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REGISTERED NUMBER: 01111151 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 May 2024

for

Pruce Newman Pipework Limited

Pruce Newman Pipework Limited (Registered number: 01111151)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Statement of Directors' Responsibilities 6

Report of the Independent Auditors 7

Income Statement 11

Other Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 18


Pruce Newman Pipework Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: J M Key
D Razzell
G Graham
J L Eggleton





REGISTERED OFFICE: C/o Pruce Newman Pipework
Ayton Rd
Wymondham
Norfolk
NR18 0QJ





REGISTERED NUMBER: 01111151 (England and Wales)





AUDITORS: Sygma Chartered Accountants
1 Sopwith Crescent
Wickford
Essex
SS11 8YU

Pruce Newman Pipework Limited (Registered number: 01111151)

Strategic Report
for the Year Ended 31 May 2024

The directors present the strategic report on the affairs of Pruce Newman Pipework Ltd a member of the group of companies comprising, Pruce Newman Group Limited, Pruce Newman (Holdings) Limited, Pruce Newman Pipework Limited and Pruce Newman Properties Limited, for the trading period ending 31st May 2024. Pruce Newman Pipework Limited is the sole trading business in the group and all revenue is currently generated by it.

PRINCIPAL RISKS AND UNCERTAINTIES
Please refer to the detailed listing of Risks and Uncertainties and their mitigation detailed within the strategic report for the group as a whole.

FUTURE DEVELOPMENTS AND GOING CONCERN
The company is concentrating on expanding its client base in its target markets of chemical, agrichemical, petrochemical (fuel storage and on and off-shore Oil & Gas industries), sugar, and power generation industries. It believes that a wider spread of clients in these industries where its strong reputation for quality, safety and service provision will be valued ahead of cost factors. A particular focus has been placed on business development to increase a dwindling market share.

In addition, it is continuing with its continuous Improvement and staff engagement projects which together with its sales strategy will ensure the profitable and sustainable growth of the business.

The directors have prepared budgets for revenue and costs for the coming 12 months along with cashflow forecasts, which together indicate that the company will continue to trade profitably and within its current cash resources. Therefore, the directors have a reasonable expectation that the business will have adequate resources to meet its liabilities as they fall due for the foreseeable future and have consequently adopted the going concern basis in preparing these financial statements.


Pruce Newman Pipework Limited (Registered number: 01111151)

Strategic Report
for the Year Ended 31 May 2024

REVIEW OF BUSINESS
The 2023-24 trading year gross turnover has increased since the previous trading year from £9.102 Million to £9.194 by 31st May 2024. The directors were able to deliver a reasonable gross profit margin from the turnover and maintain tight control of the company's costs which helped the business delivered trading profits for the year.

Our business plan indicated that Gross profit for 2023-24 should be targeted at £2.49M on a £11M target turnover (GP of 22.64%) and this in fact fell to £2.336M on the actual turnover of £9.194 Million (GP of 25.41%)

Overheads for the year increased by 4.7% compared to the previous year. They totalled some £2.232M resulting in an operating profit of £107,008.

Looking forwards the company is confident of busy first Q1 of the new financial year, but expecting downturn in business during the autumn Q2 and beginning of Q3 period, with prospects of the work picking up late Q3 & Q4, as our client base work is seasonal and not many known large projects exists between our clients.

ON BEHALF OF THE BOARD:




J M Key - Director


25 February 2025

Pruce Newman Pipework Limited (Registered number: 01111151)

Report of the Directors
for the Year Ended 31 May 2024

The directors present their report with the financial statements of the company for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The company has continued to concentrate on its core skills in the fabrication and installation of bespoke piping systems for the chemical, agrichemical, petrochemical, sugar, and power generation industries. In addition, it has continued to provide bespoke structural steelwork constructions for these industries and has and will continue, to look to expand its activities in the fuel storage and on and off-shore Oil & Gas industries, and in the renewable energy sector.

The business has continued to strive to expand its off-site fabrication activities and has and will continue to look for opportunities to deliver off-site fabricated pipe spools, skid structures and bespoke vessels, tanks, and general fabrications, produced in its workshops.

In addition, the company has continued to look for opportunities to sell its Project Management expertise and is actively looking to work with complimentary contracting businesses, offering services such as Design, Civil Engineering, Tank and Vessel construction and Electrical, Control and Instrumentation, in order that it can offer turnkey solutions to its clients.

Currently all of these activities are expected to be confined to the UK.

DIVIDENDS
The total distribution of dividends for the year ended 31st May 2024 will be £105,969.

FUTURE DEVELOPMENTS
Future developments of the company are covered in the strategic report.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

J M Key
D Razzell
G Graham

Other changes in directors holding office are as follows:

A J Pruce - resigned 30 September 2023
S Kirby - appointed 1 October 2023 - resigned 15 January 2024
J L Eggleton - appointed 16 January 2024

POLITICAL DONATIONS AND EXPENDITURE
The company made no political donations during the year.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Pruce Newman Pipework Limited (Registered number: 01111151)

Report of the Directors
for the Year Ended 31 May 2024


AUDITORS
The auditors, Sygma Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J M Key - Director


25 February 2025

Pruce Newman Pipework Limited (Registered number: 01111151)

Statement of Directors' Responsibilities
for the Year Ended 31 May 2024

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Report of the Independent Auditors to the Members of
Pruce Newman Pipework Limited

Opinion
We have audited the financial statements of Pruce Newman Pipework Limited (the 'company') for the year ended 31 May 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Report of the Independent Auditors to the Members of
Pruce Newman Pipework Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Pruce Newman Pipework Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material
misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit
evidence regarding the assessed risks of material misstatement due to fraud, through designing
and implementing appropriate responses to those assessed risks; and to respond appropriately to
instances of fraud or suspected fraud identified during the audit. However, the primary
responsibility for the prevention and detection of fraud rests with both management and those
charged with governance of the company.

Our approach was as follows:

- we obtained an understanding of the legal and regulatory requirements applicable to the
company and considered that the most significant are the Companies Act 2006, International
Financial Reporting Standards, and UK taxation legislation.
- we obtained an understanding of how the company complies with these requirements by
discussions with management and those charged with governance.
- we assessed the risk of material misstatement of the financial statements, including the risk of
material misstatement due to fraud and how it might occur, by holding discussions with
management and those charged with governance.
- we inquired of management and those charged with governance as to any known instances of
non-compliance or suspected non-compliance with laws and regulations.
- based on this understanding, we designed specific appropriate audit procedures to identify
instances of non-compliance with laws and regulations. This included making enquiries of
management and those charged with governance and obtaining additional corroborative evidence
as required.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Pruce Newman Pipework Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Alan Brading FCA (Senior Statutory Auditor)
for and on behalf of Sygma Chartered Accountants
1 Sopwith Crescent
Wickford
Essex
SS11 8YU

25 February 2025

Pruce Newman Pipework Limited (Registered number: 01111151)

Income Statement
for the Year Ended 31 May 2024

31.5.24 31.5.23
Notes £    £   

TURNOVER 9,194,309 9,102,400

Cost of sales 6,857,918 6,758,317
GROSS PROFIT 2,336,391 2,344,083

Administrative expenses 2,232,425 2,132,691
103,966 211,392

Other operating income 3,042 -
OPERATING PROFIT 4 107,008 211,392

Interest receivable and similar
income

139

107
107,147 211,499

Interest payable and similar
expenses

5

33,317

27,174
PROFIT BEFORE TAXATION 73,830 184,325

Tax on profit 6 (49,855 ) (206,370 )
PROFIT FOR THE FINANCIAL YEAR 123,685 390,695

Pruce Newman Pipework Limited (Registered number: 01111151)

Other Comprehensive Income
for the Year Ended 31 May 2024

31.5.24 31.5.23
Notes £    £   

PROFIT FOR THE YEAR 123,685 390,695


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

123,685

390,695

Pruce Newman Pipework Limited (Registered number: 01111151)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 10,406 21,381
Tangible assets 9 204,031 254,367
214,437 275,748

CURRENT ASSETS
Stocks 10 227,182 129,313
Debtors 11 4,116,838 4,704,260
Cash at bank and in hand 233,361 42,454
4,577,381 4,876,027
CREDITORS
Amounts falling due within one year 12 2,148,410 2,466,420
NET CURRENT ASSETS 2,428,971 2,409,607
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,643,408

2,685,355

CREDITORS
Amounts falling due after more than
one year

13

(294,596

)

(344,783

)

PROVISIONS FOR LIABILITIES 17 (30,930 ) (40,406 )
NET ASSETS 2,317,882 2,300,166

CAPITAL AND RESERVES
Called up share capital 18 110,000 110,000
Share premium 19 20,000 20,000
Retained earnings 19 2,187,882 2,170,166
SHAREHOLDERS' FUNDS 2,317,882 2,300,166

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:





J M Key - Director


Pruce Newman Pipework Limited (Registered number: 01111151)

Statement of Changes in Equity
for the Year Ended 31 May 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 June 2022 110,000 2,173,793 20,000 2,303,793

Changes in equity
Dividends - (394,322 ) - (394,322 )
Total comprehensive income - 390,695 - 390,695
Balance at 31 May 2023 110,000 2,170,166 20,000 2,300,166

Changes in equity
Dividends - (105,969 ) - (105,969 )
Total comprehensive income - 123,685 - 123,685
Balance at 31 May 2024 110,000 2,187,882 20,000 2,317,882

Pruce Newman Pipework Limited (Registered number: 01111151)

Cash Flow Statement
for the Year Ended 31 May 2024

31.5.24 31.5.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 517,020 (186,618 )
Interest paid (33,317 ) (27,174 )
Tax paid 31,874 95,426
Net cash from operating activities 515,577 (118,366 )

Cash flows from investing activities
Purchase of intangible fixed assets - (2,271 )
Purchase of tangible fixed assets (26,051 ) (66,359 )
Sale of tangible fixed assets 7,500 30,841
Interest received 139 107
Net cash from investing activities (18,412 ) (37,682 )

Cash flows from financing activities
New loans in year - 400,000
Loan repayments in year (49,936 ) (46,359 )
Equity dividends paid (105,969 ) (394,322 )
Loan to group undertakings - (2,038,545 )
Net cash from financing activities (155,905 ) (2,079,226 )

Increase/(decrease) in cash and cash equivalents 341,260 (2,235,274 )
Cash and cash equivalents at
beginning of year

2

(820,755

)

1,414,519

Cash and cash equivalents at end
of year

2

(479,495

)

(820,755

)

Pruce Newman Pipework Limited (Registered number: 01111151)

Notes to the Cash Flow Statement
for the Year Ended 31 May 2024

1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED
FROM OPERATIONS

31.5.24 31.5.23
£    £   
Profit for the financial year 123,685 390,695
Depreciation charges 75,872 90,415
Loss/(profit) on disposal of fixed assets 3,991 (10,623 )
Finance costs 33,317 27,174
Finance income (139 ) (107 )
Taxation (49,855 ) (206,370 )
186,871 291,184
(Increase)/decrease in stocks (97,869 ) 73,794
Decrease/(increase) in trade and other debtors 587,422 (208,711 )
Decrease in trade and other creditors (159,404 ) (342,885 )
Cash generated from operations 517,020 (186,618 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 233,361 42,454
Bank overdrafts (712,856 ) (863,209 )
(479,495 ) (820,755 )
Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 42,454 1,414,519
Bank overdrafts (863,209 ) -
(820,755 ) 1,414,519


Pruce Newman Pipework Limited (Registered number: 01111151)

Notes to the Cash Flow Statement
for the Year Ended 31 May 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.6.23 Cash flow At 31.5.24
£    £    £   
Net cash
Cash at bank and in hand 42,454 190,907 233,361
Bank overdrafts (863,209 ) 150,353 (712,856 )
(820,755 ) 341,260 (479,495 )
Debt
Debts falling due within 1 year (49,977 ) (251 ) (50,228 )
Debts falling due after 1 year (344,783 ) 50,187 (294,596 )
(394,760 ) 49,936 (344,824 )
Total (1,215,515 ) 391,196 (824,319 )

Pruce Newman Pipework Limited (Registered number: 01111151)

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

1. STATUTORY INFORMATION

Pruce Newman Pipework 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intellectual property costs are being amortised evenly over their estimated useful life of four years.

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

Pruce Newman Pipework Limited (Registered number: 01111151)

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

2. ACCOUNTING POLICIES - continued

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Work in progress recognises the amount of revenue accrued in accordance with the progress of contract activity by reference to the value of work performed. The amount of revenue recognised reflects any uncertainties surrounding the value of the contract activity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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.

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.

3. EMPLOYEES AND DIRECTORS
31.5.24 31.5.23
£    £   
Wages and salaries 5,111,116 5,207,015
Social security costs 414,747 450,484
Other pension costs 192,940 211,573
5,718,803 5,869,072

Pruce Newman Pipework Limited (Registered number: 01111151)

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

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.5.24 31.5.23

Administration 25 25
Manufacturing 61 56
86 81

31.5.24 31.5.23
£    £   
Directors' remuneration 293,926 282,791
Directors' pension contributions to money purchase schemes 50,274 64,256

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 5

Information regarding the highest paid director is as follows:
31.5.24 31.5.23
£    £   
Emoluments etc 82,198 78,124
Pension contributions to money purchase schemes 5,090 4,801

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.5.24 31.5.23
£    £   
Hire of plant and machinery 204,786 189,343
Depreciation - owned assets 64,896 73,367
Loss/(profit) on disposal of fixed assets 3,991 (10,623 )
Intellectual property costs amortisation 10,975 17,049
Auditors' remuneration 6,500 6,400
Auditors' remuneration for non audit work 15,750 9,550

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.5.24 31.5.23
£    £   
Bank interest 712 955
Bank loan interest 32,605 26,219
33,317 27,174

Pruce Newman Pipework Limited (Registered number: 01111151)

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

6. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
31.5.24 31.5.23
£    £   
Current tax:
UK corporation tax (40,379 ) (202,349 )

Deferred tax (9,476 ) (4,021 )
Tax on profit (49,855 ) (206,370 )

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.5.24 31.5.23
£    £   
Profit before tax 73,830 184,325
Profit multiplied by the standard rate of corporation tax in the
UK of 23.047% (2023 - 19.882%)

17,016

36,647

Effects of:
Expenses not deductible for tax purposes 1,248 437
Depreciation in excess of capital allowances 9,537 3,035
Utilisation of tax losses (2,771 ) -
Adjustments to tax charge in respect of previous periods (33,535 ) (6,584 )
R&D claim (31,874 ) (235,884 )
Deferred tax adjustment (9,476 ) (4,021 )
Total tax credit (49,855 ) (206,370 )

7. DIVIDENDS
31.5.24 31.5.23
£    £   
Ordinary shares of £1 each
Interim 105,969 394,322

Pruce Newman Pipework Limited (Registered number: 01111151)

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

8. INTANGIBLE FIXED ASSETS
Intellectual
property
costs
£   
COST
At 1 June 2023
and 31 May 2024 136,192
AMORTISATION
At 1 June 2023 114,811
Amortisation for year 10,975
At 31 May 2024 125,786
NET BOOK VALUE
At 31 May 2024 10,406
At 31 May 2023 21,381

9. TANGIBLE FIXED ASSETS
Plant and Office Motor
machinery equipment vehicles Totals
£    £    £    £   
COST
At 1 June 2023 1,091,970 465,199 95,722 1,652,891
Additions 20,872 5,179 - 26,051
Disposals (3,108 ) - (13,948 ) (17,056 )
At 31 May 2024 1,109,734 470,378 81,774 1,661,886
DEPRECIATION
At 1 June 2023 894,727 434,029 69,768 1,398,524
Charge for year 42,288 16,553 6,055 64,896
Eliminated on disposal (770 ) - (4,795 ) (5,565 )
At 31 May 2024 936,245 450,582 71,028 1,457,855
NET BOOK VALUE
At 31 May 2024 173,489 19,796 10,746 204,031
At 31 May 2023 197,243 31,170 25,954 254,367

10. STOCKS
31.5.24 31.5.23
£    £   
Stocks 14,500 14,500
Work-in-progress 212,682 114,813
227,182 129,313

Pruce Newman Pipework Limited (Registered number: 01111151)

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

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 1,929,852 2,457,386
Retentions 13,803 73,639
Amounts owed by group undertakings 2,129,219 2,129,219
Employee loans 500 -
Prepayments and accrued income 43,464 44,016
4,116,838 4,704,260

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts (see note 14)
763,084

913,186
Trade creditors 617,738 603,161
Construction contract
creditors 54,912 116,178
Tax 25,030 33,535
Social security and other taxes 134,150 214,815
VAT 310,509 325,372
Other creditors and accruals 242,987 260,173
2,148,410 2,466,420

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans (see note 14) 294,596 344,783

14. LOANS

An analysis of the maturity of loans is given below:

31.5.24 31.5.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 712,856 863,209
Bank loans 50,228 49,977
763,084 913,186

Amounts falling due between one and two years:
Bank loans - 1-2 years 51,262 50,229

Pruce Newman Pipework Limited (Registered number: 01111151)

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

14. LOANS - continued
31.5.24 31.5.23
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 120,000 131,220

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 123,334 163,334

The bank overdraft represents an invoice financing arrangement.

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.5.24 31.5.23
£    £   
Within one year 90,988 92,538
Between one and five years 69,433 79,606
160,421 172,144

16. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank overdrafts 712,856 863,209
Bank loans 344,824 394,760
1,057,680 1,257,969

The bank loans and overdrafts are secured via a cross-guarantee provided by Pruce Newman Pipework Limited, Pruce Newman Properties Limited, Pruce Newman (Holdings) Limited and Pruce Newman Group Limited, and via a legal charge over the freehold property that is owned by Pruce Newman Properties Limited.

17. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 30,930 40,406

Pruce Newman Pipework Limited (Registered number: 01111151)

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

17. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 June 2023 40,406
Accelerated capital allowances (9,476 )
Balance at 31 May 2024 30,930

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
110,000 Ordinary £1 110,000 110,000

19. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 June 2023 2,170,166 20,000 2,190,166
Profit for the year 123,685 123,685
Dividends (105,969 ) (105,969 )
At 31 May 2024 2,187,882 20,000 2,207,882

20. ULTIMATE PARENT COMPANY

Pruce Newman Group Limited is regarded by the directors as being the company's ultimate parent company.

21. ULTIMATE CONTROLLING PARTY

Pruce Newman Pipework Limited is a wholly owned subsidiary of Pruce Newman (Holdings) Limited, which is a wholly owned subsidiary of Pruce Newman Group Limited. The ultimate controlling party of the group is the Directors of Pruce Newman Group Limited. The registered office of Pruce Newman Group Limited is:
C/o Pruce Newman Pipework
Ayton Road
Wymondham
Norfolk
NR18 0QJ