Period from 29 September 2016 to 31 March 2018
Challenge Pipeline Supplies Limited
Balance Sheet
31 March 2018
Registration Number:
Note |
2018 |
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Fixed assets |
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Intangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
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Total equity |
( |
For the financial period ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
C J Vincent
Director
Challenge Pipeline Supplies Limited
Notes to the Financial Statements
Period from 29 September 2016 to 31 March 2018
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Going concern
The financial statements have been prepared on a going concern basis, on the basis the parent company will continue to support the company.
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Development costs
Development costs incurred on clearly defined projects, whose outcome can be assessed with reasonable certainty, are capitalised and carried forward, with amortisation charged over the estimated life of the project.
Research costs are recognised as an expense in the period in which they are incurred.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Challenge Pipeline Supplies Limited
Notes to the Financial Statements
Period from 29 September 2016 to 31 March 2018
Share capital
Ordinary shares are classified as equity. All share capital is called up, allotted and fully paid.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Intangible assets |
Development costs |
Total |
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Cost or valuation |
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Development costs during period |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil.
Debtors |
2018 |
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Other debtors |
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Challenge Pipeline Supplies Limited
Notes to the Financial Statements
Period from 29 September 2016 to 31 March 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Accruals and deferred income |
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Other creditors |
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Related party transactions |
The parent company is Field Coating Solutions Limited.
P Bond and C Vincent are directors of both companies, and have ultimate control.
During the period, Challenge Pipelines Supplies Limited leased generators from Field Coating Solutions at a market rate.
At the balance sheet date, Field Coating Solutions Limited is owed a total of £166,381 from Challenge Pipeline Supplies Limited.