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Registration number: 3998299

Pipeline Services (UK) Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Pipeline Services (UK) Limited

(Registration number: 3998299)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

301,599

286,094

Investments

5

51

51

 

301,650

286,145

Current assets

 

Stocks

398,852

48,667

Debtors

6

1,148,095

1,168,832

Cash at bank and in hand

 

283,035

565,972

 

1,829,982

1,783,471

Creditors: Amounts falling due within one year

7

(642,684)

(785,156)

Net current assets

 

1,187,298

998,315

Total assets less current liabilities

 

1,488,948

1,284,460

Creditors: Amounts falling due after more than one year

7

(11,369)

(21,594)

Provisions for liabilities

(71,650)

(66,950)

Net assets

 

1,405,929

1,195,916

Capital and reserves

 

Called up share capital

9

198

198

Retained earnings

1,405,731

1,195,718

Shareholders' funds

 

1,405,929

1,195,916

 

Pipeline Services (UK) Limited

(Registration number: 3998299)
Balance Sheet as at 30 September 2024

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 June 2025 and signed on its behalf by:
 


Mr D Csehi
Director

 

Pipeline Services (UK) Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ

Registration number: 3998299

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Pipeline Services (UK) Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% per annum on written down value

Motor vehicles

25% per annum on written down value

Office equipment

15% per annum on written down value

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Pipeline Services (UK) Limited

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

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 9 (2023 - 9).

 

Pipeline Services (UK) Limited

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

4

Tangible assets

Office equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

54,419

67,860

1,286,285

1,408,564

Additions

-

19,500

44,907

64,407

Disposals

-

(30,900)

-

(30,900)

At 30 September 2024

54,419

56,460

1,331,192

1,442,071

Depreciation

At 1 October 2023

44,439

52,146

1,025,885

1,122,470

Charge for the year

1,497

4,335

41,849

47,681

Eliminated on disposal

-

(29,679)

-

(29,679)

At 30 September 2024

45,936

26,802

1,067,734

1,140,472

Carrying amount

At 30 September 2024

8,483

29,658

263,458

301,599

At 30 September 2023

9,980

15,714

260,400

286,094

5

Investments

2024
£

2023
£

Investments in subsidiaries

51

51

Subsidiaries

£

Cost or valuation

At 1 October 2023

51

At 30 September 2024

51

Carrying amount

At 30 September 2024

51

At 30 September 2023

51

 

Pipeline Services (UK) Limited

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

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

199,870

232,550

Amounts owed by related parties

888,076

902,768

Prepayments

 

29,830

24,353

Other debtors

 

30,319

9,161

   

1,148,095

1,168,832

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,225

9,974

Trade payables

 

117,210

116,492

Amounts due to related parties

10,386

128,861

Social security and other taxes

 

98,136

41,594

Other payables

 

406,727

488,235

 

642,684

785,156

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

11,369

21,594

 

Pipeline Services (UK) Limited

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

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,225

9,974

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,369

21,594

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

198

198

198

198