Company Registration Number: 03507293
28 FEBRUARY 2026
PIPER ASSESSMENT LIMITED
COMPANY INFORMATION
PIPER ASSESSMENT LIMITED
CONTENTS
PIPER ASSESSMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2026
The directors present their report and the financial statements for the year ended 28 February 2026.
The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors who served during the year were:
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
Page 1
PIPER ASSESSMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
This report was approved by the board and signed on its behalf.
Page 2
PIPER ASSESSMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PIPER ASSESSMENT LIMITED
We have audited the financial statements of Piper Assessment Limited (the 'Company') for the year ended 28 February 2026, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 3
PIPER ASSESSMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PIPER ASSESSMENT LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
Page 4
PIPER ASSESSMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PIPER ASSESSMENT LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, such as the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
∙reviewing the key areas of the financial statements most susceptible to fraud whilst tailoring our audit plans.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates, such as investment property valuations were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
Page 5
PIPER ASSESSMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PIPER ASSESSMENT LIMITED (CONTINUED)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewed correspondence from HMRC.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountant and Statutory Auditor
Carlisle
Page 6
PIPER ASSESSMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2026
Page 7
PIPER ASSESSMENT LIMITED
REGISTERED NUMBER: 03507293
BALANCE SHEET
AS AT 28 FEBRUARY 2026
Page 8
PIPER ASSESSMENT LIMITED
REGISTERED NUMBER: 03507293
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 18 form part of these financial statements.
Page 9
PIPER ASSESSMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2026
Page 10
PIPER ASSESSMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
Piper Assessment Limited ('the Company') is a limited company incorporated in the United Kingdom and registered in England and Wales. The address of its registered office and principal place of business is:
Old Mansion House, Eamont Bridge, Penrith, Cumbria, CA10 2BX
The principal activity of the Company is the letting of property.
These financial statements have been presented in pound sterling which is the functional currency of the Company.
Old Mansion House, Eamont Bridge, Penrith, Cumbria, CA10 2BX
The principal activity of the Company is the letting of property.
These financial statements have been presented in pound sterling which is the functional currency of the Company.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
These financial statements have been prepared on a going concern basis. The Director has considered the various business risks applicable to the Company and have assessed the level of potential uncertainty in relation to the financial projections for a period of at least twelve months from the date of signing of the financial statements.
Although the Company has negative net current liabilities, the cash flow of the company is fully supported by the ultimate parent undertaking, The Building Engineering Services Association.
Based on this assessment, the Director considers that the Company has an appropriate level of liquidity to meet the demands of the business and has therefore continued to adopt the going concern basis of accounting in preparing these financial statements.
Although the Company has negative net current liabilities, the cash flow of the company is fully supported by the ultimate parent undertaking, The Building Engineering Services Association.
Based on this assessment, the Director considers that the Company has an appropriate level of liquidity to meet the demands of the business and has therefore continued to adopt the going concern basis of accounting in preparing these financial statements.
The Company as a lessor
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
Page 11
PIPER ASSESSMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
2.Accounting policies (continued)
Contributions are made by the Company into the scheme, however, no formal arrangement or stated policy exists between the Association and the participating subsidiaries with regards to deficit repayment. The Company therefore accounts for payments into the scheme as if it was a defined contribution plan. Full detail of the defined benefit scheme, including the recognition of the scheme net liability, is included in the financial statements of The Building Engineering Services Association.
Deferred tax is recognised on all timing differences that have originated but not reversed at the reporting date. Transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future gives rise to a deferred tax liability or asset. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted as at the reporting date that are expected to apply to the reversal of the timing difference. The tax expense is recognised in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense.
Current and deferred tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and there is the intention either to settle on a net basis or to realise the asset and settle the liability simultaneously.
the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquired at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill was amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life of 10 years but has now been fully amortised.
Page 12
PIPER ASSESSMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
2.Accounting policies (continued)
Impairment of financial assets
At each reporting date the Company reviews the carrying value of its 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.
The recoverable amount of an asset is the higher of fair value less costs to sell and value in use. Value in use is the present value of the future cash flows expected to be derived from the asset, or cash generating unit. The present value calculation involves estimating the future cash inflows and outflows to be derived from continuing use of the asset, and from its ultimate disposal, applying an appropriate discount rate to those future cash flows.
Where the recoverable amount of an asset is less than the carrying amount, an impairment loss is recognised immediately in profit or loss. An impairment loss recognised for all assets is reversed in a subsequent period if, and only if, the reasons for the impairment loss have ceased to apply. Impairment losses are charged to the statement of Comprehensive Income in administration expenses.
Page 13
PIPER ASSESSMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
The Company carries its investment property at fair value, with changes in fair value being recognised in the statement of Comprehensive Income. The Company engaged an independent valuation specialist to determine fair value at 28 February 2024. The valuer used a valuation technique based on a discounted cash flow model adjusted for comparable market factors. The determined fair value of the investment property is most sensitive to the estimated yield as well as the long term vacancy rate.
All turnover arises in United Kingdom, and is wholly attributable to the principal activity of the Company.
Page 14
PIPER ASSESSMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Page 15
PIPER ASSESSMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
|
|
||
|
|
||
|
|
||
|
|
||
|
|
The investment property is secured by way of a charge in favour of the HVCA Retirement Benefit Scheme.
The fair value at 28 February 2026 was based on a valuation performed by the directors as at 28 February 2026. The directors have appropriate knowledge of the properties and the relevant markets, and have applied professional judgement in determining the fair value of the investment property.
The value at 28 February 2026 was judged to be £500,000 which was the same as the value at 28 February 2025. There was no fair value gain or loss recognised through the Statement of Comprehensive Income.
The critical assumptions made in the valuation of the property were a market rent of £50,000 per annum, allowance for purchases costs of 4.7% and a yield in perpetuity rate of 9.09%.
The fair value at 28 February 2026 was based on a valuation performed by the directors as at 28 February 2026. The directors have appropriate knowledge of the properties and the relevant markets, and have applied professional judgement in determining the fair value of the investment property.
The value at 28 February 2026 was judged to be £500,000 which was the same as the value at 28 February 2025. There was no fair value gain or loss recognised through the Statement of Comprehensive Income.
The critical assumptions made in the valuation of the property were a market rent of £50,000 per annum, allowance for purchases costs of 4.7% and a yield in perpetuity rate of 9.09%.
Page 16
PIPER ASSESSMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Page 17
PIPER ASSESSMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
Profit and loss account
The Building Engineering Services Association and three of its operating subsidiary undertakings, including this Company, participate in a funded defined benefit scheme. The Company made payments during the year of £53,460 (2025: £49,500) to the scheme and are included within Administrative Expenses in the Statement of Comprehensive Income. No amounts were outstanding at the year-end (2025: £nil).
The immediate parent undertaking is B&ESA Limited, a company registered in England.
The ultimate parent undertaking is the Building Engineering Services Association, a registered trade and employers association operating in the United Kingdom.
The ultimate controlling party is considered to be the Building Engineering Services Association.
The ultimate parent undertaking is the Building Engineering Services Association, a registered trade and employers association operating in the United Kingdom.
The ultimate controlling party is considered to be the Building Engineering Services Association.
Page 18