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Registration number: 04643893

Fire Extinguisher Valve Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Fire Extinguisher Valve Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Fire Extinguisher Valve Company Limited

Company Information

Directors

Mr David George Sexton

Mr Anthony John Wattis

Company secretary

Matthews Hanton Limited

Registered office

93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

Accountants

Matthews Hanton Limited
Chartered Certified Accountants
93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

 

Fire Extinguisher Valve Company Limited

(Registration number: 04643893)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

2,870

3,826

Tangible assets

5

65,159

72,464

 

68,029

76,290

Current assets

 

Stocks

6

79,925

15,000

Debtors

7

281,770

174,809

Cash at bank and in hand

 

65,460

208,802

 

427,155

398,611

Creditors: Amounts falling due within one year

8

(413,105)

(275,771)

Net current assets

 

14,050

122,840

Total assets less current liabilities

 

82,079

199,130

Creditors: Amounts falling due after more than one year

8

(65,000)

(100,000)

Provisions for liabilities

(12,380)

(13,768)

Net assets

 

4,699

85,362

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

4,599

85,262

Shareholders' funds

 

4,699

85,362

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 October 2023 and signed on its behalf by:
 

 

Fire Extinguisher Valve Company Limited

(Registration number: 04643893)
Balance Sheet as at 31 March 2023

.........................................
Mr David George Sexton
Director

 

Fire Extinguisher Valve Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW
England

The principal place of business is:
Unit B3 Ford Airfield Industrial Estate
Ford
Nr Arundel
West Sussex
BN18 0HY
England

These financial statements were authorised for issue by the Board on 27 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Fire Extinguisher Valve Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Fire Extinguisher Valve Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Asset class

Amortisation method and rate

Goodwill

5 Years Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Fire Extinguisher Valve Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 10).

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2022

100,000

4,782

104,782

At 31 March 2023

100,000

4,782

104,782

Amortisation

At 1 April 2022

100,000

956

100,956

Amortisation charge

-

956

956

At 31 March 2023

100,000

1,912

101,912

Carrying amount

At 31 March 2023

-

2,870

2,870

At 31 March 2022

-

3,826

3,826

The aggregate amount of research and development expenditure recognised as an expense during the period is £61,304 (2022 - £11,975).
 

 

Fire Extinguisher Valve Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

92,520

65,974

158,494

Additions

3,925

5,058

8,983

At 31 March 2023

96,445

71,032

167,477

Depreciation

At 1 April 2022

44,775

41,254

86,029

Charge for the year

10,334

5,955

16,289

At 31 March 2023

55,109

47,209

102,318

Carrying amount

At 31 March 2023

41,336

23,823

65,159

At 31 March 2022

47,745

24,719

72,464

6

Stocks

2023
£

2022
£

Merchandise

79,925

15,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

194,841

121,177

Prepayments

20,655

21,000

Other debtors

66,274

32,632

 

281,770

174,809

 

Fire Extinguisher Valve Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

30,000

42,259

Trade creditors

 

312,995

197,837

Taxation and social security

 

8,196

30,950

Accruals and deferred income

 

3,500

3,500

Other creditors

 

58,414

1,225

 

413,105

275,771

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

65,000

100,000

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

65,000

100,000

 

Fire Extinguisher Valve Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

17,259

Other borrowings

30,000

25,000

30,000

42,259

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £1,304.48 (2022 - £1,594.48) per each Ordinary

 

130,448

 

159,448

         

12

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

19,369

17,690

Contributions paid to money purchase schemes

32,160

32,160

51,529

49,850