REGISTERED NUMBER: 03904897 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st December 2025

for

Pipeline Products Holdings Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Certified Accountants' Report

8

DIRECTORS:

Mr R H Anderson

Mr M W Jones

REGISTERED OFFICE:

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

BS32 4JY

REGISTERED NUMBER:

03904897 (England and Wales)

ACCOUNTANTS:

Dunkley's

Chartered Certified Accountants

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

BS32 4JY

FIXED ASSETS

Tangible assets

4

1,210,266

1,235,989

Investments

5

500,000

500,000

1,710,266

1,735,989

CURRENT ASSETS

Cash at bank

107,773

119,478

CREDITORS

Amounts falling due within one year

6

88,337

82,177

NET CURRENT ASSETS

19,436

37,301

TOTAL ASSETS LESS CURRENT LIABILITIES

1,729,702

1,773,290

CREDITORS

Amounts falling due after more than one year

7

580,311

619,432

NET ASSETS

1,149,391

1,153,858

CAPITAL AND RESERVES

Called up share capital

9

116,600

116,600

Share premium

10

233,478

233,478

Retained earnings

10

799,313

803,780

SHAREHOLDERS' FUNDS

1,149,391

1,153,858

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1st September 2026 and were signed on its behalf by:

Mr M W Jones - Director

1.	STATUTORY INFORMATION

Pipeline Products Holdings 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 1, the director is required to make judgements, estimates and assumptions about the carrying amounts 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 financial period in which the estimate is revised if the revision affects only that financial period, or in the financial period of the revision and future financial periods if

the revision affects both current and future financial periods.

Tangible fixed assets

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

Freehold property

-

2% on cost

Freehold property is recorded at cost less depreciation. The depreciation applied to freehold property is stated in the depreciation accounting policy.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. Trade debtors, other debtors, cash and bank balances are initially measured at transaction price. They are subsequently measured at amortised cost, using the effective interest method, except where amounts fall due within one year, in which case they remain at the transaction price as discounting is not required for short term balances.

Where payment terms extend beyond normal business terms, or the arrangement includes a financing element, the financial asset is measured at the present value of future cash flows, discounted at a market rate of interest.

Trade creditors, loans and accruals are initially recognised at transaction price and subsequently measured at amortised cost,unless the arrangement constitutes a financing transaction, in which case liabilities are measured at the present value of future payments discounted at a market rate of interest.

Financial assets measured at cost or amortised cost are assessed for impairment at the reporting date. Any impairment loss is recognised in the profit and loss account. Reversals of impairment are recognised immediately when the estimated recoverable, amount increases, provided the revised carrying value does not exceed the original carrying amount had no impairment occurred.

Financial assets and financial liabilities are only offset when the company has a legally enforceable right to set off recognised amounts and intends to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Cash & cash equivalents

Cash and cash equivalents consist solely of the balance held in the company's bank current account. Cash is defined as cash on hand and demand deposits, while cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. The company does not hold any short term investments and does not operate an overdraft facility.

Going concern

The company is reliant on the support of its director and shareholders and having made appropriate enquiries, the director has considered the future cashflow of the company and is not aware of any reason why the company will not be able to meet its liabilities as they fall due for the foreseeable future. As a result the director has continued to adopt the going concern basis.

Functional and presentation currency

The financial statements are presented in £ sterling, which is the company's functional and presentation currency.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST

At 1st January 2025

and 31st December 2025

1,286,162

DEPRECIATION

At 1st January 2025

50,173

Charge for year

25,723

At 31st December 2025

75,896

NET BOOK VALUE

At 31st December 2025

1,210,266

At 31st December 2024

1,235,989

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st January 2025

and 31st December 2025

500,000

NET BOOK VALUE

At 31st December 2025

500,000

At 31st December 2024

500,000

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans and overdrafts

37,275

35,660

Trade creditors

-

231

Amounts owed to group undertakings

-

5,891

Tax

40,419

30,168

VAT

9,443

9,082

Accrued expenses

1,200

1,145

88,337

82,177

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans - 1-2 years

40,016

37,275

Bank loans - 2-5 years

136,500

128,275

Bank loans more 5 yr by instal

403,795

453,882

580,311

619,432

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

403,795

453,882

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.25

31.12.24

£

£

Bank loans

617,586

655,092

The loans are secured by a fixed charge on the freehold properties known as Unit 2 Britannia Way, Clevedon and Unit 15, Five C Business Centre, Concorde Drive, Clevedon.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

£

£

100,000

Ordinary A

£1

87,350

87,350

9,240

Ordinary C

£1

29,250

29,250

116,600

116,600

10.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1st January 2025

803,780

233,478

1,037,258

Profit for the year

415,533

415,533

Dividends

(420,000

)

(420,000

)

At 31st December 2025

799,313

233,478

1,032,791

11.	CONTINGENT LIABILITIES

There were no contingent liabilities or capital commitments at the balance sheet date.

12.	RELATED PARTY DISCLOSURES

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.

13.	SHARE OPTION SCHEMES

The market value of the shares at the date of the Grant was £15.15.

The options shall lapse upon the earliest of the expiry of 10 years from it's date of grant or if the holder of the options ceases to be an eligible person.

In order to exercise an option the holder must deliver to the Company Secretary a notice in writing specifying the number of shares in respect of which option is being exercised accompanied by payment in full for those shares in which the options are being exercised.

The directors have adopted the accounting treatment under FRS 20 Share based payment.

Share Options activity:

EMI Share Scheme

Shares

£

Shares granted 11/11/2015

16,500

249,975

Shares exercised 30/11/2017

1,980

29,997

Shares exercised 14/12/2020

3,300

49,995

Shares exercised 14/12/2021

1,320

19,998

Shares exercised 06/12/2022

1,320

19,998

Shares exercised 08/12/2023

1,320

19,998

Shares exercised 10/01/2024

3,300

49,995

Shares exercised 22/05/2024

3,300

49,995

Shares exercised 25/09/2024

660

9,999

Shares available

0

0

Unapproved Share Option Scheme

Shares

£

Shares granted 11/11/15

16,833

255,020

Shares available

16,833

255,020

14.	POST BALANCE SHEET EVENTS

There were no post balance sheet events.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pipeline Products Holdings Ltd for the year ended 31st December 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Pipeline Products Holdings Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Pipeline Products Holdings Ltd and state those matters that we have agreed to state to the Board of Directors of Pipeline Products Holdings Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at

https://www.accaglobal.com/gb/en/technical-activities/technical-resources-

search/2009/october/factsheet-163-audit-exempt-companies.html.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Pipeline Products Holdings Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pipeline Products Holdings Ltd. You consider that Pipeline Products Holdings Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Pipeline Products Holdings Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Dunkley's

Chartered Certified Accountants

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

BS32 4JY

1st September 2026