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REGISTERED NUMBER: 03028778 (England and Wales)











PIPE EQUIPMENT SPECIALISTS LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






PIPE EQUIPMENT SPECIALISTS LIMITED (REGISTERED NUMBER: 03028778)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Report of the Directors 2 to 3

Report of the Independent Auditors 4 to 7

Statement of Income and Retained Earnings 8

Balance Sheet 9

Notes to the Financial Statements 10 to 17


PIPE EQUIPMENT SPECIALISTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: S Law
D M Pye
J T Kujala
S M Oksala



REGISTERED OFFICE: 66a Dukesway
Teesside Industrial Esta
Thornaby Stockton On Tees
Cleveland
TS17 9LT



REGISTERED NUMBER: 03028778 (England and Wales)



AUDITORS: UHY Calvert Smith LLP
Statutory Auditor
Chartered Accountants
Heritage House
Murton Way
Osbaldwick
York
North Yorkshire
YO19 5UW



BANKERS: Handelsbanken
Ground Floor
Winder House
Kingfisher Way
Stockton-on-Tees
TS18 3EX

PIPE EQUIPMENT SPECIALISTS LIMITED (REGISTERED NUMBER: 03028778)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of design and supply of a range of products associated with the installation of pipes, ducts and cables.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2024 will be £200,000.

RESEARCH AND DEVELOPMENT
The company continues to develop the range of existing products on an ongoing basis, as well as introducing new products to the range.

FUTURE DEVELOPMENTS
The company has a future strategy of organic growth.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

S Law
D M Pye

Other changes in directors holding office are as follows:

J T Kujala - appointed 24 October 2024

S M Oksala was appointed as a director after 31 December 2024 but prior to the date of this report.

P I Rowlands ceased to be a director after 31 December 2024 but prior to the date of this report.

FINANCIAL INSTRUMENTS
As the company is part of the Indutrade Group, all cash flow issues are dealt with by the parent company at group level.

STRATEGIC REPORT
The company is a member of an ineligible group so is not permitted to prepare accounts under the small companies regime but has taken advantage of the exemption available under section 414B of the Companies Act 2006 from the requirement to prepare a Strategic Report.


PIPE EQUIPMENT SPECIALISTS LIMITED (REGISTERED NUMBER: 03028778)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing 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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, UHY Calvert Smith LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D M Pye - Director


30 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PIPE EQUIPMENT SPECIALISTS LIMITED


Opinion
We have audited the financial statements of Pipe Equipment Specialists Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and 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 December 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PIPE EQUIPMENT SPECIALISTS LIMITED


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 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 three, 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
PIPE EQUIPMENT SPECIALISTS 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:

- we identified the laws and regulations applicable to the company through discussions with management and from our commercial knowledge and experience of the sector; and
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation, employment, and health and safety legislation.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reviewing legal and professional expenses for evidence of potential litigation and claim; and
- enquiring of management as to actual and potential litigation and claims.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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
PIPE EQUIPMENT SPECIALISTS 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.




Hayden Priest BEng BFP FCA (Senior Statutory Auditor)
for and on behalf of UHY Calvert Smith LLP
Statutory Auditor
Chartered Accountants
Heritage House
Murton Way
Osbaldwick
York
North Yorkshire
YO19 5UW

10 June 2025

PIPE EQUIPMENT SPECIALISTS LIMITED (REGISTERED NUMBER: 03028778)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

TURNOVER 3 1,741,926 1,321,943

Cost of sales 735,131 512,508
GROSS PROFIT 1,006,795 809,435

Administrative expenses 667,738 592,072
339,057 217,363

Other operating income (600 ) 1,800
OPERATING PROFIT 5 338,457 219,163


Interest payable and similar expenses 6 606 1,944
PROFIT BEFORE TAXATION 337,851 217,219

Tax on profit 7 84,622 50,685
PROFIT FOR THE FINANCIAL YEAR 253,229 166,534

Retained earnings at beginning of year 357,850 366,316

Dividends 8 (200,000 ) (175,000 )

RETAINED EARNINGS AT END OF YEAR 411,079 357,850

PIPE EQUIPMENT SPECIALISTS LIMITED (REGISTERED NUMBER: 03028778)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 99,642 54,715
99,642 54,715

CURRENT ASSETS
Stocks 11 208,698 303,020
Debtors 12 331,657 373,124
Cash at bank and in hand 140,610 41,502
680,965 717,646
CREDITORS
Amounts falling due within one year 13 291,352 349,781
NET CURRENT ASSETS 389,613 367,865
TOTAL ASSETS LESS CURRENT LIABILITIES 489,255 422,580

PROVISIONS FOR LIABILITIES 16 21,392 7,946
NET ASSETS 467,863 414,634

CAPITAL AND RESERVES
Called up share capital 17 25,000 25,000
Capital redemption reserve 18 31,784 31,784
Retained earnings 18 411,079 357,850
SHAREHOLDERS' FUNDS 467,863 414,634

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2025 and were signed on its behalf by:





D M Pye - Director


PIPE EQUIPMENT SPECIALISTS LIMITED (REGISTERED NUMBER: 03028778)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Pipe Equipment Specialists 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.

Financial Reporting Standard 102 - reduced disclosure exemptions
- the requirement to prepare a statement of cashflows as required by paragraph 3.17(d);
- the requirement to present certain financial instrument disclosures, as required by sections 11 and 12;
- the requirement to disclose the key management personnel compensation in total as required by paragraph
33.7; and
- the requirement to disclose related party transactions as provided by paragraph 33.1A.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the application of the accounting policies and the reported amounts of assets and
liabilities, revenue and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are continually evaluated and are based on historical experience and
other factors, including expectations of future events that are reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

The directors do not believe there are any estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.

Turnover
Turnover is recognised at the fair value of consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2001, was amortised evenly over its estimated useful life of three years. It is now fully amortised.

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.

Computer software was amortised evenly over its estimated useful life of three years. It is now fully amortisted.

PIPE EQUIPMENT SPECIALISTS LIMITED (REGISTERED NUMBER: 03028778)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Over the period of the lease
Plant and machinery - 10 - 33% straight line on cost
Fixtures and fittings - 33% straight line and 20% straight line
Equipment for hire - 15 - 33% straight line on cost

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

Stocks
Stocks are valued at the lower of cost and net realisable value, using the FIFO method. Due allowance is made for obsolete and slow moving items.

Financial instruments
The company adopts Sections 11 and 12 of FRS 102 in respect of financial instruments.

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.

Foreign currencies
Transactions in foreign currencies are translated into sterling at a standard exchange rate throughout the year. Exchange differences are taken into account in arriving at the operating result and report the difference between the standard rates and the actual rate. Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.

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.

PIPE EQUIPMENT SPECIALISTS LIMITED (REGISTERED NUMBER: 03028778)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Related party transactions
The company discloses transactions with related parties which are not wholly owned within the same group.
Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors,
separate disclosure is necessary to understand the effect of the transactions on the company's financial
statements.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 1,300,921 820,033
EC sales 324,042 230,202
Non EC sales 116,963 271,708
1,741,926 1,321,943

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 297,972 291,778
Social security costs 31,377 19,600
Other pension costs 4,799 4,989
334,148 316,367

The average number of employees during the year was as follows:
2024 2023

Staff 8 8

2024 2023
£    £   
Directors' remuneration 79,653 66,938
Directors' pension contributions to money purchase schemes 1,725 1,321

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

Money purchase schemes 1 1

PIPE EQUIPMENT SPECIALISTS LIMITED (REGISTERED NUMBER: 03028778)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 35,177 38,249
Depreciation - owned assets 15,962 12,505
Auditors' remuneration 4,851 6,245
Auditors' remuneration for non audit work 2,836 2,599
Foreign exchange differences 3,002 1,878

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 606 1,944

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 71,175 44,741

Deferred tax 13,447 5,944
Tax on profit 84,622 50,685

UK corporation tax has been charged at 25% (2023 - 23.52%).

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

2024 2023
£    £   
Profit before tax 337,851 217,219
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.521%)

84,463

51,092

Effects of:
Expenses not deductible for tax purposes 171 257
Adjustments to tax charge in respect of previous periods (1,758 ) -
Other 1,746 (664 )
Total tax charge 84,622 50,685

PIPE EQUIPMENT SPECIALISTS LIMITED (REGISTERED NUMBER: 03028778)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Final 200,000 175,000

9. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 15,000 21,177 36,177
AMORTISATION
At 1 January 2024
and 31 December 2024 15,000 21,177 36,177
NET BOOK VALUE
At 31 December 2024 - - -
At 31 December 2023 - - -

10. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Equipment
property machinery fittings for hire Totals
£    £    £    £    £   
COST
At 1 January 2024 34,680 74,139 52,856 40,468 202,143
Additions - - 22,183 - 22,183
Reclassification/transfer - 4,063 (4,063 ) 38,706 38,706
At 31 December 2024 34,680 78,202 70,976 79,174 263,032
DEPRECIATION
At 1 January 2024 26,515 36,925 43,520 40,468 147,428
Charge for year 2,281 8,458 4,578 645 15,962
At 31 December 2024 28,796 45,383 48,098 41,113 163,390
NET BOOK VALUE
At 31 December 2024 5,884 32,819 22,878 38,061 99,642
At 31 December 2023 8,165 37,214 9,336 - 54,715

Included in the above is a £38,706 reclassification of stock to equipment for hire, transferred at cost and subsequently measured at cost less accumulated depreciation and any accumulated impairment losses.

PIPE EQUIPMENT SPECIALISTS LIMITED (REGISTERED NUMBER: 03028778)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


11. STOCKS
2024 2023
£    £   
Goods held for resale 208,698 303,020

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 289,920 340,846
Amounts owed by group undertakings 8,446 1,012
Tax 8,498 4,343
Prepayments and accrued income 24,793 26,923
331,657 373,124

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 342 75,860
Trade creditors 138,324 178,882
Amounts owed to group undertakings 34,133 12,924
Social security and other taxes - 7,333
VAT 39,501 5,194
Other creditors 1,655 355
Accruals and deferred income 77,397 69,233
291,352 349,781

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 342 75,860

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 35,000 35,000
Between one and five years 140,000 140,000
In more than five years 40,833 75,833
215,833 250,833

Operating lease payments recognised as an expense during the period amounted to £35,177.

PIPE EQUIPMENT SPECIALISTS LIMITED (REGISTERED NUMBER: 03028778)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 21,392 7,946

Deferred
tax
£   
Balance at 1 January 2024 7,946
Movement in the year 13,446
Balance at 31 December 2024 21,392

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
25,000 Ordinary £1 25,000 25,000

Each ordinary share confers one voting right.

18. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2024 357,850 31,784 389,634
Profit for the year 253,229 253,229
Dividends (200,000 ) (200,000 )
At 31 December 2024 411,079 31,784 442,863

Retained earnings includes all current and prior period retained profits and losses.

The capital redemption reserve arose on the repurchase of own shares and is not distributable.

19. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for the benefit of the employees and directors. The assets of the scheme are administered by an independent pension's provider.

The cost for the financial year in respect of the defined contribution scheme was £4,799 (2023: £4,989).
£444 was unpaid at the year end and included in other creditors (2023: £nil).

PIPE EQUIPMENT SPECIALISTS LIMITED (REGISTERED NUMBER: 03028778)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


20. ULTIMATE & IMMEDIATE PARENT COMPANY

The immediate parent company is Indutrade UK Limited. The ultimate parent company and controlling party is Indutrade AB, a company incorporated in Sweden. Indutrade AB heads the largest and smallest groups to consolidate these financial statements. Copies of the Indutrade AB financial statements can be obtained from Indutrade AB, Box 6044, SE-164 06 Kista.