Company Registration No. 13654490 (England and Wales)
PIPE ENTERTAINMENT UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
PIPE ENTERTAINMENT UK LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
PIPE ENTERTAINMENT UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
Notes
£
£
Current assets
Trade and other receivables falling due after more than one year
3
3,009,094
Trade and other receivables falling due within one year
3
2,909,455
Cash and cash equivalents
6,579,793
12,498,342
Current liabilities
4
(12,263,924)
Net current assets
234,418
Non-current liabilities
5
(219,269)
Net assets
15,149
Equity
Called up share capital
6
100
Retained earnings
15,049
Total equity
15,149
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial period ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 9 January 2023 and are signed on its behalf by:
L Wagner
Director
Company Registration No. 13654490
PIPE ENTERTAINMENT UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 2 -
Share capital
Retained earnings
Total
Notes
£
£
£
Period ended 31 December 2021:
Profit and total comprehensive income for the period
-
15,049
15,049
Issue of share capital
6
100
-
100
Balance at 31 December 2021
100
15,049
15,149
PIPE ENTERTAINMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Pipe Entertainment UK Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
First Floor, 5 Fleet Place, London, EC4M 7RD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the reporting date, the company had net assets of £15,149 however had net current liabilities after adjusting for receivables falling due after more than one year. Included in current liabilities are amounts due to both the immediate parent and ultimate parent who have confirmed that these amounts, although repayable on demand, will not be called upon in the twelve months from the date of approving these accounts and that they will
true
provide such financial support as is necessary for the company's operations.
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The financial statements cover the period from incorporation on 30 September 2021 to the period end date of 31 December 2021, the group reporting date.
1.4
Revenue
Revenue represents income arising from purchased receivable contracts and is recognised using the effective interest rate method.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks
and
other short-term liquid investments with original maturities of three months or less
.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
PIPE ENTERTAINMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include
trade and other receivables
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method
.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
trade and other payables and
loans from
fellow group companies, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade payables
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
PIPE ENTERTAINMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
Number
Total
2
3
Trade and other receivables
2021
£
Amounts falling due within one year:
Trade receivables
2,879,795
Other receivables
29,660
2,909,455
2021
Amounts falling due after more than one year:
£
Trade receivables
3,009,094
Total debtors
5,918,549
4
Current liabilities
2021
£
Amounts owed to parent undertakings
12,064,553
Other payables
199,371
12,263,924
PIPE ENTERTAINMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 6 -
5
Non-current liabilities
2021
£
Other payables
219,269
6
Called up share capital
2021
2021
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100
On incorporation, the company issued 100 Ordinary shares of £1 each at par.
7
Parent company and ultimate parent company
The immediate parent company is Pipe Technologies UK Limited, a company incorporated in the UK, which owns 100% of the issued ordinary share capital. The registered office address of Pipe Technologies UK Limited is First Floor, 5 Fleet Place, London, EC4M 7RD.
The company's ultimate parent is Pipe Technologies Inc, a company incorporated in the USA whose address is 8th Floor, 360 NW 27th Street, Miami, Florida, 33127. Pipe Technologies Inc prepares accounts for the largest and smallest group within which the results of Pipe Entertainment UK Limited are consolidated.