Company No: 05403517 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Michael James Last
	Andrew Martin Stewart
	Peter Ian Wharton

SECRETARY

Peter Ian Wharton

REGISTERED OFFICE	11 Sedling Road
	Wear Industrial Estate
	Washington
	NE38 9BZ
	United Kingdom

COMPANY NUMBER

05403517 (England and Wales)

ACCOUNTANT	S&W Partners Newcastle Limited
	17 Queens Lane
	Newcastle
	NE1 1RN

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	2,736,578		2,767,304
		2,736,578		2,767,304
Current assets
Stocks		8,000		6,400
Debtors	4	593,370		692,701
Cash at bank and in hand		220,045		376,292
		821,415		1,075,393
Creditors: amounts falling due within one year	5	( 263,626)		( 351,261)
Net current assets		557,789		724,132
Total assets less current liabilities		3,294,367		3,491,436
Creditors: amounts falling due after more than one year	6	( 195,601)		( 222,367)
Provision for liabilities		( 32,226)		( 41,899)
Net assets		3,066,540		3,227,170
Capital and reserves
Called-up share capital		60		60
Fair value reserve		1,482,859		1,482,859
Capital redemption reserve		40		40
Profit and loss account		1,583,581		1,744,211
Total shareholders' funds		3,066,540		3,227,170

For the financial year ending 31 July 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Induction Pipe Bending UK Limited (registered number: 05403517) were approved and authorised for issue by the Board of Directors on 28 April 2026. They were signed on its behalf by:

Mr A M Stewart Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Induction Pipe Bending UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 11 Sedling Road, Wear Industrial Estate, Washington, NE38 9BZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Induction Pipe Bending UK Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for pipe-work services to the offshore, petrochemical and power generation markets, stated net of discounts and Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

Taxation

Current tax
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 and 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.

Current and deferred tax assets and liabilities are not discounted.

Hire purchase and leasing commitments

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

Employee benefits

Short-term employee benefits are recognised as an expense in the period in which they are incurred.

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.

Tangible fixed assets

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

Land and buildings	50 years straight line
Plant and machinery etc.	4 years straight line
	25 % reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks

Stocks are measured at the lower of cost and estimated selling price less cost to complete and sell. Cost is calculated on a first in, first out basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to their present location and condition.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments on non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	36		35

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 August 2024	2,582,000		1,635,840		4,217,840
Additions	0		9,871		9,871
At 31 July 2025	2,582,000		1,645,711		4,227,711
Accumulated depreciation
At 01 August 2024	0		1,450,536		1,450,536
Charge for the financial year	0		40,597		40,597
At 31 July 2025	0		1,491,133		1,491,133
Net book value
At 31 July 2025	2,582,000		154,578		2,736,578
At 31 July 2024	2,582,000		185,304		2,767,304

4. Debtors

	2025		2024
	£		£
Trade debtors	567,024		643,817
Other debtors	26,346		48,884
	593,370		692,701

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	102,666		120,276
Taxation and social security	140,055		210,377
Other creditors	20,905		20,608
	263,626		351,261

6. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans (secured)	195,601		222,367

Bank loans are secured by a fixed charge over the company's fixed assets.