Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-312023-01-31false2022-02-0135falsesale of valves and gaskets to the gas and oil industry32false 02887836 2022-02-01 2023-01-31 02887836 2021-02-01 2022-01-31 02887836 2023-01-31 02887836 2022-01-31 02887836 2021-02-01 02887836 c:Director1 2022-02-01 2023-01-31 02887836 c:Director2 2022-02-01 2023-01-31 02887836 c:Director3 2022-02-01 2023-01-31 02887836 c:Director4 2022-02-01 2023-01-31 02887836 c:Director5 2022-02-01 2023-01-31 02887836 c:Director6 2022-02-01 2023-01-31 02887836 c:RegisteredOffice 2022-02-01 2023-01-31 02887836 d:Buildings d:ShortLeaseholdAssets 2022-02-01 2023-01-31 02887836 d:Buildings d:ShortLeaseholdAssets 2023-01-31 02887836 d:Buildings d:ShortLeaseholdAssets 2022-01-31 02887836 d:MotorVehicles 2022-02-01 2023-01-31 02887836 d:MotorVehicles 2023-01-31 02887836 d:MotorVehicles 2022-01-31 02887836 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 02887836 d:FurnitureFittings 2022-02-01 2023-01-31 02887836 d:FurnitureFittings 2023-01-31 02887836 d:FurnitureFittings 2022-01-31 02887836 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 02887836 d:ComputerEquipment 2022-02-01 2023-01-31 02887836 d:ComputerEquipment 2023-01-31 02887836 d:ComputerEquipment 2022-01-31 02887836 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 02887836 d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 02887836 d:CurrentFinancialInstruments 2023-01-31 02887836 d:CurrentFinancialInstruments 2022-01-31 02887836 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 02887836 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 02887836 d:ShareCapital 2023-01-31 02887836 d:ShareCapital 2022-01-31 02887836 d:ShareCapital 2021-02-01 02887836 d:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 02887836 d:RetainedEarningsAccumulatedLosses 2023-01-31 02887836 d:RetainedEarningsAccumulatedLosses 2021-02-01 2022-01-31 02887836 d:RetainedEarningsAccumulatedLosses 2022-01-31 02887836 d:RetainedEarningsAccumulatedLosses 2021-02-01 02887836 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 02887836 d:AcceleratedTaxDepreciationDeferredTax 2022-01-31 02887836 d:OtherDeferredTax 2023-01-31 02887836 d:OtherDeferredTax 2022-01-31 02887836 c:OrdinaryShareClass1 2022-02-01 2023-01-31 02887836 c:OrdinaryShareClass1 2023-01-31 02887836 c:OrdinaryShareClass1 2022-01-31 02887836 c:FRS102 2022-02-01 2023-01-31 02887836 c:Audited 2022-02-01 2023-01-31 02887836 c:FullAccounts 2022-02-01 2023-01-31 02887836 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 02887836 d:Subsidiary1 2022-02-01 2023-01-31 02887836 d:Subsidiary1 1 2022-02-01 2023-01-31 02887836 d:WithinOneYear 2023-01-31 02887836 d:WithinOneYear 2022-01-31 02887836 d:BetweenOneFiveYears 2023-01-31 02887836 d:BetweenOneFiveYears 2022-01-31 02887836 c:Consolidated 2023-01-31 02887836 c:ConsolidatedGroupCompanyAccounts 2022-02-01 2023-01-31 02887836 2 2022-02-01 2023-01-31 02887836 6 2022-02-01 2023-01-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 02887836









R P VALVES LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023






































Whitings LLP
Chartered Accountants
Greenwood House
Greenwood Court
Skyliner Way
Bury St Edmunds
Suffolk
IP32 7GY

 
R P VALVES LIMITED
 
 
COMPANY INFORMATION


Directors
R A C Palmer 
S P Withers 
K E Frost 
S J Pooley 
M R George 
N R Amor 




Registered number
02887836



Registered office
Merlin House
Fred Dannatt Road

Mildenhall

Bury St Edmunds

Suffolk

IP28 7RD




Independent auditors
Whitings LLP

Greenwood House

Greenwood Court

Skyliner Way

Bury St Edmunds

Suffolk

IP32 7GY





 
R P VALVES LIMITED
 

CONTENTS



Page
Group strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Consolidated statement of comprehensive income
8
Consolidated balance sheet
9
Company balance sheet
10 - 11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Consolidated analysis of net debt
15
Notes to the financial statements
16 - 33


 
R P VALVES LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

Introduction
 
The directors present their strategic report for the year ended 31 January 2023.

Business review
 
The Group's principal activity continues to be the sale of valves to the oil and gas industry.

The Group continues to be directly affected by oil prices in the global market which rose slightly during the period, resulting in increased demand and therefore increased turnover reported. This together with the operations in the United States has resulted in an increase in turnover and gross profit. The Group's key performance indicators are detailed below and the directors are pleased with the results for the year.

The Group continues to hold significant stock levels as part of its long term strategy and therefore the directors have to make a reasonable assumption on the recoverability of ageing stock, particularly given market conditions in recent years. A write down has been included in cost of sales for the reporting period.

Since the balance sheet date, oil prices have, on average, remained steady. The Group continues to trade, and from a strong asset position.

Principal risks and uncertainties
 
Along with the market risks detailed above the main risks which affect the Group are credit and foreign currency
risk.

Credit risk arises principally from trade debtors. This is mitigated by assessing the credit worthiness of customers on an ongoing basis.

Foreign currency risk arises from purchases and sales in currencies other than the Group's reporting currency. This is mitigated by the company holding cash balances in currencies to which it is exposed to fluctuations.

Financial key performance indicators
 
The Group's financial key performance indicators are as follows:-

Percentage increase in sales 87.3% (2022 - 6.1% decrease)
Gross profit margin 54.8% (2022 - 52.6%)
Net profit margin 41.3% (2022 - 28.9%)


This report was approved by the board and signed on its behalf.



K E Frost
Director

Date: 27 September 2023

Page 1

 
R P VALVES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

The directors present their report and the financial statements for the year ended 31 January 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £8,249,967 (2022 - £3,049,058).

Details of dividends are shown in note 13 to the finanancial statements.

Directors

The directors who served during the year were:

R A C Palmer 
S P Withers 
K E Frost 
S J Pooley 
M R George 
N R Amor 

Future developments

Future developments are detailed within the Strategic Report.

Page 2

 
R P VALVES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsWhitings LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





K E Frost
Director

Date: 27 September 2023

Page 3

 
R P VALVES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R P VALVES LIMITED
 

Opinion


We have audited the financial statements of R P Valves Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2023, which comprise the Group Statement of comprehensive income, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 January 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
R P VALVES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R P VALVES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
R P VALVES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R P VALVES LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiry of management around actual and potential litigation and claims;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
      with applicable laws and regulations; and
Performing audit work over the risk of management override of controls, including testing of journal entriesand other adjustments for appropriateness, and reviewing accounting estimates for bias.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6

 
R P VALVES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R P VALVES LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jonathan Moore (Senior statutory auditor)
  
for and on behalf of
Whitings LLP
 
Statutory Auditor
  
Greenwood House
Greenwood Court
Skyliner Way
Bury St Edmunds
Suffolk
IP32 7GY

27 September 2023
Page 7

 
R P VALVES LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
Note
£
£

  

Turnover
 4 
24,920,059
13,307,634

Cost of sales
  
(11,257,038)
(6,311,522)

Gross profit
  
13,663,021
6,996,112

Distribution costs
  
(1,946,595)
(1,310,805)

Administrative expenses
  
(1,473,700)
(2,147,515)

Other operating income
 5 
38,835
305,055

Operating profit
 6 
10,281,561
3,842,847

Interest receivable and similar income
 10 
51
2,961

Interest payable and similar expenses
  
(1,432)
-

Profit before taxation
  
10,280,180
3,845,808

Tax on profit
 12 
(2,030,213)
(796,750)

Profit for the financial year
  
8,249,967
3,049,058

  

Currency translation differences
  
(3,344)
70,425

Other comprehensive income for the year
  
(3,344)
70,425

Total comprehensive income for the year
  
8,246,623
3,119,483

Profit for the year attributable to:
  

Owners of the parent Company
  
8,249,967
3,049,058

  
8,249,967
3,049,058

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
8,246,623
3,119,483

  
8,246,623
3,119,483

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 16 to 33 form part of these financial statements.

Page 8

 
R P VALVES LIMITED
REGISTERED NUMBER: 02887836

CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 15 
554,062
640,464

  
554,062
640,464

Current assets
  

Stocks
 17 
22,563,317
30,656,794

Debtors: amounts falling due within one year
 18 
4,776,791
1,733,315

Cash at bank and in hand
 19 
29,857,602
14,172,547

  
57,197,710
46,562,656

Creditors: amounts falling due within one year
 20 
(3,002,660)
(682,727)

Net current assets
  
 
 
54,195,050
 
 
45,879,929

Total assets less current liabilities
  
54,749,112
46,520,393

Provisions for liabilities
  

Deferred taxation
 21 
(43,565)
(61,469)

  
 
 
(43,565)
 
 
(61,469)

Net assets
  
54,705,547
46,458,924


Capital and reserves
  

Called up share capital 
 22 
100
100

Profit and loss account
 23 
54,705,447
46,458,824

  
54,705,547
46,458,924


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 September 2023.




R A C Palmer
K E Frost
Director
Director

The notes on pages 16 to 33 form part of these financial statements.

Page 9

 
R P VALVES LIMITED
REGISTERED NUMBER: 02887836

COMPANY BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 15 
482,434
617,825

Investments
 16 
190,810
190,810

  
673,244
808,635

Current assets
  

Stocks
 17 
22,445,757
30,592,861

Debtors: amounts falling due within one year
 18 
4,407,668
1,298,874

Cash at bank and in hand
 19 
25,377,369
13,227,017

  
52,230,794
45,118,752

Creditors: amounts falling due within one year
 20 
(2,906,534)
(571,652)

Net current assets
  
 
 
49,324,260
 
 
44,547,100

Total assets less current liabilities
  
49,997,504
45,355,735

  

Provisions for liabilities
  

Deferred taxation
 21 
(43,565)
(61,469)

  
 
 
(43,565)
 
 
(61,469)

Net assets
  
49,953,939
45,294,266

Page 10

 
R P VALVES LIMITED
REGISTERED NUMBER: 02887836
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023

2023
2022
Note
£
£


Capital and reserves
  

Called up share capital 
 22 
100
100

Profit and loss account brought forward
  
45,294,166
47,341,221

Profit for the year
  
4,659,673
2,952,945

Dividends paid

  

-
(5,000,000)

Profit and loss account carried forward
  
49,953,839
45,294,166

  
49,953,939
45,294,266


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 September 2023.


R A C Palmer
K E Frost
Director
Director

The notes on pages 16 to 33 form part of these financial statements.

Page 11

 
R P VALVES LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 February 2021
100
48,339,341
48,339,441
48,339,441



Profit for the year
-
3,049,058
3,049,058
3,049,058

Currency translation differences
-
70,425
70,425
70,425

Dividends: Equity capital
-
(5,000,000)
(5,000,000)
(5,000,000)



At 1 February 2022
100
46,458,824
46,458,924
46,458,924



Profit for the year
-
8,249,967
8,249,967
8,249,967

Currency translation differences
-
(3,344)
(3,344)
(3,344)


At 31 January 2023
100
54,705,447
54,705,547
54,705,547


The notes on pages 16 to 33 form part of these financial statements.

Page 12

 
R P VALVES LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 February 2021
100
47,341,221
47,341,321



Profit for the year
-
2,952,945
2,952,945

Dividends: Equity capital
-
(5,000,000)
(5,000,000)



At 1 February 2022
100
45,294,166
45,294,266



Profit for the year
-
4,659,673
4,659,673


At 31 January 2023
100
49,953,839
49,953,939


The notes on pages 16 to 33 form part of these financial statements.

Page 13

 
R P VALVES LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
8,249,967
3,049,058

Adjustments for:

Depreciation of tangible assets
192,900
215,743

Loss on disposal of tangible assets
(11,021)
3,520

Interest received
(51)
(2,961)

Taxation charge
2,030,213
796,750

Decrease in stocks
8,093,476
4,598,931

(Increase) in debtors
(3,043,478)
(1,469,462)

Increase/(decrease) in creditors
2,018,603
(756,082)

Foreign exchange difference
(3,344)
70,425

Corporation tax (paid)
(1,740,563)
(651,029)

Net cash generated from operating activities

15,786,702
5,854,893


Cash flows from investing activities

Purchase of tangible fixed assets
(117,021)
(199,545)

Sale of tangible fixed assets
15,323
501

Interest received
51
2,961

Net cash from investing activities

(101,647)
(196,083)


Net increase in cash and cash equivalents
15,685,055
5,658,810

Cash and cash equivalents at beginning of year
14,172,547
8,513,737

Cash and cash equivalents at the end of year
29,857,602
14,172,547


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
29,857,602
14,172,547

29,857,602
14,172,547


The notes on pages 16 to 33 form part of these financial statements.

Page 14

 
R P VALVES LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2023




At 1 February 2022
Cash flows
At 31 January 2023
£

£

£

Cash at bank and in hand

14,172,547

15,685,055

29,857,602

Debt due within 1 year

(163,359)

(980,154)

(1,143,513)


14,009,188
14,704,901
28,714,089

The notes on pages 16 to 33 form part of these financial statements.

Page 15

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

R P Valves Limited is a private company limited by shares and is incorporated in England. The address of
its registered office is Merlin House, Fred Dannatt Road, Mildenhall.

R P Valves US Inc is a private company limited by shares and is incorporated in the USA. The address of
its registered office is Houston, Texas, USA.

The principal activity of the Group is the sale of valves to the oil and gas industry.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 16

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 17

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the Group as lessee

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

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 18

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 19

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Straight line over the period of the lease
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
Straight line over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 20

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.19

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 21

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Useful economic lives of tangible assets:

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful
economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the
assets.

Impairment of stocks:

The company makes an estimate for the impairment of stocks using a formula based on the ageing of the
stock and historical experience.

Impairment of debtors:

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating ofthe debtor, its financial circumstances, the ageing profile of debtors and historical experience.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the company.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
3,993,488
1,700,117

Rest of Europe
3,678,767
2,859,789

Rest of the world
17,247,804
8,747,729

24,920,059
13,307,635


Page 22

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Other operating income

2023
2022
£
£

Other operating income
38,835
46,788

Government grants receivable
-
258,267

38,835
305,055


Government grants receivable in the prior period consist of Coronavirus Job Retention Scheme grants received.


6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
(860,309)
(115,636)

Other operating lease rentals
584,086
574,439


7.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements

16,000
15,000

Page 23

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
1,633,724
1,420,506
1,226,152
1,191,836

Social security costs
160,623
142,955
139,728
126,977

Cost of defined contribution scheme
60,953
60,685
60,953
60,685

1,855,300
1,624,146
1,426,833
1,379,498


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Distribution
21
21
19
20



Administrative
8
10
7
9



Management
7
7
6
6

36
38
32
35


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
640,225
425,784

Group contributions to defined contribution pension schemes
2,642
2,639

642,867
428,423


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £301,471 (2022 - £157,315).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2022 - £NIL).

Page 24

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

10.


Interest receivable

2023
2022
£
£


Other interest receivable
51
2,961


11.


Interest payable and similar expenses

2023
2022
£
£


Other interest payable
1,432
-


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
935,592
544,735

Adjustments in respect of previous periods
8,986
(8,986)


944,578
535,749

Foreign tax


Foreign tax on income for the year
1,103,539
260,015

Total current tax
2,048,117
795,764

Deferred tax


Origination and reversal of timing differences
(17,904)
986

Total deferred tax
(17,904)
986


Tax on profit
2,030,213
796,750
Page 25

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
10,280,180
3,845,808


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
1,953,234
730,704

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,960
776

Fixed asset differences
2,428
2,375

Higher rate taxes on overseas earnings
105,409
24,412

Adjustments to tax charge in respect of prior periods
8,986
(8,986)

Remeasurement of deferred tax for changes in tax rates
(4,297)
14,753

Consolidation adjustments to profit
(34,250)
29,026

Other differences leading to an increase (decrease) in the tax charge
(3,257)
3,690

Total tax charge for the year
2,030,213
796,750


Factors that may affect future tax charges

The main rate of UK corporation tax will increase from 19% to a rate between 19% and 25% with effect from 1 April 2023. The deferred tax liability reflects these future rates.


13.


Dividends

2023
2022
£
£


Ordinary dividend
-
5,000,000

Page 26

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

14.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 February 2022
522,500



At 31 January 2023

522,500



Amortisation


At 1 February 2022
522,500



At 31 January 2023

522,500



Net book value



At 31 January 2023
-



At 31 January 2022
-


All of the Group's intangible fixed assets are held in the Parent Company.


Page 27

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

15.


Tangible fixed assets

Group






Short-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 February 2022
423,480
402,857
2,190,190
126,003
3,142,530


Additions
-
88,504
21,358
7,159
117,021


Disposals
-
(36,183)
(17,099)
-
(53,282)


Exchange adjustments
-
-
1,292
721
2,013



At 31 January 2023

423,480
455,178
2,195,741
133,883
3,208,282



Depreciation


At 1 February 2022
309,112
189,533
1,893,374
110,047
2,502,066


Charge for the year on owned assets
27,940
71,618
81,570
11,772
192,900


Disposals
-
(20,860)
(16,164)
-
(37,024)


Exchange adjustments
-
6
(2,310)
(1,418)
(3,722)



At 31 January 2023

337,052
240,297
1,956,470
120,401
2,654,220



Net book value



At 31 January 2023
86,428
214,881
239,271
13,482
554,062



At 31 January 2022
114,368
213,324
296,816
15,956
640,464

Page 28

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

           15.Tangible fixed assets (continued)


Company






Short-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£

Cost or valuation


At 1 February 2022
423,480
366,674
2,171,960
117,008
3,079,122


Additions
-
-
21,358
7,159
28,517


Disposals
-
-
(17,099)
-
(17,099)



At 31 January 2023

423,480
366,674
2,176,219
124,167
3,090,540



Depreciation


At 1 February 2022
309,112
168,673
1,878,660
104,852
2,461,297


Charge for the year on owned assets
27,940
49,499
76,761
8,773
162,973


Disposals
-
-
(16,164)
-
(16,164)



At 31 January 2023

337,052
218,172
1,939,257
113,625
2,608,106



Net book value



At 31 January 2023
86,428
148,502
236,962
10,542
482,434



At 31 January 2022
114,368
198,001
293,300
12,156
617,825






Page 29

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 February 2022
190,810



At 31 January 2023
190,810





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

R P Valves US Inc
Houston, Texas, USA
Sale of valves and gaskets
Ordinary
100%


17.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Finished goods and goods for resale
22,563,317
30,656,794
22,445,757
30,592,861


An impairment loss of £6,550,909 (2022 - £4,433,682) has been recognised in respect of slow-moving and obsolete stock.

Page 30

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

18.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
3,780,216
1,668,293
2,369,370
1,253,734

Amounts owed by group undertakings
-
-
1,369,033
-

Other debtors
946,346
9,943
635,181
-

Prepayments and accrued income
50,229
55,079
34,084
45,140

4,776,791
1,733,315
4,407,668
1,298,874



19.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
29,857,602
14,172,547
25,377,369
13,227,017



20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Payments received on account
72,710
11,277
72,710
11,277

Trade creditors
1,070,827
239,850
1,045,819
183,582

Corporation tax
435,592
134,599
435,592
134,599

Other taxation and social security
132,548
45,674
132,548
45,674

Other creditors
1,149,995
163,359
1,143,434
163,359

Accruals and deferred income
140,988
87,968
76,431
33,161

3,002,660
682,727
2,906,534
571,652


Page 31

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

21.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(61,469)
(60,483)


Charged to profit or loss
17,904
(986)



At end of year
(43,565)
(61,469)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(46,542)
(62,611)
(46,542)
(62,611)

Other short term timing differences
2,977
1,142
2,977
1,142

(43,565)
(61,469)
(43,565)
(61,469)

The net deferred tax expected to reverse next year is £14,727 relating to the reversal of timing differences on tangible fixed assets


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



23.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses


24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £60,954 (2022 - £60,685). Contributions totalling £11,907 (2022 - £4,656) were payable to the fund at the balance sheet date.

Page 32

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

25.


Commitments under operating leases

At 31 January 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
129,487
133,280
35,408
39,200

Later than 1 year and not later than 5 years
29,270
138,373
13,590
54,613

158,757
271,653
48,998
93,813


26.


Transactions with directors





Included in the financial statements is a balance due to a director of £1,131,606 (2022 - £158,793). The balance is interest free and repayable on demand.


27.


Related party transactions

Some of the premises are rented from a director and the pension scheme set up for certain directors. Rent payable during the year was £500,490 (2022 - £500,490).
During the year, dividends of £nil (2022 - £5,000,000) were paid to directors.

Key management comprise the directors of the company


28.


Controlling party

The Group was under the control of R A C Palmer by virtue of his 100% shareholding in the Company.

 
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