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REGISTERED NUMBER: SC299318 (Scotland)
















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Pipeline Drillers Limited

Pipeline Drillers Limited (Registered number: SC299318)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Pipeline Drillers Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Ms J M Stewart
Mr P Taylor





REGISTERED OFFICE: 10 Kirkford
Stewarton
Ayrshire
KA3 5HZ





REGISTERED NUMBER: SC299318 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

Pipeline Drillers Limited (Registered number: SC299318)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3 3
Tangible assets 5 1,303,294 1,286,715
1,303,297 1,286,718

CURRENT ASSETS
Stocks 141,577 165,667
Debtors 6 110,016 222,361
Cash at bank 4,752,958 4,133,163
5,004,551 4,521,191
CREDITORS
Amounts falling due within one year 7 247,581 357,124
NET CURRENT ASSETS 4,756,970 4,164,067
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,060,267

5,450,785

PROVISIONS FOR LIABILITIES 241,933 231,288
NET ASSETS 5,818,334 5,219,497

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 5,818,332 5,219,495
SHAREHOLDERS' FUNDS 5,818,334 5,219,497

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

Pipeline Drillers Limited (Registered number: SC299318)

Balance Sheet - continued
31 May 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2024 and were signed on its behalf by:




Ms J M Stewart - Director



Mr P Taylor - Director


Pipeline Drillers Limited (Registered number: SC299318)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Pipeline Drillers 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention and on a going concern basis.

Going concern
After reviewing the company's current and projected future trading performance, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore continue to adopt the going concern basis in preparing the company's financial statements.

Turnover/revenue recognition
Sales comprise the fair value of the consideration received or receivable for the rendering of services in the ordinary course of the Company's activities.

Sales are presented, net of value-added tax, rebates and discounts.

The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the Company's activities are met.

Amounts recoverable on contracts
Work in progress is stated at the lower of cost and net realisable value. Costs include all direct expenditure and an appropriate proportion of fixed and variable overheads.

Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under those contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including recoverable expenses and disbursements, but excluding vat.

For incomplete contracts, an assessment is made to the extent to which revenue has been earned. This assessment takes into account the nature of the assignment, its stage of completion and the relevant contract terms.

Retention monies are included in amounts recoverable on contracts.

Other income - grants
Other income includes income relating to the Coronavirus Job Retention Scheme, which has been utilised. Government grants are recognised on an accruals basis and therefore sums relating to the financial year have been credited to the Profit and Loss Account in the same period as the related expenses.

Goodwill
Goodwill arising on an acquisition of a trade is the difference between the fair value of the consideration paid and the fair value of the assets and liabilities acquired. Positive goodwill is capitalised and amortised through the profit and loss account over the director's estimate of its useful economic life.

Pipeline Drillers Limited (Registered number: SC299318)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Other intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other intangible assets are considered to have an indefinite useful life.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful economic life.

Freehold property - 2% straight line
Plant and machinery - 10% reducing balance
Motor vehicles - 10% reducing balance
Office equipment - 20% reducing balance

Land is not depreciated.

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal. Work in progress includes labour, direct costs and attributable overheads.

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Pipeline Drillers Limited (Registered number: SC299318)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits
The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 June 2023
and 31 May 2024 50,000 3 50,003
AMORTISATION
At 1 June 2023
and 31 May 2024 50,000 - 50,000
NET BOOK VALUE
At 31 May 2024 - 3 3
At 31 May 2023 - 3 3

Pipeline Drillers Limited (Registered number: SC299318)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. TANGIBLE FIXED ASSETS
Office
and
Freehold Plant and Motor computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 235,340 2,928,609 101,218 2,687 3,267,854
Additions - 91,722 14,200 - 105,922
At 31 May 2024 235,340 3,020,331 115,418 2,687 3,373,776
DEPRECIATION
At 1 June 2023 18,226 1,907,123 53,910 1,880 1,981,139
Charge for year - 83,536 5,660 147 89,343
At 31 May 2024 18,226 1,990,659 59,570 2,027 2,070,482
NET BOOK VALUE
At 31 May 2024 217,114 1,029,672 55,848 660 1,303,294
At 31 May 2023 217,114 1,021,486 47,308 807 1,286,715

Included in Freehold Property is land of £50,000 which is not depreciated.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 92,506 154,804
Amounts recoverable on contract 7,299 55,957
Other debtors 10,211 11,600
110,016 222,361

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 30,095 155,624
Taxation and social security 200,895 175,831
Other creditors 16,591 25,669
247,581 357,124

8. RELATED PARTY DISCLOSURES

Rent paid to Peter Taylor for the use of his office at the rate of £4,320 per annum (2023: £4,320). There was no amount outstanding at the year end.

9. ULTIMATE CONTROLLING PARTY

The company is under the control of the Directors' who each own 50% of the issued share capital.