REGISTERED NUMBER: SC318881 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Pipework Northern (UK) Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

187,865

190,952

Investments

5

-

2,473,960

187,865

2,664,912

CURRENT ASSETS

Stocks

1,246,337

1,279,320

Debtors

6

7,188,384

5,852,767

Cash at bank

1,198,272

1,510,326

9,632,993

8,642,413

CREDITORS

Amounts falling due within one year

7

(2,092,513

)

(1,143,892

)

NET CURRENT ASSETS

7,540,480

7,498,521

TOTAL ASSETS LESS CURRENT LIABILITIES

7,728,345

10,163,433

PROVISIONS FOR LIABILITIES

-

(1,118

)

NET ASSETS

7,728,345

10,162,315

CAPITAL AND RESERVES

Called up share capital

1,105,262

1,105,262

Retained earnings

6,623,083

9,057,053

SHAREHOLDERS' FUNDS

7,728,345

10,162,315

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 25 September 2025 and were signed by:

Mr R P Millar - Director

1.	STATUTORY INFORMATION

Pipework Northern (UK) Limited is a private company, limited by shares, domiciled in Scotland, registration number SC318881. The registered office is 110 Braid Road, Midlothian, Edinburgh, EH10 6AT.

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sales of goods and services n respect of fluid system piping systems and components, excluding value added tax. Sales are recognised at the point at which the goods are transferred and the service is complete.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Imprvmts to

leasehold prop

-

15% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

Basic financial instruments

A financial asset held as an equity instrument is recognised initial at the transaction price (including transaction costs).

At the end of each reporting period, unlisted equity investments are recorded at fair value, where appropriate, or at cost less impairment if their fair value cannot be reliably measured. Objective evidence of the impairment of financial assets is assessed at each period end and any impairment loss recognised in the profit and loss account immediately. Impairment is calculated as the difference between the carrying amount of the instrument and the best estimate of the cash flows expected to be derived from the asset ( including sales proceeds if sold) at the balance sheet date.

Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the financial instrument.

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

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Imprvmts

to

Fixtures

leasehold

Plant and

and

prop

machinery

fittings

£

£

£

COST

At 1 January 2024

34,396

34,589

13,447

Additions

32,060

2,843

6,105

Disposals

-

-

-

At 31 December 2024

66,456

37,432

19,552

DEPRECIATION

At 1 January 2024

31,865

28,043

10,225

Charge for year

2,090

2,101

1,488

Eliminated on disposal

-

-

-

At 31 December 2024

33,955

30,144

11,713

NET BOOK VALUE

At 31 December 2024

32,501

7,288

7,839

At 31 December 2023

2,531

6,546

3,222

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

273,755

16,681

372,868

Additions

-

9,491

50,499

Disposals

-

(7,533

)

(7,533

)

At 31 December 2024

273,755

18,639

415,834

DEPRECIATION

At 1 January 2024

102,174

9,609

181,916

Charge for year

42,895

5,012

53,586

Eliminated on disposal

-

(7,533

)

(7,533

)

At 31 December 2024

145,069

7,088

227,969

NET BOOK VALUE

At 31 December 2024

128,686

11,551

187,865

At 31 December 2023

171,581

7,072

190,952

5.	EQUITY INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 January 2024

2,473,960

Revaluations

(2,473,960

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

2,473,960

Cost or valuation at 31 December 2024 is represented by:

Other

investments

£

Valuation in 2023

2,473,960

Valuation in 2024

(2,473,960

)

As at the balance sheet date it is the directors opinion that the equity investments held by the company have a market value of £Nil. The write down in market value has been reflected in the financial statements to 31 December 2024.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

2,527,780

1,247,904

Other debtors

4,660,604

4,604,863

7,188,384

5,852,767

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

173,224

552,977

Taxation and social security

713,572

491,854

Other creditors

1,205,717

99,061

2,092,513

1,143,892

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the following amounts were advanced to directors:-

R Millar £3,358,290 (2023:- £3,357,463)