Special Piping Materials (Scotland) Ltd - Accounts to registrar (filleted) - small 23.2.5
Special Piping Materials (Scotland) Ltd - Accounts to registrar (filleted) - small 23.2.5
REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 December 2022 |
for |
SPECIAL PIPING MATERIALS (SCOTLAND) |
LIMITED |
SPECIAL PIPING MATERIALS (SCOTLAND) |
LIMITED (REGISTERED NUMBER: 06226957) |
Contents of the Financial Statements |
for the year ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SPECIAL PIPING MATERIALS (SCOTLAND) |
LIMITED |
Company Information |
for the year ended 31 December 2022 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
SPECIAL PIPING MATERIALS (SCOTLAND) |
LIMITED (REGISTERED NUMBER: 06226957) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 9 |
Share premium |
Retained earnings |
Shareholders' funds |
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 |
SPECIAL PIPING MATERIALS (SCOTLAND) |
LIMITED (REGISTERED NUMBER: 06226957) |
Notes to the Financial Statements |
for the year ended 31 December 2022 |
1. | Statutory information |
Special Piping Materials (Scotland) Limited is a |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparation |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future event that are believed to be reasonable under the circumstances. |
There are not considered to be any critical judgements in applying the company's accounting policies. |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The only estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year is the potential need for a stock provision and a provision against a bad debt. . This is based on management's best estimate of the saleability of stock and recoverability of trade debtors.. |
Turnover |
Turnover represents net invoices sales of goods, excluding value added tax. Income is recognised when goods are despatched. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use. |
Stocks |
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell. |
Cost includes all purchase, transport and handling costs in bringing stocks to their present location and condition. |
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. |
SPECIAL PIPING MATERIALS (SCOTLAND) |
LIMITED (REGISTERED NUMBER: 06226957) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
3. | 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. |
Foreign currencies |
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
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. |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances and loans to fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
There are no assets which are initially measured at fair value. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, loans from fellow group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
4. | Employees and directors |
The average number of employees during the year was |
SPECIAL PIPING MATERIALS (SCOTLAND) |
LIMITED (REGISTERED NUMBER: 06226957) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
5. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 January 2022 |
Additions |
Disposals | ( |
) |
At 31 December 2022 |
Depreciation |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2022 |
Net book value |
At 31 December 2022 |
At 31 December 2021 |
6. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
The £1 (2021 - £1) preference share included in other creditors, which is held by a minority interest, is redeemable on certain trigger events by the parent company. |
SPECIAL PIPING MATERIALS (SCOTLAND) |
LIMITED (REGISTERED NUMBER: 06226957) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
8. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
'A' ordinary | £1 | 1,035 | 1,035 |
'B' ordinary | £1 | 115 | 115 |
1,150 | 1,150 |
All shares rank pari passu other than that they are entitled to dividends as declared for each class. |
10. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | Related party disclosures |
Owner holding a participating interest in Special Piping Materials (Scotland) Limited |
2022 | 2021 |
£ | £ |
Amounts owed to group undertakings | 480,000 | 640,000 |
The above loans are interest free and repayable on demand. |
Directors of Special Piping Materials (Scotland) Limited |
2022 | 2021 |
£ | £ |
Amounts due to related parties | 64,301 | 42,076 |
The above loans are interest free and repayable on demand. |
SPECIAL PIPING MATERIALS (SCOTLAND) |
LIMITED (REGISTERED NUMBER: 06226957) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
12. | Ultimate controlling party |
The controlling party is Special Piping Materials (Holdings) Limited. |
The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Special Piping Materials (Holdings) Limited. Copies of the group accounts are available from 26 Globe Industrial Estate, Broadway, Dukinfield, Cheshire SK16 4UU. |
The ultimate controlling party is L Buckley. |