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REGISTERED NUMBER: 03904897 (England and Wales)







Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Pipeline Products Holdings Ltd

Pipeline Products Holdings Ltd (Registered number: 03904897)






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


Pipeline Products Holdings Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr R H Anderson
Mr M W Jones





REGISTERED OFFICE: Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
BS32 4JY





REGISTERED NUMBER: 03904897 (England and Wales)





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

Pipeline Products Holdings Ltd (Registered number: 03904897)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 710,606 725,488
Investments 5 500,000 500,000
1,210,606 1,225,488

CURRENT ASSETS
Debtors 6 2,600 190,080
Cash at bank 381,020 80,364
383,620 270,444
CREDITORS
Amounts falling due within one year 7 54,955 40,649
NET CURRENT ASSETS 328,665 229,795
TOTAL ASSETS LESS CURRENT LIABILITIES 1,539,271 1,455,283

CREDITORS
Amounts falling due after more than one year 8 409,269 434,726
NET ASSETS 1,130,002 1,020,557

CAPITAL AND RESERVES
Called up share capital 10 109,340 108,020
Share premium 130,748 112,068
Retained earnings 889,914 800,469
SHAREHOLDERS' FUNDS 1,130,002 1,020,557

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.

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 Holdings Ltd (Registered number: 03904897)

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

1. STATUTORY INFORMATION

Pipeline Products Holdings 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost

Freehold property is recorded at cost less depreciation. The depreciation applied to freehold property is stated in the depreciation accounting policy.

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

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.

3. EMPLOYEES AND DIRECTORS

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

Pipeline Products Holdings Ltd (Registered number: 03904897)

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

4. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST
At 1 January 2023
and 31 December 2023 744,090
DEPRECIATION
At 1 January 2023 18,602
Charge for year 14,882
At 31 December 2023 33,484
NET BOOK VALUE
At 31 December 2023 710,606
At 31 December 2022 725,488

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 500,000
NET BOOK VALUE
At 31 December 2023 500,000
At 31 December 2022 500,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed by group undertakings - 190,080
Other debtors 2,600 -
2,600 190,080

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 25,456 24,033
Trade creditors 420 -
Tax 22,874 16,006
VAT 5,270 -
Accrued expenses 935 610
54,955 40,649

Pipeline Products Holdings Ltd (Registered number: 03904897)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 26,879 25,456
Bank loans - 2-5 years 89,174 84,906
Bank loans more 5 yr by instal 293,216 324,364
409,269 434,726

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 293,216 324,364

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 434,725 458,759

The loan is secured by a fixed charge on the freehold property known as 2 Britannia Way, Clevedon, BS21 6QH.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100,000 Ordinary A £1 100,000 100,000
100 Ordinary B £1 100 100
9,240 Ordinary C £1 9,240 7,920
109,340 108,020

1,320 Ordinary C shares of £1 each were allotted as fully paid at a premium of 14.15 per share during the year.

11. 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.

Pipeline Products Holdings Ltd (Registered number: 03904897)

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

12. SHARE OPTION SCHEMES

The market value of the shares at the date of the Grant was £15.15.

The options shall lapse upon the earliest of the expiry of 10 years from it's date of grant or if the holder of the options ceases to be an eligible person.

In order to exercise an option the holder must deliver to the Company Secretary a notice in writing specifying the number of shares in respect of which option is being exercised accompanied by payment in full for those shares in which the options are being exercised.

The directors have adopted the accounting treatment under FRS 20 Share based payment.

Share Options activity:

EMI Share Scheme Shares £

Shares granted 11/11/2015 16,500 249,975
Shares exercised 30/11/2017 1,980 29,997
Shares exercised 14/12/2020 3,300 49,995
Shares exercised 14/12/2021 1,320 19,998
Shares exercised 06/12/2022 1,320 19,998
Shares exercised 08/12/2023 1,320 19,998
Shares available 7,260 109,989






Unapproved Share Option Scheme Shares £   

Shares granted 11/11/15 16,833 255,020
Shares available 16,833 255,020