Tubular Inspection Products Ltd.

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

Registered number: SC316897

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		42,000		44,524

			42,000		44,524
CURRENT ASSETS
Debtors	5	255,885		239,304
Cash at bank and in hand		379,318		209,459

		635,203		448,763
Creditors: Amounts Falling Due Within One Year	6	(343,737 )		(169,226 )

NET CURRENT ASSETS (LIABILITIES)			291,466		279,537

TOTAL ASSETS LESS CURRENT LIABILITIES			333,466		324,061

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

NET ASSETS			333,466		317,117

CAPITAL AND RESERVES
Called up share capital	10		100		100
Profit and Loss Account			333,366		317,017

SHAREHOLDERS' FUNDS			333,466		317,117

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Tubular Inspection Products Ltd.

Balance Sheet (continued)

As At 31 March 2026

For the year ending 31 March 2026 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

3rd November 2026

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.

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Tubular Inspection Products Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

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.

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 (2025: 6)

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Total
	£	£	£
Cost
As at 1 April 2025	70,237	69,245	139,482
Additions	10,500	-	10,500

As at 31 March 2026	80,737	69,245	149,982

Depreciation
As at 1 April 2025	64,663	30,295	94,958
Provided during the period	3,274	9,750	13,024

As at 31 March 2026	67,937	40,045	107,982

Net Book Value
As at 31 March 2026	12,800	29,200	42,000

As at 1 April 2025	5,574	38,950	44,524

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

	2026	2025
	£	£
Motor Vehicles	29,200	38,950

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Tubular Inspection Products Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

5. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	174,825	119,254
Other debtors	81,060	120,050

	255,885	239,304

6. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	6,944	16,667
Trade creditors	92,314	45,325
Other creditors	186,380	73,399
Taxation and social security	58,099	33,835

	343,737	169,226

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

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	-	6,944

8. Secured Creditors

Of the creditors the following amounts are secured.

	2026		2025
	£		£
Net obligations under finance lease and hire purchase contracts	6,944		23,611

9. Obligations Under Finance Leases and Hire Purchase

	2026	2025
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	6,944	16,667
Later than one year and not later than five years	-	6,944

	6,944	23,611

	6,944	23,611

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Tubular Inspection Products Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

10. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	100	100

11. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 April 2025	Amounts advanced	Amounts repaid	Amounts written off	As at 31 March 2026
	£	£	£	£	£
Mr Martin Devlin	55,225	77,810	55,225	-	77,810

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

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