Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-3145truetruetruetruetruefalse2024-01-01Supplying pipes, fittings and valves48truefalsefalse SC171763 2024-01-01 2024-12-31 SC171763 2023-01-01 2023-12-31 SC171763 2024-12-31 SC171763 2023-12-31 SC171763 2023-01-01 SC171763 c:Director1 2024-01-01 2024-12-31 SC171763 c:Director2 2024-01-01 2024-12-31 SC171763 c:RegisteredOffice 2024-01-01 2024-12-31 SC171763 c:Agent1 2024-01-01 2024-12-31 SC171763 d:Buildings 2024-01-01 2024-12-31 SC171763 d:Buildings 2024-12-31 SC171763 d:Buildings 2023-12-31 SC171763 d:Buildings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC171763 d:Buildings d:ShortLeaseholdAssets 2024-01-01 2024-12-31 SC171763 d:PlantMachinery 2024-01-01 2024-12-31 SC171763 d:PlantMachinery 2024-12-31 SC171763 d:PlantMachinery 2023-12-31 SC171763 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC171763 d:MotorVehicles 2024-01-01 2024-12-31 SC171763 d:MotorVehicles 2024-12-31 SC171763 d:MotorVehicles 2023-12-31 SC171763 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC171763 d:FurnitureFittings 2024-01-01 2024-12-31 SC171763 d:FurnitureFittings 2024-12-31 SC171763 d:FurnitureFittings 2023-12-31 SC171763 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC171763 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC171763 d:CurrentFinancialInstruments 2024-12-31 SC171763 d:CurrentFinancialInstruments 2023-12-31 SC171763 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 SC171763 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC171763 d:ReportableOperatingSegment1 2024-01-01 2024-12-31 SC171763 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 SC171763 e:UnitedKingdom 2024-01-01 2024-12-31 SC171763 e:UnitedKingdom 2023-01-01 2023-12-31 SC171763 e:RestEuropeOutsideUK 2024-01-01 2024-12-31 SC171763 e:RestEuropeOutsideUK 2023-01-01 2023-12-31 SC171763 e:RestWorldOutsideUK 2024-01-01 2024-12-31 SC171763 e:RestWorldOutsideUK 2023-01-01 2023-12-31 SC171763 d:UKTax 2024-01-01 2024-12-31 SC171763 d:UKTax 2023-01-01 2023-12-31 SC171763 d:ShareCapital 2024-01-01 2024-12-31 SC171763 d:ShareCapital 2024-12-31 SC171763 d:ShareCapital 2023-01-01 2023-12-31 SC171763 d:ShareCapital 2023-12-31 SC171763 d:ShareCapital 2023-01-01 SC171763 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 SC171763 d:RetainedEarningsAccumulatedLosses 2024-12-31 SC171763 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 SC171763 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC171763 d:RetainedEarningsAccumulatedLosses 2023-01-01 SC171763 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 SC171763 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 SC171763 c:OrdinaryShareClass1 2024-01-01 2024-12-31 SC171763 c:OrdinaryShareClass1 2024-12-31 SC171763 c:OrdinaryShareClass1 2023-12-31 SC171763 c:FRS102 2024-01-01 2024-12-31 SC171763 c:Audited 2024-01-01 2024-12-31 SC171763 c:FullAccounts 2024-01-01 2024-12-31 SC171763 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC171763 d:WithinOneYear 2024-12-31 SC171763 d:WithinOneYear 2023-12-31 SC171763 d:BetweenOneFiveYears 2024-12-31 SC171763 d:BetweenOneFiveYears 2023-12-31 SC171763 d:MoreThanFiveYears 2024-12-31 SC171763 d:MoreThanFiveYears 2023-12-31 SC171763 2 2024-01-01 2024-12-31 SC171763 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC171763



















JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024













img2e5b.png

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

COMPANY INFORMATION


Directors
Jeanne Bianco 
Paolo Bianco 




Registered number
SC171763



Registered office
Units 3/4 Camiestone Road
Thainstone Industrial Park

Thainstone

Inverurie

Aberdeenshire

AB51 5GT




Independent auditors
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors

York House

Northallerton

North Yorkshire

DL6 2XQ




Bankers
Clydesdale Bank Plc
Thainstone Centre

Inveruire

AB51 5WU




Solicitors
Stronachs
34 Albyn Place

Aberdeen

AB10 1FW





 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2
Directors' Responsibilities Statement
3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 23

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present the strategic report for the year ended 31 December 2024.

Business review
 
The company has a strategy to continue to grow and expand and also to diversify to spread our risk over a number of different sectors and areas, reducing our reliance on the oil and gas industry. We continue to invest in our stockholding and ensure that we cover our customers' requirements and remain competitive within our market place. We also continue to invest in the operational side of our business ensuring we have the infrastructure and equipment in place to provide the best service possible to our customers. 

Principal risks and uncertainties
 
Market risk 
The company’s performance is impacted by the pricing and availability of its key inputs. The pricing of such inputs can be volatile at times due to supply and demand and the input costs of the supply base. The company manages the effect of such movements through strong procedure and process, long term relationships with suppliers, economic purchasing, multiple suppliers and inventory management. 
Legislative and regulatory risk 
The UK is the company’s principle market however 17% of its sales originated from Europe and the Rest of the World, the export market segment is still a key priority and seen as vital to our future. With the level of international sales and the value of materials imported, the company continues to ensure absolute compliance with regulatory requirements on imports and exports. 
Actions of Competitors 
The company continually faces competition in each of the markets in which it has a presence. The competitive environment in any one market depends on a number of factors including the number of competitors, delivery times, the economic/ demand characteristics of that market, the ease of imports and the availability of substitute or alternative products. 

Financial key performance indicators

2024
2023


 
Sales

14,815,316

16,421,882
 


 
Carriage costs (as a % of sales)

2.30%

1.91%
 


 
Stock turnover

3.8 times

3.0 times
 

 



This report was approved by the board on 25 September 2025 and signed on its behalf.



Jeanne Bianco
Director
Page 1

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Results and dividends

The profit for the year, after taxation, amounted to £119,578 (2023 - £846,833).

Ordinary dividends were paid amounting to £500,00 (2023: £500,000). The directors do not recommend payment of a final dividend.

Directors

The directors who served during the year were:

Jeanne Bianco 
Paolo Bianco 

Principal risks and uncertainties

Future developments

The company continues to look in to expanding markets with particular focus on the Food and Beverage and Renewable's markets to increase the diversity of customer base. 

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsArmstrong Watson Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 25 September 2025 and signed on its behalf.
 





Jeanne Bianco
Director
Page 2

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Strategic Report, 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.

Page 3

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

Opinion


We have audited the financial statements of John Bell Pipeline Equipment Company Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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 December 2024 and of its profit 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 Auditors' 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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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 4

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN BELL PIPELINE EQUIPMENT COMPANY 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have 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 Strategic Report or 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 5

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED (CONTINUED)


Auditors' 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 Auditors' 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:

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud. we designed procedures which included:
•   Enquiry of management and those charged with governance around actual and potential litigation and claims
    as well as actual, suspected and alleged fraud;
•   Reviewing minutes of meetings of those charged with governance;
•   Assessing the extent of compliance with the laws and regulations considered to have a direct material 
    effect on the financial statements or the operations of the company through enquiry and inspection; 
•   Reviewing financial statement disclosures and testing to supporting documentation to assess compliance 
    with applicable laws and regulations;
•   Performing audit work over the risk of management bias and override of controls, including testing of journal
    entries and other adjustments for appropriateness, evaluating the business rationale of significant 
    transactions outside the normal course of business and reviewing accounting estimates for indicators 
    of potential bias.


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 Auditors' Report.


Page 6

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN BELL PIPELINE EQUIPMENT COMPANY 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 Auditors' 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.





Simon Turner (Senior Statutory Auditor)
  
for and on behalf of
Armstrong Watson Audit Limited
 
Chartered Accountants & Statutory Auditors
  
Northallerton

25 September 2025
Page 7

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
14,815,316
16,421,822

Cost of sales
  
(10,473,019)
(11,533,749)

Gross profit
  
4,342,297
4,888,073

Distribution costs
  
(340,388)
(316,447)

Administrative expenses
  
(3,705,043)
(3,461,783)

Operating profit
 5 
296,866
1,109,843

Interest receivable and similar income
 8 
801
603

Interest payable and similar expenses
 9 
(7,604)
(312)

Profit before tax
  
290,063
1,110,134

Tax on profit
 10 
(170,485)
(263,301)

Profit for the financial year
  
119,578
846,833

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 23 form part of these financial statements.

Page 8

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
REGISTERED NUMBER: SC171763

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
583,200
343,035

  
583,200
343,035

Current assets
  

Stocks
 13 
3,898,701
3,801,507

Debtors: amounts falling due within one year
 14 
2,817,296
3,226,959

Cash at bank and in hand
 15 
155,258
568,253

  
6,871,255
7,596,719

Creditors: amounts falling due within one year
 16 
(2,463,282)
(2,634,253)

Net current assets
  
 
 
4,407,973
 
 
4,962,466

Total assets less current liabilities
  
4,991,173
5,305,501

Provisions for liabilities
  

Deferred tax
 18 
(72,599)
(6,505)

  
 
 
(72,599)
 
 
(6,505)

Net assets
  
4,918,574
5,298,996


Capital and reserves
  

Called up share capital 
 19 
120,000
120,000

Profit and loss account
  
4,798,574
5,178,996

  
4,918,574
5,298,996


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2025.




Jeanne Bianco
Director

The notes on pages 11 to 23 form part of these financial statements.
Page 9

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
120,000
4,832,163
4,952,163


Comprehensive income for the year

Profit for the year
-
846,833
846,833
Total comprehensive income for the year
-
846,833
846,833


Contributions by and distributions to owners

Dividends: Equity capital
-
(500,000)
(500,000)


Total transactions with owners
-
(500,000)
(500,000)



At 1 January 2024
120,000
5,178,996
5,298,996


Comprehensive income for the year

Profit for the year
-
119,578
119,578
Total comprehensive income for the year
-
119,578
119,578


Contributions by and distributions to owners

Dividends: Equity capital
-
(500,000)
(500,000)


Total transactions with owners
-
(500,000)
(500,000)


At 31 December 2024
120,000
4,798,574
4,918,574


The notes on pages 11 to 23 form part of these financial statements.

Page 10

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

John Bell Pipeline Equipment Company Limited is a private company limited by shares incorporated in Scotland. The registered office is Units 3/4, Camiestone Road, Thainstone Industrial Park, Inverurie, Aberdeenshire, Scotland, AB51 5GT.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of National Tube Stockholders Limited as at 31 December 2024 and these financial statements may be obtained from Dalton Industrial Estate, Dalton, Nr Thirsk, North Yorkshire, Y07 3HE.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis.
The company has recorded a profit of £119,578 (2023: profit of £846,833) and has net current assets of £4,407,973 (2023: £4,962,466) including cash of £155,258 (2023: £568,253). The company meets its day to day working capital requirements through cash generated from operations.
The directors remain confident about the company's future despite the economic uncertainties in the UK and abroad. The directors believe that the company and group's strong asset base and the resolute sector they operate in signifies that the company should be able to continue in operational existence for the foreseeable future, taking into account reasonable possible changes in performance.

Page 11

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials. as a proportion of total costs. 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.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 12

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 13

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line and reducing balance method.


Leasehold property improvements
-
5%
Straight line
Plant and machinery
-
25%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
20%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. 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. 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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 less. Reversals of impairment losses are also recognised in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 14

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The
Page 15

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are
Page 16

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

discharged or cancelled.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Stock provision - The company operates in a challenging business envrionment and is subject to changing customer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provision required. When calculating the stock provision, management considers the nature and condition of the stock as well as applying assumptions around anticipated saleability and future usage based on most recent sales activity. The carrying amount is £495,017 (2023 - £498,402).


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales of pipes, fittings and valves
14,815,316
16,421,822

14,815,316
16,421,822


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
12,243,017
12,863,850

Rest of Europe
2,350,700
108,362

Rest of the world
221,599
3,449,610

14,815,316
16,421,822


Page 17

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange (gains)/losses
84
(459)

Depreciation of owned tangible fixed assets
93,426
77,273

Loss of disposal of tangible fixed assets
-
873

Operating lease charges
366
313,683


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
17,407
15,259


7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
2,261,111
2,187,266

Social security costs
245,846
237,663

Cost of defined contribution scheme
98,157
90,098

2,605,114
2,515,027


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administration and support
8
7



Distrubution
40
38

48
45

Page 18

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Interest receivable

2024
2023
£
£


Other interest receivable
801
603

801
603


9.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
7,604
312

7,604
312


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
170,485
263,301


170,485
263,301


Total current tax
170,485
263,301

Deferred tax

Total deferred tax
-
-


Tax on profit
170,485
263,301
Page 19

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
290,063
1,110,134


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
170,485
263,301

Effects of:

Total tax charge for the year
170,485
263,301


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2024
2023
£
£


Interim paid
500,000
500,000

500,000
500,000

Page 20

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
561,212
468,863
143,491
344,046
1,517,612


Additions
43,025
133,255
147,400
24,861
348,541



At 31 December 2024

604,237
602,118
290,891
368,907
1,866,153



Depreciation


At 1 January 2024
427,160
404,966
115,772
226,679
1,174,577


Charge for the year on owned assets
23,230
30,905
26,890
27,351
108,376



At 31 December 2024

450,390
435,871
142,662
254,030
1,282,953



Net book value



At 31 December 2024
153,847
166,247
148,229
114,877
583,200



At 31 December 2023
134,052
63,897
27,719
117,367
343,035


13.


Stocks

2024
2023
£
£

Finished goods and goods for resale
3,669,401
3,801,507

Work in progress (goods to be sold)
229,300
-

3,898,701
3,801,507




14.


Debtors

2024
2023
£
£


Trade debtors
2,391,832
2,719,477

Other debtors
21,140
108,352

Prepayments and accrued income
404,324
399,130

2,817,296
3,226,959


Page 21

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
155,258
568,253

Less: bank overdrafts
(226,445)
(84,024)

(71,187)
484,229



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
226,445
84,024

Trade creditors
1,473,486
1,254,773

Amounts owed to group undertakings
458,737
564,452

Corporation tax
57,433
256,258

Other taxation and social security
154,975
229,585

Other creditors
29,117
-

Accruals and deferred income
63,089
245,161

2,463,282
2,634,253


The bank overdrafts are secured by a floating charge over the assets and undertakings of the company.


17.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £98,157 (2023 - £90,098).  


18.


Deferred taxation




2024


£






At beginning of year
(6,505)


Charged to profit or loss
(66,094)



At end of year
(72,599)

Page 22

 
JOHN BELL PIPELINE EQUIPMENT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
18.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(72,599)
(6,505)

(72,599)
(6,505)


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



120,000 (2023 - 120,000) Ordinary shares of £1.00 each
120,000
120,000



20.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
32,021
300,139

Later than 1 year and not later than 5 years
122,112
1,445

Later than 5 years
391
-

154,524
301,584


21.


Controlling party

The company's immediate parent is National Tube Stockholders Limited, incorporated in England and Wales.
The parent of the largest group in which these financial statements are consolidated is National Tube Stockholders Limited, incorporated in England and Wales.
The address of National Tube Stockholders Limited is: Dalton Industrial Estate, Dalton, Nr Thirsk, North Yorkshire, Y07 3HE.
Copies of the consolidated financial statements of National Tube Stockholders Limited are available from Companies House.


Page 23