Registration number: 01288264

Marine Engineering Pipeworks Limited

(Registration number: 01288264)
Statement of Financial Position as at 31 October 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	25,808	37,751
Investments	5	172,645	172,645
Other financial assets	6	407,717	228,928
		606,170	439,324
Current assets
Stocks		3,114,129	3,268,316
Debtors	7	639,613	786,019
Cash at bank and in hand		4,223,322	4,041,774
		7,977,064	8,096,109
Creditors: Amounts falling due within one year	8	(1,545,593)	(1,927,567)
Net current assets		6,431,471	6,168,542
Total assets less current liabilities		7,037,641	6,607,866
Provisions for liabilities		(6,369)	(8,887)
Net assets		7,031,272	6,598,979
Capital and reserves
Called up share capital		875	875
Share premium reserve		85,650	85,650
Other reserves		204,348	36,071
Retained earnings		6,740,399	6,476,383
Shareholders' funds		7,031,272	6,598,979

Marine Engineering Pipeworks Limited

(Registration number: 01288264)
Statement of Financial Position as at 31 October 2025

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 30 July 2026 and signed on its behalf by:
 

......................................... Mr P Harper Director

Marine Engineering Pipeworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Leechmere Industrial Estate
Toll Bar Road
Grangetown
Sunderland
SR2 9TE

These financial statements were authorised for issue by the Board on 30 July 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are presented in £ sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the sale of engineering products and engineering services rendered, stated net of discounts and of Value Added Tax.

Revenue from the sales of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Marine Engineering Pipeworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Asset class	Depreciation method and rate
Plant and Machinery	20% straight line
Fixtures and Fittings	12 1/2% to 25% straight line

Investments

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchases, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Marine Engineering Pipeworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period is arises.

Leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefits of lease incentives is recognised as a reduction to expenses over the lease term, on a straight-line basis.

Defined contribution pension obligation

The company operates a defined contribution pension scheme covering a number of employees. The scheme funds are administered by trustees and the assets of the scheme are held separately from those of the company. The pension costs charged against profits represent the amount of contributions payable to the scheme in respect of the accounting period.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2024 - 12).

Marine Engineering Pipeworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

4	Tangible assets

	Long leasehold land and buildings £	Fixtures and fittings £	Plant and machinery £	Total £
Cost or valuation
At 1 November 2024	168,970	67,665	175,532	412,167
At 31 October 2025	168,970	67,665	175,532	412,167
Depreciation
At 1 November 2024	168,963	43,237	162,216	374,416
Charge for the year	-	6,240	5,703	11,943
At 31 October 2025	168,963	49,477	167,919	386,359
Carrying amount
At 31 October 2025	7	18,188	7,613	25,808
At 31 October 2024	7	24,428	13,316	37,751

Included within the net book value of land and buildings above is £7 (2024 - £7) in respect of long leasehold land and buildings.
 

5	Investments

	2025 £	2024 £
Investment property	172,645	172,645

Marine Engineering Pipeworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025