REGISTERED NUMBER: 10531876 (England and Wales)

ISOPLUS PIPING SYSTEMS LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C J Jensen

C J Hill

REGISTERED OFFICE:

High Premier Industrial Estate

Belton Road

Sandtoft

Doncaster

South Yorkshire

DN8 5SX

REGISTERED NUMBER:

10531876 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Statutory Auditor, Chartered Accountants

Sidings House, Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

FIXED ASSETS

Tangible assets

5

169,135

102,988

CURRENT ASSETS

Stocks

541,211

398,382

Debtors

6

2,348,882

2,369,999

Cash at bank and in hand

417,810

247,876

3,307,903

3,016,257

CREDITORS

Amounts falling due within one year

7

4,172,389

3,062,878

NET CURRENT LIABILITIES

(864,486

)

(46,621

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(695,351

)

56,367

CAPITAL AND RESERVES

Called up share capital

2,140,100

2,140,100

Retained earnings

(2,835,451

)

(2,083,733

)

(695,351

)

56,367

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 22 October 2026 and were signed on its behalf by:

C J Hill - Director

1.	STATUTORY INFORMATION

Isoplus Piping Systems Limited 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.

The financial statements have been prepared on a going concern basis, in view of the continued support by the Company's principle creditor and parent undertaking, which has indicated it is willing to cover all liabilities for a period of at least 12 months.

Related party exemption

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.

The company's parent undertaking is Isoplus Fjernvarmeteknik A/S, incorporated in Denmark. Consolidated accounts of the local group may be obtained on request from Korsholm Alle 20, 5500 Middelfart, Denmark.

Isoplus GmbH incorporated in Germany is regarded by the directors as being the company's ultimate parent company. Consolidated accounts of the group are available tot he public and may be obtained on request from Aisinger Str. 12, 83026 Rosenheim, Germany.

Critical accounting judgements and key sources of estimation uncertainty

The recognition of deferred tax assets requires judgement regarding the likelihood and timing of future taxable profits. The directors have exercised judgement in determining that it is probable that sufficient future taxable profits will be available to utilise carried-forward tax losses.

This assessment is based on forecasts and business plans approved by the board. Changes in assumptions regarding future profitability, market conditions or trading performance may result in a material adjustment to the carrying value of the deferred tax asset in future reporting periods.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

20% on cost

Stocks

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

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.

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 10 (2024 - 7 ) .

4.	AUDITORS' REMUNERATION

2025

2024

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

5,800

5,500

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2025

147,914

Additions

100,383

At 31 December 2025

248,297

DEPRECIATION

At 1 January 2025

44,926

Charge for year

34,236

At 31 December 2025

79,162

NET BOOK VALUE

At 31 December 2025

169,135

At 31 December 2024

102,988

6.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

1,452,400

1,521,940

Other debtors

41,155

201,620

1,493,555

1,723,560

Amounts falling due after more than one year:

Other debtors

855,327

646,439

Aggregate amounts

2,348,882

2,369,999

The company has recognised a deferred tax asset of £855,327 (2024: £679,439) in respect of tax losses available for carry forward against future taxable profits.

The deferred tax asset has been recognised to the extent that the directors consider it probable that sufficient future taxable profits will be generated against which the losses can be utilised. In forming this assessment, the directors have considered approved budgets, forecasts and projected future trading performance, together with anticipated recovery in the company's markets and expected profitability over the medium term.

The deferred tax asset will be recovered only to the extent that the company generates sufficient future taxable profits against which the losses can be utilised. Where actual future profits differ from those forecast, the value of the deferred tax asset recognised may require revision in future periods.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

2,879,035

1,681,046

Amounts owed to group undertakings

1,062,705

1,071,216

Taxation and social security

200,162

247,282

Other creditors

30,487

63,334

4,172,389

3,062,878

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

80,000

80,000

Between one and five years

233,333

313,333

313,333

393,333

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for Qualified Opinion

Deferred Tax Asset

Included within debtors is a deferred tax asset of £855,327. As described in Note 7, the directors have recognised this asset in respect of carried-forward tax losses on the basis that sufficient future taxable profits will arise against which those losses can be utilised.

This deferred tax asset does not satisfy the recognition criteria of Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, because it is not probable that sufficient future taxable profits will be available against which the losses can be utilised.

Consequently, the recognition criteria of Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, have not been met in respect of this deferred tax asset. Accordingly, debtors are overstated and Net Liabilities are understated by £855,327 as at 31 December 2025. The taxation credit in the Income Statement is overstated by £175,888 and the loss for the year ended 31 December 2025 is understated by £175,888.

The corresponding figures for the year ended 31 December 2024 included a deferred tax asset of £679,439 in respect of which our audit opinion was qualified because sufficient appropriate audit evidence was not available to support its recoverability through future taxable profits. The corresponding figures for the year ended 31 December 2024 also included an overstatement of debtors (£102,933), fixed assets (£4,377), of stock (£23,164) and of creditors (£9,989), in respect of which our audit opinion was qualified.

Our opinion on the current period's financial statements is also modified because of the effect of these matters on the comparability of the current period's figures and the corresponding figures.

Trade Creditors

In addition, trade creditors are understated by £170,182 at 31 December 2025 in relation to unrecorded liabilities. Accordingly, Net Liabilities are understated by £170,182 and the loss for the year ended 31 December 2025 is understated by £170,182.

Stocks

We did not attend the physical stock count at 31 December 2025 and were unable to satisfy ourselves by alternative means

concerning the inventory quantities held at that date, which are included in the balance sheet at £541,211.

Consequently we were unable to determine whether any adjustment to this amount was necessary.

Andrew Cribb BFP FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited