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REGISTERED NUMBER: 10096158 (England and Wales)













P.S.R. PIPELINES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






P.S.R. PIPELINES LIMITED (REGISTERED NUMBER: 10096158)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


P.S.R. PIPELINES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr J A Hampson
Mr J Purnell
Mr. L Robbins





REGISTERED OFFICE: Unit B9
West Way Road
Newport
NP20 2WD





REGISTERED NUMBER: 10096158 (England and Wales)





ACCOUNTANTS: Carston ETL
Tudor House
16 Cathedral Road
Cardiff
CF11 9LJ

P.S.R. PIPELINES LIMITED (REGISTERED NUMBER: 10096158)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 698,043 392,494

CURRENT ASSETS
Debtors 5 1,315,025 1,272,466
Cash at bank and in hand 194,334 46,895
1,509,359 1,319,361
CREDITORS
Amounts falling due within one year 6 1,230,398 1,152,193
NET CURRENT ASSETS 278,961 167,168
TOTAL ASSETS LESS CURRENT LIABILITIES 977,004 559,662

CREDITORS
Amounts falling due after more than one year 7 (146,531 ) (166,341 )

PROVISIONS FOR LIABILITIES (167,915 ) (102,116 )
NET ASSETS 662,558 291,205

CAPITAL AND RESERVES
Called up share capital 9 10 10
Retained earnings 662,548 291,195
SHAREHOLDERS' FUNDS 662,558 291,205

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2024 and were signed on its behalf by:





Mr. L Robbins - Director


P.S.R. PIPELINES LIMITED (REGISTERED NUMBER: 10096158)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

P.S.R. Pipelines Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Motor vehicles - 20% straight line on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 3 ) .

P.S.R. PIPELINES LIMITED (REGISTERED NUMBER: 10096158)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£ £ £ £
COST
At 1 April 2023 398,615 544,449 5,520 948,584
Additions 271,852 287,327 2,307 561,486
At 31 March 2024 670,467 831,776 7,827 1,510,070
DEPRECIATION
At 1 April 2023 170,237 382,630 3,223 556,090
Charge for year 100,045 154,327 1,565 255,937
At 31 March 2024 270,282 536,957 4,788 812,027
NET BOOK VALUE
At 31 March 2024 400,185 294,819 3,039 698,043
At 31 March 2023 228,378 161,819 2,297 392,494

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£ £ £
COST
At 1 April 2023 348,352 443,344 791,696
Additions 260,900 219,707 480,607
Transfer to ownership (20,052 ) (217,715 ) (237,767 )
At 31 March 2024 589,200 445,336 1,034,536
DEPRECIATION
At 1 April 2023 147,799 300,744 448,543
Charge for year 90,614 77,039 167,653
Transfer to ownership (11,668 ) (160,543 ) (172,211 )
At 31 March 2024 226,745 217,240 443,985
NET BOOK VALUE
At 31 March 2024 362,455 228,096 590,551
At 31 March 2023 200,553 142,600 343,153

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 140,146 209,271
Other debtors 1,174,879 1,063,195
1,315,025 1,272,466

P.S.R. PIPELINES LIMITED (REGISTERED NUMBER: 10096158)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 83,333 125,971
Hire purchase contracts 376,097 226,372
Trade creditors 539,620 311,102
Taxation and social security 191,297 458,783
Other creditors 40,051 29,965
1,230,398 1,152,193

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans 13,889 129,454
Hire purchase contracts 132,642 36,887
146,531 166,341

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Hire purchase contracts 508,739 263,259

The loans in respect of hire purchase agreements are secured against the assets to which they relate.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
4 Ordinary A £1 4 4
2 Ordinary B1 £1 2 2
4 Ordinary 1 £1 4 4
10 10

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£ £
Mr J A Hampson
Balance outstanding at start of year (294 ) 23,813
Amounts advanced 64,742 39,562
Amounts repaid (64,754 ) (63,669 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (306 ) (294 )

P.S.R. PIPELINES LIMITED (REGISTERED NUMBER: 10096158)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr J Purnell
Balance outstanding at start of year 34,015 23,603
Amounts advanced 80,041 67,508
Amounts repaid (99,096 ) (57,096 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 14,960 34,015

Mr. L Robbins
Balance outstanding at start of year 39,924 41,780
Amounts advanced 89,708 55,240
Amounts repaid (99,096 ) (57,096 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 30,536 39,924

Interest is charged at 2.25% per annum on all overdrawn balances owed by directors to the company. Interest is charged on a month by month basis.