Company Registration No. 7940267 (England and Wales)
Pipeworkers Caerphilly Limited
Unaudited accounts
for the year ended 31 March 2024
Pipeworkers Caerphilly Limited
Unaudited accounts
Contents
Pipeworkers Caerphilly Limited
Company Information
for the year ended 31 March 2024
Directors
Patrick Cannon
Timothy Cannon
Clare Cannon
Sharon Cannon
Company Number
7940267 (England and Wales)
Registered Office
VILLA HOUSE
7 HERBERT TERRACE
PENARTH
CF64 2AH
WALES
Accountants
Evans Entwistle
Villa House
7 Herbert Terrace
Penarth
Vale of Glamorgan
CF64 2AH
Pipeworkers Caerphilly Limited
Statement of financial position
as at 31 March 2024
Tangible assets
147,336
162,575
Cash at bank and in hand
90,770
23,613
Creditors: amounts falling due within one year
(72,887)
(27,461)
Net current assets
96,398
68,390
Total assets less current liabilities
243,734
230,965
Creditors: amounts falling due after more than one year
(106,096)
(110,446)
Provisions for liabilities
Deferred tax
(35,816)
(40,644)
Called up share capital
4
4
Profit and loss account
101,818
79,871
Shareholders' funds
101,822
79,875
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 June 2024 and were signed on its behalf by
Clare Cannon
Director
Company Registration No. 7940267
Pipeworkers Caerphilly Limited
Notes to the Accounts
for the year ended 31 March 2024
Pipeworkers Caerphilly Limited is a private company, limited by shares, registered in England and Wales, registration number 7940267. The registered office is VILLA HOUSE, 7 HERBERT TERRACE, PENARTH, CF64 2AH, WALES.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
72 months - straight line
Motor vehicles
80 months - straight line
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Pipeworkers Caerphilly Limited
Notes to the Accounts
for the year ended 31 March 2024
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 April 2023
6,159
189,839
195,998
Disposals
-
(17,052)
(17,052)
At 31 March 2024
6,159
201,722
207,881
At 1 April 2023
4,383
29,040
33,423
Charge for the year
1,082
36,058
37,140
On disposals
-
(10,018)
(10,018)
At 31 March 2024
5,465
55,080
60,545
At 31 March 2024
694
146,642
147,336
At 31 March 2023
1,776
160,799
162,575
Amounts falling due within one year
Trade debtors
23,159
19,436
Accrued income and prepayments
2,438
2,910
Other debtors
52,918
49,892
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
5,000
5,000
Obligations under finance leases and hire purchase contracts
22,295
17,412
Taxes and social security
40,541
1,949
Pipeworkers Caerphilly Limited
Notes to the Accounts
for the year ended 31 March 2024
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
84,736
90,124
Loans from directors
15,527
9,489
8
Deferred taxation
2024
2023
Accelerated capital allowances
35,816
40,644
Provision at start of year
40,644
11,458
(Credited)/charged to the profit and loss account
(4,828)
29,186
Provision at end of year
35,816
40,644
Allotted, called up and fully paid:
4 Ordinary shares of £1 each
4
4
10
Average number of employees
During the year the average number of employees was 2 (2023: 2).