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REGISTERED NUMBER: SC162342 (Scotland)
















Financial Statements for the Year Ended 30 April 2024

for

The Piping Centre Trading Limited

The Piping Centre Trading Limited (Registered number: SC162342)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


The Piping Centre Trading Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Sir B Ivory CVO CBE FRSE FRSA MA CA
Lady Ivory DL MA ARCM FRSA
A. G. Ramsay BA
F. S. Morrison MA CA
Prof K C McCue MA DPhil
C J MacNeill WS LLB NP



SECRETARY: F. S. Morrison MA CA



REGISTERED OFFICE: 30 - 34 McPhater Street
Glasgow
G4 0HW



REGISTERED NUMBER: SC162342 (Scotland)



AUDITORS: McLay McAlister & McGibbon LLP
Chartered Accountants and Statutory Auditors
145 St Vincent Street
Glasgow
G2 5JF



BANKERS: The Royal Bank of Scotland plc
10 Gordon Street
Glasgow
G1 3PL

The Piping Centre Trading Limited (Registered number: SC162342)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 38,972 45,104

CURRENT ASSETS
Stocks 91,228 95,278
Debtors 5 45,081 82,859
Cash at bank and in hand 67,301 122,571
203,610 300,708
CREDITORS
Amounts falling due within one year 6 (194,213 ) (178,330 )
NET CURRENT ASSETS 9,397 122,378
TOTAL ASSETS LESS CURRENT
LIABILITIES

48,369

167,482

CREDITORS
Amounts falling due after more than one
year

7

(400,815

)

(465,078

)
NET LIABILITIES (352,446 ) (297,596 )

CAPITAL AND RESERVES
Called up share capital 8 1,200,000 1,200,000
Retained earnings (1,552,446 ) (1,497,596 )
SHAREHOLDERS' FUNDS (352,446 ) (297,596 )

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 October 2024 and were signed on its behalf by:




Sir B Ivory CVO CBE FRSE FRSA MA CA - Director



F. S. Morrison MA CA - Director


The Piping Centre Trading Limited (Registered number: SC162342)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

The Piping Centre Trading Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
The directors note the company has net liabilities as at 30 April 2024. The company depends on support from its immediate parent company, which has been given by way of loan. The directors are continuing to take steps to increase the profitability.

Having considered budgets and cash flows, management accounts and available working capital the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors continue to believe the going concern basis of accounting appropriate in preparing the financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

The Piping Centre Trading Limited (Registered number: SC162342)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Debtors
Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

Cash in bank and cash in hand
Cash and cash equivalent in the balance sheet comprise cash in hand and in bank.

Creditors
Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Defined contribution pension scheme
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 39 (2023 - 34 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 May 2023 97,115 103,447 200,562
Additions 11,173 12,742 23,915
Disposals (64,421 ) (97,376 ) (161,797 )
At 30 April 2024 43,867 18,813 62,680
DEPRECIATION
At 1 May 2023 64,317 91,141 155,458
Charge for year 9,196 5,752 14,948
Eliminated on disposal (56,811 ) (89,887 ) (146,698 )
At 30 April 2024 16,702 7,006 23,708
NET BOOK VALUE
At 30 April 2024 27,165 11,807 38,972
At 30 April 2023 32,798 12,306 45,104

The Piping Centre Trading Limited (Registered number: SC162342)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 13,557 13,672
Other debtors 31,524 69,187
45,081 82,859

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade creditors 79,955 77,731
Taxation and social security 29,719 18,409
Other creditors 84,539 82,190
194,213 178,330

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Amounts owed to group undertakings 400,815 465,078

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
1 Ordinary £1 1,200,000 1,200,000

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Fiona Russell (Senior Statutory Auditor)
for and on behalf of McLay McAlister & McGibbon LLP

10. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption, under Section 33 of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with other group companies.

11. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

The Piping Centre Trading Limited (Registered number: SC162342)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

12. ULTIMATE PARENT COMPANY

The ultimate parent company is The National Piping Centre, a company incorporated and registered in Scotland.

The National Piping Centre is the largest group for which consolidated financial statements are prepared which include these results. A copy of the consolidated financial statements may be obtained from the registered office:

30-34 McPhater Street
Glasgow
G4 0HW