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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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HYGIENIC PIGGING SYSTEMS LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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FOR |
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HYGIENIC PIGGING SYSTEMS LIMITED |
HYGIENIC PIGGING SYSTEMS LIMITED (REGISTERED NUMBER: 02974969) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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HYGIENIC PIGGING SYSTEMS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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6th Floor |
Gordon Chambers |
90 Mitchell Street |
Glasgow |
Lanarkshire |
G1 3NQ |
HYGIENIC PIGGING SYSTEMS LIMITED (REGISTERED NUMBER: 02974969) |
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BALANCE SHEET |
31 DECEMBER 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Inventories |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
HYGIENIC PIGGING SYSTEMS LIMITED (REGISTERED NUMBER: 02974969) |
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BALANCE SHEET - continued |
31 DECEMBER 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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HYGIENIC PIGGING SYSTEMS LIMITED (REGISTERED NUMBER: 02974969) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Hygienic Pigging Systems Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Leasehold improvements | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Stocks |
Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Cost is calculated using the weighted average method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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HYGIENIC PIGGING SYSTEMS LIMITED (REGISTERED NUMBER: 02974969) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Leasehold | Plant and | Motor |
improvements | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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5. | FIXED ASSET INVESTMENTS |
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Investments (neither listed nor unlisted) were as follows: |
2021 | 2020 |
£ | £ |
Other investments | 14,025 | 14,025 |
HYGIENIC PIGGING SYSTEMS LIMITED (REGISTERED NUMBER: 02974969) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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5. | FIXED ASSET INVESTMENTS - continued |
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The company's investments at the balance sheet date in the share capital of companies include the following: |
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HPS (Australasia) Pty Ltd |
Country of incorporation: Australia |
Nature of business: Trading company |
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Class of shares holding |
Ordinary 100.00 |
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31.12.21 | 31.12.20 |
£ | £ |
Aggregate capital and reserves | 30,308 | 39,852 |
Profit/(Loss) for the year | (7,675 | ) | 12,423 |
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HPS LLC |
Country of incorporation: USA |
Nature of business: Sales agent |
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Class of shares holding |
Ordinary 100.00 |
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31.12.21 | 31.12.20 |
£ | £ |
Aggregate capital and reserves | (263 | ) | (6,592 | ) |
Profit for the year | 6,706 | 5,740 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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HYGIENIC PIGGING SYSTEMS LIMITED (REGISTERED NUMBER: 02974969) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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8. | PENSION COMMITMENTS |
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The company operates a defined contribution pension scheme and during the year it made contributions to employee schemes of £36,467 (2020 - £36,954). |
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There were no outstanding or prepaid contributions at the balance sheet date. |
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9. | CONTINGENT LIABILITIES |
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A fixed and floating charge over all the assets was also outstanding at the year end for Clydesdale Bank Plc which was registered on 1 December 2010 by way of debenture. The amount secured is all monies due or to become due from the company to the charge on any accounts whatsoever. |
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10. | RELATED PARTY DISCLOSURES |
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During the year the company traded with the following businesses who are deemed to be related parties: |
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HPS (Australasia) Pty Limited |
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The company traded with HPS (Australasia) Pty Limited a 100% subsidiary company, on normal commercial terms. During the year the company made sales to HPS (Australasia) Pty Limited of £217,853 (2020 - £183,841). The total amount due to the company on normal trading terms at the year end is £126,283 (2020 - £148,119). |
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Hygienic Pigging Services Limited |
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As at 31 December 2021 £6,133 (2020 - £5,574) is owed to the company from Hygienic Pigging Services Limited which is the company's parent company. |
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HPS Product Recovery Solutions Ltd |
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As at 31 December 2021 £440,712 (2020 - £440,212) is owed to the company from HPS Product Recovery Solutions Ltd which is the company's ultimate parent company. |
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HPS LLC |
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As at 31 December 2021 £5,186 (2020 - £10,780) is owed to HPS LLC by the company. During the year the company made purchases from HPS LLC of £178,046 (2020 - £179,609) respectively. |
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11. | ULTIMATE CONTROLLING PARTY |
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HPS Product Recovery Solutions Ltd controls the company by virtue of its shareholding. The address of the ultimate parent company is the registered office of Hygienic Pigging Systems Limited shown on page 1. |