Registered number
03484444
Propipe Limited
Filleted Accounts
31 January 2024
Propipe Limited
Registered number: 03484444
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 2,722,966 2,390,029
Investments 5 222,946 222,946
2,945,912 2,612,975
Current assets
Stocks 944,861 570,125
Debtors 6 3,488,745 2,333,359
Cash at bank and in hand 889,479 141,492
5,323,085 3,044,976
Creditors: amounts falling due within one year 7 (4,876,061) (2,749,771)
Net current assets 447,024 295,205
Total assets less current liabilities 3,392,936 2,908,180
Provisions for liabilities (77,523) (76,883)
Net assets 3,315,413 2,831,297
Capital and reserves
Called up share capital 100 100
Profit and loss account 3,315,313 2,831,197
Shareholders' funds 3,315,413 2,831,297
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.
W Findlay
Director
Approved by the board on 31 October 2024
Propipe Limited
Notes to the Accounts
for the year ended 31 January 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.
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 2% pa on cost
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance basis
Fixtures, fittings,tools & equipment,motor vehicles 25% reducing balance basis
The company undertakes regular and sytematic repairs and maintenance on freehold and long leasehold property to maintain their value.The directors believe that the residual value of the company's properties is at least equal to their written down value. As a aconsequence no depreciation has been provided during the year.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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 (i.e. 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is qualified.
We were not appointed as auditor of the company until after 31 January 2023 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 January 2023 , which are included in the balance sheet at £570,125 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.
Senior statutory auditor: Michael Anderson BA FCA
Firm: Bell Anderson Limited
Date of audit report: 31 October 2024
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 49 40
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 2,400,509 1,225,453 38,805 3,664,767
Additions 330,291 108,718 - 439,009
Disposals - (7,000) - (7,000)
At 31 January 2024 2,730,800 1,327,171 38,805 4,096,776
Depreciation
At 1 February 2023 325,233 922,279 27,227 1,274,739
Charge for the year - 102,905 2,895 105,800
On disposals - (6,729) - (6,729)
At 31 January 2024 325,233 1,018,455 30,122 1,373,810
Net book value
At 31 January 2024 2,405,567 308,716 8,683 2,722,966
At 31 January 2023 2,075,276 303,174 11,578 2,390,028
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 February 2023 222,946
At 31 January 2024 222,946
6 Debtors 2024 2023
£ £
Trade debtors 1,522,117 1,455,755
Amounts owed by group undertakings and undertakings in which the company has a participating interest 943,556 563,410
Other debtors 1,023,072 314,194
3,488,745 2,333,359
Amounts due after more than one year included above 912,225 563,410
7 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 450,760 306,636
Taxation and social security costs 384,581 233,674
Other creditors 4,040,720 2,209,461
4,876,061 2,749,771
8 Events after the reporting date
On the 19th July 2024, following a re-structuring of the capital of the company, 25 shares were purchased and cancelled by the company as disclosed at Companies House.
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 45,954 101,099
10 Related party transactions
During the year the company traded on commercial terms with Proplug Limited, a company under the common control of the directors. At the year end, the company was owed £990,281 (2023: £314,194) from Proplug Limited. This amount is shown under other debtors.
11 Controlling party
No individual shareholder or director has control of the company.
12 Other information
Propipe Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2
Queens Meadow Business Park
Hartlepool
Cleveland
TS25 5TE
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