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Registration number: 11005607

PIPEWORXGB LTD

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2022

 

PIPEWORXGB LTD

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

PIPEWORXGB LTD

Company Information

Director

Mr D Blackford

Registered office

Unit D1
Capel Hendre Industrial Estate
Ammanford
SA18 3SJ

 

PIPEWORXGB LTD

(Registration number: 11005607)
Balance Sheet as at 31 October 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

27,717

9,344

Current assets

 

Stocks

6

10,000

15,000

Debtors

7

161,307

109,594

Cash at bank and in hand

 

1,945

3,444

 

173,252

128,038

Creditors: Amounts falling due within one year

8

(63,348)

(29,804)

Net current assets

 

109,904

98,234

Total assets less current liabilities

 

137,621

107,578

Creditors: Amounts falling due after more than one year

8

(35,645)

(38,542)

Net assets

 

101,976

69,036

Capital and reserves

 

Called up share capital

250

250

Profit and loss account

101,726

68,786

Total equity

 

101,976

69,036

For the financial year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

 

PIPEWORXGB LTD

(Registration number: 11005607)
Balance Sheet as at 31 October 2022

Approved and authorised by the director on 10 October 2023
 

.........................................
Mr D Blackford
Director

   
     
 

PIPEWORXGB LTD

Notes to the Financial Statements for the Year Ended 31 October 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit D1
Capel Hendre Industrial Estate
Ammanford
SA18 3SJ

These financial statements were authorised for issue by the director on 10 October 2023.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

PIPEWORXGB LTD

Notes to the Financial Statements for the Year Ended 31 October 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

PIPEWORXGB LTD

Notes to the Financial Statements for the Year Ended 31 October 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2021 - 12).

4

Profit before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

2,122

2,758

 

PIPEWORXGB LTD

Notes to the Financial Statements for the Year Ended 31 October 2022

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2021

1,171

7,476

15,657

24,304

Additions

-

-

20,495

20,495

At 31 October 2022

1,171

7,476

36,152

44,799

Depreciation

At 1 November 2021

676

3,686

10,598

14,960

Charge for the year

99

758

1,265

2,122

At 31 October 2022

775

4,444

11,863

17,082

Carrying amount

At 31 October 2022

396

3,032

24,289

27,717

At 31 October 2021

495

3,790

5,059

9,344

6

Stocks

2022
£

2021
£

Other inventories

10,000

15,000

7

Debtors

2022
£

2021
£

Trade debtors

17,031

-

Other debtors

144,276

109,594

161,307

109,594

8

Creditors

Creditors: amounts falling due within one year

 

PIPEWORXGB LTD

Notes to the Financial Statements for the Year Ended 31 October 2022

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

10

20,072

-

Corporation tax liability

 

41,552

28,080

Other creditors

 

1,724

1,724

 

63,348

29,804

Due after one year

 

Loans and borrowings

10

35,645

38,542

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

35,645

38,542

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Shares of £1 each

250

250

250

250

         

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Other borrowings

35,645

38,542

 

PIPEWORXGB LTD

Notes to the Financial Statements for the Year Ended 31 October 2022

2022
£

2021
£

Current loans and borrowings

Bank overdrafts

38

-

HP and finance lease liabilities

20,034

-

20,072

-

11

Related party transactions

Transactions with directors

2022

At 1 November 2021
£

Advances to director
£

Other payments made to company by director
£

At 31 October 2022
£

Mr D Blackford

Director's Loan Account

85,263

280,199

(179,775)

185,687

         
       

 

2021

At 1 November 2020
£

Advances to director
£

Other payments made to company by director
£

At 31 October 2021
£

Mr D Blackford

Director's Loan Account

31,928

215,900

(162,564)

85,263