REGISTERED NUMBER: 02307592 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

SPECIAL PIPING MATERIALS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

Directors:

M L Buckley

L Buckley

P Buckley

A Forth

Secretary:

M L Buckley

Registered office:

Broadway

Globe Industrial Estate

Dukinfield

Cheshire

SK16 4UU

Registered number:

02307592 (England and Wales)

Auditors:

S&W Audit

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

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

Review of business

The principal activity of the company remains the supply of piping and related fittings, primarily to the oil, gas and water industries.

2024 has seen a 3.3% increase in turnover. There continue to be significant delays in potential projects being green lit throughout Europe due to uncertainties in the Russia/Ukraine war. Some projects have been realised in 2024 and therefore project turnover has increased. Turnover for the current year is up slightly but at a lower gross profit rate and so profits are down but remain good. The company's cash reserves remain very healthy,

The company's key financial and other performance indicators during the year were as follows:

Unit

2024

2023

Turnover

£

12,227,665

11,839,636

Profit on ordinary activities before tax

£

647,889

858,866

Average number of employees

24

25

As the company supplies the oil and petrochemical industries it is susceptible to downturns in this sector.

Nevertheless, the company continues to demonstrate that it is well placed to trade through any such event.

There still remains some risk to raw material shortages and supply issues due to the ongoing war with Ukraine and Russia. The company continues to look to diversify its supply chain to help mitigate any potential disruption.

As anticipated, the UK and US elections in 2024 have lead to delays with the new North Sea oil project.

The company will carry on diversifying its market by increasing the volume of sales to the water treatment industries such as desalination and potable water processing. This will increase with further investment in our stainless steel range of products.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company is investing into research into growing UK markets such as nuclear which has significant investment and green light projects in the UK market. We are also looking to increase our presence in more South American countries where new oil and gas projects are currently underway. Both new areas and new markets are aimed at increasing the company's turnover and client base in 2025. Investment into the nuclear supply chain will help reduce the risk from a slower oil and gas market in the UK. The company will also look at opportunities in local hydrogen and renewable markets including biofuel and green hydrogen. Further stability in raw materials costs provides confidence in potential additional projects in the UK and Europe.

On behalf of the board:

L Buckley - Director

29 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

Principal activity

The principal activity of the company in the year under review was that of the supply of piping and related fittings.

Dividends

An interim dividend of £60 per share was paid on the ordinary £1 shares on 6 April 2024. No dividends were paid on any other classes of shares.

The total distribution of dividends for the year ended 31 December 2024 will be £300,000.

Future developments

The directors propose to continue to expand into different geographical markets.

Directors

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

M L Buckley

L Buckley

P Buckley

A Forth

Financial instruments

The company’s activities expose it to a number of financial risks including, credit risk, cash flow risk and liquidity risk. The company does not use derivative financial instruments.

CREDIT RISK

The company’s principal financial assets are bank balances and cash, trade and other receivables. The main purpose of these is to finance the business' operations.

The company’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

CASHFLOW RISK

The company’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. This risk is mitigated as the company both buys and sells in foreign currencies and maintains Euro and US$ bank accounts.

LIQUIDITY RISK

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses the funds held in its bank accounts.

In respect of bank balances the liquidity risk is managed by maintaining a balance sufficient to cover the company's ongoing requirements. All of the company's cash balances are held in such a way that achieves a competitive rate of interest. The company makes use of money market facilities where funds are available.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet the amounts due.

The company is a lessee in respect of finance lease assets. The liquidity risk in respect of this is managed by ensuring that there are sufficient funds available to meet the payments.

Political donations and expenditure

During the year the Company made £1,242 of charitable donations (2023 - £13,166).

There were no political donations during the financial year (2023 - £nil).

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;

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

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

On behalf of the board:

L Buckley - Director

29 September 2025

Opinion

We have audited the financial statements of Special Piping Materials Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 UK, including the FRC'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 report of the directors, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the report of the directors. Our 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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.

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 a Report of the Auditors 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 obtained a general understanding of the company's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity's procedures regarding compliance and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the company's industry and regulation.

We understand that the company complies with the framework through outsourcing accounts preparation and tax compliance to external experts.

In the context of the audit, we considered those laws and regulations which determine the form and the content of the financial statements, which are central to the company's ability to conduct its business and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being the significance in the context of the company:

- The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements.

- UK taxation law;

- ISO9001/14001/45001 regulations; and

- The Health and Safety at Work Act 1974 and associated regulations.

We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above:

- We obtained written management representations regarding the adequacy of procedures in place; and

- We reviewed inspection reports conducted by third parties to consider if any material non-compliance had arisen or if any material penalties were likely to arise.

The senior statutory audit led a discussion with senior member of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur.

The areas identified in this discussion were:

- Manipulation of financial statements, especially revenue, via fraudulent journal entries, particularly as the size of the company means that there is little opportunity for segregation of duties.

These areas were communicated to the other members of the engagement team not present at the discussion.

The procedures we carried out to gain evidence in the above areas included:

- Identifying and assessing the design effectiveness of control management has put 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 in particular we have vouched items included in the stock provision to actual events after date and compared previous years provisions to actual to ensure reasonable;

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combination identified by data analytics;

- We have tested a sample of stock items and ensured that they have led to sales included in the accounts as well as increasing the risk in our samples when testing trade debtors that we have tested by circularisation, agreeing to underlying records and after date cash; and

- Assessing the extent of compliance with relevant laws and regulations.

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 Report of the Auditors.

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 2006. Our 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 a Report of the Auditors 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.

Antony Sassen (Senior Statutory Auditor)

for and on behalf of S&W Audit

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

30 September 2025

Turnover

4

12,227,665

11,839,636

Cost of sales

(9,166,272

)

(8,572,395

)

Gross profit

3,061,393

3,267,241

Administrative expenses

(2,439,702

)

(2,435,793

)

Operating profit

6

621,691

831,448

Interest receivable and similar income

26,198

27,418

Profit before taxation

647,889

858,866

Tax on profit

7

(181,082

)

(226,136

)

Profit for the financial year

466,807

632,730

Other comprehensive income

-

-

Total comprehensive income for the year

466,807

632,730

Fixed assets

Tangible assets

9

613,556

515,138

Investments

10

52,043

52,043

665,599

567,181

Current assets

Stocks

11

5,102,822

5,579,520

Debtors

12

5,644,947

7,180,683

Cash at bank and in hand

1,981,387

1,251,975

12,729,156

14,012,178

Creditors

Amounts falling due within one year

13

2,064,525

3,461,344

Net current assets

10,664,631

10,550,834

Total assets less current liabilities

11,330,230

11,118,015

Creditors

Amounts falling due after more than one year

14

75,592

30,184

Net assets

11,254,638

11,087,831

Capital and reserves

Called up share capital

17

13,320

13,320

Retained earnings

18

11,241,318

11,074,511

Shareholders' funds

11,254,638

11,087,831

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

L Buckley - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

13,320

10,541,781

10,555,101

Changes in equity

Dividends

-

(100,000

)

(100,000

)

Total comprehensive income

-

632,730

632,730

Balance at 31 December 2023

13,320

11,074,511

11,087,831

Changes in equity

Dividends

-

(300,000

)

(300,000

)

Total comprehensive income

-

466,807

466,807

Balance at 31 December 2024

13,320

11,241,318

11,254,638

1.	Statutory information

Special Piping Materials 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.	Statement of compliance

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" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements

The financial statements contain information about Special Piping Materials Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Special Piping Materials (Holdings) Limited, a company registered in England and Wales.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future event that are believed to be reasonable under the circumstances.

There are not considered to be any critical judgements in applying the company's accounting policies.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The only estimate and assumption which has a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year is the stock provision. This is based on management's best estimate of the saleability of stock.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of piping and related fittings to customers. Turnover is recognised when goods leave the premises or when they are available for a customer to collect, on delivery when goods are sold direct from supplier to customer and when a project is being carried out when a stage is completed.

Tangible fixed assets

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

Plant and machinery

-

15% straight line

Fixtures and fittings

-

at varying rates on cost

Motor vehicles

-

25% straight line

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and loans to fellow group companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

There are no assets which are initially measured at fair value.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, hire purchase loans and loans from fellow group companies 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 receipts discounted at a market rate of interest.

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. Accounts 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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 payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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.

Fixed asset investments

Fixed asset investments are stated at cost less provisions for permanent diminutions in value.

4.

Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

8,353,441

6,817,471

Europe

2,333,532

1,481,180

United States of America

375,357

2,251,950

Australia

1,165,335

1,289,035

12,227,665

11,839,636

5.	Employees and directors

2024

2023

£

£

Wages and salaries

968,673

1,085,601

Social security costs

102,455

129,404

Other pension costs

39,023

44,615

1,110,151

1,259,620

The average number of employees during the year was as follows:

2024

2023

Directors

2

2

Sales

5

5

Administration and Support

17

18

24

25

2024

2023

£

£

Directors' remuneration

326,562

250,663

Directors' pension contributions to money purchase schemes

7,088

16,693

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

4

4

Information regarding the highest paid director is as follows:

2024

2023

Emoluments etc

164,250

138,053

Pension contribution to money purchase schemes

3,172

3,803

6.	Operating profit

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Other operating leases

207,338

153,765

Depreciation - owned assets

104,970

70,216

Profit on disposal of fixed assets

-

(29,679

)

Auditors' remuneration

22,400

19,000

7.

Taxation

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

181,082

226,136

Tax on profit

181,082

226,136

UK corporation tax was charged at 23.52%) in 2023.

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

647,889

858,866

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

161,972

202,005

Effects of:

Expenses not deductible for tax purposes

27,569

19,895

Income not taxable for tax purposes

-

(6,981

)

Capital allowances in excess of depreciation

(8,459

)

-

Depreciation in excess of capital allowances

-

11,217

Total tax charge

181,082

226,136

8.

Dividends

2024

2023

£

£

Ordinary shares of £1 each

Interim

300,000

100,000

9.	Tangible fixed assets

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

Cost

At 1 January 2024

327,734

249,585

278,193

215,372

1,070,884

Additions

-

21,356

7,071

174,961

203,388

At 31 December 2024

327,734

270,941

285,264

390,333

1,274,272

Depreciation

At 1 January 2024

12,161

219,188

192,706

131,691

555,746

Charge for year

6,555

11,302

22,874

64,239

104,970

At 31 December 2024

18,716

230,490

215,580

195,930

660,716

Net book value

At 31 December 2024

309,018

40,451

69,684

194,403

613,556

At 31 December 2023

315,573

30,397

85,487

83,681

515,138

Included within the net book value of tangible fixed assets is £87,579 (2023 - £34,988) in respect of assets held under hire purchase agreements. Depreciation for the year on these assets was £33,081 (2023 - £22,187).

10.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 January 2024

and 31 December 2024

52,043

Net book value

At 31 December 2024

52,043

At 31 December 2023

52,043

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Special Piping Materials Do Brasil Ltda

Registered office: Brazil

Nature of business: Supply of piping materials

%

Class of shares:

holding

Ordinary

75.00

11.

Stocks

2024

2023

£

£

Stocks

5,032,172

5,446,403

Work-in-progress

70,650

133,117

5,102,822

5,579,520

Stocks are stated after provisions for impairment of £536,449 (2023 - £488,491).

12.

Debtors

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

3,026,885

4,472,110

Amounts owed by group undertakings

1,120,069

956,866

Other debtors

525,857

517,464

Directors' current accounts

227,238

707,395

Prepayments

41,504

53,698

4,941,553

6,707,533

Amounts falling due after more than one year:

Amounts owed by group undertakings

628,325

398,081

Other debtors

75,069

75,069

703,394

473,150

Aggregate amounts

5,644,947

7,180,683

Trade debtors are stated after provisions for impairment of £nil (2023 - £nil).