REGISTERED NUMBER: SC162342 (Scotland)

Financial Statements for the Year Ended 30 April 2025

for

The Piping Centre Trading Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Sir B Ivory CVO CBE FRSE FRSA MA CA

Lady Ivory DL MA ARCM FRSA

F. S. Morrison MA CA

Prof K C McCue MA DPhil

C J MacNeill WS LLB NP

A Robertson BSc DipLE FRICS

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

FIXED ASSETS

Tangible assets

4

40,481

38,972

CURRENT ASSETS

Stocks

110,235

91,228

Debtors

5

62,630

45,081

Cash at bank and in hand

50,062

67,301

222,927

203,610

CREDITORS

Amounts falling due within one year

6

(218,780

)

(194,213

)

NET CURRENT ASSETS

4,147

9,397

TOTAL ASSETS LESS CURRENT LIABILITIES

44,628

48,369

CREDITORS

Amounts falling due after more than one year

7

(382,421

)

(400,815

)

NET LIABILITIES

(337,793

)

(352,446

)

CAPITAL AND RESERVES

Called up share capital

8

1,200,000

1,200,000

Retained earnings

(1,537,793

)

(1,552,446

)

SHAREHOLDERS' FUNDS

(337,793

)

(352,446

)

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 29 September 2025 and were signed on its behalf by:

Sir B Ivory CVO CBE FRSE FRSA MA CA - Director

F. S. Morrison MA CA - Director

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 2025. 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

Instrument Loan Scheme

-

25% on cost

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.

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 (2024 - 39 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Instrument

Plant and

and

Loan

machinery

fittings

Scheme

Totals

£

£

£

£

COST

At 1 May 2024

43,867

18,813

-

62,680

Additions

8,154

990

5,016

14,160

Disposals

(4,199

)

(181

)

-

(4,380

)

At 30 April 2025

47,822

19,622

5,016

72,460

DEPRECIATION

At 1 May 2024

16,702

7,006

-

23,708

Charge for year

7,428

2,979

1,045

11,452

Eliminated on disposal

(3,117

)

(64

)

-

(3,181

)

At 30 April 2025

21,013

9,921

1,045

31,979

NET BOOK VALUE

At 30 April 2025

26,809

9,701

3,971

40,481

At 30 April 2024

27,165

11,807

-

38,972

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.25

30.4.24

£

£

Trade debtors

24,914

13,557

Other debtors

37,716

31,524

62,630

45,081

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.25

30.4.24

£

£

Trade creditors

106,543

79,955

Taxation and social security

28,830

29,719

Other creditors

83,407

84,539

218,780

194,213

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.25

30.4.24

£

£

Amounts owed to group undertakings

382,421

400,815

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.25

30.4.24

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.

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