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REGISTERED NUMBER: 01004518 (England and Wales)















BROOKSBANK VALVES LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






BROOKSBANK VALVES LIMITED (REGISTERED NUMBER: 01004518)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Income and Retained Earnings 7

Balance Sheet 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 12


BROOKSBANK VALVES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: R J Brooksbank
J E Brooksbank





SECRETARY: Mrs M D Whitehead





REGISTERED OFFICE: Unit 4 The Crossing Business Park
Riparian Way
Cross Hills
Keighley
West Yorkshire
BD20 7BW





REGISTERED NUMBER: 01004518 (England and Wales)





AUDITORS: DSC Accountants Ltd
Chartered Accountants
Statutory Auditors
Tattersall House
East Parade
Harrogate
North Yorkshire
HG1 5LT

BROOKSBANK VALVES LIMITED (REGISTERED NUMBER: 01004518)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
As shown in the statement of income and retained earnings, turnover for the year ending 31 March 2024 was £7,004,575 an increase of £1,664,197 (31.2%) compared with last year (2023: £5,340,378). Gross profit was £3,686,853 (2023: £2,415,334) being 52.6% of turnover (2023: 45.2%). After administrative expenses and other operating income, there was an operating profit of £438,679 an increase of £1,125,357 compared with the operating loss last year (2023: £686,678).

We finished the financial year with a predicted return to profitability. This was helped by lifting of barriers to delivery on a key defence project.

Brooksbank Valves Australia continues to grow, and we predict that it will reach profitability in Q2 2024.

Brooksbank Valves India is now trading in line with expectations.

The group has a strong order book through to 2030, in both defence and oil and gas and we are confident of achieving our budgets for the forthcoming financial year.

We continue to invest in our people, processes and facilities in all 3 countries of operation and have achieved increased levels of workforce engagement throughout the year by building on our global company values. Our management team continue to work hard to develop our workforce skills by identifying training opportunities for all team members.

We are proud to have reduced our carbon footprint significantly in the UK with the installation of solar panels onto our largest property, which houses our machining facilities.

PRINCIPAL RISKS AND UNCERTAINTIES
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Credit risk
The principal credit risk arises from the company's trade debtors. In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the head of finance on a regular basis in conjunction with debt ageing and collection history.

Effects on the value of sterling
Sterling is very low currently which means that imported products are significantly more expensive and therefore margins are reduced. This also impacts metal prices which are all set in US dollars.

Metal prices
Copper and nickel prices remained manageable however this may change with the move towards electric vehicles.

Skills shortages
A continued and significant risk to UK manufacturing is the shortage of engineering skilled labour. To offset this risk, we have invested in our apprenticeship programme and we are considering offshoring some resources.

ON BEHALF OF THE BOARD:





Mrs M D Whitehead - Secretary


5 August 2024

BROOKSBANK VALVES LIMITED (REGISTERED NUMBER: 01004518)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of valve engineers.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

R J Brooksbank
J E Brooksbank

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, DSC Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mrs M D Whitehead - Secretary


5 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BROOKSBANK VALVES LIMITED

Opinion
We have audited the financial statements of Brooksbank Valves Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 31 March 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BROOKSBANK VALVES LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 Statement of Directors' Responsibilities set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and the inspection of other regulatory and legal correspondence. We addressed the risk of management override of internal controls, including testing journals and estimates and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud and the completeness of incoming resources by substantive testing from sales order, reviewing date of despatch and the calculation of deferred income.. We did not identify any key audit matters relating to irregularities, including fraud.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BROOKSBANK VALVES LIMITED


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 2006. Our 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 a Report of the Auditors 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.




Graham French (Senior Statutory Auditor)
for and on behalf of DSC Accountants Ltd
Chartered Accountants
Statutory Auditors
Tattersall House
East Parade
Harrogate
North Yorkshire
HG1 5LT

5 August 2024

BROOKSBANK VALVES LIMITED (REGISTERED NUMBER: 01004518)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 3 7,004,575 5,340,378

Cost of sales 3,317,722 2,925,044
GROSS PROFIT 3,686,853 2,415,334

Administrative expenses 3,248,174 3,102,012
OPERATING PROFIT/(LOSS) 5 438,679 (686,678 )

Interest receivable and similar income 71,059 -
509,738 (686,678 )

Interest payable and similar expenses 6 80,992 20,386
PROFIT/(LOSS) BEFORE TAXATION 428,746 (707,064 )

Tax on profit/(loss) 7 107,202 (175,008 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

321,544

(532,056

)

Retained earnings at beginning of year 2,099,075 2,631,131

RETAINED EARNINGS AT END OF
YEAR

2,420,619

2,099,075

BROOKSBANK VALVES LIMITED (REGISTERED NUMBER: 01004518)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 1,543,469 1,627,247
Investments 9 58 58
1,543,527 1,627,305

CURRENT ASSETS
Stocks 10 4,732,395 3,309,836
Debtors 11 5,900,989 2,554,564
Cash at bank and in hand 93,548 255,818
10,726,932 6,120,218
CREDITORS
Amounts falling due within one year 12 4,519,530 2,218,483
NET CURRENT ASSETS 6,207,402 3,901,735
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,750,929

5,529,040

CREDITORS
Amounts falling due after more than one
year

13

(4,977,737

)

(3,184,594

)

PROVISIONS FOR LIABILITIES 17 (156,069 ) (48,867 )
NET ASSETS 2,617,123 2,295,579

CAPITAL AND RESERVES
Called up share capital 18 2,754 2,754
Share premium 19 193,500 193,500
Capital redemption reserve 19 250 250
Retained earnings 19 2,420,619 2,099,075
SHAREHOLDERS' FUNDS 2,617,123 2,295,579

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2024 and were signed on its behalf by:





J E Brooksbank - Director


BROOKSBANK VALVES LIMITED (REGISTERED NUMBER: 01004518)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (114,003 ) 1,657,877
Interest paid (70,353 ) (13,791 )
Interest element of hire purchase payments
paid

(10,639

)

(6,595

)
Net cash from operating activities (194,995 ) 1,637,491

Cash flows from investing activities
Purchase of tangible fixed assets (155,568 ) (233,407 )
Purchase of fixed asset investments - (1 )
Sale of tangible fixed assets 15,000 1,250
Interest received 71,059 -
Net cash from investing activities (69,509 ) (232,158 )

Cash flows from financing activities
Capital repayments in year (103,278 ) (84,077 )
Loans to group undertakings (634,034 ) (894,429 )
Loans from group undertakings 188,369 545,214
Net cash from financing activities (548,943 ) (433,292 )

(Decrease)/increase in cash and cash equivalents (813,447 ) 972,041
Cash and cash equivalents at beginning of
year

2

255,818

(716,223

)

Cash and cash equivalents at end of year 2 (557,629 ) 255,818

BROOKSBANK VALVES LIMITED (REGISTERED NUMBER: 01004518)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit/(loss) before taxation 428,746 (707,064 )
Depreciation charges 319,654 313,293
Loss on disposal of fixed assets 16,970 -
Finance costs 80,992 20,386
Finance income (71,059 ) -
775,303 (373,385 )
Increase in stocks (1,422,559 ) (332,440 )
Increase in trade and other debtors (2,712,391 ) (130,871 )
Increase in trade and other creditors 3,245,644 2,494,573
Cash generated from operations (114,003 ) 1,657,877

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 93,548 255,818
Bank overdrafts (651,177 ) -
(557,629 ) 255,818
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 255,818 36
Bank overdrafts - (716,259 )
255,818 (716,223 )


BROOKSBANK VALVES LIMITED (REGISTERED NUMBER: 01004518)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other
non-cash
At 1.4.23 Cash flow changes At 31.3.24
£    £    £    £   
Net cash
Cash at bank
and in hand 255,818 (162,270 ) 93,548
Bank overdrafts - (651,177 ) (651,177 )
255,818 (813,447 ) (557,629 )
Debt
Finance leases (85,634 ) 103,278 (112,278 ) (94,634 )
(85,634 ) 103,278 (112,278 ) (94,634 )
Total 170,184 (710,169 ) (112,278 ) (652,263 )

BROOKSBANK VALVES LIMITED (REGISTERED NUMBER: 01004518)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Brooksbank 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Brooksbank Valves Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Aluminium Bronze Valves Limited, Unit 4, The Crossing Business Park, Riparian Way, Cross Hills, Keighley, West Yorkshire BD20 7BW.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Depreciation
The depreciation policy has been set according to management's experience of the useful lives of a typical asset in each category, something that is reviewed annually.

Provision for obsolete or slow-moving stock
A provision for obsolete or slow-moving stock has been included within the financial statements. The estimate is supported by management's review of the age of stock and their assessment is based on experience of whether this should give rise to a provision.

Turnover
Turnover is recognised on despatch or when goods are substantially completed, and sales of services are recognised when the services are provided. 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - at varying rates on cost
Motor vehicles - 25% on reducing balance

BROOKSBANK VALVES LIMITED (REGISTERED NUMBER: 01004518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

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

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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
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.

BROOKSBANK VALVES LIMITED (REGISTERED NUMBER: 01004518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. TURNOVER

The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 4,981,434 3,052,100
Europe 57,631 172,675
Asia 525,996 1,063,738
North & South America 272,353 313,726
Australia & New Zealand 742,447 304,846
Middle East 424,714 431,238
Africa - 2,055
7,004,575 5,340,378

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,077,929 1,958,614
Social security costs 192,739 182,965
Other pension costs 69,227 63,244
2,339,895 2,204,823

The average number of employees during the year was as follows:
2024 2023

Production 19 17
Warehouse/Support 2 3
Apprentices 1 3
Directors 2 2
Quality assurance 7 7
Production planning 5 5
Purchasing 4 3
Engineering 5 5
Sales and project administration 9 10
Finance 5 5
59 60

2024 2023
£    £   
Directors' remuneration 119,767 112,458

BROOKSBANK VALVES LIMITED (REGISTERED NUMBER: 01004518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

2024 2023
£    £   
Other operating leases 248,610 230,104
Depreciation - owned assets 273,427 271,106
Depreciation - assets on hire purchase contracts 46,227 42,187
Loss on disposal of fixed assets 16,970 -
Auditors' remuneration 27,376 12,450

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 19,188 12,412
Group interest paid 48,493 -
Loan interest paid 2,672 1,379
Hire purchase 10,639 6,595
80,992 20,386

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax 107,202 (175,008 )
Tax on profit/(loss) 107,202 (175,008 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit/(loss) before tax 428,746 (707,064 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

107,187

(134,342

)

Effects of:
Expenses not deductible for tax purposes 15 58
Group relief not recharged - 14,582
enhanced deduction
Capital allowances super-deduction - (13,304 )
Change of rate of deferred tax - (42,002 )

Total tax charge/(credit) 107,202 (175,008 )

In April 2023, the main rate of corporation tax in the UK rises to 25% with a small profits rate for companies with profits under £50,000. Profits between £50,000 and £250,000 will be taxed at a marginal rate.

BROOKSBANK VALVES LIMITED (REGISTERED NUMBER: 01004518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 5,422,682 9,995 5,432,677
Additions 267,846 - 267,846
Disposals (149,506 ) - (149,506 )
At 31 March 2024 5,541,022 9,995 5,551,017
DEPRECIATION
At 1 April 2023 3,796,843 8,587 3,805,430
Charge for year 319,302 352 319,654
Eliminated on disposal (117,536 ) - (117,536 )
At 31 March 2024 3,998,609 8,939 4,007,548
NET BOOK VALUE
At 31 March 2024 1,542,413 1,056 1,543,469
At 31 March 2023 1,625,839 1,408 1,627,247

The net book value of tangible fixed assets includes £ 323,285 (2023 - £ 239,062 ) in respect of assets held under hire purchase contracts.

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 58
NET BOOK VALUE
At 31 March 2024 58
At 31 March 2023 58

The company's investments at the Balance Sheet date in the share capital of companies include the following:


Brooksbank Valves Australia Pty Limited
Registered office: Unit 2, 100 Belmont Avenue, Belmont, Perth, Western Australia
Nature of business: Valve engineers
%
Class of shares: holding
Ordinary 100.00

Brooksbank Overseas Holdings Limited
Registered office: Unit 4, The Crossings Business Park, Riparian Way, Cross Hills, Keighley, West Yorkshire, BD20 7BW
Nature of business: Investment Holding Company
%
Class of shares: holding
Ordinary 100.00

BROOKSBANK VALVES LIMITED (REGISTERED NUMBER: 01004518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. STOCKS
2024 2023
£    £   
Raw materials 2,335,453 1,683,238
Work-in-progress 1,591,851 1,193,182
Finished goods 805,091 433,416
4,732,395 3,309,836

11. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 3,602,071 957,931
Amounts owed by group undertakings 1,556,036 922,002
Other debtors 635,194 492,997
Prepayments and accrued income 107,688 45,740
5,900,989 2,418,670

Amounts falling due after more than one year:
Other debtors - 135,894

Aggregate amounts 5,900,989 2,554,564

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 651,177 -
Hire purchase contracts (see note 15) 48,634 78,539
Trade creditors 1,579,413 645,778
Amounts owed to group undertakings 733,583 545,214
Social security and other taxes 46,927 44,176
VAT 285,857 117,338
Other creditors 200,000 -
Accruals and deferred income 973,939 787,438
4,519,530 2,218,483

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 46,000 7,095
Accruals and deferred income 4,931,737 3,177,499
4,977,737 3,184,594

BROOKSBANK VALVES LIMITED (REGISTERED NUMBER: 01004518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 651,177 -

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 48,634 78,539
Between one and five years 46,000 7,095
94,634 85,634

Non-cancellable operating leases
2024 2023
£    £   
Within one year 116,362 101,910
Between one and five years 243,853 308,330
360,215 410,240

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 651,177 -
Hire purchase contracts 94,634 85,634
745,811 85,634

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 341,980 349,540
Tax losses carried forward (185,911 ) (300,673 )
156,069 48,867

BROOKSBANK VALVES LIMITED (REGISTERED NUMBER: 01004518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

17. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 48,867
Charge to Statement of Comprehensive Income during year 107,202
Balance at 31 March 2024 156,069

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
27,500 'A' Ordinary 10p 2,750 2,750
4 'B' Ordinary £1 4 4
2,754 2,754

19. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 2,099,075 193,500 250 2,292,825
Profit for the year 321,544 321,544
At 31 March 2024 2,420,619 193,500 250 2,614,369

20. CONTINGENT LIABILITIES

Brooksbank Valves Limited has secured the bank loan of its parent undertaking Aluminium Bronze Valves Limited. At 31 March 2023 the balance on the loan was £659,182.

21. RELATED PARTY DISCLOSURES

Other related parties
2024 2023
£    £   
Administrative expenses 140,955 136,106
Amount due to related party 246,964 27,489

Administrative expenses were charged during the year from Brooksbank Industries Limited, a company under common control with Brooksbank Valves Limited.

The directors are the only key management personnel.

22. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Aluminium Bronze Valves Limited whose registered office is Unit 4, The Crossings Business Park, Riperian Way, Crosshills, Keighley, West Yorkshire, BD20 7BW.