072002 frs-core:MotorVehicles 2024-03-31 NI072002 frs-core:MotorVehicles 2023-04-01 2024-03-31 NI072002 frs-core:MotorVehicles 2023-03-31 NI072002 frs-core:PlantMachinery 2024-03-31 NI072002 frs-core:PlantMachinery 2023-04-01 2024-03-31 NI072002 frs-core:PlantMachinery 2023-03-31 NI072002 frs-core:WithinOneYear 2024-03-31 NI072002 frs-core:ShareCapital 2024-03-31 NI072002 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 NI072002 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI072002 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 NI072002 frs-bus:SmallEntities 2023-04-01 2024-03-31 NI072002 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 NI072002 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI072002 frs-bus:Director1 2023-04-01 2024-03-31 NI072002 frs-bus:Director2 2023-04-01 2024-03-31 NI072002 frs-bus:Director3 2023-04-01 2024-03-31 NI072002 frs-countries:NorthernIreland 2023-04-01 2024-03-31 NI072002 2022-03-31 NI072002 2023-03-31 NI072002 2022-04-01 2023-03-31 NI072002 frs-core:CurrentFinancialInstruments 2023-03-31 NI072002 frs-core:Non-currentFinancialInstruments 2023-03-31 NI072002 frs-core:BetweenOneFiveYears 2023-03-31 NI072002 frs-core:WithinOneYear 2023-03-31 NI072002 frs-core:ShareCapital 2023-03-31 NI072002 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 NI072002 frs-core:CurrentFinancialInstruments 1 2023-03-31
Registered number: NI072002
PE3 Pipeline Services Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Iain Gillespie FCA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: NI072002
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 249,388 233,124
249,388 233,124
CURRENT ASSETS
Debtors 5 678,272 633,167
Cash at bank and in hand 138,558 217,557
816,830 850,724
Creditors: Amounts Falling Due Within One Year 6 (488,618 ) (504,530 )
NET CURRENT ASSETS (LIABILITIES) 328,212 346,194
TOTAL ASSETS LESS CURRENT LIABILITIES 577,600 579,318
Creditors: Amounts Falling Due After More Than One Year 7 (48,515 ) (81,592 )
NET ASSETS 529,085 497,726
CAPITAL AND RESERVES
Called up share capital 9 300 300
Profit and Loss Account 528,785 497,426
SHAREHOLDERS' FUNDS 529,085 497,726
Page 1
Page 2
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 directors acknowledge their 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 Warren Simpson
Director
05/07/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Pe3 Pipeline Services Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI072002.The registered office is Unit 3, Glenville Industrial Estate, Newtownabbey, Co Antrim BT37 0TU.
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 comprises the invoiced value of good and services supplied by the company, net of discounts and value added taxes.
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:
Freehold Not depreciated
Plant & Machinery 20% Straight Line
Motor Vehicles 25% Straight Line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and 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.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 7)
8 7
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 April 2023 130,000 237,076 133,812 500,888
Additions - 25,047 21,975 47,022
As at 31 March 2024 130,000 262,123 155,787 547,910
Depreciation
As at 1 April 2023 - 188,544 79,220 267,764
Provided during the period - 10,475 20,283 30,758
As at 31 March 2024 - 199,019 99,503 298,522
Net Book Value
As at 31 March 2024 130,000 63,104 56,284 249,388
As at 1 April 2023 130,000 48,532 54,592 233,124
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 630,640 596,175
Prepayments and accrued income 15,853 13,406
VAT 21,965 23,586
Other taxes and social security 9,814 -
678,272 633,167
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 8,873 23,596
Trade creditors 197,145 343,212
Bank loans and overdrafts 26,700 26,700
Corporation tax 93,982 63,429
Other taxes and social security - 6,383
Other creditors (1) - 665
Accruals and deferred income 15,377 13,678
Directors' loan accounts 146,541 26,867
488,618 504,530
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7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 7,652
Bank loans 48,515 73,940
48,515 81,592
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 8,873 25,153
Later than one year and not later than five years - 7,652
8,873 32,805
Less: Finance charges allocated to future periods - 1,557
8,873 31,248
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 300 300
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