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REGISTERED NUMBER: 05653334 (England and Wales)















ALUMINIUM BRONZE VALVES LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






ALUMINIUM BRONZE VALVES LIMITED (REGISTERED NUMBER: 05653334)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Income and Retained Earnings 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Cash Flow Statement 11

Notes to the Consolidated Cash Flow Statement 12

Notes to the Consolidated Financial Statements 14


ALUMINIUM BRONZE 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: 05653334 (England and Wales)





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

ALUMINIUM BRONZE VALVES LIMITED (REGISTERED NUMBER: 05653334)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
As shown in the consolidated statement of income and retained earnings, turnover for the year ending 31 March 2024 was £7,259,195 an increase of £2,173,110 (42.7%) compared with last year (2023: £5,086,085). Gross profit was £3,786,463 (2023: £2,365,297) being 52.2% of turnover (2023: 465%). After administrative expenses and other operating income, there was an operating profit of £216,407 an increase of £1,110,031 compared with the operating loss last year (2023: £893,624).

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 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 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 skill by identifying training opportunities for all team members,

PRINCIPAL RISKS AND UNCERTAINTIES
Liquidity risk
The group 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 group'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 metals prices which are all set in US dollars.

Metal prices
Copper and nickel prices remain manageable however this may change with the move towards electric vehicles.- no change.

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

ALUMINIUM BRONZE VALVES LIMITED (REGISTERED NUMBER: 05653334)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

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

PRINCIPAL ACTIVITY
The principal activity of the group 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

FINANCIAL INSTRUMENTS
The group uses various instruments; these include loans, cash and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations. The existence of these financial instruments exposes the group to a number of financial risks which are reviewed regularly by the directors. In reviewing these risks the directors take into account all available information covering current and future interest rates and exchange rates. They then set a policy to be adhered to for a set period, at which time they will review the situation and set a new policy if required.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

ALUMINIUM BRONZE VALVES LIMITED (REGISTERED NUMBER: 05653334)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


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
ALUMINIUM BRONZE VALVES LIMITED

Opinion
We have audited the financial statements of Aluminium Bronze Valves Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2024 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 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 group's and 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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
ALUMINIUM BRONZE VALVES LIMITED


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 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 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 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 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.

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. 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
ALUMINIUM BRONZE 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

ALUMINIUM BRONZE VALVES LIMITED (REGISTERED NUMBER: 05653334)

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

2024 2023
Notes £    £   

TURNOVER 3 7,259,195 5,086,085

Cost of sales 3,472,732 2,720,788
GROSS PROFIT 3,786,463 2,365,297

Administrative expenses 3,570,056 3,258,921
OPERATING PROFIT/(LOSS) 5 216,407 (893,624 )


Interest payable and similar expenses 6 96,358 37,701
PROFIT/(LOSS) BEFORE TAXATION 120,049 (931,325 )

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

12,847

(756,317

)

Retained earnings at beginning of year 2,411,433 3,167,750

RETAINED EARNINGS FOR THE
GROUP AT END OF YEAR

2,424,280

2,411,433

Profit/(loss) attributable to:
Owners of the parent 12,847 (756,317 )

ALUMINIUM BRONZE VALVES LIMITED (REGISTERED NUMBER: 05653334)

CONSOLIDATED BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 3,055,015 3,107,196
Investments 10 - -
3,055,015 3,107,196

CURRENT ASSETS
Stocks 11 5,328,553 3,540,988
Debtors 12 4,500,298 1,732,581
Cash at bank and in hand 289,999 730,835
10,118,850 6,004,404
CREDITORS
Amounts falling due within one year 13 4,070,429 1,880,538
NET CURRENT ASSETS 6,048,421 4,123,866
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,103,436

7,231,062

CREDITORS
Amounts falling due after more than one
year

14

(5,561,919

)

(3,809,594

)

PROVISIONS FOR LIABILITIES 18 (156,069 ) (48,867 )
NET ASSETS 3,385,448 3,372,601

CAPITAL AND RESERVES
Called up share capital 19 2,761 2,761
Share premium 20 958,404 958,404
Capital redemption reserve 20 3 3
Retained earnings 20 2,424,280 2,411,433
SHAREHOLDERS' FUNDS 3,385,448 3,372,601

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


ALUMINIUM BRONZE VALVES LIMITED (REGISTERED NUMBER: 05653334)

COMPANY BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,384,122 1,419,087
Investments 10 1,300,000 1,300,000
2,684,122 2,719,087

CURRENT ASSETS
Debtors 12 733,583 545,214
Cash at bank 94,320 247,988
827,903 793,202
CREDITORS
Amounts falling due within one year 13 102,343 98,243
NET CURRENT ASSETS 725,560 694,959
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,409,682

3,414,046

CREDITORS
Amounts falling due after more than one
year

14

584,182

625,000
NET ASSETS 2,825,500 2,789,046

CAPITAL AND RESERVES
Called up share capital 19 2,761 2,761
Share premium 20 958,404 958,404
Capital redemption reserve 20 3 3
Retained earnings 20 1,864,332 1,827,878
SHAREHOLDERS' FUNDS 2,825,500 2,789,046

Company's profit for the financial year 36,454 41,888

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


ALUMINIUM BRONZE VALVES LIMITED (REGISTERED NUMBER: 05653334)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (631,136 ) 1,271,801
Interest paid (85,719 ) (31,106 )
Interest element of hire purchase payments
paid

(10,639

)

(6,595

)
Net cash from operating activities (727,494 ) 1,234,100

Cash flows from investing activities
Purchase of tangible fixed assets (235,423 ) (281,128 )
Sale of tangible fixed assets 15,000 1,250
Net cash from investing activities (220,423 ) (279,878 )

Cash flows from financing activities
New loans in year - 750,000
Loan repayments in year (40,818 ) (276,600 )
Capital repayments in year (103,278 ) (84,077 )
Net cash from financing activities (144,096 ) 389,323

(Decrease)/increase in cash and cash equivalents (1,092,013 ) 1,343,545
Cash and cash equivalents at beginning of
year

2

730,835

(612,710

)

Cash and cash equivalents at end of year 2 (361,178 ) 730,835

ALUMINIUM BRONZE VALVES LIMITED (REGISTERED NUMBER: 05653334)

NOTES TO THE CONSOLIDATED 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 120,049 (931,325 )
Depreciation charges 367,912 353,186
Loss on disposal of fixed assets 16,970 -
Finance costs 96,358 37,701
601,289 (540,438 )
Increase in stocks (1,787,565 ) (561,863 )
Increase in trade and other debtors (2,767,717 ) (220,664 )
Increase in trade and other creditors 3,322,857 2,594,766
Cash generated from operations (631,136 ) 1,271,801

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 289,999 730,835
Bank overdrafts (651,177 ) -
(361,178 ) 730,835
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 730,835 12,109
Bank overdrafts - (624,819 )
730,835 (612,710 )


ALUMINIUM BRONZE VALVES LIMITED (REGISTERED NUMBER: 05653334)

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

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.4.23 Cash flow changes At 31.3.24
£    £    £    £   
Net cash
Cash at bank
and in hand 730,835 (440,836 ) 289,999
Bank overdrafts - (651,177 ) (651,177 )
730,835 (1,092,013 ) (361,178 )
Debt
Finance leases (85,634 ) 103,278 (112,278 ) (94,634 )
Debts falling due
within 1 year (75,000 ) - - (75,000 )
Debts falling due
after 1 year (625,000 ) 40,818 - (584,182 )
(785,634 ) 144,096 (112,278 ) (753,816 )
Total (54,799 ) (947,917 ) (112,278 ) (1,114,994 )

ALUMINIUM BRONZE VALVES LIMITED (REGISTERED NUMBER: 05653334)

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

1. STATUTORY INFORMATION

Aluminium Bronze 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 General 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.

Basis of consolidation
The group's financial statements consolidate those of the company and its subsidiary undertakings drawn up to 31 March 2024. Profits or losses on intra-group transactions are eliminated in full. Inter-company balances and unrealised gains on transactions between group companies are eliminated on consolidation. On acquisition of a subsidiary, all of the subsidiary's assets and liabilities which exist at the date of acquisition are recorded at their fair values reflecting their condition at that date.

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.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance and at varying rates on cost
Motor vehicles - 25% on reducing balance

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.

ALUMINIUM BRONZE VALVES LIMITED (REGISTERED NUMBER: 05653334)

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

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

ALUMINIUM BRONZE VALVES LIMITED (REGISTERED NUMBER: 05653334)

NOTES TO THE CONSOLIDATED 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 group.

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 997,067 50,553
Middle East 424,714 431,238
Africa - 2,055
7,259,195 5,086,085

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,494,789 2,095,202
Social security costs 192,739 182,965
Other pension costs 69,227 63,244
2,756,755 2,341,411

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

Production 22 20
Administration 44 45
66 65

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL).

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

5. OPERATING PROFIT/(LOSS)

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

2024 2023
£    £   
Other operating leases 232,614 132,543
Depreciation - owned assets 321,685 310,999
Depreciation - assets on hire purchase contracts 46,227 42,187
Loss on disposal of fixed assets 16,970 -
Auditors' remuneration 27,376 15,328
Foreign exchange differences (40,358 ) -

ALUMINIUM BRONZE VALVES LIMITED (REGISTERED NUMBER: 05653334)

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

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 83,047 17,888
Loan 2,672 13,218
Hire purchase 10,639 6,595
96,358 37,701

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 120,049 (931,325 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 19 %)

30,012

(176,952

)

Effects of:
Expenses not deductible for tax purposes 16 58
enhanced deduction
Losses incurred overseas 94,233 50,299
Change of rate of deferred tax - (42,002 )
Other small adjustments (17,059 ) (6,411 )
Total tax charge/(credit) 107,202 (175,008 )

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


ALUMINIUM BRONZE VALVES LIMITED (REGISTERED NUMBER: 05653334)

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

9. TANGIBLE FIXED ASSETS

Group
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 April 2023 1,726,700 5,500,720 9,995 7,237,415
Additions - 352,348 - 352,348
Disposals - (149,506 ) - (149,506 )
Exchange differences - (5,600 ) - (5,600 )
At 31 March 2024 1,726,700 5,697,962 9,995 7,434,657
DEPRECIATION
At 1 April 2023 310,484 3,811,148 8,587 4,130,219
Charge for year 34,534 333,026 352 367,912
Eliminated on disposal - (117,536 ) - (117,536 )
Exchange differences - (953 ) - (953 )
At 31 March 2024 345,018 4,025,685 8,939 4,379,642
NET BOOK VALUE
At 31 March 2024 1,381,682 1,672,277 1,056 3,055,015
At 31 March 2023 1,416,216 1,689,572 1,408 3,107,196

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

Company
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 1,726,700 10,000 1,736,700
DEPRECIATION
At 1 April 2023 310,484 7,129 317,613
Charge for year 34,534 431 34,965
At 31 March 2024 345,018 7,560 352,578
NET BOOK VALUE
At 31 March 2024 1,381,682 2,440 1,384,122
At 31 March 2023 1,416,216 2,871 1,419,087

ALUMINIUM BRONZE VALVES LIMITED (REGISTERED NUMBER: 05653334)

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

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 1,300,000
NET BOOK VALUE
At 31 March 2024 1,300,000
At 31 March 2023 1,300,000

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

Subsidiaries

Brooksbank Valves Limited
Registered office: Unit 4, The Crossing Business Park, Riparian Way, Cross Hills, Keighley, West Yorkshire BD20 7BW
Nature of business: Valve engineers
%
Class of shares: holding
'A' Ordinary shares 100.00
'B' Ordinary shares 100.00

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 India Private Limited
Registered office: 4, SCO no. 53, Sector 11, Main Showroom, Panchkula, Haryana - 134109, India
Nature of business: Valve engineers
%
Class of shares: holding
Ordinary 100.00


ALUMINIUM BRONZE VALVES LIMITED (REGISTERED NUMBER: 05653334)

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

11. STOCKS

Group
2024 2023
£    £   
Raw materials 2,606,861 1,683,238
Work-in-progress 1,626,500 1,193,182
Finished goods 1,095,192 664,568
5,328,553 3,540,988

12. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 3,673,545 1,019,487 - -
Amounts owed by group undertakings - - 733,583 545,214
Other debtors 680,385 492,997 - -
Prepayments and accrued income 146,368 84,203 - -
4,500,298 1,596,687 733,583 545,214

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

Aggregate amounts 4,500,298 1,732,581 733,583 545,214

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 15) 726,177 75,000 75,000 75,000
Hire purchase contracts (see note 16) 48,634 78,539 - -
Trade creditors 1,712,597 668,940 300 600
Social security and other taxes 58,773 50,433 - -
VAT 293,318 120,397 7,460 3,060
Other creditors 207,681 78,234 - -
Directors' current accounts 19,583 19,583 19,583 19,583
Accruals and deferred income 1,003,666 789,412 - -
4,070,429 1,880,538 102,343 98,243

ALUMINIUM BRONZE VALVES LIMITED (REGISTERED NUMBER: 05653334)

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

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 15) 584,182 625,000 584,182 625,000
Hire purchase contracts (see note 16) 46,000 7,095 - -
Accruals and deferred income 4,931,737 3,177,499 - -
5,561,919 3,809,594 584,182 625,000

15. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 651,177 - - -
Bank loans 75,000 75,000 75,000 75,000
726,177 75,000 75,000 75,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 75,000 75,000 75,000 75,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 509,182 550,000 509,182 550,000

The bank loan is repayable by monthly instalments at an interest rate of 2.25% over the Bank of England Base Rate.

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
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

ALUMINIUM BRONZE VALVES LIMITED (REGISTERED NUMBER: 05653334)

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

16. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 237,188 214,970
Between one and five years 640,142 631,140
877,330 846,110

17. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank overdrafts 651,177 - - -
Bank loans 659,182 700,000 659,182 700,000
Hire purchase contracts 94,634 85,634 - -
1,404,993 785,634 659,182 700,000

Bank loans and overdrafts are secured on the freehold property and by a fixed and floating charge over the assets of the company.

18. PROVISIONS FOR LIABILITIES

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

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

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
27,608 A Ordinary 10p 2,761 2,761

ALUMINIUM BRONZE VALVES LIMITED (REGISTERED NUMBER: 05653334)

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

20. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 2,411,433 958,404 3 3,369,840
Profit for the year 12,847 12,847
At 31 March 2024 2,424,280 958,404 3 3,382,687

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 1,827,878 958,404 3 2,786,285
Profit for the year 36,454 36,454
At 31 March 2024 1,864,332 958,404 3 2,822,739


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 Aluminium Bronze Valves Limited.

The directors are the only key management personnel of the group.