REGISTERED NUMBER: 06938002 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 April 2025

for

FT Pipeline Systems Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DIRECTORS:

D J Frazer

I M Harding

REGISTERED OFFICE:

Unit 6B Eastern Park

Eastern Avenue

Lichfield

Staffordshire

WS13 7SY

REGISTERED NUMBER:

06938002 (England and Wales)

SENIOR STATUTORY AUDITOR:

Susanna D Ault FCCA ACA

AUDITORS:

Tomkinson Teal (Lichfield) LLP

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

The directors present their strategic report for the year ended 30 April 2025.

REVIEW OF BUSINESS

On 1 May 2024, the internal divisions of FT Ductile, FT Gas Control Systems and FT Water Treatment were transferred to separate companies to facilitate the continued growth of the group.

The following key performance indicators should be considered:

Turnover - £7,092,586 (2024: £32,480,083)

Gross profit - £1,894,556 (2024: £4,579,661)

Gross profit margin - 27% (2024: 14%)

Net profit before tax - £1,221,426 (2024: £1,339,981)

PRINCIPAL RISKS AND UNCERTAINTIES

The process of risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and ongoing review by management. Compliance with regulation, legal and ethical standards is a high priority for the company.

SECTION 172(1) STATEMENT

The Board of Directors confirm it has performed its duties in respect of section 172 of the Companies act 2006.

Specifically, the Board has considered long term factors that affect the Company's strategic directions.

The Board has engaged with its stakeholders, which assist the board in its decision-making process and in fulfilling its duty to promote the success of the Company as set out in Section 172

The Board has fulfilled their duties as follows:

On an ongoing basis, the board assess the major risks affecting the Company and develop appropriate responses to address those risks in an efficient and affective manner. This is taken into consideration when setting goals, budgets and forecasting financial performance. This ensures that the Company understands the financial impact of these risks and can respond to them on a timely basis.

Employees are a key to FT Pipeline Systems Ltd's success. The Company engages with employees on a regular basis. Supervisor, Manager and Director meetings are held to cover a range of topics such as Health & Safety, financial performance, training and compliance. The company monitors staff turnover and performance to understand staff progression within the business.

The Company invests in the future of the business and has a successful mentoring plan to encourage young people into the Company.

FT Pipeline Systems Ltd aims to exceed its customers' expectations. We do this through communication and building strong business relationships with our clients. We further promote FT Pipeline Systems Ltd closely with our suppliers and our local communities. We understand our responsibility with our community and work hard to show how important that relationship is to the Company.

ON BEHALF OF THE BOARD:

D J Frazer - Director

26 November 2025

The directors present their report with the financial statements of the company for the year ended 30 April 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of pipeline services

DIVIDENDS

No dividends will be distributed for the year ended 30 April 2025.

DIRECTORS

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

D J Frazer

I M Harding

Other changes in directors holding office are as follows:

N C Shaw - resigned 5 March 2025

R Attisha - resigned 1 May 2024

A L James - resigned 1 May 2024

A Fraser - resigned 1 May 2024

R Peberday - resigned 1 May 2024

D M Thornton - resigned 1 May 2024

POLITICAL DONATIONS AND EXPENDITURE

No donations were made to political organisations in the year.

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). 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Tomkinson Teal (Lichfield) LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D J Frazer - Director

26 November 2025

Opinion

We have audited the financial statements of FT Pipeline Systems Ltd (the 'company') for the year ended 30 April 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 30 April 2025 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 three, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors and other management. We discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Susanna D Ault FCCA ACA (Senior Statutory Auditor)

for and on behalf of Tomkinson Teal (Lichfield) LLP

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

26 November 2025

TURNOVER

4

7,092,586

32,480,083

Cost of sales

(5,198,030

)

(27,900,422

)

GROSS PROFIT

1,894,556

4,579,661

Administrative expenses

(636,999

)

(3,166,076

)

OPERATING PROFIT

6

1,257,557

1,413,585

Interest payable and similar expenses

7

(36,131

)

(73,604

)

PROFIT BEFORE TAXATION

1,221,426

1,339,981

Tax on profit

8

(311,151

)

(373,355

)

PROFIT FOR THE FINANCIAL YEAR

910,275

966,626

PROFIT FOR THE YEAR

910,275

966,626

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

910,275

966,626

FIXED ASSETS

Tangible assets

10

71,558

110,143

Investments

11

-

96

71,558

110,239

CURRENT ASSETS

Stocks

12

426,364

1,427,205

Debtors

13

2,652,774

4,014,118

Cash at bank

1,175,600

175,351

4,254,738

5,616,674

CREDITORS

Amounts falling due within one year

14

(1,032,966

)

(3,170,027

)

NET CURRENT ASSETS

3,221,772

2,446,647

TOTAL ASSETS LESS CURRENT LIABILITIES

3,293,330

2,556,886

CREDITORS

Amounts falling due after more than one year

15

(71,704

)

(238,184

)

PROVISIONS FOR LIABILITIES

19

(16,021

)

(23,372

)

NET ASSETS

3,205,605

2,295,330

CAPITAL AND RESERVES

Called up share capital

20

201,300

201,300

Retained earnings

21

3,004,305

2,094,030

SHAREHOLDERS' FUNDS

3,205,605

2,295,330

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2025 and were signed on its behalf by:

D J Frazer - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 May 2023

201,300

1,410,424

-

1,611,724

Changes in equity

Dividends

-

(283,020

)

-

(283,020

)

Total comprehensive income

-

966,626

-

966,626

Balance at 30 April 2024

201,300

2,094,030

-

2,295,330

Changes in equity

Total comprehensive income

-

910,275

-

910,275

Balance at 30 April 2025

201,300

3,004,305

-

3,205,605

Cash flows from operating activities

Cash generated from operations

1

1,657,028

690,052

Interest paid

(28,024

)

(69,237

)

Interest element of hire purchase payments paid

(8,107

)

(4,367

)

Tax paid

(349,983

)

(90,177

)

Net cash from operating activities

1,270,914

526,271

Cash flows from investing activities

Purchase of tangible fixed assets

(42,469

)

-

Purchase of fixed asset investments

-

(96

)

Sale of tangible fixed assets

28,115

-

Intercompany loans

-

60,581

Net cash from investing activities

(14,354

)

60,485

Cash flows from financing activities

Loan repayments in year

(166,167

)

(134,943

)

Capital repayments in year

(8,832

)

(20,064

)

Amount introduced by directors

-

(9,065

)

Equity dividends paid

-

(283,020

)

Net cash from financing activities

(174,999

)

(447,092

)

Increase in cash and cash equivalents

1,081,561

139,664

Cash and cash equivalents at beginning of year

2

94,039

(45,625

)

Cash and cash equivalents at end of year

2

1,175,600

94,039

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

1,221,426

1,339,981

Depreciation charges

31,219

53,139

Loss on disposal of fixed assets

21,816

-

Finance costs

36,131

73,604

1,310,592

1,466,724

Decrease in stocks

1,000,841

26,103

Decrease in trade and other debtors

1,361,344

1,680,258

Decrease in trade and other creditors

(2,015,749

)

(2,483,033

)

Cash generated from operations

1,657,028

690,052

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2025

30/4/25

1/5/24

£

£

Cash and cash equivalents

1,175,600

175,351

Bank overdrafts

-

(81,312

)

1,175,600

94,039

Year ended 30 April 2024

30/4/24

1/5/23

£

£

Cash and cash equivalents

175,351

437,873

Bank overdrafts

(81,312

)

(483,498

)

94,039

(45,625

)

3.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1/5/24

Cash flow

At 30/4/25

£

£

£

Net cash

Cash at bank

175,351

1,000,249

1,175,600

Bank overdrafts

(81,312

)

81,312

-

94,039

1,081,561

1,175,600

Debt

Finance leases

(53,278

)

8,832

(44,446

)

Debts falling due within 1 year

(141,931

)

-

(141,931

)

Debts falling due after 1 year

(204,502

)

166,167

(38,335

)

(399,711

)

174,999

(224,712

)

Total

(305,672

)

1,256,560

950,888

1.	STATUTORY INFORMATION

FT Pipeline Systems Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

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

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 cost and 10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.

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

Pension costs and other post-retirement benefits

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

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:

2025

2024

£

£

United Kingdom

7,025,556

31,603,608

Europe

87,030

779,080

Rest of the World

(20,000

)

97,395

7,092,586

32,480,083

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

124,045

1,138,773

Social security costs

20,955

98,208

Other pension costs

1,669

13,283

146,669

1,250,264

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

2025

2024

Employees

6

21

2025

2024

£

£

Directors' remuneration

85,705

490,592

6.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Hire of plant and machinery

22,506

57,841

Other operating leases

113,149

138,803

Depreciation - owned assets

14,097

26,492

Depreciation - assets on hire purchase contracts

17,122

26,647

Loss on disposal of fixed assets

21,720

-

Auditors' remuneration

9,500

15,000

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

28,024

69,237

Hire purchase

8,107

4,367

36,131

73,604

8.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

318,502

349,983

Deferred tax

(7,351

)

23,372

Tax on profit

311,151

373,355

UK corporation tax has been charged at 25% .