Pipes Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04707798 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

Pipes Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A Corrin

Mr A Corrin

Mrs M Corrin

Mrs C L Corrin

SECRETARY:

Mr A Corrin

REGISTERED OFFICE:

The Old Boardroom

Collett Road

Ware

Hertfordshire

SG12 7LR

REGISTERED NUMBER:

04707798 (England and Wales)

ACCOUNTANTS:

DSCO

The Old Boardroom

Collett Road

Ware

Hertfordshire

SG12 7LR

FIXED ASSETS

Intangible assets

4

-

-

Property, plant and equipment

5

1,257

1,634

1,257

1,634

CURRENT ASSETS

Inventories

6

15,120

10,363

Debtors

7

13,220

19,500

Cash at bank and in hand

2,059

3,750

30,399

33,613

CREDITORS

Amounts falling due within one year

8

27,514

29,034

NET CURRENT ASSETS

2,885

4,579

TOTAL ASSETS LESS CURRENT LIABILITIES

4,142

6,213

PROVISIONS FOR LIABILITIES

10

159

213

NET ASSETS

3,983

6,000

CAPITAL AND RESERVES

Called up share capital

11

20

20

Retained earnings

12

3,963

5,980

SHAREHOLDERS' FUNDS

3,983

6,000

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 14 December 2020 and were signed on its behalf by:

Mr A Corrin - Director

1.	STATUTORY INFORMATION

Pipes 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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

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 5 (2019 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 31 March 2020

30,000

AMORTISATION

At 1 April 2019

and 31 March 2020

30,000

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

-

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2019

and 31 March 2020

1,797

17,318

1,322

20,437

DEPRECIATION

At 1 April 2019

1,479

16,002

1,322

18,803

Charge for year

48

329

-

377

At 31 March 2020

1,527

16,331

1,322

19,180

NET BOOK VALUE

At 31 March 2020

270

987

-

1,257

At 31 March 2019

318

1,316

-

1,634

6.	INVENTORIES

31.3.20

31.3.19

£

£

Stocks

9,220

6,535

Work-in-progress

5,900

3,828

15,120

10,363

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

10,195

17,881

Other debtors

37

1,619

Accrued income

1,062

-

Prepayments

1,926

-

13,220

19,500

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts (see note 9)

-

4,532

Trade creditors

2,300

3,808

Tax

2,173

6,435

Social security and other taxes

2,065

-

Pension Control

240

-

VAT

6,358

6,421

Directors' current accounts

11,440

4,416

Accrued expenses

2,938

3,422

27,514

29,034

9.

LOANS

An analysis of the maturity of loans is given below:

31.3.20

31.3.19

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

4,532

10.	PROVISIONS FOR LIABILITIES

31.3.20

31.3.19

£

£

Deferred tax

159

213

Deferred

tax

£

Balance at 1 April 2019

213

Accelerated capital allowances

(54

)

Balance at 31 March 2020

159

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

20

Ordinary

£1

20

20

12.

RESERVES

Retained

earnings

£

At 1 April 2019

5,980

Profit for the year

8,983

Dividends

(11,000

)

At 31 March 2020

3,963

13.	RELATED PARTY DISCLOSURES

The company is controlled by Alan Corrin and his son Alex Corrin.