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REGISTERED NUMBER: 00825995 (England and Wales)













Financial Statements

for the Year Ended 31 December 2023

for

Pipe Tool Specialists Limited

Pipe Tool Specialists Limited (Registered number: 00825995)






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




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Pipe Tool Specialists Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr S G Stefaniuk
Mrs A T Stefaniuk



REGISTERED OFFICE: Dixon Way
Dixon Street
LINCOLN
Lincolnshire
LN6 7XL



REGISTERED NUMBER: 00825995 (England and Wales)



ACCOUNTANTS: Nicholsons
Chartered Accountants
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN



BANKERS: Lloyds Bank Plc
202 High Street
LINCOLN
Lincolnshire
LN5 7AP

Pipe Tool Specialists Limited (Registered number: 00825995)

Abridged Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 87,789 71,302
Investments 5 2,100 2,100
89,889 73,402

CURRENT ASSETS
Stocks 680,628 672,560
Debtors 604,792 518,783
Cash at bank and in hand 733,864 714,121
2,019,284 1,905,464
CREDITORS
Amounts falling due within one year 828,213 610,939
NET CURRENT ASSETS 1,191,071 1,294,525
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,280,960

1,367,927

CREDITORS
Amounts falling due after more than
one year

-

(11,565

)

PROVISIONS FOR LIABILITIES (19,003 ) (14,330 )
NET ASSETS 1,261,957 1,342,032

CAPITAL AND RESERVES
Called up share capital 18,673 18,673
Share premium 440,448 440,448
Retained earnings 802,836 882,911
SHAREHOLDERS' FUNDS 1,261,957 1,342,032

Pipe Tool Specialists Limited (Registered number: 00825995)

Abridged Balance Sheet - continued
31 December 2023


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 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 18 March 2024 and were signed on its behalf by:





Mr S G Stefaniuk - Director


Pipe Tool Specialists Limited (Registered number: 00825995)

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

1. STATUTORY INFORMATION

Pipe Tool Specialists 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.

Preparation of consolidated financial statements
The financial statements contain information about Pipe Tool Specialists Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant asset hire - at variable rates on reducing balance
Short leasehold - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 20% on cost and 15-25% on reducing balance
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Pipe Tool Specialists Limited (Registered number: 00825995)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

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.

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
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.

Operating leases
Rental income from operating leases is recognised on a straight line basis over the term of the lease.

Pipe Tool Specialists Limited (Registered number: 00825995)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 19 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 236,834
Additions 28,645
Disposals (1,850 )
At 31 December 2023 263,629
DEPRECIATION
At 1 January 2023 165,532
Charge for year 12,158
Eliminated on disposal (1,850 )
At 31 December 2023 175,840
NET BOOK VALUE
At 31 December 2023 87,789
At 31 December 2022 71,302

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 January 2023
and 31 December 2023 2,100
NET BOOK VALUE
At 31 December 2023 2,100
At 31 December 2022 2,100

Pipe Tool Specialists Limited (Registered number: 00825995)

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

6. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/12/23 31/12/22
£    £   
Net obligations repayable:
Within one year 11,562 11,099
Between one and five years - 11,565
11,562 22,664

Non-cancellable operating leases
31/12/23 31/12/22
£    £   
Within one year 21,324 19,788

7. SECURED DEBTS

The following secured debts are included within creditors:

31/12/23 31/12/22
£    £   
Hire Purchase 11,562 22,664

Hire purchase agreements are secured on the asset to which they relate.