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REGISTERED NUMBER: 05120066 (England and Wales)







Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Pipes On Sight Limited

Pipes On Sight Limited (Registered number: 05120066)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Pipes On Sight Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: M D Walkley
M D J Walkley



SECRETARY: M D J Walkley



REGISTERED OFFICE: The Stable
The Grange Business Park
West Hewish
Weston Super Mare
Somerset
BS24 6RR



REGISTERED NUMBER: 05120066 (England and Wales)



ACCOUNTANTS: Stanley Joseph Limited
Chartered Accountants
Suite 1
Liberty House
South Liberty Lane
Bristol
BS3 2ST



BANKERS: National Westminster Bank Plc
43 Oxford Street
Weston Super Mare
North Somerset
BS23 1TN

Pipes On Sight Limited (Registered number: 05120066)

Statement of Financial Position
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 72,904 23,643

CURRENT ASSETS
Debtors 5 67,318 83,647
Cash at bank and in hand 103,086 43,940
170,404 127,587
CREDITORS
Amounts falling due within one year 6 104,724 94,787
NET CURRENT ASSETS 65,680 32,800
TOTAL ASSETS LESS CURRENT
LIABILITIES

138,584

56,443

CREDITORS
Amounts falling due after more than one
year

7

(57,549

)

(33,333

)

PROVISIONS FOR LIABILITIES (17,811 ) (4,156 )
NET ASSETS 63,224 18,954

Pipes On Sight Limited (Registered number: 05120066)

Statement of Financial Position - continued
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 10 63,222 18,952
SHAREHOLDERS' FUNDS 63,224 18,954

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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 24 November 2023 and were signed on its behalf by:





M D J Walkley - Director


Pipes On Sight Limited (Registered number: 05120066)

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

1. STATUTORY INFORMATION

Pipes On Sight 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 the amounts receivable, excluding VAT and trade discounts, by the company for goods and services provided during the year., except in respect of service contracts where turnover is recognised when the company obtains the right to consideration. All transactions arose in the United Kingdom.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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.

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 statement of financial position date.


Pipes On Sight Limited (Registered number: 05120066)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

Pipes On Sight Limited (Registered number: 05120066)

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

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2022 2,607 48,095 46,137 96,839
Additions - 17,111 56,450 73,561
At 31 March 2023 2,607 65,206 102,587 170,400
DEPRECIATION
At 1 April 2022 2,405 36,293 34,498 73,196
Charge for year 50 7,229 17,021 24,300
At 31 March 2023 2,455 43,522 51,519 97,496
NET BOOK VALUE
At 31 March 2023 152 21,684 51,068 72,904
At 31 March 2022 202 11,802 11,639 23,643

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2022 20,250
Additions 56,450
Transfer to ownership (20,250 )
At 31 March 2023 56,450
DEPRECIATION
At 1 April 2022 15,445
Charge for year 14,112
Transfer to ownership (15,445 )
At 31 March 2023 14,112
NET BOOK VALUE
At 31 March 2023 42,338
At 31 March 2022 4,805

Pipes On Sight Limited (Registered number: 05120066)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 65,214 81,498
Amounts owed by group undertakings 321 -
Other debtors 929 1,295
Prepayments 854 854
67,318 83,647

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 12,442 3,713
Trade creditors 4,516 3,957
Tax 21,131 32,751
Social security and other taxes 4,124 3,073
VAT 48,182 38,977
Accrued expenses 4,329 2,316
104,724 94,787

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans - 2-5 years 23,333 33,333
Hire purchase contracts 34,216 -
57,549 33,333

Pipes On Sight Limited (Registered number: 05120066)

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

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 33,333 43,333
Hire purchase contracts 46,658 3,713
79,991 47,046

Fixed and floating charge over the assets of the company.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
10 Ordinary 1 2 2

10. RESERVES
Retained
earnings
£   

At 1 April 2022 18,952
Profit for the year 147,769
Dividends (103,499 )
At 31 March 2023 63,222

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. ULTIMATE CONTROLLING PARTY

The controlling party is M D Walkley.

Pipes On Sight Limited (Registered number: 05120066)

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

13. ULTIMATE PARENT COMPANY

The ultimate parent company is Pipes On Sight Holdings Limited, which owns 100% of the share capital.