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REGISTERED NUMBER: 05403517 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 July 2024

for

Induction Pipe Bending UK Limited

Induction Pipe Bending UK Limited (Registered number: 05403517)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Induction Pipe Bending UK Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: Mr M J Last
Mr P I Wharton
Mr A M Stewart





SECRETARY: Mr P I Wharton





REGISTERED OFFICE: 11 Sedling Road
Wear Industrial Estate
Washington
Tyne and Wear
NE38 9BZ





REGISTERED NUMBER: 05403517 (England and Wales)





ACCOUNTANTS: Evelyn Partners
17 Queens Lane
Newcastle upon Tyne
Tyne and Wear
NE1 1RN

Induction Pipe Bending UK Limited (Registered number: 05403517)

Balance Sheet
31 July 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 1,255,807 1,291,582

CURRENT ASSETS
Stocks 6,400 10,000
Debtors 6 692,701 995,529
Cash at bank and in hand 376,292 148,523
1,075,393 1,154,052
CREDITORS
Amounts falling due within one year 7 (351,261 ) (513,268 )
NET CURRENT ASSETS 724,132 640,784
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,979,939

1,932,366

CREDITORS
Amounts falling due after more than one
year

8

(222,367

)

(227,590

)

PROVISIONS FOR LIABILITIES (41,899 ) (32,461 )
NET ASSETS 1,715,673 1,672,315

CAPITAL AND RESERVES
Called up share capital 60 60
Capital redemption reserve 40 40
Profit and loss account 1,715,573 1,672,215
SHAREHOLDERS' FUNDS 1,715,673 1,672,315

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 February 2025 and were signed on its behalf by:





Mr A M Stewart - Director


Induction Pipe Bending UK Limited (Registered number: 05403517)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Induction Pipe Bending UK 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 and represents amounts receivable for pipe-work services to the offshore, petrochemical and power generation markets, stated net of discounts and Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance and 25% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks
Stocks are measured at the lower of cost and estimated selling price less cost to complete and sell. Cost is calculated on a first in, first out basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to their present location and condition.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments on non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.


Induction Pipe Bending UK Limited (Registered number: 05403517)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

3. ACCOUNTING POLICIES - continued
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 and 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.

Current and deferred tax assets and liabilities are not discounted.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2023 - 31 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 August 2023 1,431,936 1,594,140 3,026,076
Additions - 41,700 41,700
At 31 July 2024 1,431,936 1,635,840 3,067,776
DEPRECIATION
At 1 August 2023 332,795 1,401,699 1,734,494
Charge for year 28,638 48,837 77,475
At 31 July 2024 361,433 1,450,536 1,811,969
NET BOOK VALUE
At 31 July 2024 1,070,503 185,304 1,255,807
At 31 July 2023 1,099,141 192,441 1,291,582

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 643,817 968,048
Other debtors 48,884 27,481
692,701 995,529

Induction Pipe Bending UK Limited (Registered number: 05403517)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 19,484
Trade creditors 120,276 218,334
Taxation and social security 210,377 234,530
Other creditors 20,608 40,920
351,261 513,268

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 222,367 227,590

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 222,367 247,074

Bank loans are secured by a fixed charge over the company's fixed assets.