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REGISTERED NUMBER: 01607255 (England and Wales)















PIPEWORK ENGINEERING SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






PIPEWORK ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 01607255)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


PIPEWORK ENGINEERING SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr A J Blincoe
Mr R J Evans
Mr J Evans





REGISTERED OFFICE: 21b Navigation Drive
Hurst Business Park
Brierley Hill
West Midlands
DY5 1UT





REGISTERED NUMBER: 01607255 (England and Wales)





ACCOUNTANTS: Folkes Worton LLP
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PIPEWORK ENGINEERING SERVICES LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pipework Engineering Services Limited for the year ended 31 March 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Pipework Engineering Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Pipework Engineering Services Limited and state those matters that we have agreed to state to the Board of Directors of Pipework Engineering Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pipework Engineering Services Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Pipework Engineering Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pipework Engineering Services Limited. You consider that Pipework Engineering Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Pipework Engineering Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Folkes Worton LLP
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU


30 July 2024

PIPEWORK ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 01607255)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 267,439 297,391

CURRENT ASSETS
Stocks 380,585 321,981
Debtors 5 1,655,304 1,483,853
Cash at bank and in hand 1,223,319 1,468,796
3,259,208 3,274,630
CREDITORS
Amounts falling due within one year 6 1,434,140 1,648,104
NET CURRENT ASSETS 1,825,068 1,626,526
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,092,507

1,923,917

CREDITORS
Amounts falling due after more than one year 7 - (9,079 )

PROVISIONS FOR LIABILITIES (50,308 ) (42,972 )
NET ASSETS 2,042,199 1,871,866

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,042,099 1,871,766
SHAREHOLDERS' FUNDS 2,042,199 1,871,866

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

PIPEWORK ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 01607255)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024


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 30 July 2024 and were signed on its behalf by:





Mr J Evans - Director


PIPEWORK ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 01607255)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Pipework Engineering Services 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 net sales of goods/services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Over the life of the lease
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 50% on reducing balance and 25% on reducing balance
Motor vehicles - 33% 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 statement of financial position date.

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PIPEWORK ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 01607255)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

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 41 (2023 - 40 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 74,080 786,492 329,241 53,810 1,243,623
Additions - 20,750 10,461 - 31,211
At 31 March 2024 74,080 807,242 339,702 53,810 1,274,834
DEPRECIATION
At 1 April 2023 7,955 584,291 305,728 48,258 946,232
Charge for year 2,215 52,711 4,386 1,851 61,163
At 31 March 2024 10,170 637,002 310,114 50,109 1,007,395
NET BOOK VALUE
At 31 March 2024 63,910 170,240 29,588 3,701 267,439
At 31 March 2023 66,125 202,201 23,513 5,552 297,391

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,475,523 1,381,110
Amounts owed by group undertakings 61,686 -
Other debtors 118,095 102,743
1,655,304 1,483,853

PIPEWORK ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 01607255)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 8,899 19,793
Trade creditors 824,638 801,479
Amounts owed to group undertakings - 267,359
Taxation and social security 337,553 290,914
Other creditors 263,050 268,559
1,434,140 1,648,104

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts - 9,079

8. RELATED PARTY DISCLOSURES

At the statement of financial position date Pipework Engineering Services Limited was owed £61,686 by (2023: owed £267,359 to) P.E.S. Holdings Limited.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr J Evans.

P.E.S. Holdings Limited is regarded by the directors as being the company's ultimate parent company.