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Registration number: 06414303

Control Valve Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Control Valve Services Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Control Valve Services Ltd

(Registration number: 06414303)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

1,098,832

975,056

Current assets

 

Debtors

7

3,101,877

1,748,883

Cash at bank and in hand

 

1,708,340

2,702,014

 

4,810,217

4,450,897

Creditors: Amounts falling due within one year

8

(1,643,708)

(1,589,852)

Net current assets

 

3,166,509

2,861,045

Total assets less current liabilities

 

4,265,341

3,836,101

Creditors: Amounts falling due after more than one year

8

(143,951)

(171,160)

Provisions for liabilities

(274,708)

(185,261)

Net assets

 

3,846,682

3,479,680

Capital and reserves

 

Called up share capital

9

200

200

Capital redemption reserve

2

2

Retained earnings

3,846,480

3,479,478

Shareholders' funds

 

3,846,682

3,479,680

For the financial year ending 31 October 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.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

 

Control Valve Services Ltd

(Registration number: 06414303)
Balance Sheet as at 31 October 2023

Mr M P McParland
Director

Mr A J Ellis
Company secretary and director

Mrs M McParland
Director

     
 

Control Valve Services Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 1 Birds Royd Mill
Birds Royd Lane
Brighouse
West Yorkshire
HD6 1LQ

These financial statements were authorised for issue by the Board on 29 July 2024.

2

Accounting policies

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.

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.

 

Control Valve Services Ltd

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

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

15% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Leasehold improvements

straight line over the remaining term of the lease

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.

 

Control Valve Services Ltd

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 24 (2022 - 23).

4

Auditors' remuneration

2023
£

2022
£

Other fees to auditors

Audit-related assurance services

2,374

57,110


 

5

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

250,109

238,305

 

Control Valve Services Ltd

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

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

266,225

124,367

1,036,046

772,660

2,199,298

Additions

44,658

5,085

312,955

24,887

387,585

Disposals

-

-

(35,995)

-

(35,995)

At 31 October 2023

310,883

129,452

1,313,006

797,547

2,550,888

Depreciation

At 1 November 2022

165,347

84,477

510,863

463,555

1,224,242

Charge for the year

28,155

10,397

163,407

48,149

250,108

Eliminated on disposal

-

-

(22,294)

-

(22,294)

At 31 October 2023

193,502

94,874

651,976

511,704

1,452,056

Carrying amount

At 31 October 2023

117,381

34,578

661,030

285,843

1,098,832

At 31 October 2022

100,878

39,890

525,183

309,105

975,056

 

Control Valve Services Ltd

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

7

Debtors

Current

2023
£

2022
£

Trade debtors

2,043,324

1,699,688

Prepayments

41,451

33,543

Other debtors

1,017,102

15,652

 

3,101,877

1,748,883

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

695,324

575,287

Trade creditors

 

373,843

254,288

Taxation and social security

 

510,802

729,423

Accruals and deferred income

 

63,718

26,318

Other creditors

 

21

4,536

 

1,643,708

1,589,852

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

143,951

171,160

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary A-H shares of £1 each

100

100

100

100

200

200

200

200