0 28 March 2025 false false false false true false false false false false false true false false false false false false No description of principal activity 2024-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 29,715,288 29,715,288 29,715,288 xbrli:pure xbrli:shares iso4217:GBP 14908609 2024-02-01 2025-01-31 14908609 2025-01-31 14908609 2024-01-31 14908609 2023-06-01 2024-01-31 14908609 2024-01-31 14908609 2023-05-31 14908609 core:Subsidiary1 2024-02-01 2025-01-31 14908609 bus:OrdinaryShareClass1 2024-02-01 2025-01-31 14908609 bus:Director1 2024-02-01 2025-01-31 14908609 core:WithinOneYear 2025-01-31 14908609 core:WithinOneYear 2024-01-31 14908609 core:ShareCapital 2025-01-31 14908609 core:ShareCapital 2024-01-31 14908609 core:SharePremium 2025-01-31 14908609 core:SharePremium 2024-01-31 14908609 core:RetainedEarningsAccumulatedLosses 2025-01-31 14908609 core:RetainedEarningsAccumulatedLosses 2024-01-31 14908609 core:CostValuation core:Non-currentFinancialInstruments 2025-01-31 14908609 core:Non-currentFinancialInstruments 2025-01-31 14908609 core:Non-currentFinancialInstruments 2024-01-31 14908609 bus:SmallEntities 2024-02-01 2025-01-31 14908609 bus:Audited 2024-02-01 2025-01-31 14908609 bus:SmallCompaniesRegimeForAccounts 2024-02-01 2025-01-31 14908609 bus:PrivateLimitedCompanyLtd 2024-02-01 2025-01-31 14908609 bus:FullAccounts 2024-02-01 2025-01-31 14908609 bus:OrdinaryShareClass1 2025-01-31 14908609 bus:OrdinaryShareClass1 2024-01-31
COMPANY REGISTRATION NUMBER: 14908609
PIP GLOBAL SAFETY UK LTD
FILLETED FINANCIAL STATEMENTS
31 January 2025
PIP GLOBAL SAFETY UK LTD
STATEMENT OF FINANCIAL POSITION
31 January 2025
2025
2024
Note
£
£
£
Fixed assets
Investments
4
29,715,288
29,715,288
Creditors: amounts falling due within one year
5
15,818,277
14,399,452
---------------
---------------
Net current liabilities
15,818,277
14,399,452
---------------
---------------
Total assets less current liabilities
13,897,011
15,315,836
---------------
---------------
Capital and reserves
Called up share capital
6
2,700
2,700
Share premium account
7
16,114,784
16,114,784
Profit and loss account
7
( 2,220,473)
( 801,648)
---------------
---------------
Shareholders funds
13,897,011
15,315,836
---------------
---------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 28 March 2025 , and are signed on behalf of the board by:
C A Holtz
Director
Company registration number: 14908609
PIP GLOBAL SAFETY UK LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, England, BN3 2DL, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 401 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its ultimate parent undertaking is not established under the law of an EEA State.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments
Shares in group undertakings
£
Cost
At 1 February 2024 and 31 January 2025
29,715,288
---------------
Impairment
At 1 February 2024 and 31 January 2025
---------------
Carrying amount
At 31 January 2025
29,715,288
---------------
At 31 January 2024
29,715,288
---------------
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Ultimate Cleaners (Industrial) Limited
Ordinary
100
The registered address of the subsidiary is Victoria House, Colliery Road, Wolverhampton, WV1 2RD.
The nature of business of the subsidiary are Agents involved in the sale of textiles, clothing, fur, footwear and leather goods
5. Creditors: amounts falling due within one year
2025
2024
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
15,818,277
14,399,452
---------------
---------------
6. Called up share capital
Issued, called up and fully paid
2025
2024
No.
£
No.
£
Ordinary shares of £ 1 each
2,700
2,700
2,700
2,700
-------
-------
-------
-------
Ordinary shares have full voting and dividend rights.
7. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
8. Summary audit opinion
The auditor's report dated 28 March 2025 was unqualified .
The senior statutory auditor was Charles Homan , for and on behalf of UHY Hacker Young (S.E.) Limited .
9. Related party transactions
The company has taken advantage of exemption under the terms of Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transaction with group companies where any subsidiary that is party to the transaction is wholly owned within the group or where transactions have been undertaken under normal market conditions.
10. Controlling party
The immediate and ultimate parent company is Protective Industrial Products Inc. Productive Industrial Products Inc is registered in New York, USA. The ultimate parent company prepares group financial statements and can be found at 25 British America Blvd, Latham, NY, USA.