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REGISTERED NUMBER: 01805228 (England and Wales)







Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Pipeline Products Ltd

Pipeline Products Ltd (Registered number: 01805228)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Pipeline Products Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr R H Anderson
Mr M W Jones





REGISTERED OFFICE: 15 Concorde Drive
5C Business Centre
Clevedon
Bristol
Somerset
BS21 6UH





REGISTERED NUMBER: 01805228 (England and Wales)





ACCOUNTANTS: Dunkley's
Chartered Accountants
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
BS32 4JY

Pipeline Products Ltd (Registered number: 01805228)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 14,436 1,595
Tangible assets 5 176,513 190,468
190,949 192,063

CURRENT ASSETS
Stocks 1,712,419 2,272,389
Debtors 6 869,305 809,615
Cash at bank and in hand 478,523 480,753
3,060,247 3,562,757
CREDITORS
Amounts falling due within one year 7 896,020 1,388,654
NET CURRENT ASSETS 2,164,227 2,174,103
TOTAL ASSETS LESS CURRENT LIABILITIES 2,355,176 2,366,166

CREDITORS
Amounts falling due after more than one year 8 (59,920 ) (95,597 )

PROVISIONS FOR LIABILITIES (24,349 ) (21,436 )
NET ASSETS 2,270,907 2,249,133

CAPITAL AND RESERVES
Called up share capital 11 61,605 61,605
Retained earnings 2,209,302 2,187,528
SHAREHOLDERS' FUNDS 2,270,907 2,249,133

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.

Pipeline Products Ltd (Registered number: 01805228)

Balance Sheet - continued
31 December 2023


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 17 May 2024 and were signed on its behalf by:





Mr R H Anderson - Director


Pipeline Products Ltd (Registered number: 01805228)

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

1. STATUTORY INFORMATION

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on cost
Computer equipment - 17% on cost

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

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

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.

Pipeline Products Ltd (Registered number: 01805228)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 19 (2022 - 16 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 1,852
Additions 14,250
At 31 December 2023 16,102
AMORTISATION
At 1 January 2023 257
Charge for year 1,409
At 31 December 2023 1,666
NET BOOK VALUE
At 31 December 2023 14,436
At 31 December 2022 1,595

Pipeline Products Ltd (Registered number: 01805228)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 273,939 87,615 83,450 32,932 477,936
Additions 130 28,258 - 263 28,651
Disposals - (3,001 ) - (786 ) (3,787 )
At 31 December 2023 274,069 112,872 83,450 32,409 502,800
DEPRECIATION
At 1 January 2023 205,482 38,971 24,906 18,109 287,468
Charge for year 9,515 9,289 18,488 4,836 42,128
Eliminated on disposal - (2,810 ) - (499 ) (3,309 )
At 31 December 2023 214,997 45,450 43,394 22,446 326,287
NET BOOK VALUE
At 31 December 2023 59,072 67,422 40,056 9,963 176,513
At 31 December 2022 68,457 48,644 58,544 14,823 190,468

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 52,995 73,950 16,250 143,195
DEPRECIATION
At 1 January 2023 1,767 15,406 9,479 26,652
Charge for year 5,299 18,488 2,708 26,495
At 31 December 2023 7,066 33,894 12,187 53,147
NET BOOK VALUE
At 31 December 2023 45,929 40,056 4,063 90,048
At 31 December 2022 51,228 58,544 6,771 116,543

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 842,073 784,880
Other debtors 2,180 6,826
Prepayments and accrued income 25,052 17,909
869,305 809,615

Pipeline Products Ltd (Registered number: 01805228)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 410,709 591,335
Hire purchase contracts (see note 9) 25,676 27,076
Trade creditors 150,319 163,566
Amounts owed to group undertakings - 190,080
Tax 113,420 107,929
Social security and other taxes 19,882 19,494
VAT 152,729 264,287
Other creditors 20,421 23,686
Accrued expenses 2,864 1,201
896,020 1,388,654

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 4,167 14,167
Hire purchase contracts (see note 9) 45,753 71,430
59,920 95,597

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 25,676 27,076
Between one and five years 45,753 71,430
71,429 98,506

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 28,680 28,680
Between one and five years 93,210 114,720
In more than five years - 7,170
121,890 150,570

Pipeline Products Ltd (Registered number: 01805228)

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

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 24,167 34,167
Hire purchase contracts 71,429 98,506
RBS 400,709 581,335
496,305 714,008

The RBS account relates to an invoice discounting agreement with RBS Invoice Finance Limited, and is secured by a fixed and floating charge over the company's assets.

Hire purchase contracts are secured by hired charges over the assets indicated in note 7.

'Bank loans' relate to a Bounce Back Loan with HSBC. The government has provided security for the full loan amount.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
61,605 Ordinary £1 61,605 61,605

12. CAPITAL COMMITMENTS
31.12.23 31.12.22
£    £   
Contracted but not provided for in the
financial statements 721,938 654,640

13. RELATED PARTY DISCLOSURES

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.