Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-312024-05-152024-05-152024-05-152025-03-312024-04-01trueto act as an intermediate holding company00truefalsefalse 05501083 2024-04-01 2025-03-31 05501083 2023-04-01 2024-03-31 05501083 2025-03-31 05501083 2024-03-31 05501083 c:CompanySecretary1 2024-04-01 2025-03-31 05501083 c:Director1 2024-04-01 2025-03-31 05501083 c:Director1 2025-03-31 05501083 c:Director5 2024-04-01 2025-03-31 05501083 c:Director5 2025-03-31 05501083 c:RegisteredOffice 2024-04-01 2025-03-31 05501083 c:Agent1 2024-04-01 2025-03-31 05501083 d:CurrentFinancialInstruments 2025-03-31 05501083 d:CurrentFinancialInstruments 2024-03-31 05501083 d:CurrentFinancialInstruments d:WithinOneYear 2025-03-31 05501083 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 05501083 d:ShareCapital 2025-03-31 05501083 d:ShareCapital 2024-03-31 05501083 d:SharePremium 2025-03-31 05501083 d:SharePremium 2024-03-31 05501083 d:RetainedEarningsAccumulatedLosses 2025-03-31 05501083 d:RetainedEarningsAccumulatedLosses 2024-03-31 05501083 c:FRS102 2024-04-01 2025-03-31 05501083 c:Audited 2024-04-01 2025-03-31 05501083 c:FullAccounts 2024-04-01 2025-03-31 05501083 c:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 05501083 e:PoundSterling 2024-04-01 2025-03-31 iso4217:GBP xbrli:pure
Company registration number: 05501083







DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2025


PIPE ACQUISITION LIMITED






































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PIPE ACQUISITION LIMITED
 


 
COMPANY INFORMATION


Director
T Hattori (appointed 15 May 2024)




Company secretary
S Aikawa



Registered number
05501083



Registered office
Vintners' Place
68 Upper Thames Street

London

EC4V 3BJ




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

4th Floor

95 Gresham Street

London

EC2V 7AB




Bankers
HSBC
8 Canada Square

London

E14 5HQ




Solicitors
Brodies LLP
15 Atholl Crescent

Edinburgh

EH3 8HA





 


PIPE ACQUISITION LIMITED
 



CONTENTS



Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Notes to the financial statements
9 - 11


 


PIPE ACQUISITION LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Directors

The directors who served during the year were:

M Nakagaki (resigned 15 May 2024)
T Hattori (appointed 15 May 2024)

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditor

The auditor, Menzies LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 1

 


PIPE ACQUISITION LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025


This report was approved by the board on 26 August 2025 and signed on its behalf.
 





T Hattori
Director

Page 2

 


PIPE ACQUISITION LIMITED
 

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PIPE ACQUISITION LIMITED

Opinion


We have audited the financial statements of Pipe Acquisition Limited (the 'company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Statement of financial position and the related notes, including a summary of significant accounting policiesThe 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 March 2025 and of its loss 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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.


Emphasis of matter - financial statements prepared on a basis other than going concern


We draw attention to Note 2.2 to the financial statements which explains that the directors intend to wind down the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements.


Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.


Our opinion is not modified in respect of this matter.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 3

 


PIPE ACQUISITION LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PIPE ACQUISITION LIMITED (CONTINUED)

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, 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 is 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.


Page 4

 


PIPE ACQUISITION LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PIPE ACQUISITION LIMITED (CONTINUED)

Auditor's 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 an Auditor's report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
 
The Companies Act 2006
Financial Reporting Standard 102
UK tax legislation

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financialstatement items.
We understood how the company is complying with those legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of relevant documentation.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. No issues were identified in this area.
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
 
Posting of unusual journals and complex transactions; or
The use of management override of controls to manipulate results, or to cause the company to enter into transactions
not in its best interest.
 
As a result of the above, the audit procedures performed by the engagement team included:

Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or
other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.


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 Auditor's report.


Page 5

 


PIPE ACQUISITION LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PIPE ACQUISITION LIMITED (CONTINUED)

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 2006Our 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 an Auditor's report 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.





Andrew Wooding FCA (Senior statutory auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
4th Floor
95 Gresham Street
London
EC2V 7AB

27 August 2025
Page 6

 


PIPE ACQUISITION LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
£
£

  

Administrative expenses
  
(1,080)
(11,617)

Operating loss
  
(1,080)
(11,617)

Tax on loss
  
-
70,866

(Loss)/profit for the financial year
  
(1,080)
59,249

Other comprehensive income for the year
  

Total comprehensive income for the year
  
(1,080)
59,249

The notes on pages 9 to 11 form part of these financial statements.

Page 7

 


PIPE ACQUISITION LIMITED
REGISTERED NUMBER:05501083



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025

2025
2024
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
-
70,866

Current asset investments
 4 
-
-

Bank and cash balances
  
117,911
61,627

  
117,911
132,493

Creditors: amounts falling due within one year
 6 
(60,221)
(73,723)

Net current assets
  
 
 
57,690
 
 
58,770

Total assets less current liabilities
  
57,690
58,770

  

Net assets
  
57,690
58,770


Capital and reserves
  

Called up share capital 
  
77,349,521
77,349,521

Share premium account
  
8,450,000
8,450,000

Profit and loss account
  
(85,741,831)
(85,740,751)

  
57,690
58,770


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 August 2025.




T Hattori
Director

The notes on pages 9 to 11 form part of these financial statements.

Page 8

 


PIPE ACQUISITION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

Pipe Acquisition Limited is a private company, limited by shares, registered in England and Wales. The address of the registered office is Vintners' Place, Upper Thames Street, London, EC4V 3BJ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

  
2.2

Going concern

On 24 March 2021 the ultimate parent company announced the decision to discontinue trading in the Eastern Hemisphere tubular business. The group are proceeding with the aim of liquidating the relevant companies as soon as possible. As such the directors have not prepared the financial statements on a going concern basis.  The effect on the financial statements is that all assets and liabilities have been classified as current and that the assets have be recorded at their estimated realisable value.

  
2.3

Foreign currency

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction or, if hedged forward, at the rate of exchange under the related forward currency contract. Monetary assets and liabilities denominated in foreign currencies are translated using the contracted rate or the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account.

  
2.4

Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognized directly in equity or other comprehensive income, in which case it is recognized directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised.

  
2.5

Non derivative financial instruments

Non derivative financial instruments comprise investments in equity, cash and cash equivalents, and trade and other creditors
Trade and other creditors
Trade and other creditors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.

Page 9

 


PIPE ACQUISITION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

  
2.6

Investment

Investments are stated at cost less any provision for any impairment.


3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2024 - 0).


4.


Current asset investments

Investments in subsidiaries were fully impaired and valued at £NIL at the year end (2023 - £NIL).
The company has a 100% shareholding in the following subsidiary companies:
 
Edgen Murray Europe Limited     - Incorporated in the United Kingdom with principal activity of steel stockholding and trading

Edgen Murray Pte Limited*     - Incorporated in Singapore with principal activity of steel stockholding and trading

Edgen Murray GmbH*     - Incorporated in Austria with principal activity of steel trading

Edgen Murray Australia Pty Limited**     - Incorporated in Australia with principal activity of steel trading

*Indirectly held via Edgen Murray Europe Limited.
**Indirectly held via Edgen Murray Pte Limited. The company went into liquidation in December 2023.

Page 10

 


PIPE ACQUISITION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

5.


Debtors

2025
2024
£
£


Other debtors
-
70,866

-
70,866



6.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
-
720

Accruals and deferred income
60,221
73,003

60,221
73,723



7.


Parent undertaking

Sumitomo Corporation, a Japanese listed company, is  the ultimate parent undertaking at the balance sheet date. The largest group in which the results of the company are consolidated is that headed by that ultimate parent undertaking whose principal place of business is at Harumi Island Triton Square Office Tower Y 8- 11, Harumi 1-chome, Chuo-ku, Tokyo, 104-8610. Copies of the consolidated financial statements of Sumitomo Corporation can be obtained from www.sumitomocorp.co.jp/english. 

 
Page 11