IRIS Accounts Production v24.2.0.383 12394918 Board of Directors 1.1.23 31.12.23 31.12.23 14.8.24 0 0 false true false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh123949182022-12-31123949182023-12-31123949182023-01-012023-12-31123949182021-12-31123949182022-01-012022-12-31123949182022-12-3112394918ns15:EnglandWales2023-01-012023-12-3112394918ns14:PoundSterling2023-01-012023-12-3112394918ns10:Director12023-01-012023-12-3112394918ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3112394918ns10:SmallEntities2023-01-012023-12-3112394918ns10:Audited2023-01-012023-12-3112394918ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3112394918ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3112394918ns10:FullAccounts2023-01-012023-12-3112394918ns10:OrdinaryShareClass12023-01-012023-12-3112394918ns10:Director22023-01-012023-12-3112394918ns10:Director32023-01-012023-12-3112394918ns10:CompanySecretary12023-01-012023-12-3112394918ns10:RegisteredOffice2023-01-012023-12-3112394918ns5:Non-currentFinancialInstruments2023-12-3112394918ns5:Non-currentFinancialInstruments2022-12-3112394918ns5:ShareCapital2023-12-3112394918ns5:ShareCapital2022-12-3112394918ns5:RetainedEarningsAccumulatedLosses2023-12-3112394918ns5:RetainedEarningsAccumulatedLosses2022-12-3112394918ns5:CostValuation2022-12-3112394918ns5:CurrentFinancialInstruments2023-12-3112394918ns5:CurrentFinancialInstruments2022-12-3112394918ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3112394918ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3112394918ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 12394918 (England and Wales)





















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PETROCHEM PROCESS PIPELINE UK LIMITED

PETROCHEM PROCESS PIPELINE UK LIMITED (REGISTERED NUMBER: 12394918)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PETROCHEM PROCESS PIPELINE UK LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: K O'Shea
P Enright
D Ahern





SECRETARY: K O'Shea





REGISTERED OFFICE: Building 51
Third Avenue
Pensnett Trading Estate
Kingswinford
West Midlands
DY6 7XE





REGISTERED NUMBER: 12394918 (England and Wales)





AUDITORS: Dafferns LLP
Chartered Accountants
Statutory Auditor
One Eastwood
Harry Weston Road
Binley Business Park
Coventry
CV3 2UB

PETROCHEM PROCESS PIPELINE UK LIMITED (REGISTERED NUMBER: 12394918)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 5 1,648,048 1,648,048

CURRENT ASSETS
Debtors 6 463,452 572,782
Cash at bank 34,769 156,102
498,221 728,884
NET CURRENT ASSETS 498,221 728,884
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,146,269

2,376,932

CREDITORS
Amounts falling due after more than one
year

7

2,008,795

2,232,952
NET ASSETS 137,474 143,980

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 137,374 143,880
SHAREHOLDERS' FUNDS 137,474 143,980

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2024 and were signed on its behalf by:





P Enright - Director


PETROCHEM PROCESS PIPELINE UK LIMITED (REGISTERED NUMBER: 12394918)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Petrochem Process Pipeline Uk 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis on the grounds that the continued financial commitment and support of the parent company has been confirmed.

Preparation of consolidated financial statements
The financial statements contain information about Petrochem Process Pipeline Uk Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, KLK Limited, Unit 31, Euro Business Park, Little Island, Co.Cork, Ireland..

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Financial instruments
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset in measured at the present value of the future receipts 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.


PETROCHEM PROCESS PIPELINE UK LIMITED (REGISTERED NUMBER: 12394918)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

3. 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

4. EMPLOYEES AND DIRECTORS

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

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 1,648,048
NET BOOK VALUE
At 31 December 2023 1,648,048
At 31 December 2022 1,648,048

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 461,622 571,622
VAT 1,830 1,160
463,452 572,782

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 2,008,795 2,232,952

PETROCHEM PROCESS PIPELINE UK LIMITED (REGISTERED NUMBER: 12394918)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

M J Gibbs FCCA (Senior Statutory Auditor)
for and on behalf of Dafferns LLP

10. ULTIMATE CONTROLLING PARTY

The Company is a wholly-owned subsidiary of Petrochem Pipeline Supply Limited.

The Company's ultimate parent company is KLK Limited, a company registered in Ireland. The largest group in which the results of the company are consolidated is that of KLK Limited, whose address is: Unit 31, Euro Business Park, Little Island, Co.Cork. Ireland.