Propipe Limited - Accounts

Registered number

03484444

Propipe Limited

Annual Report and Consolidated Financial Statements

31 January 2025

Propipe Limited
Annual Report and Consolidated financial Statements
Contents




Page

Company Information	1
Directors' Report	2
Strategic Report	4
Independent Auditor's Report	6
Consolidated Income statement	9
Consolidated Statement of Comprehensive Income	10
Consolidated Statement of Financial Position	11
Company statement of Financial Position	12
Consolidated Statement of Changes in Equity	13
Company Statement of Changes in Equity	14
Consolidated Statement of Cash Flows	15
Notes to the Financial Statements	16

Propipe Limited

Company Information

Directors

R Mcknight

D J Forster

W Findlay

J Spraggon

G Wilkinson

Auditors

Bell Anderson Limited

264-266 Durham Road

Gateshead

Tyne & Wear

NE8 4JR

Registered office

Unit 2

Queens Meadow Business Park

Hartlepool

Cleveland

TS25 5TE

Registered number

03484444

Propipe Limited
Registered number:		03484444
Directors' Report

The directors present their report and financial statements for the year ended 31 January 2025.

Principal activities
The group's principal activity during the year continued to be that of industrial pig manufacturers.

Future developments
The group has continued to support established clients in developing their product and service capacity through continuing development and innovation. This presents itself as both short and long term investment in market leading advancements and development.

Research and development
Purposeful drive for innovation and diversification is continuing to provide new technologies and methods within the established market place. This process is ensuring that the company is positioned spearheading the industry and securing and advancing the group's leading market position.

Financial instrument risk
The existing business model of the group and the decision to organically finance growth, expansion, innovation and development in conjunction with the heavy weighting of transacting in the home currency alongside significant analysis of credit worthiness on a daily basis significantly mitigates against exposure to financial instrument risk.

Directors
The following persons served as directors during the year:

	R Mcknight
	D J Forster
	W Findlay
	J Spraggon
	G Wilkinson

Directors' responsibilities

The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 estimates that are reasonable and prudent;
●	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
●	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.


Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he 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 auditor is aware of that information.


Acquisition of own shares
On 19 July 2024 the company purchased all of shares from a former director Mr M Black. The details of the shares purchased are as follows:
Class of share				Ordinary shares
Amount paid				£810,000
Nominal value of shares				£25
Number of shares				25
Percentage of class purchased				25%


This report was approved by the board on 21 April 2026 and signed on its behalf.



W Findlay
Director

Propipe Limited
Strategic Report


Review of business
Key financial and other indicators between this financial period and last year are as follows:

	2025	2024
£		£
Turnover	10,598,581	10,844,634
Gross profit	2,853,159	2,685,359
Operating profit	300,695	309,397
Net Equity	2,695,488	3,182,320

The directors are pleased to report another solid year's trading . The directors are looking to drive growth by concentrating on increasing market share and are pleased to have won some new accounts during the year. The balance sheet remains strong and the directors consider that this will enable the company to continue to invest in improving the company's production, following continued investment in the current year, and infrastructure which will lead to greater efficiencies and continued profitability in the future. In adherence to and consistent advancement of its quality management process and systems, the group strives to improve its green credentials, not only through its operational throughput, but also engaging with new clients within the water and sustainable energy sectors to support growth and drive innovation.

Principal risks and uncertainties
As with any business, the company faces a variety of risks and uncertainties in the normal course of its activities, but it aims to minimise any possible adverse effects on operations through the effective implementation of risk management procedures. These procedures, which have measurable results, seek to identify any potential risk throughout the group's entire business structure and activities and on an on-going basis monitor such risk and the possible impact on the group's well-being and ensure its longevity.

Market risks
The market in which the company operates continues to be competitive. Raw material and operational costs have in some instances increased in the year and it is not always possible to pass these increases on to customers. Furthermore, availability of product may also vary and inconsistent throughput can impact on profitability and efficiencies. However the company is well placed to mitigate against these risks with full access to quality products at reasonable cost at all times. The company also strives to build and maintain strong relationships with all customers and always to take a longer term view in dealings with them. Volatility in the market presents a balanced outlook in terms of offsetting any detrimental impacts with equal and opposite new opportunities.








Propipe Limited
Strategic Report


Environmental risks
Management have continually sought to manage operations with full consideration to environmental concerns. From a raw materials perspective, the risk remains low, as management continue to source coatings and finished products from accredited suppliers where possible, as well as implementing and conducting their own controls and audits. In addition, contacts and relationships are continually maintained with possible alternate sources of supply.

Financial risks
The group extends credit to its customers in the normal course of business and accordingly is exposed to the risks associated with this practice. The group also ensures to mitigate against any credit risk in ensuring advanced payment when necessary. The group does , however, maintain a close working relationship with all customers in order to monitor their ongoing credit worthiness. The group has credit control procedures in place, including access to an external credit reference agency. The maintenance of sufficient levels of cash liquidity and working capital are essential to the success of any business; as required, the group has agreed banking facilities available to it which are deemed to be more than adequate to meet both its short and longer term requirements

Interest rate risks
The group has agreed facilities with the bank for working capital and invoice discounting which carry variable interest rates at a fixed margin above base rate.

Liquidity risks
The group reduces its liquidity risk by virtue of the availability of its banking facility.



This report was approved by the board on 21 April 2026 and signed on its behalf.



W Findlay
Director

Propipe Limited
Independent auditor's report
to the members of Propipe Limited

Opinion

We have audited the financial statements of Propipe Limited (the 'group') for the year ended 31 January 2025 which comprise the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated and Company Statement of Financial Position,the Consolidated and Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and notes to the consolidated financial statements, including 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 the 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 group's and the company's affairs as at 31 January 2025 and of the group's profit for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
●	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 Auditor’s 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 group and 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 auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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 group 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 group strategic report and the group 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 group and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the group 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, 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 group and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 auditor’s 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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates through discussions with the directors and other management (as required by auditing standards) and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. As a consequence of these inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

In common with all audits under ISA's (UK), we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.


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 an auditor's 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.


Michael Anderson BA FCA
(Senior Statutory Auditor)		264-266 Durham Road
for and on behalf of		Gateshead
Bell Anderson Limited
Statutory Auditor		Tyne & Wear
21 April 2026		NE8 4JR

Propipe Limited
Consolidated Income Statement
for the year ended 31 January 2025


Notes		2025		2024
£			£

Turnover	3	10,598,581		10,844,634

Cost of sales		(7,745,422)		(8,159,275)

Gross profit		2,853,159		2,685,359

Administrative expenses		(2,642,464)		(2,978,729)
Other operating income		90,000		602,767

Operating profit	4	300,695		309,397

Interest receivable		21,198		13,076
Interest payable	7	(11,163)		-

Profit on ordinary activities before taxation		310,730		322,473

Tax on profit on ordinary activities	8	(60,973)		(164,473)

Profit for the financial year		249,757		158,000

Profit for the year attributable to:

Non-controlling interests		37,464		23,700

Owners of the parent company		212,293		134,300

		249,757		158,000

Propipe Limited
Consolidated Statement of Comprehensive Income
for the year ended 31 January 2025


Notes	2025		2024
£		£

Profit for the financial year	249,757		158,000

Other comprehensive income
Exchange differences on goodwill	35,947		-

Total comprehensive income for the year	285,704		158,000

Propipe Limited
Consolidated Statement of Financial Position
as at 31 January 2025

Notes			2025			2024
£				£
Fixed assets
Intangible assets	9		503,577			573,700
Tangible assets	10		2,796,978			2,746,432
			3,300,555			3,320,132

Current assets
Stocks	13	1,350,135			1,470,491
Debtors	15	1,665,663			2,595,330
Cash at bank and in hand		873,872			1,054,652
		3,889,670			5,120,473

Creditors: amounts falling due within one year	17	(4,298,078)			(5,033,333)

Net current (liabilities)/assets			(408,408)			87,140

Total assets less current liabilities			2,892,147			3,407,272

Creditors: amounts falling due after more than one year	19		(114,238)			(147,429)

Provisions for liabilities
Deferred taxation	21		(82,421)			(77,523)

Net assets			2,695,488			3,182,320

Capital and reserves
Called up share capital	23		75			100
Capital redemption reserve	24		25			-
Non-controlling interest	25		82,543			45,079
Profit and loss account	26		2,576,898			3,137,141
Foreign exchange translation reserve	28		35,947			-

Total equity			2,695,488			3,182,320




W Findlay
Director
Approved by the board and authorised for issue on 21 April 2026

Propipe Limited
Company Statement of Financial Position
as at 31 January 2025

Notes			2025			2024
£				£
Fixed assets
Intangible assets			-			-
Tangible assets	11		2,772,526			2,722,966
Investment property	11		-			-
Investments	12		222,946			222,946
			2,995,472			2,945,912

Current assets
Stocks	14	865,497			944,861
Debtors	16	1,907,242			3,488,745
Investments held as current assets		-			-
Cash at bank and in hand		869,807			889,479
		3,642,546			5,323,085

Creditors: amounts falling due within one year	18	(4,013,427)			(4,876,061)

Net current (liabilities)/assets			(370,881)			447,024

Total assets less current liabilities			2,624,591			3,392,936

Creditors: amounts falling due after more than one year			-			-

Provisions for liabilities
Deferred taxation	22		(82,421)			(77,523)
Other provisions			-			-
			(82,421)			(77,523)

Net assets			2,542,170			3,315,413

Capital and reserves
Called up share capital	23		75			100
Share premium	25		-			-
Capital redemption reserve	24		25			-
Other reserves			-			-
Profit and loss account	27		2,542,070			3,315,313

Total equity			2,542,170			3,315,413

The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own profit and loss account in these financial statements. The parent company's profit for the year was £36,757 (2024: £484,117).

W Findlay
Director
Approved and authorised for issue by the board on 21 April 2026

Propipe Limited
Consolidated Statement of Changes in Equity
for the year ended 31 January 2025
Capital				Non-		Foreign
Share		redemption		Controlling		Profit		exchange		Total
capital		Reserve		Interest		and loss			translation
account								reserve
£		£		£		£		£		£

At 1 February 2023	100		-		21,379		2,979,141		-		3,000,620

Profit for the financial year							158,000		-		158,000

Profit attributable to the non-controlling interest					23,700						23,700
Other comprehensive income for the financial year	-		-		23,700		-				23,700
Total comprehensive income for the financial year	-		-		23,700		158,000				181,700


At 31 January 2024	100		-		45,079		3,137,141		-		3,182,320



At 1 February 2024	100		-		45,079		3,137,141				3,182,320

Profit for the financial year							249,757				249,757

Profit attributable to the non-controlling interest					37,464						37,464
Exchange differences on goodwill									35,947		35,947
Other comprehensive income for the financial year	-		-		37,464		-		35,947		73,411
Total comprehensive income for the financial year	-		-		37,464		249,757		35,947		323,168

Shares redeemed	(25)		25				(810,000)				(809,975)

At 31 January 2025	75		25		82,543		2,576,898		35,947		2,695,488

Propipe Limited
Company Statement of Changes in Equity
for the year ended 31 January 2025

Share		Capital		Other		Profit		Total
capital		Redemption		reserves		and loss
Reserve				account
£		£		£		£		£

At 1 February 2023	100		-		-		2,831,196		2,831,296

Profit for the financial year							484,117		484,117

Gain on revaluation of land and buildings					-				-
Deferred taxation arising on the revaluation of land and buildings					-				-
Other comprehensive income for the financial year	-				-		-		-
Total comprehensive income for the financial year	-				-		484,117		484,117

Dividends							-		-
Shares issued	-								-
Shares redeemed	-								-

At 31 January 2024	100				-		3,315,313		3,315,413
Correction of prior year errors							-		-
Effect of retrospective changes in accounting policies							-		-
At 31 January 2024 as restated	100				-		3,315,313		3,315,413



At 1 February 2024	100				-		3,315,313		3,315,413

Profit for the financial year							36,757		36,757

Shares redeemed in the year			25						25
Share buyback - premium paid							(809,975)
Share buyback - nominal value							(25)
Gain on revaluation of land and buildings					-				-
Deferred taxation arising on the revaluation of land and buildings					-				-
Other comprehensive income for the financial year	-		-		-		(810,000)		(810,000)
Total comprehensive income for the financial year	-				-		(773,243)		(773,243)

Dividends							-		-
Shares issued	-								-
Shares redeemed	(25)								(25)

At 31 January 2025	75		25		-		2,542,070		2,542,170

Propipe Limited
Consolidated Statement of Cash Flows
for the year ended 31 January 2025

Notes	2025		2024
£		£
Operating activities
Profit for the financial year	249,757		158,000

Adjustments for:
Interest receivable	(21,198)		(13,076)
Interest payable	11,163		-
Tax on profit on ordinary activities	60,973		164,473
Depreciation	111,807		112,399
Amortisation of goodwill	70,123		68,572
Decrease/(increase) in stocks	120,356		(167,945)
Decrease/(increase) in debtors	929,667		(491,687)
(Decrease)/increase in creditors	(681,600)		1,465,241
	851,048		1,295,977

Interest received	21,198		13,076
Interest paid	(11,163)		-
Corporation tax paid	(111,532)		21,160

Cash generated by operating activities	749,551		1,330,213

Investing activities
Payments to acquire tangible fixed assets	(162,352)		(439,009)

Cash used in investing activities	(162,352)		(439,009)

Financing activities
Payments to redeem shares	(810,000)		-
Proceeds from new loans	76,846		-
Repayment of loans	(34,824)		18,300

Cash (used in)/generated by financing activities	(767,978)		18,300

Net cash (used)/generated
Cash generated by operating activities	749,551		1,330,213
Cash used in investing activities	(162,352)		(439,009)
Cash (used in)/generated by financing activities	(767,978)		18,300

Net cash (used)/generated	(180,779)		909,504

Cash and cash equivalents at 1 February	1,054,651		145,148
Cash and cash equivalents at 31 January	873,872		1,054,652

Cash and cash equivalents comprise:
Cash at bank	873,872		1,054,652

Propipe Limited
Notes to the Accounts
for the year ended 31 January 2025

1	Summary of significant accounting policies

	General information
	The company is a trading company within the United Kingdom. The company is a private company limited by shares and is incorporated and domiciled in England under company number 03484444. The address of the registered office is shown on the company information page on page 1. The principal activities of the company and its subsidiaries (the Group) together with the nature of the Group's operations are set out in the strategic report on pages 4 to 5.

	Basis of preparation
	The consolidated financial statements have been prepared under the historical cost convention, in compliance with United Kingdom Accounting Standards including FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

	Basis of consolidation
	The group and all its subsidiary undertakings are consolidated. Intercompany transactions and balances among group companies are eliminated in full. The results and fair values of the assets and liabilities of undertakings acquired are consolidated from the date on which the group gains control. Business combinations are accounted for using the purchase method of accounting under FRS102, Section 19 Business Combinations. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at fair value at the date of acquisition ( which is the date on which control is passed to the parent). The results of the acquired operations are included in the consolidated profit and loss account from the date of acquisition. Consolidation ceases from the date on which control ceases.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Other operating income comprises management charges raised to the related party, Proplug Limited, for costs incurred by the group in assisting with the day to day running of Proplug Limited.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Goodwill, being the excess of the fair value of purchase consideration of businesses acquired over the group's share of the fair value of net assets and liabilities acquired, is written off to the group profit and loss account on a straight-line basis over periods that represent the estimated useful economic lives of those assets, which are taken to be 10 years. Provision is made for any impairment. Negative goodwill is included in the balance sheet and credited to the profit and loss account in the periods in which the non-monetary assets are recovered through depreciation or sale. Negative goodwill in excess of the fair values of the non-monetary assets acquired is credited to the profit and loss account in the periods expected to benefit.

	Tangible fixed assets

	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings			2% p.a. on cost
	Leasehold land and buildings			over the lease term
	Plant and machinery			25% reducing balance basis
	Fixtures, fittings, tools & equipment & motor vehicles			25% reducing balance basis

	The company undertakes regular and systematic repairs and maintenance on freehold and long leasehold property to maintain their value. The directors believe that the residual value of the company's properties is at least equal to their written down value. As a a consequence no depreciation has been provided during the year.

	Investment property
	Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Critical accounting estimates and judgements

	The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenditure in the reporting period. Actual results may differ from those estimates. Depreciation of tangible fixed assets - the annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates.


3	Analysis of turnover					2025		2024
£							£

	Sale of goods					10,319,242		10,705,031
	Services rendered					106,997		28,157
	Income from rental of equipment					172,342		111,446
						10,598,581		10,844,634

	By geographical market:

	UK					3,840,278		3,231,925
	Europe					917,391		878,969
	North America					1,669,265		1,726,053
	Rest of world					4,171,647		5,007,687
						10,598,581		10,844,634


4	Operating profit					2025		2024
£							£
	This is stated after charging:

	Depreciation of owned fixed assets					111,807		105,800
	Amortisation of goodwill					70,123		68,572
	Operating lease rentals - plant and machinery					56,247		55,486
	Operating lease rentals - land and buildings					44,683		47,195
	Research and development expenditure					22,713		15,234
	Auditors' remuneration for audit services					18,000		10,500
	Key management personnel compensation (including directors' emoluments)					3,539,996		4,028,999
	Carrying amount of stock sold					2,782,398		2,929,948


5	Directors' emoluments					2025		2024
£							£

	Emoluments					3,434,746		3,956,999
	Company contributions to defined contribution pension plans					105,250		72,000
						3,539,996		4,028,999


	Highest paid director:
	Emoluments					1,322,239		1,378,000
	Company contributions to defined contribution pension plans					3,000		3,000
						1,325,239		1,381,000


	Number of directors to whom retirement benefits accrued:					2025		2024
Number							Number

	Defined contribution plans					5		5


6	Staff costs					2025		2024
£							£

	Wages and salaries					5,362,715		6,076,131
	Social security costs					658,428		766,925
	Other pension costs					141,869		129,071
						6,163,012		6,972,127


	Average number of employees during the year					Number	Number

	Administration					4		4
	Development					9		9
	Manufacturing					43		36
	Sales					9		8
						65		57


7	Interest payable					2025		2024
£							£

	Bank loans and overdrafts					11,163		-


8	Taxation					2025		2024
£							£
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					55,390		163,833
	Adjustments in respect of previous periods					685		-
						56,075		163,833

	Deferred tax:
	Origination and reversal of timing differences					4,898		640


	Tax on profit on ordinary activities					60,973		164,473


	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:

						2025		2024
£							£
	Profit on ordinary activities before tax					310,730		322,473

	Standard rate of corporation tax in the UK					25%		25%

£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					77,683		80,618

	Effects of:
	Expenses not deductible for tax purposes					(17,166)		79,448
	Capital allowances for period in excess of depreciation					(5,127)		3,767
	Adjustments to tax charge in respect of previous periods					685		-

	Current tax charge for period					56,075		163,833


	Factors that may affect future tax charges
	No factors are expected to affect future tax charges.


9	Intangible fixed assets							£
	Goodwill:	The Group

	Cost
	At 1 February 2024							701,232
	At 31 January 2025							701,232

	Amortisation
	At 1 February 2024							127,532
	Provided during the year							70,123
	At 31 January 2025							197,655

	Carrying amount
	At 31 January 2025							503,577
	At 31 January 2024							573,700

	Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.


10	Tangible fixed assets - The Group
		Land and buildings		Plant and machinery		Fixtures, fittings, tools and equipment		Total
		At cost		At cost		At cost
£			£		£		£
	Cost or valuation
	At 1 February 2024	2,730,800		1,365,976		72,572		4,169,348
	Additions	31,283		130,084		985		162,352
	At 31 January 2025	2,762,083		1,496,060		73,557		4,331,700

	Depreciation
	At 1 February 2024	325,233		1,048,576		49,106		1,422,915
	Charge for the year	-		109,700		2,107		111,807
	At 31 January 2025	325,233		1,158,276		51,213		1,534,722

	Carrying amount
	At 31 January 2025	2,436,850		337,784		22,344		2,796,978
	At 31 January 2024	2,405,567		317,400		23,466		2,746,433



11	Tangible fixed assets - The Company

		Land & buildings		Plant & Machinery		Fixtures, fittings, tools and equipment		Total
		At cost		At cost		At cost
£			£		£		£
	Cost or valuation
	At 1 February 2024	2,730,800		1,365,976		-		4,096,776
	Additions	31,283		130,084		-		161,367



	At 31 January 2025	2,762,083		1,496,060		-		4,258,143

	Depreciation
	At 1 February 2024	325,233		1,048,576		-		1,373,809
	Charge for the year			111,808		-		111,808




	At 31 January 2025	325,233		1,160,384		-		1,485,617

	Carrying amount
	At 31 January 2025	2,436,850		335,676		-		2,772,526
	At 31 January 2024	2,730,800		1,254,168		-		3,984,968


12	Investments - The Company
Investments in
subsidiary					Other
undertakings					investments		Total
£					£		£
	Cost
	At 1 February 2024			222,946		-		222,946
	Additions			-		-		-
	Revaluation			-		-		-
	Disposals			-		-		-

	At 31 January 2025			222,946		-		222,946

	Historical cost
	At 1 February 2024			222,946		-
	At 31 January 2025			222,946		-



						2025		2024
£							£
	Dividends and other distributions from associates included in income					-		-


	The company holds 20% or more of the share capital of the following companies:

Capital and							Profit (loss)
	Company	Shares held				reserves	for the year
		Class		%	£		£
	Profile International Limited	Ordinary		100		260,684		229,066
	Turbulent Research Limited	Ordinary		85		53,544		340,351




13	Stocks - The Group					2025		2024
£							£

	Finished goods and goods for resale					1,350,135		1,470,491


14	Stocks - The Company					2025		2024
£							£

	Raw materials and consumables					-		-
	Work in progress					-		-
	Finished goods and goods for resale					865,497		944,861
						865,497		944,861


15	Debtors - The Group					2025		2024
£							£

	Trade debtors					897,022		1,570,623
	Other debtors					583,557		1,000,372
	Prepayments and accrued income					185,084		24,335
						1,665,663		2,595,330


16	Debtors - The Company					2025		2024
£							£
	Trade debtors					728,037		1,522,117
	Amounts owed by group undertakings and undertakings in which the company has a participating interest					538,240		943,556
	Deferred tax asset (see note 21)					-		-
	Other debtors					484,025		1,023,072
	Prepayments and accrued income					156,940		-
	Construction contract debtors					-		-
						1,907,242		3,488,745


	Amounts due after more than one year included in:
	Trade debtors					-		-
	Amounts owed by group undertakings and undertakings in which the company has a participating interest					538,240		943,556
	Deferred tax asset (see note 21)					-		-
	Other debtors					-		-
	Prepayments and accrued income					-		-
	Construction contract debtors					-		-
						538,240		943,556


17	Creditors: amounts falling due within one year - The Group					2025		2024
£							£

	Bank loans					100,374		25,161
	Trade creditors					231,464		522,224
	Corporation tax					248,716		304,173
	Other taxes and social security costs					126,966		92,703
	Other creditors					805,691		648,826
	Accruals and deferred income					2,784,867		3,440,246
						4,298,078		5,033,333


18	Creditors: amounts falling due within one year - The Company					2025		2024
£							£

	Preference shares					-		-
	Bank overdrafts					-		-
	Bank loans					-		-
	Obligations under finance lease and hire purchase contracts					-		-
	Construction contract creditors					-		-
	Trade creditors					128,681		450,760
	Amounts owed to group undertakings and undertakings in which the company has a participating interest					-		-
	Corporation tax					248,716		304,173
	Other taxes and social security costs					98,437		80,408
	Other creditors					827,374		664,881
	Accruals and deferred income					2,710,219		3,375,839
	Proposed dividend					-		-
						4,013,427		4,876,061


19	Creditors: amounts falling due after one year - The Group					2025		2024
£							£

	Bank loans					114,238		147,429


20	Loans - The Group					2025		2024
£							£
	Loans not wholly repayable within five years:
	Atlantic Opportunities Agency Loan	Unsecured & interest free				137,766		172,590

	Analysis of maturity of debt:
	Within one year or on demand					100,014		25,161
	Between one and two years					23,528		23,528
	Between two and five years					70,584		70,584
	After five years					20,126		53,317
						214,252		172,590

	There is an operating line of credit with the Royal Bank of Canada bearing interest at RBC's prime rate plus 2%. At the year end the group had drawn down £76,486.


21	Deferred taxation - The Group					2025		2024
£							£

	Accelerated capital allowances					82,421		77,523


						2025		2024
£							£

	At 1 February					77,523		76,883
	Charged to the profit and loss account					4,898		640

	At 31 January					82,421		77,523



22	Deferred taxation - The Company					2025		2024
£							£

	Revaluation of land and buildings					-		-
	Revaluation of investment property					-		-
	Accelerated capital allowances					82,421		77,523
	Tax losses carried forward					-		-
						82,421		77,523


						2025		2024
£							£

	At 1 February					77,523		76,883
	Charged to the profit and loss account					4,898		640
	Charged to other comprehensive income					-		-

						82,421		77,523




23	Share capital - the Group & Company	Nominal		2025		2025		2024
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		75		75		100


24	Capital redemption reserve - the Group and Company					2025		2024
£							£

	Shares redeemed in the period					25		-

	At 31 January					25		-


25	Non-controlling interest - the Group					2025		2024
£							£

	At 1 February					45,079		21,379
	Profit in the period attributable to the non-controlling interest					37,464		23,700

	At 31 January					82,543		45,079


26	Profit and loss account - the Group					2025		2024
£							£

	At 1 February					3,137,141		2,979,141
	Profit for the financial year					249,757		158,000
	Purchase of own shares					(810,000)		-
	At 31 January					2,576,898		3,137,141


27	Profit and loss account - the Company					2025		2024
£							£

	At 1 February					3,315,313		2,831,196
	Profit for the financial year					36,757		484,117
	Dividends					-		-
	Purchase of own shares					(810,000)		-
	At 31 January					2,542,070		3,315,313


28	Foreign exchange translation reserve - the Group					2025		2024
£							£

	Balance brought forward					-		-
	Exchange difference in the period					35,947		-

	Balance carried forward					35,947		-


29	Other financial commitments - The Group

	Total future minimum lease payments under non-cancellable operating leases:

		Land and buildings		Land and buildings	Other		Other
		2025		2024		2025		2024
£			£		£		£
	Falling due:
	within one year	-		-		27,572		-
	within two to five years	112,140		186,912		-		45,954
		112,140		186,912		27,572		45,954


30	Other financial commitments - The Company

	Total future minimum lease payments under non-cancellable operating leases:

		Land and buildings		Land and buildings	Other		Other
		2025		2024		2025		2024
£			£		£		£
	Falling due:
	within one year	-		-		27,572		-
	within two to five years	-		-		-		45,954
	in over five years	-		-		-		-
		-		-		27,572		45,954


31	Related party transactions

	During the year the company traded on commercial terms with Proplug Limited, a company under the common control of the directors. At the year end, the company was owed £390,866 (2024: £990,281) from Proplug Limited. This amount is shown under other debtors.


32	Controlling party

	No individual shareholder or director has control of the company.


33	Presentation currency

	The financial statements are presented in Sterling.


34	Legal form of entity and country of incorporation

	Propipe Limited is a private company limited by shares and incorporated in England.


35	Principal place of business

	The address of the company's principal place of business and registered office is:

	Unit 2
	Queens Meadow Business Park
	Hartlepool
	Cleveland
	TS25 5TE