REGISTERED NUMBER: 04683057 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Masters Pipeline Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs L M Payne

Mr P Masters

SECRETARY:

Mrs L M Payne

REGISTERED OFFICE:

Unit 17

Brookgate

Ashton Gate

Bristol

BS3 2UN

REGISTERED NUMBER:

04683057 (England and Wales)

ACCOUNTANTS:

Wormald & Partners

Chartered Accountants (ICAEW)

Brunel House

11 The Promenade

Clifton Down

Bristol

BS8 3NG

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

238,640

292,915

238,640

292,915

CURRENT ASSETS

Stocks

241,132

22,062

Debtors

6

537,832

868,801

Cash at bank

64,277

103,001

843,241

993,864

CREDITORS

Amounts falling due within one year

7

703,590

795,847

NET CURRENT ASSETS

139,651

198,017

TOTAL ASSETS LESS CURRENT LIABILITIES

378,291

490,932

CREDITORS

Amounts falling due after more than one year

8

(3,071

)

(50,105

)

PROVISIONS FOR LIABILITIES

(52,702

)

(65,826

)

NET ASSETS

322,518

375,001

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

321,518

374,001

SHAREHOLDERS' FUNDS

322,518

375,001

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 1 December 2025 and were signed on its behalf by:

Mr P Masters - Director

Mrs L M Payne - Director

1.	STATUTORY INFORMATION

Masters Pipeline Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance basis

Fixtures and fittings

-

15% on reducing balance basis

Motor vehicles

-

25% on reducing balance basis

Computer equipment

-

33.33% on reducing balance basis

Stocks

Work in progress is valued at the lower of cost and net realisable value.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2024 - 55 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

45,000

AMORTISATION

At 1 April 2024

and 31 March 2025

45,000

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2024

206,540

38,855

457,014

59,667

762,076

Additions

1,917

-

9,905

2,607

14,429

Disposals

-

-

(5,994

)

-

(5,994

)

At 31 March 2025

208,457

38,855

460,925

62,274

770,511

DEPRECIATION

At 1 April 2024

122,762

35,957

256,139

54,303

469,161

Charge for year

12,322

577

52,737

2,624

68,260

Eliminated on disposal

-

-

(5,550

)

-

(5,550

)

At 31 March 2025

135,084

36,534

303,326

56,927

531,871

NET BOOK VALUE

At 31 March 2025

73,373

2,321

157,599

5,347

238,640

At 31 March 2024

83,778

2,898

200,875

5,364

292,915

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

Motor

vehicles

£

COST

At 1 April 2024

and 31 March 2025

220,411

DEPRECIATION

At 1 April 2024

124,866

Charge for year

23,887

At 31 March 2025

148,753

NET BOOK VALUE

At 31 March 2025

71,658

At 31 March 2024

95,545

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

406,020

741,889

Other debtors

-

800

Prepayments and accrued income

131,812

126,112

537,832

868,801

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

10,000

10,000

Hire purchase contracts

36,857

46,394

Trade creditors

341,983

391,355

Corporation tax

18,546

19,100

Social security and other taxes

151,517

191,790

Other creditors

7,291

13,689

Directors' loan accounts

18,241

9,479

Accruals and deferred income

119,155

114,040

703,590

795,847

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 1-2 years

3,071

10,000

Bank loans - 2-5 years

-

3,248

Hire purchase contracts

-

36,857

3,071

50,105

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

13,071

23,248

Hire purchase contracts

36,857

83,251

49,928

106,499

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company paid rent in the sum of £2,400 (2024 £2,400) for premises owned by P Masters, a director of the company.

Included within cost of sales for the year are amounts from Masters Roofing Limited in the sum of £178,283 (2024 £108,985) .

As at 31 March 2025 the amount due to Masters Roofing Limited was £96,933 (2024 £18,650).

As at 31 March 2025 the amount due from Masters Roofing Limited was £17,157 (2024 £38,298)

During the year the company received rent in the sum of £6,000 (2024 £6,000) from Masters Roofing Limited.

PM Masters and Mrs LM Payne directors of the company are also directors and shareholders of Masters Roofing Limited.

During the year the company paid rent in the sum of £34,000 (2024 £34,000) for premises owned by the personal pension schemes of the directors.

All the transactions were conducted on an arm's length basis.

11.	ULTIMATE CONTROLLING PARTY

There is no controlling party or ultimate controlling party of the company.