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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
Page
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Pipeworkers Caerphilly Limited Company Information for the year ended 31 March 2024
Directors
Patrick Cannon Timothy Cannon Clare Cannon Sharon Cannon
Secretary
ESquare Ltd
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
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Pipeworkers Caerphilly Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
147,336 
162,575 
Current assets
Debtors
78,515 
72,238 
Cash at bank and in hand
90,770 
23,613 
169,285 
95,851 
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)
Net assets
101,822 
79,875 
Capital and reserves
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
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Pipeworkers Caerphilly Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
Hire Purchase Agreements
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.
Financial instruments
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.
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Pipeworkers Caerphilly Limited Notes to the Accounts for the year ended 31 March 2024
Deferred taxation
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
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 
Additions
- 
28,935 
28,935 
Disposals
- 
(17,052)
(17,052)
At 31 March 2024
6,159 
201,722 
207,881 
Depreciation
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 
Net book value
At 31 March 2024
694 
146,642 
147,336 
At 31 March 2023
1,776 
160,799 
162,575 
5
Debtors
2024 
2023 
£ 
£ 
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 
78,515 
72,238 
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 
Other creditors
1,871 
- 
Accruals
3,180 
3,100 
72,887 
27,461 
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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 
£ 
£ 
Bank loans
5,833 
10,833 
Obligations under finance leases and hire purchase contracts
84,736 
90,124 
Loans from directors
15,527 
9,489 
106,096 
110,446 
8
Deferred taxation
2024 
2023 
£ 
£ 
Accelerated capital allowances
35,816 
40,644 
2024 
2023 
£ 
£ 
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 
9
Share capital
2024 
2023 
£ 
£ 
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).
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