Company registration number 01852899 (England and Wales)
INTERNATIONAL PIPELINE PRODUCTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
INTERNATIONAL PIPELINE PRODUCTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
INTERNATIONAL PIPELINE PRODUCTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
411,759
284,580
Tangible assets
4
886,446
663,750
1,298,205
948,330
Current assets
Stocks
1,870,521
1,928,713
Debtors
5
1,395,804
1,981,349
Cash at bank and in hand
142,728
263,558
3,409,053
4,173,620
Creditors: amounts falling due within one year
6
(1,702,299)
(3,742,479)
Net current assets
1,706,754
431,141
Total assets less current liabilities
3,004,959
1,379,471
Provisions for liabilities
(142,404)
(81,355)
Net assets
2,862,555
1,298,116
Capital and reserves
Called up share capital
100,000
100,000
Capital redemption reserve
5,263
5,263
Other reserves
1,500,000
Profit and loss reserves
1,257,292
1,192,853
Total equity
2,862,555
1,298,116
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 August 2025 and are signed on its behalf by:
D Williams
S Bell
Director
Director
Company Registration No. 01852899
INTERNATIONAL PIPELINE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
International Pipeline Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gatherley Road, Brompton On Swale, North Yorkshire, United Kingdom, DL10 7JH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the 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 long term contracts is recognised by reference to the stage of completion when the stage of completion can be reliably estimated. The stage of completion is calculated based on the directors estimate of the physical proportion of the contract work performed.
Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
When it is probable that total contract costs will exceed total contract revenue, the expected loss shall be recognised as an expense immediately.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
Straight line over 5 years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
INTERNATIONAL PIPELINE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10% on cost, 20% on cost, and 25% on cost
Fixtures and fittings
25% on cost, 20% on cost, 10% on cost, and 0% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Stocks
Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those 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. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
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 to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
INTERNATIONAL PIPELINE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
INTERNATIONAL PIPELINE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.15
Advances on sales invoices are paid by the company's financiers on production of a valid delivery note. The arrangement is one with recourse and so a liability is created equal to the advance, and the debtor pertaining to the sales invoice is not de-recognised until the customer has paid or the debt is written off.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
71
69
3
Intangible fixed assets
Intangibles
£
Cost
At 1 January 2024
417,167
Additions
226,839
At 31 December 2024
644,006
Amortisation and impairment
At 1 January 2024
132,587
Amortisation charged for the year
99,660
At 31 December 2024
232,247
Carrying amount
At 31 December 2024
411,759
At 31 December 2023
284,580
INTERNATIONAL PIPELINE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024
1,477,195
1,682,530
3,159,725
Additions
308,678
76,011
384,689
Disposals
(86,199)
(86,199)
At 31 December 2024
1,785,873
1,672,342
3,458,215
Depreciation and impairment
At 1 January 2024
1,381,340
1,114,635
2,495,975
Depreciation charged in the year
40,025
47,291
87,316
Eliminated in respect of disposals
(11,522)
(11,522)
At 31 December 2024
1,421,365
1,150,404
2,571,769
Carrying amount
At 31 December 2024
364,508
521,938
886,446
At 31 December 2023
95,855
567,895
663,750
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,193,987
1,736,093
Amounts owed by group undertakings
9,467
9,467
Other debtors
192,350
235,789
1,395,804
1,981,349
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
99,484
Trade creditors
1,298,988
1,536,110
Taxation and social security
65,216
64,155
Other creditors
338,095
2,042,730
1,702,299
3,742,479
Creditors due within one year includes £Nil (2023: £1,704,227) secured debts.
INTERNATIONAL PIPELINE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Joanne Regan FCA
Statutory Auditor:
Azets Audit Services
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
1,344,093
1,377,713
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Administrative & Interest Expenses
2024
2023
£
£
Other related parties
80,128
130,500
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Other related parties
-
1,696,491
10
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Loan
-
(7,258)
29,262
22,004
(7,258)
29,262
22,004
INTERNATIONAL PIPELINE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Directors' transactions
(Continued)
- 8 -
11
Parent company
The immediate parent company is IPPL Holdings Limited, whose registered office address is Gatherley Road, Brompton on Swale, North Yorkshire, DL10 7JH.
On 10 May 2024, the ultimate parent company became Dhanekula International Pte Ltd, whose registered office address is 67F Tuas South Avenue 1, Seatown Industrial Centre, Singapore 637585.
Day to day control of the company is managed by the board of Directors, by virtue of their ability to act in concert in respect of the operational and financial policies of the company.