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REGISTERED NUMBER: 00414969 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

G.& S. VALVES LIMITED

G.& S. VALVES LIMITED (REGISTERED NUMBER: 00414969)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 8

G.& S. VALVES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: A Grenside
R E Grenside
P D Ivey





SECRETARY: A Grenside





REGISTERED OFFICE: Alder Works
Catteshall Lane
Godalming
Surrey
GU7 1JS





REGISTERED NUMBER: 00414969 (England and Wales)





ACCOUNTANTS: Wettone Matthews Limited
Chartered Certified Accountants
Market House
21 Lenten Street
Alton
GU34 1HG

G.& S. VALVES LIMITED (REGISTERED NUMBER: 00414969)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 43,069 43,069
Tangible assets 5 293,090 325,915
336,159 368,984

CURRENT ASSETS
Stocks 6 728,473 851,430
Debtors 7 134,145 114,380
Cash at bank 92,766 69,283
955,384 1,035,093
CREDITORS
Amounts falling due within one year 8 253,492 330,353
NET CURRENT ASSETS 701,892 704,740
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,038,051

1,073,724

CREDITORS
Amounts falling due after more than one
year

9

(506,638

)

(508,351

)

PROVISIONS FOR LIABILITIES (71,991 ) (79,916 )
NET ASSETS 459,422 485,457

CAPITAL AND RESERVES
Called up share capital 11 19,200 19,200
Share premium 13,332 13,332
Retained earnings 426,890 452,925
SHAREHOLDERS' FUNDS 459,422 485,457

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

G.& S. VALVES LIMITED (REGISTERED NUMBER: 00414969)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:





A Grenside - Director


G.& S. VALVES LIMITED (REGISTERED NUMBER: 00414969)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

G.& S. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measure at cost. Software development assets are not currently being amortised on the basis that the director believes that these retain their value to the company and therefore continue to be recognised at historical cost. This is a departure from the requirements of Financial Reporting Standard 102 Section 1A section 18.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 12.5% on reducing balance and 10% 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

G.& S. VALVES LIMITED (REGISTERED NUMBER: 00414969)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £NIL (2023 - £3,943) were due to the fund.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Software
development
£   
COST
At 1 January 2023
and 31 December 2023 43,069
NET BOOK VALUE
At 31 December 2023 43,069
At 31 December 2022 43,069

The Software development costs have not been amortised on the basis that the director believes that these retain their value to the company and therefore continue to be recognised at historical cost. This is a departure from the requirements of Financial Reporting Standard 102 Section 1A section 18.

G.& S. VALVES LIMITED (REGISTERED NUMBER: 00414969)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 2,099,967 151,834 133,011 2,384,812
Additions 6,147 1,356 5,218 12,721
At 31 December 2023 2,106,114 153,190 138,229 2,397,533
DEPRECIATION
At 1 January 2023 1,831,605 121,210 106,082 2,058,897
Charge for year 34,321 3,189 8,036 45,546
At 31 December 2023 1,865,926 124,399 114,118 2,104,443
NET BOOK VALUE
At 31 December 2023 240,188 28,791 24,111 293,090
At 31 December 2022 268,362 30,624 26,929 325,915

6. STOCKS
2023 2022
£    £   
Raw materials 176,788 170,849
Work-in-progress 66,770 183,150
Finished goods 484,915 497,431
728,473 851,430

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 104,672 99,564
Other debtors 29,473 14,816
134,145 114,380

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 43,829 87,815
Taxation and social security 55,658 82,234
Other creditors 154,005 160,304
253,492 330,353

G.& S. VALVES LIMITED (REGISTERED NUMBER: 00414969)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings 506,638 508,351

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 23,941 17,888
Between one and five years 115,600 22,360
In more than five years 153,605 -
293,146 40,248

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
19,200 Ordinary £1 19,200 19,200

12. RELATED PARTY DISCLOSURES

Race Engine Components Ltd is a company in which P Ivey is a director.

During the year, the company invoiced £93,131 (2022: £118,169) to Race Engine Components Ltd. An amount of £7,551 (2022: £15,881) was due to G.&S. Valves Ltd at the balance sheet date.

At the balance sheet date G.&S. Valves Ltd owed £13,230 (2022:£35,811) to Race Engine Components Ltd. Purchases during the year totalled £51,856 (2022: £43,020).

At the balance sheet date £113,607 was owed to the directors by the company and is included within other creditors (2022: £148,865 owed to the company and included within other creditors).

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
G.& S. VALVES LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of G.& S. Valves Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of G.& S. Valves Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of G.& S. Valves Limited and state those matters that we have agreed to state to the Board of Directors of G.& S. Valves Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that G.& S. Valves Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of G.& S. Valves Limited. You consider that G.& S. Valves Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of G.& S. Valves Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Wettone Matthews Limited
Chartered Certified Accountants
Market House
21 Lenten Street
Alton
GU34 1HG


15 August 2024