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REGISTERED NUMBER: 00826821 (England and Wales)















Audited Financial Statements for the Year Ended 31 December 2022

for

BIS Valves Limited

BIS Valves Limited (Registered number: 00826821)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BIS Valves Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: L P Card
N E Frost
D J Kelly
Mrs K Kelly
Mrs T Thompson
A D Cossins





SECRETARY: Mrs T Thompson





REGISTERED OFFICE: Unit 17- 23 Kingfisher Park
Three Cross Road, West Moors
Wimborne
Dorset
BH21 6US





REGISTERED NUMBER: 00826821 (England and Wales)





AUDITORS: Carter & Coley Limited
Chartered Accountants and Statutory Auditors
3 Durrant Road
Bournemouth
Dorset
BH2 6NE

BIS Valves Limited (Registered number: 00826821)

Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 381,919 376,698
Investments 5 100 100
382,019 376,798

CURRENT ASSETS
Stocks 1,128,235 913,007
Debtors 6 2,154,965 1,091,403
Cash at bank and in hand 1,100,254 2,051,811
4,383,454 4,056,221
CREDITORS
Amounts falling due within one year 7 1,199,641 733,495
NET CURRENT ASSETS 3,183,813 3,322,726
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,565,832

3,699,524

CREDITORS
Amounts falling due after more than one
year

8

(246,375

)

(374,449

)

PROVISIONS FOR LIABILITIES (30,998 ) (50,617 )
NET ASSETS 3,288,459 3,274,458

CAPITAL AND RESERVES
Called up share capital 309,957 309,957
Share premium 77,603 77,603
Capital redemption reserve 306,510 306,510
Retained earnings 2,594,389 2,580,388
3,288,459 3,274,458

BIS Valves Limited (Registered number: 00826821)

Balance Sheet - continued
31 December 2022


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 24 October 2023 and were signed on its behalf by:





Mrs T Thompson - Director


BIS Valves Limited (Registered number: 00826821)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

BIS Valves 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
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.
Land and buildings - in accordance with the property
Plant and machinery etc - 25% on reducing balance, 25% on cost, 20% on reducing balance and 15% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks and amounts recoverable on contracts
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Amounts recoverable on contracts are reflected in the accounts on a contract by contract basis by recording turnover and related costs as the contract activity progresses.

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.


BIS Valves Limited (Registered number: 00826821)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 76 (2021 - 75 ) .

BIS Valves Limited (Registered number: 00826821)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2022 274,441 2,880,058 3,154,499
Additions - 98,076 98,076
Disposals - (7,607 ) (7,607 )
At 31 December 2022 274,441 2,970,527 3,244,968
DEPRECIATION
At 1 January 2022 219,935 2,557,866 2,777,801
Charge for year 4,184 88,671 92,855
Eliminated on disposal - (7,607 ) (7,607 )
At 31 December 2022 224,119 2,638,930 2,863,049
NET BOOK VALUE
At 31 December 2022 50,322 331,597 381,919
At 31 December 2021 54,506 322,192 376,698

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2022
and 31 December 2022 100
NET BOOK VALUE
At 31 December 2022 100
At 31 December 2021 100

BIS Valves Limited (Registered number: 00826821)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

6. DEBTORS
31.12.22 31.12.21
£    £   
Amounts falling due within one year:
Trade debtors 1,402,410 679,776
Amounts owed by group undertakings 39,665 34,176
Amounts recoverable on contract 565,126 186,533
Other debtors 111,357 122,628
2,118,558 1,023,113

Amounts falling due after more than one year:
Amounts owed by group undertakings 36,407 68,290

Aggregate amounts 2,154,965 1,091,403

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans and overdrafts (see note 9) 122,514 114,583
Payments on account 82,530 22,852
Trade creditors 554,062 164,794
Taxation and social security 178,484 112,105
Other creditors 262,051 319,161
1,199,641 733,495

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans (see note 9) 246,375 354,167
Other creditors - 20,282
246,375 374,449

BIS Valves Limited (Registered number: 00826821)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

9. LOANS

An analysis of the maturity of loans is given below:

31.12.22 31.12.21
£    £   
Amounts falling due within one year or on demand:
Bank loans 122,514 114,583
Other loans 20,672 27,770
143,186 142,353

Amounts falling due between one and two years:
Bank loans - 1-2 years 128,782 125,000
Other loans - 1-2 years - 20,282
128,782 145,282

Amounts falling due between two and five years:
Bank loans - 2-5 years 117,593 229,167

Included in Bank loans are two CBILS loans of £250,000 each from Funding Circle. The loans are for a term of 5 years, and are repayable by instalments, one is due to mature in July 2025 and the other in March 2026.

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.22 31.12.21
£    £   
Within one year 11,830 82,780
Between one and five years 146,069 59,569
157,899 142,349

BIS Valves Limited (Registered number: 00826821)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

11. SECURED DEBTS

The following secured debts are included within creditors:

31.12.22 31.12.21
£    £   
Loan from BIS Valves RBS 20,672 48,051

The loan from BIS Valves RBS is secured on the freehold property at Unit 17 Kingfisher Park, West Moors, Wimborne, Dorset, BH21 6US.

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

The Report of the Auditors was unqualified.

Andrew Clark BFP FCA (Senior Statutory Auditor)
for and on behalf of Carter & Coley Limited

13. RELATED PARTY DISCLOSURES

During the year the company paid rent to BIS Valves retirement benefit scheme of £78,467 (2021 £74,933).

At the year end the company owed £20,672 for a loan from BIS Valves RBS (2021 £48,051).

The trustee of the scheme is the Director Mr D.J. Kelly.


During the year the company made purchases from BIS Wells Ltd totalling £899 (2021 £1,225)

The company made sales and management charges to BIS Wells Ltd of £281,805 (2021 £148,783) in
the year.

The company paid expenses on behalf of BIS Wells Ltd of £2,950 (2021 £nil) and received dividends from BIS Wells Ltd of £3,708 (2021 £nil)

As at December 2022 BIS Wells Ltd owed the company £76,072 (2021 £102,466) in loans and £70,769 (2021 £14,458) in Debtors.

BIS Wells Ltd is a wholly owned subsidiary of BIS Valves Limited.