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REGISTERED NUMBER: 00823388 (England and Wales)







Unaudited Financial Statements

for the Year Ended 30 September 2024

for

Polyethylene Pipelines Company Limited

Polyethylene Pipelines Company Limited (Registered number: 00823388)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 14

Polyethylene Pipelines Company Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: Mr C Ray
Mr J Ray
Mrs C Ray
Mr D Broda
Mrs N H Ray





SECRETARY: Mr C Ray





REGISTERED OFFICE: Charrington Farm
Station Road
Winchfield
RG27 8ZY





REGISTERED NUMBER: 00823388 (England and Wales)





ACCOUNTANTS: PKB Accountants Limited
Chartered Certified Accountants
Beechey House
87 Church Street
Crowthorne
Berkshire
RG45 7AW

Polyethylene Pipelines Company Limited (Registered number: 00823388)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,565,065 1,735,967

CURRENT ASSETS
Stocks 5 32,000 32,000
Debtors 6 1,075,444 849,205
Cash at bank 59,226 206,587
1,166,670 1,087,792
CREDITORS
Amounts falling due within one year 7 1,183,370 883,981
NET CURRENT (LIABILITIES)/ASSETS (16,700 ) 203,811
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,548,365

1,939,778

CREDITORS
Amounts falling due after more than
one year

8

(1,101,684

)

(768,297

)

PROVISIONS FOR LIABILITIES 11 (352,587 ) (214,438 )
NET ASSETS 1,094,094 957,043

CAPITAL AND RESERVES
Called up share capital 160 160
Retained earnings 12 1,093,934 956,883
1,094,094 957,043

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

Polyethylene Pipelines Company Limited (Registered number: 00823388)

Balance Sheet - continued
30 September 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2025 and were signed on its behalf by:





Mr J Ray - Director


Polyethylene Pipelines Company Limited (Registered number: 00823388)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Polyethylene Pipelines Company 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. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

(a) Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

i) Useful economic lives of tangible assets

The company exercises judgement to determine useful lives and residual values of the assets. The assets are depreciated down to their residual values over their estimated useful lives.


Polyethylene Pipelines Company Limited (Registered number: 00823388)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

(ii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 8 for the net carrying amount of the debtors.

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 represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Straight line over term of lease
Plant and machinery - 15% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 15% on reducing balance

At each balance sheet date, the Company reviews the carrying amounts of its Tangible Fixed Assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Polyethylene Pipelines Company Limited (Registered number: 00823388)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

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

Stocks are stated at the lower of costs and estimated selling price. Cost comprises direct materials and, where applicable, direct labour costs and overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment where any amount of impairment is recognised in the profit and loss account.

Cash and Cash Equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held with banks. Bank overdrafts are shown within borrowings in current liabilities.

Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Polyethylene Pipelines Company Limited (Registered number: 00823388)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Assets that are held by the Company under leases which transfer to the Company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payment. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expense and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit and loss account.

Operating lease payments are recognised as an expense on a straight- line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight - line basis.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for its staff. The assets of the scheme are held separately from those of the company in independently administered schemes. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they become payable.

Polyethylene Pipelines Company Limited (Registered number: 00823388)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11' Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or the realise the asset and settle the liability simultaneously.

Loans and Receivables
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and other receivables are measured at amortised cost using the effective interest method,less any impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the income statement.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised costs, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables with no stated interest rate or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in administrative expenses.

Polyethylene Pipelines Company Limited (Registered number: 00823388)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 21 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2023 131,441 180,768 112,013 1,834,347 2,258,569
Additions 9,855 14,126 11,384 1,151,568 1,186,933
Disposals - (85,120 ) (51,464 ) (44,450 ) (181,034 )
At 30 September 2024 141,296 109,774 71,933 2,941,465 3,264,468
DEPRECIATION
At 1 October 2023 14,239 95,104 60,739 352,520 522,602
Charge for year 26,617 15,310 13,563 272,587 328,077
Eliminated on disposal - (82,448 ) (50,326 ) (18,502 ) (151,276 )
At 30 September 2024 40,856 27,966 23,976 606,605 699,403
NET BOOK VALUE
At 30 September 2024 100,440 81,808 47,957 2,334,860 2,565,065
At 30 September 2023 117,202 85,664 51,274 1,481,827 1,735,967

Polyethylene Pipelines Company Limited (Registered number: 00823388)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 October 2023 1,621,172
Additions 1,151,568
Transfer to ownership (52,950 )
At 30 September 2024 2,719,790
DEPRECIATION
At 1 October 2023 272,526
Charge for year 252,534
Transfer to ownership (18,255 )
At 30 September 2024 506,805
NET BOOK VALUE
At 30 September 2024 2,212,985
At 30 September 2023 1,348,646

5. STOCKS
30.9.24 30.9.23
£    £   
Stocks 32,000 32,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 845,071 698,515
Other debtors 88,094 87,284
Directors' current accounts 5,412 -
VAT 35,315 763
Prepayments 89,711 32,820
Accrued income 11,841 29,823
1,075,444 849,205

Polyethylene Pipelines Company Limited (Registered number: 00823388)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts (see note 9) 10,000 10,000
Hire purchase contracts (see note 10) 668,653 358,256
Trade creditors 424,565 441,168
Social security and other taxes 33,251 29,081
Other creditors 12,793 5,527
Directors' current accounts 21,347 22,775
Accruals 12,761 17,174
1,183,370 883,981

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans (see note 9) 7,500 17,500
Hire purchase contracts (see note 10) 1,094,184 750,797
1,101,684 768,297

9. LOANS

An analysis of the maturity of loans is given below:

30.9.24 30.9.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,000 10,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 7,500 10,000

Amounts falling due between two and five years:
Bank loans - 2-5 years - 7,500

Polyethylene Pipelines Company Limited (Registered number: 00823388)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.9.24 30.9.23
£    £   
Gross obligations repayable:
Within one year 760,359 422,859
Between one and five years 1,190,609 813,765
1,950,968 1,236,624

Finance charges repayable:
Within one year 91,706 64,603
Between one and five years 96,425 62,968
188,131 127,571

Net obligations repayable:
Within one year 668,653 358,256
Between one and five years 1,094,184 750,797
1,762,837 1,109,053

Non-cancellable operating leases
30.9.24 30.9.23
£    £   
Within one year 296,857 249,046
Between one and five years 401,535 296,442
698,392 545,488

11. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
£    £   
Deferred tax
Accelerated capital allowances 557,362 381,711
Tax losses carried forward (204,775 ) (167,273 )
352,587 214,438

Polyethylene Pipelines Company Limited (Registered number: 00823388)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 October 2023 214,438
On accelerated CA's 175,651
On losses (37,502 )
Balance at 30 September 2024 352,587

12. RESERVES
Retained
earnings
£   

At 1 October 2023 956,883
Profit for the year 137,051
At 30 September 2024 1,093,934

13. CAPITAL COMMITMENTS
30.9.24 30.9.23
£    £   
Contracted but not provided for in the
financial statements - 476,727

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company advanced £5,412 to one of the directors which has been repaid in full after the year end. No interest has been applied to this loan.

As at the balance sheet date the director owed the company £5,412 (2023: £Nil).

Chartered Certified Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Polyethylene Pipelines Company Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Polyethylene Pipelines Company Limited for the year ended 30 September 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Polyethylene Pipelines Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Polyethylene Pipelines Company Limited and state those matters that we have agreed to state to the Board of Directors of Polyethylene Pipelines Company Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at
https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Polyethylene Pipelines Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Polyethylene Pipelines Company Limited. You consider that Polyethylene Pipelines Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Polyethylene Pipelines Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






PKB Accountants Limited
Chartered Certified Accountants
Beechey House
87 Church Street
Crowthorne
Berkshire
RG45 7AW


Chartered Certified Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Polyethylene Pipelines Company Limited


26 June 2025