Registered number
10015617
Pipe Services Limited
Filleted Accounts
31 March 2024
Pipe Services Limited
Registered number: 10015617
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,155 4,992
Current assets
Stocks 57,739 63,778
Debtors 4 7,917,045 7,006,355
Cash at bank and in hand 1,599,124 1,218,159
9,573,908 8,288,292
Creditors: amounts falling due within one year 5 (510,093) (275,304)
Net current assets 9,063,815 8,012,988
Total assets less current liabilities 9,068,970 8,017,980
Provisions for liabilities - (949)
Net assets 9,068,970 8,017,031
Capital and reserves
Called up share capital 1 1
Profit and loss account 9,068,969 8,017,030
Shareholders' funds 9,068,970 8,017,031
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Daniel Willison
Director
Approved by the board on 18 October 2024
Pipe Services Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 4 years
Motor vehicles over 4 years
Stocks
Stocks comprise work in progress valued at the proportion of selling price of work completed at the balance sheet date, excluding VAT.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 73,212 50,950 124,162
Additions 2,948 - 2,948
At 31 March 2024 76,160 50,950 127,110
Depreciation
At 1 April 2023 68,220 50,950 119,170
Charge for the year 2,785 - 2,785
At 31 March 2024 71,005 50,950 121,955
Net book value
At 31 March 2024 5,155 - 5,155
At 31 March 2023 4,992 - 4,992
4 Debtors 2024 2023
£ £
Trade debtors 536,351 743,857
Other debtors 7,380,694 6,262,498
7,917,045 7,006,355
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 133,293 118,039
Taxation and social security costs 358,550 128,331
Other creditors 18,250 28,934
510,093 275,304
6 Other information
Pipe Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 13
Belvedere Industrial Estate
Belvedere
Kent
DA17 6BS
7 Controlling party
The company is controlled by its director, Daniel Willison.
8 Related party transactions
At 31 March 2024 the company was owed £7,130,114 by City Rights Properties Limited,
a company controlled by Daniel Willison (2023 - £6,111,627)
At 31 March 2024 the company was not owed any amount by Daniel Willison on loan account.
(2023- £0)
Both sums were interest bearing, unsecured and repayable on demand.
9 Tax on Profit 2024 2023
£ £
Tax charge on trading profit 368,961 143,963
Deferred Tax (949) (661)
368,012 143,302
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