Company registration number 01416453 (England and Wales)
PROJECT PIPELINE SUPPLY LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
PROJECT PIPELINE SUPPLY LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
PROJECT PIPELINE SUPPLY LTD
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
5
298,145
402,707
Current assets
Stocks
738,786
715,962
Debtors
6
439,148
1,655,841
Cash at bank and in hand
857,496
694,063
2,035,430
3,065,866
Creditors: amounts falling due within one year
7
(556,002)
(1,777,185)
Net current assets
1,479,428
1,288,681
Total assets less current liabilities
1,777,573
1,691,388
Creditors: amounts falling due after more than one year
8
-
0
(20,834)
Provisions for liabilities
(61,349)
(86,127)
Net assets
1,716,224
1,584,427
Capital and reserves
Called up share capital
21,000
21,000
Capital redemption reserve
84,000
84,000
Profit and loss reserves
1,611,224
1,479,427
Total equity
1,716,224
1,584,427

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 28 April 2026
Mr David Toone
Director
Company registration number 01416453 (England and Wales)
PROJECT PIPELINE SUPPLY LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2024
21,000
84,000
940,562
1,045,562
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
538,865
538,865
Balance at 31 December 2024
21,000
84,000
1,479,427
1,584,427
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
131,797
131,797
Balance at 31 December 2025
21,000
84,000
1,611,224
1,716,224
PROJECT PIPELINE SUPPLY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

Project Pipeline Supply Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Skill Centre Bedford Street, Parr Industrial Estate, St. Helens, Merseyside, England, WA9 1PN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

1.2
Going concern

The financial statements have been prepared on the going concern basis. In making this assessment, the director has considered the company’s forecasts and cash flow projections for a period of at least twelve months from the date of approval of these financial statements.

The director has identified a material uncertainty related to going concern arising from the company’s current low order book and limited visibility over the timing and conversion of future orders, which may adversely affect future revenues and operating cash flows. These conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern.

In reaching the going concern conclusion, the director has considered the mitigating actions available to the company, including existing cash reserves, the reduction in the company’s cost base, and the availability of funding support/loan facilities to assist short-term working capital requirements, together with actions being taken to secure further orders.

Notwithstanding the material uncertainty described above, the director has a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on the going concern basis.

1.3
Turnover

Turnover represents amounts receivable for goods delivered to customers during the year, net of VAT and trade discounts.

Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product have transferred to the customer.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

PROJECT PIPELINE SUPPLY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% Straight line
Fixtures, fittings & equipment
20% Straight line
Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials, direct labour and attributable overheads.

The stock balance includes physical stock, production work in progress and amounts recoverable on contracts. Physical stock and production work in progress are valued on a cost basis. Amounts recoverable on contracts are valued by reference to the value of performance completed at the reporting date and may include an attributable profit element. Provision is made where the expected recoverable amount is lower than carrying value.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

PROJECT PIPELINE SUPPLY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

PROJECT PIPELINE SUPPLY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax, or a right to pay less tax, or a right to receive repayments of tax.

Deferred tax assets are recognised only to the extent that the directors consider it more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on a non-discounted basis at the average tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

PROJECT PIPELINE SUPPLY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 22 (2024 - 25).

2025
2024
Number
Number
Total
22
25
4
Taxation

As at the balance sheet date the company had tax losses of £482,992 (2024: £683,830) available to carry forward against future taxable profits. No deferred tax asset is recognised in respect of these losses as the value and timing of any future profits against which these losses will be utilised is uncertain.

5
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2025
1,111,079
231,765
52,490
1,395,334
Additions
1,469
-
0
-
0
1,469
At 31 December 2025
1,112,548
231,765
52,490
1,396,803
Depreciation and impairment
At 1 January 2025
795,796
163,716
33,115
992,627
Depreciation charged in the year
66,802
34,385
4,844
106,031
At 31 December 2025
862,598
198,101
37,959
1,098,658
Carrying amount
At 31 December 2025
249,950
33,664
14,531
298,145
At 31 December 2024
315,283
68,049
19,375
402,707
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
306,979
1,431,476
Other debtors
132,169
224,365
439,148
1,655,841
PROJECT PIPELINE SUPPLY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
20,833
62,500
Trade creditors
302,033
423,104
Taxation and social security
152,274
293,086
Other creditors
80,862
998,495
556,002
1,777,185
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
-
0
20,834
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 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.

Senior Statutory Auditor:
Talha Raja ACA
Statutory Auditor:
Jack Ross Limited
Date of audit report:
28 April 2026
10
Financial commitments, guarantees and contingent liabilities

The company is involved in an unresolved dispute in relation to certain technology, licence and distribution agreements. The matter remains subject to ongoing discussions and formal dispute resolution procedures.

As at the reporting date, the existence and extent of any liability arising from this matter remain uncertain. No provision has therefore been recognised in the financial statements, as any obligation cannot presently be measured reliably and any outflow is not currently considered probable.

PROJECT PIPELINE SUPPLY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
11
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
211,435
200,368
12
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Rent of £31,000 (2024: £53,000) was paid to a director in respect of the lease of the premises known as The Skill Centre. During the year, the director ceased charging rent from August 2025 onwards. The arrangement was therefore not concluded wholly on normal market terms.

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