Pipes Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04707798 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2023

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 Tower

The Maltings

Hoe Lane

Ware

Hertfordshire

SG12 9LR

FIXED ASSETS

Intangible assets

4

-

-

Property, plant and equipment

5

1,699

750

1,699

750

CURRENT ASSETS

Inventories

6

8,076

8,500

Debtors

7

10,391

5,041

Cash at bank and in hand

4,698

3,469

23,165

17,010

CREDITORS

Amounts falling due within one year

8

24,395

17,496

NET CURRENT LIABILITIES

(1,230

)

(486

)

TOTAL ASSETS LESS CURRENT LIABILITIES

469

264

PROVISIONS FOR LIABILITIES

10

279

89

NET ASSETS

190

175

CAPITAL AND RESERVES

Called up share capital

11

20

20

Retained earnings

12

170

155

SHAREHOLDERS' FUNDS

190

175

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 18 December 2023 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 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 4 (2022 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

30,000

AMORTISATION

At 1 April 2022

and 31 March 2023

30,000

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2022

1,797

17,318

1,322

20,437

Additions

-

2,000

-

2,000

Disposals

-

(11,485

)

-

(11,485

)

At 31 March 2023

1,797

7,833

1,322

10,952

DEPRECIATION

At 1 April 2022

1,602

16,763

1,322

19,687

Charge for year

29

511

-

540

Eliminated on disposal

-

(10,974

)

-

(10,974

)

At 31 March 2023

1,631

6,300

1,322

9,253

NET BOOK VALUE

At 31 March 2023

166

1,533

-

1,699

At 31 March 2022

195

555

-

750

6.	INVENTORIES

31.3.23

31.3.22

£

£

Stocks

8,076

8,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

2,953

1,752

Social security & other taxes

-

1,832

Directors' current accounts

6,065

-

Prepayments

1,373

1,457

10,391

5,041

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts (see note 9)

2,840

7,009

Trade creditors

4,485

3,502

Tax

1,010

2,758

Social security and other taxes

2,080

-

Pension Control

88

176

VAT

4,464

1,236

Directors' current accounts

6,650

632

Accrued expenses

2,778

2,183

24,395

17,496

9.

LOANS

An analysis of the maturity of loans is given below:

31.3.23

31.3.22

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

2,840

7,009

10.	PROVISIONS FOR LIABILITIES

31.3.23

31.3.22

£

£

Deferred tax

279

89

Deferred

tax

£

Balance at 1 April 2022

89

Accelerated capital allowances

190

Balance at 31 March 2023

279

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

20

Ordinary

£1

20

20

12.

RESERVES

Retained

earnings

£

At 1 April 2022

155

Profit for the year

5,015

Dividends

(5,000

)

At 31 March 2023

170

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £5,000 (2022 - £16,000) were paid to the directors .

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