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REGISTERED NUMBER: 04376089 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

FOR

AKRO VALVE LIMITED

AKRO VALVE LIMITED (REGISTERED NUMBER: 04376089)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


AKRO VALVE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: Dr M J Knight
H P Knight





SECRETARY: H Knight





REGISTERED OFFICE: 29 Gildredge Road
Eastbourne
East Sussex
BN21 4RU





BUSINESS ADDRESS: Unit 2 Chaucer Ind. Estate
Dittons Road
Polegate
East Sussex
BN26 6JF





REGISTERED NUMBER: 04376089 (England and Wales)





ACCOUNTANTS: Advanta
Chartered Accountants
29 Gildredge Road
Eastbourne
East Sussex
BN21 4RU

AKRO VALVE LIMITED (REGISTERED NUMBER: 04376089)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,110 4,665
Tangible assets 5 169,192 170,582
Investments 6 983 1,000
173,285 176,247

CURRENT ASSETS
Stocks 7 130,000 130,000
Debtors 8 134,639 117,441
Cash at bank and in hand 162,291 127,294
426,930 374,735
CREDITORS
Amounts falling due within one year 9 109,757 104,348
NET CURRENT ASSETS 317,173 270,387
TOTAL ASSETS LESS CURRENT
LIABILITIES

490,458

446,634

PROVISIONS FOR LIABILITIES 11 5,237 4,185
NET ASSETS 485,221 442,449

CAPITAL AND RESERVES
Called up share capital 21 21
Capital redemption reserve 80 80
Retained earnings 485,120 442,348
SHAREHOLDERS' FUNDS 485,221 442,449

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 27 October 2023 and were signed on its behalf by:



Dr M J Knight - Director


AKRO VALVE LIMITED (REGISTERED NUMBER: 04376089)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023


1. STATUTORY INFORMATION

Akro Valve 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts receivable for the manufacture and supply of water valves and pumps, net of value added tax.

Revenue is recognised as work is completed and any not billed is included in debtors as work in progress.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of three 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.

Website costs is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant & machinery - 25% on reducing balance
Furniture,fittings & equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

Government grants
Grants are accounted for under the accruals method. Grants of a revenue nature are recognised in "other income" within the profit or loss in the same period as the related expenditure.

Stocks
Stocks 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.


AKRO VALVE LIMITED (REGISTERED NUMBER: 04376089)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
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.

Fixed asset investments
Investments in fixed assets are stated as cost less impairment. The cost of the investments is assessed for indicators of impairment at the end of each reporting period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Website
Goodwill costs Totals
£    £    £   
COST
At 1 May 2022
and 30 April 2023 135,084 7,775 142,859
AMORTISATION
At 1 May 2022 135,084 3,110 138,194
Amortisation for year - 1,555 1,555
At 30 April 2023 135,084 4,665 139,749
NET BOOK VALUE
At 30 April 2023 - 3,110 3,110
At 30 April 2022 - 4,665 4,665

AKRO VALVE LIMITED (REGISTERED NUMBER: 04376089)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


5. TANGIBLE FIXED ASSETS
Freehold Plant & Furniture,fittings
property machinery & equipment
£    £    £   
COST
At 1 May 2022 155,514 57,223 21,043
Additions - 2,374 546
At 30 April 2023 155,514 59,597 21,589
DEPRECIATION
At 1 May 2022 6,958 38,854 20,169
Charge for year 311 5,185 355
At 30 April 2023 7,269 44,039 20,524
NET BOOK VALUE
At 30 April 2023 148,245 15,558 1,065
At 30 April 2022 148,556 18,369 874

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2022 13,496 4,111 251,387
Additions - 4,384 7,304
At 30 April 2023 13,496 8,495 258,691
DEPRECIATION
At 1 May 2022 13,453 1,371 80,805
Charge for year 11 2,832 8,694
At 30 April 2023 13,464 4,203 89,499
NET BOOK VALUE
At 30 April 2023 32 4,292 169,192
At 30 April 2022 43 2,740 170,582

6. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST OR VALUATION
At 1 May 2022 1,000
Revaluations (17 )
At 30 April 2023 983
NET BOOK VALUE
At 30 April 2023 983
At 30 April 2022 1,000

AKRO VALVE LIMITED (REGISTERED NUMBER: 04376089)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


6. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 30 April 2023 is represented by:

Listed
investments
£   
Valuation in 2023 983

7. STOCKS
2023 2022
£    £   
Finished goods 130,000 130,000

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 72,836 56,792
Other debtors 56,412 56,412
Prepayments 5,391 4,237
134,639 117,441

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 41,446 24,274
Tax 23,917 36,885
PAYE 713 447
VAT 5,914 4,411
Other creditors - 324
Directors' current accounts 36,467 36,707
Accrued expenses 1,300 1,300
109,757 104,348

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 1,013 1,301

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 5,237 4,185

Deferred
tax
£   
Balance at 1 May 2022 4,185
Provided during year 1,052
Balance at 30 April 2023 5,237

AKRO VALVE LIMITED (REGISTERED NUMBER: 04376089)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


12. EXCEPTIONAL ITEM

During the year the company received furlough related government grants and local council grants in the sum of £Nil (2022: £22,774).