REGISTERED NUMBER: SC497623 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2026

FOR

G S PIPEWORK LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTOR:

G I Smith

SECRETARY:

Mrs C M Smith

REGISTERED OFFICE:

8 Toftcombs Avenue

Stonehouse

South Lanarkshire

ML9 3QY

REGISTERED NUMBER:

SC497623 (Scotland)

ACCOUNTANTS:

Thomas Barrie & Co LLP

4th Floor, Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

FIXED ASSETS

Tangible assets

4

29,442

20,260

CURRENT ASSETS

Stocks

20,000

45,000

Debtors

5

84,073

85,775

Cash at bank

9,419

11,677

113,492

142,452

CREDITORS

Amounts falling due within one year

6

(98,965

)

(77,816

)

NET CURRENT ASSETS

14,527

64,636

TOTAL ASSETS LESS CURRENT LIABILITIES

43,969

84,896

CREDITORS

Amounts falling due after more than one year

7

(7,884

)

(4,855

)

PROVISIONS FOR LIABILITIES

(6,553

)

(3,988

)

NET ASSETS

29,532

76,053

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

29,432

75,953

SHAREHOLDERS' FUNDS

29,532

76,053

The company is entitled to exemption from audit under Section 480 of the Companies Act 2006 for the year ended 28 February 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2026 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 4 September 2026 and were signed by:

G I Smith - Director

1.	STATUTORY INFORMATION

G S Pipework Limited is a private company, limited by shares, registered in Scotland, registration number SC497623. The registered office is 8 Toftcombs Avenue, Stonehouse, South Lanarkshire, ML9 3QY.

The principal activity of the company is the installation and servicing of compressors.

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.

The presentational and functional currency of the financial statements is Pounds Sterling (£).

Significant judgements and estimates

In preparing these financial statements, the director is required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements:

Plant and equipment

The estimates and assumptions made to determine asset lives require judgements to be made as regards useful lives and residual values. The useful lives and residual values of the company's financial assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on management experience with similar assets. The depreciation rates applied are outlined later in these notes.

Turnover

Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes.

Sale of Goods

Revenue is recognised when the significant risks and rewards of ownership have been transferred to the customer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably.

Services

Income from services is recognised when performed, such that risks and rewards have been transferred.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost, 25% on reducing balance, 20% on cost and 15% on cost

The carrying values of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying values may not be reasonable.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2025 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2025

73,450

Additions

20,640

Disposals

(17,424

)

At 28 February 2026

76,666

DEPRECIATION

At 1 March 2025

53,190

Charge for year

8,974

Eliminated on disposal

(14,940

)

At 28 February 2026

47,224

NET BOOK VALUE

At 28 February 2026

29,442

At 28 February 2025

20,260

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

75,897

80,813

Other debtors

8,176

4,962

84,073

85,775

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Bank loans and overdrafts

5,000

10,000

Hire purchase contracts

5,255

-

Trade creditors

51,425

24,989

Taxation and social security

28,599

38,051

Other creditors

8,686

4,776

98,965

77,816

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Bank loans

-

4,855

Hire purchase contracts

7,884

-

7,884

4,855

The following reproduces the text of the report prepared for the director 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 Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director 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 G S Pipework Limited for the year ended 28 February 2026 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the director of G S Pipework Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of G S Pipework Limited and state those matters that we have agreed to state to the director of G S Pipework Limited in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that G S Pipework Limited 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 G S Pipework Limited. You consider that G S Pipework Limited 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 G S Pipework Limited. 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.

Thomas Barrie & Co LLP

4th Floor, Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

Date: .............................................