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REGISTERED NUMBER: 02518129 (England and Wales)












Perfect Pipework Limited

Unaudited Financial Statements

for the Year Ended 31 July 2023






Perfect Pipework Limited (Registered number: 02518129)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


Perfect Pipework Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: R S M Rowles
S J Rowles





SECRETARY: S J Rowles





REGISTERED OFFICE: 49 Rabans Close
Aylesbury
Buckinghamshire
HP19 8RS





REGISTERED NUMBER: 02518129 (England and Wales)





ACCOUNTANTS: Clarkson Cleaver & Bowes Limited
8a Wingbury Courtyard
Business Village
Wingrave
Buckinghamshire
HP22 4LW

Perfect Pipework Limited (Registered number: 02518129)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,711 2,830

CURRENT ASSETS
Stocks 4,000 4,000
Debtors 5 393,627 291,979
Cash at bank and in hand 118,050 121
515,677 296,100
CREDITORS
Amounts falling due within one
year

6

456,995

337,161
NET CURRENT ASSETS/(LIABILITIES) 58,682 (41,061 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

62,393

(38,231

)

CREDITORS
Amounts falling due after more
than one year

7

23,333

83,887
NET ASSETS/(LIABILITIES) 39,060 (122,118 )

CAPITAL AND RESERVES
Called up share capital 30,000 30,000
Retained earnings 9,060 (152,118 )
SHAREHOLDERS' FUNDS 39,060 (122,118 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Perfect Pipework Limited (Registered number: 02518129)

Balance Sheet - continued
31 July 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2023 and were signed on its behalf by:




R S M Rowles - Director



S J Rowles - Director


Perfect Pipework Limited (Registered number: 02518129)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Perfect Pipework Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 50% straight line
Fixtures and fittings - 25% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 25% straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement.

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.

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 and that are expected to apply to the reversal of the timing difference.

Current or deferred taxation liabilities are not discounted.

Pension costs
The pension costs charged in the financial statements represent the contribution payable by the company during the year.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Perfect Pipework Limited (Registered number: 02518129)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2022 24,043 24,520 23,795 69,907 142,265
Additions - - - 2,533 2,533
At 31 July 2023 24,043 24,520 23,795 72,440 144,798
DEPRECIATION
At 1 August 2022 23,913 24,312 22,441 68,769 139,435
Charge for year 130 51 339 1,132 1,652
At 31 July 2023 24,043 24,363 22,780 69,901 141,087
NET BOOK VALUE
At 31 July 2023 - 157 1,015 2,539 3,711
At 31 July 2022 130 208 1,354 1,138 2,830

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,440 2,263
Other debtors 389,187 289,716
393,627 291,979

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 181,582
Payments on account 25,701 25,701
Trade creditors 179,163 106,141
Taxation and social security 119,877 20,924
Other creditors 122,254 2,813
456,995 337,161

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 23,333 83,887

8. SECURED DEBTS

A fixed and floating charge, dated 7th November 2002, is held by HSBC Bank Plc over all the assets of the company equal to the monies that are due or become due from the company.

Perfect Pipework Limited (Registered number: 02518129)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 July 2023 there were no outstanding loans to the directors (2022: £ 55,851).

Interest is charged on overdrawn balances at the beneficial loan interest rate as set by HMRC.

10. OPERATING LEASES

The company is committed to make lease payments under non cancellable operating lease agreements as follows:
31/07/23 31/07/22
£    £   
Within one Year 12,032 17,039
Between one and five years 9,392 24,208
21,424 41,247

11. TRADING UPDATE

In common with many businesses, the company experienced difficult trading conditions during the pandemic. Despite the impact this had, the directors were confident about the future of the business and provided financial backing during this time. The year ended 31 July 2023 showed a return to profitability with this upward trend continuing in the current year. As at the date of signing these accounts, the positive trading has resulted in a continued improvement in shareholder funds. Based upon the order book, the directors expect the company to continue to be profitable and for the balance sheet to continue to strengthen.