Company registration number 01852899 (England and Wales)
INTERNATIONAL PIPELINE PRODUCTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
INTERNATIONAL PIPELINE PRODUCTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
INTERNATIONAL PIPELINE PRODUCTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
284,580
172,189
Tangible assets
4
663,750
668,947
948,330
841,136
Current assets
Stocks
1,928,713
1,784,193
Debtors
5
1,981,349
2,315,968
Cash at bank and in hand
263,558
108,660
4,173,620
4,208,821
Creditors: amounts falling due within one year
6
(3,742,479)
(4,129,386)
Net current assets
431,141
79,435
Total assets less current liabilities
1,379,471
920,571
Creditors: amounts falling due after more than one year
7
-
0
(99,484)
Provisions for liabilities
(81,355)
(51,974)
Net assets
1,298,116
769,113
Capital and reserves
Called up share capital
100,000
100,000
Capital redemption reserve
5,263
5,263
Profit and loss reserves
1,192,853
663,850
Total equity
1,298,116
769,113

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 24 July 2024 and are signed on its behalf by:
D Williams
S Bell
Director
Director
Company Registration No. 01852899
INTERNATIONAL PIPELINE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

International Pipeline Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gatherley Road, Brompton On Swale, North Yorkshire, United Kingdom, DL10 7JH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion can be reliably estimated. The stage of completion is calculated based on the directors estimate of the physical proportion of the contract work performed.

 

Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

 

When it is probable that total contract costs will exceed total contract revenue, the expected loss shall be recognised as an expense immediately.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
Straight line over 5 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

INTERNATIONAL PIPELINE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% on cost, 20% on cost, and 25% on cost
Fixtures and fittings
25% on cost, 20% on cost, 10% on cost, and 0% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

INTERNATIONAL PIPELINE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

INTERNATIONAL PIPELINE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.15

Sales financing

Advances on sales invoices are paid by the company's financiers on production of a valid delivery note. The arrangement is one with recourse and so a liability is created equal to the advance, and the debtor pertaining to the sales invoice is not de-recognised until the customer has paid or the debt is written off.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
69
61
3
Intangible fixed assets
Intangibles
£
Cost
At 1 January 2023
247,032
Additions
170,135
At 31 December 2023
417,167
Amortisation and impairment
At 1 January 2023
74,843
Amortisation charged for the year
57,744
At 31 December 2023
132,587
Carrying amount
At 31 December 2023
284,580
At 31 December 2022
172,189
INTERNATIONAL PIPELINE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
1,455,537
1,634,456
3,089,993
Additions
21,658
48,074
69,732
At 31 December 2023
1,477,195
1,682,530
3,159,725
Depreciation and impairment
At 1 January 2023
1,349,117
1,071,929
2,421,046
Depreciation charged in the year
32,223
42,706
74,929
At 31 December 2023
1,381,340
1,114,635
2,495,975
Carrying amount
At 31 December 2023
95,855
567,895
663,750
At 31 December 2022
106,420
562,527
668,947
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,736,093
2,131,436
Amounts owed by group undertakings
9,467
9,467
Other debtors
235,789
175,065
1,981,349
2,315,968
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
99,484
132,646
Trade creditors
1,536,110
1,484,189
Taxation and social security
64,155
116,762
Other creditors
2,042,730
2,395,789
3,742,479
4,129,386

Creditors due within one year includes £1,704,227 (2022: £1,566,323) secured debts.

INTERNATIONAL PIPELINE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
99,484

Creditors due after one year includes £Nil (2022: £49,742) secured debts

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Joanne Regan FCA
Statutory Auditor:
Azets Audit Services
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
1,377,713
754,591
INTERNATIONAL PIPELINE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Administrative & Interest Expenses
2023
2022
£
£
Other related parties
130,500
221,200

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Other related parties
1,696,491
1,789,060
11
Parent company

On 10 May 2024, the ultimate parent company became Dhanekula International Pte Ltd, whose registered office address is 67F Tuas South Avenue 1, Seatown Industrial Centre, Singapore 637585.

Day to day control of the company is managed by the board of Directors, by virtue of their ability to act in concert in respect of the operational and financial policies of the company.

2023-12-312023-01-01false02 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedD WilliamsK AppletonS BellS DhanekulaN GoelS SanghaiD Williamsfalsefalse018528992023-01-012023-12-31018528992023-12-31018528992022-12-3101852899core:IntangibleAssetsOtherThanGoodwill2023-12-3101852899core:IntangibleAssetsOtherThanGoodwill2022-12-3101852899core:PlantMachinery2023-12-3101852899core:FurnitureFittings2023-12-3101852899core:PlantMachinery2022-12-3101852899core:FurnitureFittings2022-12-3101852899core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3101852899core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3101852899core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3101852899core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3101852899core:CurrentFinancialInstruments2023-12-3101852899core:CurrentFinancialInstruments2022-12-3101852899core:ShareCapital2023-12-3101852899core:ShareCapital2022-12-3101852899core:CapitalRedemptionReserve2023-12-3101852899core:CapitalRedemptionReserve2022-12-3101852899core:RetainedEarningsAccumulatedLosses2023-12-3101852899core:RetainedEarningsAccumulatedLosses2022-12-3101852899bus:Director22023-01-012023-12-3101852899core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3101852899core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-012023-12-3101852899core:PlantMachinery2023-01-012023-12-3101852899core:FurnitureFittings2023-01-012023-12-31018528992022-01-012022-12-3101852899core:IntangibleAssetsOtherThanGoodwill2022-12-3101852899core:PlantMachinery2022-12-3101852899core:FurnitureFittings2022-12-31018528992022-12-3101852899core:WithinOneYear2023-12-3101852899core:WithinOneYear2022-12-3101852899core:Non-currentFinancialInstruments2023-12-3101852899core:Non-currentFinancialInstruments2022-12-3101852899bus:PrivateLimitedCompanyLtd2023-01-012023-12-3101852899bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3101852899bus:FRS1022023-01-012023-12-3101852899bus:Audited2023-01-012023-12-3101852899bus:Director12023-01-012023-12-3101852899bus:Director32023-01-012023-12-3101852899bus:Director42023-01-012023-12-3101852899bus:Director52023-01-012023-12-3101852899bus:Director62023-01-012023-12-3101852899bus:CompanySecretary12023-01-012023-12-3101852899bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP