Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31truetrueto act as an intermediate holding company0truetrue2022-04-01false0false 05501083 2022-04-01 2023-03-31 05501083 2021-04-01 2022-03-31 05501083 2023-03-31 05501083 2022-03-31 05501083 2021-04-01 05501083 6 2022-04-01 2023-03-31 05501083 6 2021-04-01 2022-03-31 05501083 d:CompanySecretary1 2022-04-01 2023-03-31 05501083 d:Director1 2022-04-01 2023-03-31 05501083 d:Director1 2023-03-31 05501083 d:Director2 2022-04-01 2023-03-31 05501083 d:Director2 2023-03-31 05501083 d:Director3 2022-04-01 2023-03-31 05501083 d:Director3 2023-03-31 05501083 d:Director4 2022-04-01 2023-03-31 05501083 d:Director4 2023-03-31 05501083 d:RegisteredOffice 2022-04-01 2023-03-31 05501083 d:Agent1 2022-04-01 2023-03-31 05501083 e:CurrentFinancialInstruments 2023-03-31 05501083 e:CurrentFinancialInstruments 2022-03-31 05501083 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 05501083 e:CurrentFinancialInstruments e:WithinOneYear 2022-03-31 05501083 e:UKTax 2022-04-01 2023-03-31 05501083 e:UKTax 2021-04-01 2022-03-31 05501083 e:ShareCapital 2022-04-01 2023-03-31 05501083 e:ShareCapital 2023-03-31 05501083 e:ShareCapital 2021-04-01 2022-03-31 05501083 e:ShareCapital 2022-03-31 05501083 e:ShareCapital 2021-04-01 05501083 e:SharePremium 2022-04-01 2023-03-31 05501083 e:SharePremium 2023-03-31 05501083 e:SharePremium 2021-04-01 2022-03-31 05501083 e:SharePremium 2022-03-31 05501083 e:SharePremium 2021-04-01 05501083 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 05501083 e:RetainedEarningsAccumulatedLosses 2023-03-31 05501083 e:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 05501083 e:RetainedEarningsAccumulatedLosses 2022-03-31 05501083 e:RetainedEarningsAccumulatedLosses 2021-04-01 05501083 d:OrdinaryShareClass1 2022-04-01 2023-03-31 05501083 d:OrdinaryShareClass1 2023-03-31 05501083 d:OrdinaryShareClass1 2022-03-31 05501083 d:FRS102 2022-04-01 2023-03-31 05501083 d:Audited 2022-04-01 2023-03-31 05501083 d:FullAccounts 2022-04-01 2023-03-31 05501083 d:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 05501083







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023


PIPE ACQUISITION LIMITED






































img1cd0.png                        

 


PIPE ACQUISITION LIMITED
 


 
COMPANY INFORMATION


Directors
O Rebello (resigned 20 December 2022)
A A Brown (resigned 30 June 2022)
P R J Richards (resigned 20 December 2022)
M Nakagaki (appointed 20 December 2022)




Company secretary
Y Sugai



Registered number
05501083



Registered office
Vintners' Place
68 Upper Thames Street

London

EC4V 3BJ




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT




Bankers
HSBC
8 Canada Square

London

E14 5HQ




Solicitors
Brodies LLP
15 Atholl Crescent

Edinburgh

EH3 8HA





 


PIPE ACQUISITION LIMITED
 



CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 16


 


PIPE ACQUISITION LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
The directors present their strategic report for the year ended 31 March 2023.

Principal activities
 
The company is a wholly owned subsidiary of Sumitomo Corporation.
The company's principal activity during the year was to act as an intermediate holding company.
On 31 March 2021 the company's ultimate parent company announced its decision to discontinue its operations in the tubular division in the Eastern Hemisphere. For this reason, the Directors have again not prepared the financial statements on a going concern basis. The effect of this is explained in note 2.3.

Business review
 
The company recorded a profit of £30k for the year (2022 - loss of £131k).

Dividends
 
No dividends were paid in the year (2022 - £NIL).


This report was approved by the board on 22 December 2023 and signed on its behalf.



M Nakagaki
Director

Page 1

 


PIPE ACQUISITION LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £30k (2022 - loss £131k).

No dividends were paid in the year (2022 - £NIL).

Directors

The directors who served during the year were:

O Rebello (resigned 20 December 2022)
A A Brown (resigned 30 June 2022)
P R J Richards (resigned 20 December 2022)
M Nakagaki (appointed 20 December 2022)

Post balance sheet events

There have been no significant events affecting the company since the year end.

Future developments

As previously reported, as of 24 March 2021, the decision was made by the ultimate parent company, Sumitomo Corporation to implement a detailed and formal plan to wind down the Edgen Murray Europe operations. As a result of the implementation of the wind down plan, all lines of business have ceased and the company no longer has any employees. Consequently, the financial statements have been prepared on a basis other than that of going concern. Further details regarding the adoption of the going concern basis can be found within note 2.3 to the financial statements.

Page 2

 


PIPE ACQUISITION LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditorsMenzies LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 22 December 2023 and signed on its behalf.
 





M Nakagaki
Director

Page 3

 


PIPE ACQUISITION LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PIPE ACQUISITION LIMITED

Opinion


We have audited the financial statements of Pipe Acquisition Limited (the 'company') for the year ended 31 March 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Emphasis of matter - financial statements prepared on a basis other than going concern


We draw attention to Note 2.3 to the financial statements which explains that the directors intend to wind down the company
and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial
statements.


Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.3.


Our opinion is not modified in respect of this matter.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4

 


PIPE ACQUISITION LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PIPE ACQUISITION LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 5

 


PIPE ACQUISITION LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PIPE ACQUISITION LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
The Companies Act 2006
Financial Reporting Standard 102
UK tax legislation
UK employment legislation

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the company is complying with those legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of relevant documentation.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. No issues were identified in this area.
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
Posting of unusual journals and complex transactions; or
The use of management override of controls to manipulate results, or to cause the company to enter into transactions
not in its best interest.

As a result of the above, the audit procedures performed by the engagement team included:
Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or
other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6

 


PIPE ACQUISITION LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PIPE ACQUISITION LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Wooding FCA (Senior statutory auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Lynton House
7-12 Tavistock Square
London
WC1H 9LT

22 December 2023
Page 7

 


PIPE ACQUISITION LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£000
£000

  

Administrative expenses
  
(12)
(134)

Other operating income
  
42
-

Operating profit/(loss)
  
30
(134)

Tax on profit/(loss)
 7 
-
3

Profit/(loss) for the financial year
  
30
(131)

Other comprehensive income for the year
  

Total comprehensive income for the year
  
30
(131)

The notes on pages 11 to 16 form part of these financial statements.

Page 8

 


PIPE ACQUISITION LIMITED
REGISTERED NUMBER:05501083



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£000
£000

  

Current assets
  

Debtors: amounts falling due within one year
 9 
-
3

Cash at bank and in hand
 10 
78
30

  
78
33

Creditors: amounts falling due within one year
 11 
(78)
(155)

Net current assets/(liabilities)
  
 
 
-
 
 
(122)

Total assets less current liabilities
  
-
(122)

  

Net assets/(liabilities)
  
-
(122)


Capital and reserves
  

Called up share capital 
  
77,350
77,258

Share premium account
  
8,450
8,450

Profit and loss account
  
(85,800)
(85,830)

  
-
(122)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 December 2023.




M Nakagaki
Director

The notes on pages 11 to 16 form part of these financial statements.

Page 9

 


PIPE ACQUISITION LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£000
£000
£000
£000


At 1 April 2021
77,258
8,450
(85,699)
9


Comprehensive income for the year

Loss for the year
-
-
(131)
(131)
Total comprehensive income for the year
-
-
(131)
(131)


Total transactions with owners
-
-
-
-



At 1 April 2022
77,258
8,450
(85,830)
(122)


Comprehensive income for the year

Profit for the year
-
-
30
30
Total comprehensive income for the year
-
-
30
30


Contributions by and distributions to owners

Shares issued during the year
92
-
-
92


Total transactions with owners
92
-
-
92


At 31 March 2023
77,350
8,450
(85,800)
-


The notes on pages 11 to 16 form part of these financial statements.

Page 10

 


PIPE ACQUISITION LIMITED
 


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

1.


General information

Pipe Acquisition Limited is a private company incorporated, domiciled and registered in England in the UK. The registered number is 05501083 and the registered address is Vintners' Place, 68 Upper Thames Street, London, EC4V 3BJ.
The Company is exempt by virtue of Section 401 of the Companies Act 2006 from the requirement to prepare group
financial statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Information on the impact of first-time adoption of FRS 102 is given in note 15.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Sumitomo Corporation as at 31 March 2023 and these financial statements may be obtained from www.sumitomocorp.co.jp/english.

  
2.3

Going concern

On 24 March 2021 the ultimate parent company announced the decision to discontinue trading in the Eastern Hemisphere tubular business. The group are proceeding with the aim of liquidating the relevant companies as soon as possible. As such the directors have not prepared the financial statements on a going concern basis.  The effect on the financial statements is that all assets and liabilities have been classified as current and that the assets have be recorded at their estimated realisable value.

  
2.4

Foreign currency

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction or, if hedged forward, at the rate of exchange under the related forward currency contract. Monetary assets and liabilities denominated in foreign currencies are translated using the contracted rate or the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account.

Page 11

 


PIPE ACQUISITION LIMITED
 


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

2.Accounting policies (continued)

  
2.5

Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognized directly in equity or other comprehensive income, in which case it is recognized directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised.

  
2.6

Non derivative financial instruments

Non derivative financial instruments comprise investments in equity, cash and cash equivalents, and trade and other creditors
Trade and other creditors
Trade and other creditors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.

  
2.7

Investment

Investments are stated at cost less any provision for any impairment.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions that
affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the year. Due to the nature of estimation, the actual outcomes may well differ from these estimates
Management has made the following judgements in applying the group's accounting policies:
Fair value estimation
The carrying values of investments less impairment provisions are assumed to approximate their fair value.

Page 12

 


PIPE ACQUISITION LIMITED
 


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

4.


Other operating income

2023
2022
£000
£000

Other operating income
42
-

42
-



5.


Auditors' remuneration

2023
2022
£000
£000


Fees payable to the company's auditors in connection with the company's pension scheme(s) in respect of:
5
10


6.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.





0
0


7.


Taxation


2023
2022
£000
£000

Corporation tax


Current tax on profits for the year
-
-

Adjustments in respect of previous periods
-
(3)


Total current tax
-
(3)

Deferred tax

Total deferred tax
-
-


Tax on profit/(loss)
-
(3)
Page 13

 


PIPE ACQUISITION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
7.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£000
£000


Profit/(loss) on ordinary activities before tax
30
(134)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
6
(25)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(8)
19

Group relief
2
-

Losses unrecognised in the year
-
6

Prior year adjustment
-
(3)

Total tax charge for the year
-
(3)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


8.


Current asset investments

Investments in subsidiaries were fully impaired and valued at £NIL at the year end (2022 - £NIL).
The company has a 100% shareholding in the following subsidiary companies:
 
Edgen Murray Europe Limited     - Incorporated in the United Kingdom with principal activity of steel stockholding and trading

Edgen Murray Pte Limited*     - Incorporated in Singapore with principal activity of steel stockholding and trading

Edgen Murray France SAS*     - Incorporated in Singapore with principal activity of steel stockholding and trading

Edgen Murray GmbH*     - Incorporated in Austria with principal activity of steel trading

Edgen Murray Australia Pty Limited**     - Incorporated in Australia with principal activity of steel trading

*Indirectly held via Edgen Murray Europe Limited
**Indirectly held via Edgen Murray Pte Limited. The company went into liquidation in December 2023.

Page 14

 


PIPE ACQUISITION LIMITED
 


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

9.


Debtors

2023
2022
£000
£000


Amounts owed by group undertakings
-
3

-
3



10.


Cash and cash equivalents

2023
2022
£000
£000

Cash at bank and in hand
78
30

78
30



11.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Trade creditors
1
-

Amounts owed to group undertakings
-
31

Accruals and deferred income
77
124

78
155



12.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



77,349,521 (2022 - 77,257,521) Ordinary Shares shares of £1.00 each
77,350
77,258


The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.
92,000 Ordinary shares were allotted at par value during the year.

Page 15

 


PIPE ACQUISITION LIMITED
 


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

13.


Reserves

Share premium account

The share premium account represents premium paid on Company shares.

Profit and loss account

The profit and loss account represents cumulative profits and losses, net of dividends paid and other adjustments.


14.


Parent undertaking

Until 25 September 2022 the company was wholly owned by EMGH Limited (immediate parent company). The directors consider Sumitomo Corporation, a Japanese listed company, to be the ultimate parent undertaking at the balance sheet date. The largest group in which the results of the company are consolidated is that headed by that ultimate parent undertaking whose principal place of business is at Harumi Island Triton Square Office Tower Y 8- 11, Harumi 1-chome, Chuo-ku, Tokyo, 104-8610. Copies of the consolidated financial statements of Sumitomo Corporation can be obtained from www.sumitomocorp.co.jp/english. 
On 26 September EMGH Limited (immediate parent company) sold its entire shareholding in the company to Sumitomo Corporation.


15.


First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.
The previous accounting framework was FRS 101. 

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