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REGISTERED NUMBER: 02534995 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LEAKY PIPE SYSTEMS LIMITED

LEAKY PIPE SYSTEMS LIMITED (REGISTERED NUMBER: 02534995)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LEAKY PIPE SYSTEMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: C Fermor





SECRETARY: Mrs G Fermor





REGISTERED OFFICE: 5 White Oak Square
London Road
Swanley
Kent
BR8 7AG





REGISTERED NUMBER: 02534995 (England and Wales)





ACCOUNTANTS: Sargeant Partnership LLP
Chartered Accountants
5 White Oak Square
London Road
Swanley
Kent
BR8 7AG

LEAKY PIPE SYSTEMS LIMITED (REGISTERED NUMBER: 02534995)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 200,085 99,472
200,086 99,473

CURRENT ASSETS
Stocks 39,715 74,082
Debtors 6 26,510 21,343
Cash at bank 163,590 209,416
229,815 304,841
CREDITORS
Amounts falling due within one year 7 36,974 51,626
NET CURRENT ASSETS 192,841 253,215
TOTAL ASSETS LESS CURRENT
LIABILITIES

392,927

352,688

CREDITORS
Amounts falling due after more than one
year

8

(146,595

)

(121,618

)

PROVISIONS FOR LIABILITIES (40,950 ) (24,869 )
NET ASSETS 205,382 206,201

LEAKY PIPE SYSTEMS LIMITED (REGISTERED NUMBER: 02534995)

BALANCE SHEET - continued
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 9 703 703
Retained earnings 10 204,679 205,498
SHAREHOLDERS' FUNDS 205,382 206,201

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

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

The director acknowledges his 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 director and authorised for issue on 8 March 2024 and were signed by:





C Fermor - Director


LEAKY PIPE SYSTEMS LIMITED (REGISTERED NUMBER: 02534995)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Leaky Pipe Systems 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademarks are being amortised evenly over their estimated useful life of five years.

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 - 15% per annum on cost
Fixtures and fittings - 15% per annum on cost
Motor vehicles - 25% per annum on reducing balance

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, 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 balance sheet date.


LEAKY PIPE SYSTEMS LIMITED (REGISTERED NUMBER: 02534995)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 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 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 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 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Trademarks
£   
COST
At 1 January 2023
and 31 December 2023 1,500
AMORTISATION
At 1 January 2023
and 31 December 2023 1,499
NET BOOK VALUE
At 31 December 2023 1
At 31 December 2022 1

LEAKY PIPE SYSTEMS LIMITED (REGISTERED NUMBER: 02534995)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 204,884 83,284 55,605 343,773
Additions - 50,224 95,745 145,969
At 31 December 2023 204,884 133,508 151,350 489,742
DEPRECIATION
At 1 January 2023 124,100 71,492 48,709 244,301
Charge for year 19,060 8,615 17,681 45,356
At 31 December 2023 143,160 80,107 66,390 289,657
NET BOOK VALUE
At 31 December 2023 61,724 53,401 84,960 200,085
At 31 December 2022 80,784 11,792 6,896 99,472

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 91,845
At 31 December 2023 91,845
DEPRECIATION
Charge for year 15,308
At 31 December 2023 15,308
NET BOOK VALUE
At 31 December 2023 76,537

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 19,475 17,705
Other debtors 7,035 3,638
26,510 21,343

LEAKY PIPE SYSTEMS LIMITED (REGISTERED NUMBER: 02534995)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 21,681 8,164
Trade creditors 4,384 10,026
Taxation and social security 7,576 31,361
Other creditors 3,333 2,075
36,974 51,626

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Hire purchase contracts 30,714 -
Other creditors 115,881 121,618
146,595 121,618

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
702 Ordinary £1 702 702
1 Ordinary A £1 1 1
703 703

10. RESERVES
Retained
earnings
£   

At 1 January 2023 205,498
Profit for the year 32,181
Dividends (33,000 )
At 31 December 2023 204,679

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At 31 December 2023, the company owed C Fermor £115,881 (2022 : £121,618).

Dividends of £33,000 were voted during the year.

LEAKY PIPE SYSTEMS LIMITED (REGISTERED NUMBER: 02534995)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C Fermor.