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REGISTERED NUMBER: 01976543 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ULTRAVALVE LIMITED

ULTRAVALVE LIMITED (REGISTERED NUMBER: 01976543)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ULTRAVALVE LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Mr C J Clear
Mr P S Brach
Mr J L Hill
Mr A C Farnham





SECRETARY: Mrs C Hill





REGISTERED OFFICE: The Fluid Power Centre
Watling Street
Nuneaton
Warwickshire
CV11 6BQ





REGISTERED NUMBER: 01976543 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Unit 2
Charnwood Edge Business Park
Syston Road
Leicester
LE7 4UZ

ULTRAVALVE LIMITED (REGISTERED NUMBER: 01976543)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 17,234 15,981

CURRENT ASSETS
Stocks 186,555 185,583
Debtors 5 316,870 214,139
Cash at bank and in hand 395,801 523,718
899,226 923,440
CREDITORS
Amounts falling due within one year 6 (352,112 ) (451,213 )
NET CURRENT ASSETS 547,114 472,227
TOTAL ASSETS LESS CURRENT
LIABILITIES

564,348

488,208

CAPITAL AND RESERVES
Called up share capital 60 60
Retained earnings 564,288 488,148
564,348 488,208

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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2024 and were signed on its behalf by:




Mr C J Clear - Director



Mr A C Farnham - Director


ULTRAVALVE LIMITED (REGISTERED NUMBER: 01976543)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. COMPANY INFORMATION

Ultravalve Limited is a private limited company, limited by shares, registered in England and Wales. Its registered office address is The Fluid Power Centre, Watling Street, Nuneaton, Warwickshire, CV11 6BQ and the registered number is 01976543.

2. ACCOUNTING POLICIES

Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements 25% straight line basis
Plant and machinery25% straight line basis
Fixtures and fittings15% straight line basis
Computer equipment25% straight line basis
Motor vehicles33.3% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

ULTRAVALVE LIMITED (REGISTERED NUMBER: 01976543)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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.

Operating leases
Leases are classified as hire purchase whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 13 ) .

ULTRAVALVE LIMITED (REGISTERED NUMBER: 01976543)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


4. TANGIBLE FIXED ASSETS
Short
leasehold Fixtures
land & Plant and and
buildings machinery fittings
£    £    £   
COST
At 1 January 2023 10,007 10,293 10,233
Additions - - -
At 31 December 2023 10,007 10,293 10,233
DEPRECIATION
At 1 January 2023 270 6,684 8,847
Charge for year 1,001 563 225
At 31 December 2023 1,271 7,247 9,072
NET BOOK VALUE
At 31 December 2023 8,736 3,046 1,161
At 31 December 2022 9,737 3,609 1,386

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 52,854 26,175 109,562
Additions 3,220 814 4,034
At 31 December 2023 56,074 26,989 113,596
DEPRECIATION
At 1 January 2023 52,854 24,926 93,581
Charge for year - 992 2,781
At 31 December 2023 52,854 25,918 96,362
NET BOOK VALUE
At 31 December 2023 3,220 1,071 17,234
At 31 December 2022 - 1,249 15,981

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 289,863 185,150
Other debtors 293 -
Prepayments and accrued income 26,714 28,989
316,870 214,139

ULTRAVALVE LIMITED (REGISTERED NUMBER: 01976543)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 156,925 138,114
Corporation tax 18,226 64,963
Social security and other taxes 60,800 70,315
Other creditors 2,355 2,714
Amounts due to related parties 13,935 29,791
Accruals and deferred income 99,871 145,316
352,112 451,213

7. OTHER FINANCIAL COMMITMENTS

The company has entered into forward foreign exchange contracts in the normal course of business amounting to £353,791 at 31 December 2023 (2022 - £396,768).