Pipe Manufacturing Solutions Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 12337318

Pipe Manufacturing Solutions

Filleted Financial Statements

31 December 2024

Pipe Manufacturing Solutions

Financial Statements

Year ended 31 December 2024

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

Pipe Manufacturing Solutions

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	1,727,450	1,892,738
Investments	6	4,966,799	3,589,357
		------------	------------
		6,694,249	5,482,095

Current assets

Stocks		2,818,218	1,622,033
Debtors	7	1,445,606	3,022,747
Cash at bank and in hand		201,063	36,529
		------------	------------
		4,464,887	4,681,309

Creditors: amounts falling due within one year	8	1,581,155	1,161,116
		------------	------------
Net current assets		2,883,732	3,520,193
		------------	------------
Total assets less current liabilities		9,577,981	9,002,288

Provisions	288,330	281,524
	------------	------------
Net assets	9,289,651	8,720,764
	------------	------------

Capital and reserves

Called up share capital	6,700,000	6,700,000
Profit and loss account	2,589,651	2,020,764
	------------	------------
Shareholders funds	9,289,651	8,720,764
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

Mrs D Fidan
Director

Company registration number: 12337318

Pipe Manufacturing Solutions

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 204 Field End Road, Pinner, Middlesex, HA5 1RD.

2. Statement of compliance

These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”), as issued by the Financial Reporting Council, and in compliance with the requirements of the Companies Act 2006. FRS 102 has been applied in a manner consistent with International Financial Reporting Standards (IFRS) as adopted by the UK, to the extent that such application is permitted under FRS 102. Where FRS 102 provides accounting treatments that differ from IFRS, management has selected accounting policies that result in information that is, in all material respects, equivalent to that which would be presented under IFRS, except where specific departures are required or permitted by FRS 102. The financial statements are prepared on a going concern basis and in accordance with the historical cost convention, modified as necessary to include the revaluation of certain assets and liabilities as required or permitted by FRS 102.

3. Accounting policies

Basis of preparation

These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”), as issued by the Financial Reporting Council, and in compliance with the requirements of the Companies Act 2006 applicable to companies reporting under that standard. The financial statements are presented in pounds sterling, which is the company’s functional and presentational currency. The financial statements have been prepared on a going concern basis, under the historical cost convention. The company has applied accounting policies consistent with those required by IFRS as adopted in the UK, except where FRS 102 specifically permits or requires a departure. Management considers that the resulting financial statements provide, in all material respects, information equivalent to that which would be presented under IFRS. The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates, and assumptions that affect the application of policies and reported amounts of assets and liabilities, income, and expenses.

Judgements and key sources of estimation uncertainty

In the preparation of these financial statements, the directors are required to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. 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 and in any future periods affected. Critical Judgements The following are the critical judgements that the directors have made in applying the company’s accounting policies that have the most significant effect on the amounts recognised in the financial statements: Revenue recognition: The directors have considered the point at which control of goods transfers to customers, particularly for goods collected ex-works or shipped under third-party logistics arrangements. Revenue is recognised when the risks and rewards of ownership have passed, which is typically on dispatch or collection. Classification of investments: Management exercises judgement in determining whether investments held represent long-term strategic holdings or financial instruments held for short-term gain. These judgements impact the measurement basis and disclosures in the financial statements. Key Sources of Estimation Uncertainty The key sources of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Valuation of inventories: The company holds significant quantities of rolled steel products. Inventories are stated at the lower of cost and net realisable value. Estimating net realisable value requires management to assess prevailing market prices, expected usage rates, and any potential obsolescence or damage. Given the volatility in global steel prices, this assessment involves inherent uncertainty. Recoverability of trade debtors: The company assesses the recoverability of trade receivables based on historical experience, ageing of balances and specific knowledge of customer financial positions. Provisions are made where recoverability is considered uncertain. Economic conditions and customer sector exposure (e.g., construction) may impact the adequacy of these provisions. Depreciation of tangible fixed assets: The useful lives and residual values of fixed assets are reviewed annually. These estimates affect the annual depreciation charge and the carrying value of assets on the balance sheet.

Revenue recognition

Turnover represents net invoiced value of goods sold net of VAT. Turnover is recognised when the risks and benefits transfer to the customer and is usually on delivery.

Income tax

Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	Straight line - 2 to 20 years
Fixtures, fittings and equipment	-	Straight line - 4 to 15 years
Motor vehicles	-	4% straight line
Right of use asset	-	2% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. In determining the cost, weighted average cost method is used. Net realisable value is the estimated selling price in the ordinary course of business. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Taxation Current

Finance leases and hire purchase contracts

Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract. Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 22 (2023: 29 ).

5. Tangible assets

	Assets under construction	Plant and Machinery	Fixtures, fittings and equipment	Motor vehicles	Right of use asset	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2024	14,986	1,607,558	139,896	39,965	806,459	2,608,864
Additions	49,712	42,375	3,619	9,360	–	105,066
Disposals	–	–	–	( 32,151)	–	( 32,151)
	--------	------------	---------	--------	---------	------------
At 31 Dec 2024	64,698	1,649,933	143,515	17,174	806,459	2,681,779
	--------	------------	---------	--------	---------	------------
Depreciation
At 1 Jan 2024	–	358,881	73,630	23,271	260,344	716,126
Charge for the year	–	137,859	10,839	8,408	100,807	257,913
Disposals	–	–	–	( 19,710)	–	( 19,710)
	--------	------------	---------	--------	---------	------------
At 31 Dec 2024	–	496,740	84,469	11,969	361,151	954,329
	--------	------------	---------	--------	---------	------------
Carrying amount
At 31 Dec 2024	64,698	1,153,193	59,046	5,205	445,308	1,727,450
	--------	------------	---------	--------	---------	------------
At 31 Dec 2023	14,986	1,248,677	66,266	16,694	546,115	1,892,738
	--------	------------	---------	--------	---------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Right of use asset	Plant and Machinery	Total
	£	£	£
At 31 December 2024	445,306	33,211	478,517
	---------	--------	---------
At 31 December 2023	478,610	68,011	546,621
	---------	--------	---------

6. Investments

	Other investments other than loans
	£
Cost
At 1 January 2024	3,589,357
Additions	1,377,442
	------------
At 31 December 2024	4,966,799
	------------
Impairment
At 1 January 2024 and 31 December 2024	–
	------------

Carrying amount
At 31 December 2024	4,966,799
	------------
At 31 December 2023	3,589,357
	------------

7. Debtors

	2024	2023
	£	£
Trade debtors	1,301,311	2,762,278
Other debtors	144,295	260,469
	------------	------------
	1,445,606	3,022,747
	------------	------------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	519,971	118,433
Corporation tax	250,142	3,029
Social security and other taxes	24,043	24,669
Other creditors	786,999	1,014,985
	------------	------------
	1,581,155	1,161,116
	------------	------------

9. Summary audit opinion

The auditor's report dated 30 September 2025 was unqualified . The statutory auditor was Sanjay Anand FCCA .

10. Ultimate controlling party

The company’s immediate parent undertaking is HDM Celik Boru Sanayi Ve Ticaret A.S , a company incorporated in Turkey. The company’s ultimate parent undertaking and controlling party is, HDM Celik Boru Sanayi Ve Ticaret A.S, a company incorporated in Turkey. HDM Celik Boru Sanayi Ve Ticaret A.S is owned by four individual shareholders. No single shareholder has a controlling interest, and accordingly no one party has overall control of the ultimate holding company. The registered office of HDM Celik Boru Sanayi Ve Ticaret A. is Orhantepe Mah, Kayin Sok. No:17, Kartal, Istanbul Turkey.