| REGISTERED NUMBER: |
| Report of the Directors and |
| Unaudited Financial Statements for the Year Ended 31 December 2024 |
| for |
| Pipeline Products Holdings Ltd |
| REGISTERED NUMBER: |
| Report of the Directors and |
| Unaudited Financial Statements for the Year Ended 31 December 2024 |
| for |
| Pipeline Products Holdings Ltd |
| Pipeline Products Holdings Ltd (Registered number: 03904897) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Income Statement | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 |
| Pipeline Products Holdings Ltd |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Woodlands Grange |
| Woodlands Lane |
| Bradley Stoke |
| Bristol |
| BS32 4JY |
| Pipeline Products Holdings Ltd (Registered number: 03904897) |
| 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 a holding company and property rental. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| Pipeline Products Holdings Ltd (Registered number: 03904897) |
| Income Statement |
| for the Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| TURNOVER |
| Administrative expenses | ( |
) | ( |
) |
| (27,339 | ) | (17,310 | ) |
| Other operating income |
| OPERATING PROFIT | 4 |
| Income from shares in group undertakings |
| Interest receivable and similar income |
| 435,165 | 451,379 |
| Interest payable and similar expenses | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| Pipeline Products Holdings Ltd (Registered number: 03904897) |
| Balance Sheet |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 6 |
| Investments | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 10 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Share premium | 13 |
| Retained earnings | 13 |
| SHAREHOLDERS' FUNDS |
| 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. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Pipeline Products Holdings Ltd (Registered number: 03904897) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Pipeline Products Holdings Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Tangible fixed assets |
| Freehold property | - |
| Freehold property is recorded at cost less depreciation. The depreciation applied to freehold property is stated in the depreciation accounting policy. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - NIL). |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Depreciation - owned assets |
| Pipeline Products Holdings Ltd (Registered number: 03904897) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 5. | DIVIDENDS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Ordinary A shares of £1 each |
| Interim |
| Ordinary B shares of £1 each |
| Interim |
| Ordinary C shares of £1 each |
| Interim |
| 6. | TANGIBLE FIXED ASSETS |
| Freehold |
| property |
| £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 7. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Other debtors |
| Pipeline Products Holdings Ltd (Registered number: 03904897) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| VAT | 9,082 | 5,270 |
| Accrued expenses |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans more 5 yr by instal |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 453,882 | 293,216 |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Bank loans |
| The loans are secured by a fixed charge on the freehold properties known as Unit 2 Britannia Way, Clevedon and Unit 15, Five C Business Centre, Concorde Drive, Clevedon. |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
| value: | £ | £ |
| Ordinary A | £1 | 87,350 | 100,000 |
| Ordinary B | £1 | - | 100 |
| Ordinary C | £1 | 29,250 | 9,240 |
| 116,600 | 109,340 |
| Pipeline Products Holdings Ltd (Registered number: 03904897) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 13. | RESERVES |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 January 2024 | 1,020,662 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Cash share issue | - | 102,730 | 102,730 |
| At 31 December 2024 | 1,037,258 |
| 14. | RELATED PARTY DISCLOSURES |
| 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. |
| Pipeline Products Holdings Ltd (Registered number: 03904897) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 15. | SHARE OPTION SCHEMES |
| The market value of the shares at the date of the Grant was £15.15. |
| The options shall lapse upon the earliest of the expiry of 10 years from it's date of grant or if the holder of the options ceases to be an eligible person. |
| In order to exercise an option the holder must deliver to the Company Secretary a notice in writing specifying the number of shares in respect of which option is being exercised accompanied by payment in full for those shares in which the options are being exercised. |
| The directors have adopted the accounting treatment under FRS 20 Share based payment. |
| Share Options activity: |
| EMI Share Scheme | Shares | £ |
| Shares granted 11/11/2015 | 16,500 | 249,975 |
| Shares exercised 30/11/2017 | 1,980 | 29,997 |
| Shares exercised 14/12/2020 | 3,300 | 49,995 |
| Shares exercised 14/12/2021 | 1,320 | 19,998 |
| Shares exercised 06/12/2022 | 1,320 | 19,998 |
| Shares exercised 08/12/2023 | 1,320 | 19,998 |
| Shares exercised 10/01/2024 | 3,300 | 49,995 |
| Shares exercised 22/05/2024 | 3,300 | 49,995 |
| Shares exercised 25/09/2024 | 660 | 9,999 |
| Shares available | 0 | 0 |
| Unapproved Share Option Scheme | Shares | £ |
| Shares granted 11/11/15 | 16,833 | 255,020 |
| Shares available | 16,833 | 255,020 |