Tubular Inspection Products Ltd.

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

Registered number: SC316897

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		44,524		58,492

			44,524		58,492
CURRENT ASSETS
Debtors	5	239,304		421,189
Cash at bank and in hand		209,459		192,367

		448,763		613,556
Creditors: Amounts Falling Due Within One Year	6	(169,226 )		(277,305 )

NET CURRENT ASSETS (LIABILITIES)			279,537		336,251

TOTAL ASSETS LESS CURRENT LIABILITIES			324,061		394,743

Creditors: Amounts Falling Due After More Than One Year	7		(6,944 )		(23,611 )

NET ASSETS			317,117		371,132

CAPITAL AND RESERVES
Called up share capital	10		100		100
Profit and Loss Account			317,017		371,032

SHAREHOLDERS' FUNDS			317,117		371,132

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Tubular Inspection Products Ltd.

Balance Sheet (continued)

As At 31 March 2025

For the year ending 31 March 2025 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 Martin Devlin

Director

30th October 2025

The notes on pages 3 to 6 form part of these financial statements.

1. General Information

Tubular Inspection Products Ltd. is a private company, limited by shares, incorporated in Scotland, registered number SC316897 . The registered office is 25 Balmossie Terrace, Broughty Ferry, Dundee, DD5 3GH.

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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

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:

Plant & Machinery	20% on reducing balance
Motor Vehicles	25% on reducing balance

2.4. Leasing and Hire Purchase Contracts

Assets obtained under 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 the 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.

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Tubular Inspection Products Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Taxation

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.

2.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 6 (2024: 6)

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Total
	£	£	£
Cost
As at 1 April 2024	70,237	69,245	139,482

As at 31 March 2025	70,237	69,245	139,482

Depreciation
As at 1 April 2024	63,679	17,311	80,990
Provided during the period	984	12,984	13,968

As at 31 March 2025	64,663	30,295	94,958

Net Book Value
As at 31 March 2025	5,574	38,950	44,524

As at 1 April 2024	6,558	51,934	58,492

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Motor Vehicles	38,950	51,934

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	119,254	231,492
Other debtors	120,050	189,697

	239,304	421,189

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Tubular Inspection Products Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	16,667	16,667
Trade creditors	45,325	164,739
Other creditors	73,399	69,439
Taxation and social security	33,835	26,460

	169,226	277,305

7. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	6,944	23,611

8. Secured Creditors

Of the creditors the following amounts are secured.

	2025		2024
	£		£
Net obligations under finance lease and hire purchase contracts	23,611		40,278

9. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	16,667	16,667
Later than one year and not later than five years	6,944	23,611

	23,611	40,278

	23,611	40,278

10. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

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Tubular Inspection Products Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

11. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 April 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 March 2025
	£	£	£	£	£
Mr Martin Devlin	89,115	55,225	89,115	-	55,225

The above loan is unsecured, interest free and repayable on demand.

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