REGISTERED NUMBER: 02534995 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

LEAKY PIPE SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C Fermor

SECRETARY:

Mrs G Fermor

REGISTERED OFFICE:

5 White Oak Square

London Road

Swanley

Kent

BR8 7AG

REGISTERED NUMBER:

02534995 (England and Wales)

ACCOUNTANTS:

Sargeant Partnership Limited

Chartered Accountants

5 White Oak Square

London Road

Swanley

Kent

BR8 7AG

FIXED ASSETS

Intangible assets

4

12,816

7,651

Tangible assets

5

154,245

192,435

167,061

200,086

CURRENT ASSETS

Stocks

31,289

39,715

Debtors

6

33,854

26,510

Cash at bank

156,209

163,590

221,352

229,815

CREDITORS

Amounts falling due within one year

7

19,308

36,974

NET CURRENT ASSETS

202,044

192,841

TOTAL ASSETS LESS CURRENT LIABILITIES

369,105

392,927

CREDITORS

Amounts falling due after more than one year

8

(154,448

)

(146,595

)

PROVISIONS FOR LIABILITIES

(32,973

)

(40,950

)

NET ASSETS

181,684

205,382

CAPITAL AND RESERVES

Called up share capital

9

703

703

Retained earnings

10

180,981

204,679

SHAREHOLDERS' FUNDS

181,684

205,382

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 September 2025 and were signed by:

C Fermor - Director

1.	STATUTORY INFORMATION

Leaky Pipe Systems 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Trademarks are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% per annum on cost

Fixtures and fittings

-

15% per annum on cost

Motor vehicles

-

25% per annum on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

Trademarks

software

Totals

£

£

£

COST

At 1 January 2024

1,500

7,747

9,247

Additions

-

7,747

7,747

At 31 December 2024

1,500

15,494

16,994

AMORTISATION

At 1 January 2024

1,499

97

1,596

Amortisation for year

-

2,582

2,582

At 31 December 2024

1,499

2,679

4,178

NET BOOK VALUE

At 31 December 2024

1

12,815

12,816

At 31 December 2023

1

7,650

7,651

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

204,884

125,761

151,350

481,995

Additions

5,708

5,490

-

11,198

Disposals

-

-

(24,605

)

(24,605

)

At 31 December 2024

210,592

131,251

126,745

468,588

DEPRECIATION

At 1 January 2024

143,160

80,010

66,390

289,560

Charge for year

18,979

9,169

21,240

49,388

Eliminated on disposal

-

-

(24,605

)

(24,605

)

At 31 December 2024

162,139

89,179

63,025

314,343

NET BOOK VALUE

At 31 December 2024

48,453

42,072

63,720

154,245

At 31 December 2023

61,724

45,751

84,960

192,435

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2024

and 31 December 2024

91,845

DEPRECIATION

At 1 January 2024

15,308

Charge for year

19,135

At 31 December 2024

34,443

NET BOOK VALUE

At 31 December 2024

57,402

At 31 December 2023

76,537

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

28,355

19,475

Other debtors

5,499

7,035

33,854

26,510

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts

21,680

21,681

Trade creditors

(27,360

)

4,384

Taxation and social security

20,042

7,576

Other creditors

4,946

3,333

19,308

36,974

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts

9,034

30,714

Other creditors

145,414

115,881

154,448

146,595

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

702

Ordinary

£1

702

702

1

Ordinary A

£1

1

1

703

703

10.

RESERVES

Retained

earnings

£

At 1 January 2024

204,679

Profit for the year

8,902

Dividends

(32,600

)

At 31 December 2024

180,981

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At 31 December 2024, the company owed C Fermor £145,414 (2023 : £115,881).

Dividends of £32,600 were voted during the year.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C Fermor.