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REGISTERED NUMBER: 09990288 (England and Wales)














Process Pipework Installation Services
Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024






Process Pipework Installation Services
Limited (Registered number: 09990288)

Contents of the Financial Statements
for the Year Ended 29 February 2024










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3 to 4

Notes to the financial statements 5 to 8


Process Pipework Installation Services
Limited

Company Information
for the Year Ended 29 February 2024







Directors: S D Hooper
S J Hooper





Registered office: Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB





Business address: 83 Bourne Road
Spalding
Lincolnshire
PE11 1JR





Registered number: 09990288 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Process Pipework Installation 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 Directors' report 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 Process Pipework Installation Services Limited for the year ended 29 February 2024 which comprise the Statement of income and retained earnings, Statement of financial position 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 Process Pipework Installation Services Limited, as a body, in accordance with the terms of our engagement letter dated 12 June 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Process Pipework Installation Services Limited and state those matters that we have agreed to state to the Board of Directors of Process Pipework Installation 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 Process Pipework Installation Services Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Process Pipework Installation 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 Process Pipework Installation Services Limited. You consider that Process Pipework Installation 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 Process Pipework Installation 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.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


1 October 2024

Process Pipework Installation Services
Limited (Registered number: 09990288)

Statement of Financial Position
29 February 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 5 76,431 89,379

Current assets
Stocks 1,000 1,000
Debtors 6 252,450 238,177
Cash at bank 61,169 116,444
314,619 355,621
Creditors
Amounts falling due within one year 7 86,158 91,144
Net current assets 228,461 264,477
Total assets less current liabilities 304,892 353,856

Provisions for liabilities 11,670 14,342
Net assets 293,222 339,514

Capital and reserves
Called up share capital 8 100 100
Retained earnings 293,122 339,414
Shareholders' funds 293,222 339,514

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

Process Pipework Installation Services
Limited (Registered number: 09990288)

Statement of Financial Position - continued
29 February 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 October 2024 and were signed on its behalf by:




S D Hooper - Director



S J Hooper - Director


Process Pipework Installation Services
Limited (Registered number: 09990288)

Notes to the Financial Statements
for the Year Ended 29 February 2024


1. Statutory information

Process Pipework Installation 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.

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 50% on a straight line basis and 33% on a straight line basis

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.


Process Pipework Installation Services
Limited (Registered number: 09990288)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


3. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Pension costs and other post-retirement benefits
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employees and directors

The average number of employees during the year was 10 (2023 - 10 ) .

Process Pipework Installation Services
Limited (Registered number: 09990288)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


5. Tangible fixed assets
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
Cost
At 1 March 2023 16,645 249,266 21,656 287,567
Additions 12,325 - 3,200 15,525
Disposals (6,525 ) - (7,491 ) (14,016 )
At 29 February 2024 22,445 249,266 17,365 289,076
Depreciation
At 1 March 2023 10,076 175,709 12,403 198,188
Charge for year 2,475 18,389 5,183 26,047
Eliminated on disposal (4,130 ) - (7,460 ) (11,590 )
At 29 February 2024 8,421 194,098 10,126 212,645
Net book value
At 29 February 2024 14,024 55,168 7,239 76,431
At 28 February 2023 6,569 73,557 9,253 89,379

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 224,939 207,961
Directors' loan accounts 7,045 9,430
Prepayments and accrued income 20,466 20,786
252,450 238,177

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 25,275 38,965
Corporation tax 10,946 15,837
Social security and other taxes 7,431 6,289
VAT 17,934 9,045
Other creditors 2,966 6,538
Directors' loan accounts 15,502 8,500
Accruals and deferred income 6,104 5,970
86,158 91,144

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary Shares £1 100 100

Process Pipework Installation Services
Limited (Registered number: 09990288)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


9. Directors' advances, credits and guarantees

As at 29th February 2024 the director owed the company an amount of £7,045 (2022 - £9,430) in respect of their current account.