Company registration number 04633646 (England and Wales)
VALMET LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
VALMET LIMITED
COMPANY INFORMATION
Directors
Mr H Heiskanen
Ms A Ross
Mr M I Toivonen
Secretary
Ms A Ross
Company number
04633646
Registered office
Laneside Foundry Manchester
Road Haslingden
Rossendale
Lancashire
United Kingdom
BB4 5SL
Accountants
BK Plus Audit Limited
Sterling House
501 Middleton Road
Chadderton
Oldham
Lancashire
OL9 9LY
VALMET LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Income statement
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 29
VALMET LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

 

Valmet Limited predominantly operates in the Pulp, Paper and Energy industries under 2 core business lines, Services and Automation.

 

The principal activities of the Company across these business lines are:

 

Services: general engineering, metal spraying and grinding, installation and relocation of machinery and equipment, design and process control, onsite maintenance and project management.

 

Automation: supplier of technologies, automation and services for the pulp, paper and energy industries.

Review of the business

Our service offering provides customers with mill improvements, roll and workshop services, spare parts and life-cycle services whilst our automation business delivers solutions ranging from single measurements to mill wide process automation systems.

 

We have seen continued growth in our Energy sector which provides technologies and solutions for pulp and energy productions as well as on site improvements and services.

Principal risks and uncertainties

Economic

Customers investment during the year has improved with some key projects being won and executed during the financial year. As we move into 2024, we are seeing a decline in customers appetite for spending on investment projects leading to some postponements, however several long-term service agreements have been renewed during the year across business lines and will allow Valmet to extend its core business activities into 2024 and beyond.

 

Credit

Risks around the collection of cash from debtors and financial losses through bad debt are minimised by the company’s global formal credit policy, standard payment terms and collection policies. Credit assessments prior to taking on new customers are performed and additional credit checks for existing customers before significant orders can be placed. Staged payments for larger projects are also implemented.

Foreign currency

The company can be exposed to foreign currency fluctuation and utilises hedges to minimise the impact of these.

 

Energy

The company managed to mitigate the initial impact of rising energy costs due to a long term pricing agreement in place. The company uses energy brokers and forward purchasing of energy to continue to mitigate the cost impact.

 

HSE

Potential changes in Government policies in terms of Health & Safety and Environmental issues may impact on Valmet’s future results and the company monitors these proactively.

Financial risk management objectives and policies

Valmet Limited is affected by financial risks and seeks to control and limit the possible effect of these risks.

 

The purpose of Valmet's corporate finance is to control currency risks and other financial risks and to secure the availability of equity and borrowed capital on competitive terms. In compliance with corporate policy, Valmet transfers its currency risk to Valmet's corporate finance.

VALMET LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators

Management use a range of performance measures to monitor and manage the business. These include revenue levels and profit ratios, in particular gross profit margin and net profit margin.

 

Turnover increased by 16.8% to £46.6m for 2023 (£39.9m in 2022) driven by an upturn in customer investment in the first half the year and larger projects being delivered in our energy sector.

 

Gross Profit margin remained stable at 23.5% for the period (23.6% in 2022).

 

For 2023 operating profit was £2.1m and operating profit margin was 4.5% compared to 2022 which was £3.8m and 9.6%.

Future developments

Future developments across Valmet are largely driven globally and supported by the company on a local level.

 

Improvements to ways of working through unified processes is currently a development we are working towards to create greater harmonisation and transparency.

 

Improvement of quality performance and continuous HSE improvement remain a key part of our development within the company supported by our ISO accreditations and audits.

 

During 2024 Valmet Limited will legally merge with Neles UK LTD, the group merger having been completed in April 2022, this will further complement our unique service offering within the UK as Valmet Limited.

 

Investment into our sites across the UK is planned over the next few years to improve the working environment and customer experience.

Duty to promote the success of the company

Section 172 of the Companies Act 2006 requires the directors to act in a way that they consider in good faith would be most likely to promote the success of the company for the benefits of its stakeholders as a whole and in doing so have regard to:

 

1. The likely consequences of any decision in the long-term

Valmet is aware that decisions can have long-term consequences and the company works towards ensuring it mitigates any potential long-term risk across its business and stakeholders. Strategic planning is a key focus delivered across the group with annual reviews and concrete targets and actions set as to how strategy can be supported by employees across all levels. Cost control has been a key element of the plan over the past 12 months and Valmet has absorbed increasing cost pressures of wage increases and supply chain inflationary pressure whilst ensuring our service levels and values remains at a high standard.

 

2. The interest of the company’s employees

Valmet invests in its personnel through both internal and external training and continued support. Over the past couple of years, we have improved our Employee Benefits package to attract new talent and improve employee retention as well as supporting the strong focus the company has on employee wellbeing. Investment has been made to promote wellbeing across the company and is a key topic across teams and employees.

 

3. The need to foster the company’s business relationships with suppliers, customers and others

The directors believe all major stakeholders in the business are treated and managed fairly with required resources allocated to ensure a balance. Valmet acts in a fair and honest manner with customers and maintains relationships by ensuring products and services are delivered to a high standard to support customers in their daily operations and investment projects. Valmet adopts good working relationships with suppliers, we demand suppliers comply with all legal compliance and encourage principles related to sustainable supply chains through our policy that suppliers must complete.

VALMET LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

 

4. The impact of the company’s operations on the community and the environment

Environmental and energy concerns play a major role in operations and services across Valmet. Senior management and HSE regularly review the progress of our UK operations against Valmet’s global climate program. The climate program includes ambitious CO2 reduction targets and concrete actions for our whole value chain, including supply chain, our own operations and customer’s use of our technology. Some measures taken by Valmet are detailed in the Energy and Carbon report.

 

5. The desirability of the company maintaining a reputation for a high standard of business conduct

Guiding us in our treatment of all stakeholders, internal and external we lean on our core values of Customers, Renewal, Excellence and People. To support us doing the right thing we have a set of rules globally called Valmet’s Code of Conduct which defines the morals, ethics, responsibilities and proper practices for the company and all employees. The purpose of the Code is to safeguard Valmet’s business by informing all Valmet personnel, as well as our external stakeholders, of the company’s requirements and expectations.

 

6. The need to act fairly between the members

Our intention as a Board of Directors is to act fairly and responsibly to all our stakeholders. Valmet has a senior management team that ensures decision making is objective and aligned to stakeholders. To further support this, Valmet has an internal Employee Forum led by employees as a direct communication channel with senior management to suggest new ideas and put forward proposals for improvements.

On behalf of the board

Ms A Ross
Director
18 September 2024
VALMET LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £2,700,000. The directors do not recommend payment of a final dividend.
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr H Heiskanen
Ms A Ross
Mr M I Toivonen
Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

 

The company's current policy concerning the payment of trade creditors is to:

 

Trade creditors of the company at the year end were equivalent to 99 day's purchases, based on the average daily amount invoiced by suppliers during the year.

Auditor

The auditor, BK Plus Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The information below summarises the energy usage, associated emissions, energy efficiency and energy performance for the company, under the government policy Streamlined Energy and Carbon Reporting (SECR), as implemented by the Companies (Directors’ Report) and Limited Liabilities Partnerships (Energy and Carbon Report) Regulations 2018.

2023
Energy consumption
kWh
Aggregate of energy consumption in the year
3,019,170
VALMET LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2023
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Gas combustion
498.00
- Fuel consumed for owned transport
95.00
593.00
Scope 2 - indirect emissions
- Electricity purchased
194.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
77.00
Total gross emissions
864.00
Intensity ratio
Tonnes CO2e per employee
7.13
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.

Measures taken to improve energy efficiency

We have installed efficient LED lighting across sites.

 

The usage of video conferencing is promoted across Valmet globally to reduce the requirement for travel between sites.

 

We are promoting the move to EV’s for our company car employees.

 

VALMET LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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:

 

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.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of business review, principal risks and uncertainties, financial risk management objectives and policies and future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Ms A Ross
Director
18 September 2024
VALMET LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VALMET LIMITED
- 7 -
Opinion

We have audited the financial statements of Valmet Limited (the 'company') for the year ended 31 December 2023 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

VALMET LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VALMET LIMITED (CONTINUED)
- 8 -
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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company, we identified that the principal risks of non-compliance related to those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006 and FRS 101 "Reduced Disclosure Framework". We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial results and management bias in accounting estimates. Appropriate audit procedures were therefore performed to address those risks including testing journal entries and challenging assumptions and judgements made by management in their significant accounting estimates. There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

VALMET LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VALMET LIMITED (CONTINUED)
- 9 -

 

 

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s member 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 member, those matters we are required to state to the member in an auditor's report 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 member, for our audit work, for this report, or for the opinions we have formed.

Dominic Huxley ACA (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited
18 September 2024
Chartered Certified
Statutory Auditor
Sterling House
501 Middleton Road
Chadderton
Oldham
Lancashire
OL9 9LY
VALMET LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£'000
£'000
Turnover
3
46,585
39,898
Cost of sales
(35,647)
(30,471)
Gross profit
10,938
9,427
Administrative expenses
(9,061)
(5,883)
Other operating income
202
273
Operating profit
4
2,079
3,817
Interest receivable and similar income
8
232
45
Interest payable and similar expenses
9
(12)
(17)
Profit before taxation
2,299
3,845
Tax on profit
10
(633)
(786)
Profit and total comprehensive income for the financial year
23
1,666
3,059
VALMET LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible fixed assets
12
1,876
1,873
Current assets
Stocks
13
3,787
3,596
Debtors
14
22,080
16,045
Cash at bank and in hand
5,466
4,073
31,333
23,714
Creditors: amounts falling due within one year
15
(23,232)
(16,208)
Net current assets
8,101
7,506
Total assets less current liabilities
9,977
9,379
Creditors: amounts falling due after more than one year
15
(431)
(245)
Provisions for liabilities
Deferred tax liabilities
18
(158)
(187)
Other provisions
19
(2,622)
(1,147)
Net assets
6,766
7,800
Capital and reserves
Called up share capital
21
266
266
Share premium account
22
5
5
Profit and loss reserves
23
6,495
7,529
Total equity
6,766
7,800
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
Ms A Ross
Director
Company registration number 04633646 (England and Wales)
VALMET LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
Balance at 1 January 2022
266
5
6,470
6,741
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
3,059
3,059
Transactions with owners:
Dividends
11
-
-
(2,000)
(2,000)
Balance at 31 December 2022
266
5
7,529
7,800
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,666
1,666
Transactions with owners:
Dividends
11
-
-
(2,700)
(2,700)
Balance at 31 December 2023
266
5
6,495
6,766
VALMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information

Valmet Limited is a private company limited by shares incorporated in England and Wales. The registered office is , Laneside Foundry Manchester, Road Haslingden, Rossendale, Lancashire, United Kingdom, BB4 5SL. The company's principal activities and nature of its operations are disclosed in the strategic report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

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 £000's.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

 

(a) IFRS 7, 'Financial instruments: Disclosures'.

 

(b) Paragraphs 91 to 99 of IFRS 13, ‘Fair value measurement’ (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities).

 

(c) Paragraph 38 of IAS 1, ‘Presentation of financial statements’ – comparative information requirements in respect of:

 

(d) The following paragraphs of IAS 1, ‘Presentation of financial statements’:

 

(e) IAS 7, 'Statement of cash flows'.

 

(f) Paragraph 17 of IAS 24, 'Related party disclosures' (key management compensation).

 

(g) The requirements in IAS 24, 'Related party disclosures, to disclose related party transactions entered into between two or more members of a group.

 

(h) Paragraphs 30 and 31 of IAS 8, ‘Accounting policies, changes in accounting estimates and errors’ (requirement for the disclosure of information when an entity has not applied a new IFRS that has been issued but is not yet effective).

 

(i) The maturity analysis of lease liabilities, as required by paragraph 58 of IFRS 16 Leases, has not been disclosed separately as details of indebtedness required by Companies Act has been presented separately for lease liabilities in note 19.

Where required, equivalent disclosures are given in the group accounts of Valmet Corporation. The group accounts of Valmet Corporation are available to the public and can be obtained as set out in note 26.

VALMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Turnover is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty.

 

Turnover from short-term service contracts are recognised once the service has been rendered. On long term maintenance contracts, when the outcome of a transaction involving the rendering of services can be reliably estimated, turnover is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

 

1.4
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:

Short leasehold property
Straight line over the term of lease
Fixtures and fittings
25% straight line
Plant and equipment
10% - 20% straight line
Motor vehicles
25% straight line

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 recognised in the profit and loss account.

In the case of right-of-use assets, expected useful lives are determined by reference to comparable owned assets or the lease term, if shorter. Material residual value estimates and estimates of useful life are updated as required, but at least annually.

1.5
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

VALMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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, as follows:

 

Raw materials - purchase cost on a first-in, first-out basis

Work in progress - cost of direct materials and labour plus attributable overheads based on normal level of activity.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

1.7
Cash at bank and in hand

Cash and cash equivalents 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.

1.8
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

VALMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

 

For trade receivables, the simplified approach permitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

VALMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.9
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

VALMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event and it is probable that the company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

 

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Some service work is carried out under warranty. Provision is made for the expected costs of maintenance under unexpired warranties. Further provisions are made where there exists a legal or constructive obligation and which are based upon the directors best estimates as to the likely outcome. If the effect of the time value of money is not material the provisions are not discounted.

1.13
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 inventories 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.

1.14
Retirement benefits

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

1.15
Leases

For any new contracts entered into on or after 1 January 2019, the Company considers whether a contract is, or contains a lease. A lease is defined as ‘a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration’.

 

To apply this definition the Company assesses whether the contract meets three key evaluations which are whether:

 

 

The Company assess whether it has the right to direct ‘how and for what purpose’ the asset is used throughout the period of use.

 

 

VALMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -

Measurement and recognition of leases as a lessee:

 

At lease commencement date, the Company recognises a right-of-use asset and a lease liability on the balance sheet. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Company, an estimate of any costs to dismantle and remove the asset or restore the underlying asset to the condition required by the terms and conditions of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received).

 

The Company depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Company also assesses the right-of-use asset for impairment when such indicators exist.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

At the commencement date, the Company measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease if that rate is readily available or the Company’s incremental borrowing rate. Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised.

 

Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments. When the lease liability is remeasured, the corresponding adjustment is reflected in the right-of-use asset, or profit and loss if the right-of-use asset is already reduced to zero. The Company has elected to account for short-term leases and leases of low-value assets using the practical expedients. Instead of recognising a right-of-use asset and lease liability, the payments in relation to these are recognised as an expense in profit or loss on a straight-line basis over the lease term.

 

On the statement of financial position, right-of-use assets have been included in tangible assets and lease liabilities have been included in other creditors.

VALMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
2
Critical accounting estimates and judgements

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical judgements
Provision is made for warranties and dilapidations

These provisions require management’s best estimate of the costs that will be incurred based on legislative and contractual requirements. In addition, the timing of the cash flows and the discount rates used to establish net present value of the obligations require management’s judgement.

3
Turnover and other income
2023
2022
£'000
£'000
Turnover analysed by class of business
Rendering of services
46,585
39,898
2023
2022
£'000
£'000
Turnover analysed by geographical market
United Kingdom
40,126
34,660
Overseas
6,459
5,238
46,585
39,898
2023
2022
£'000
£'000
Other income
Management charges receivable
202
273
VALMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£'000
£'000
Exchange losses/(gains)
29
(26)
Depreciation of property, plant and equipment
195
232
Depreciation of rights-of-use assets
627
546
Profit on disposal of intangible assets
-
(8)
Write downs of inventories recognised as an expense
(68)
80
Impairment loss recognised on trade receivables
(64)
47
Operaing lease rentals
116
47
Depreciation charges on tangible assets and right-of-use assets are recognised within cost of sales.
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the company
27
24
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Administrative staff
12
12
Production and selling staff
108
104
Total
120
116

Their aggregate remuneration comprised:

2023
2022
£'000
£'000
Wages and salaries
7,126
6,654
Social security costs
825
812
Pension costs
394
425
8,345
7,891
VALMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
7
Directors' remuneration
2023
2022
£'000
£'000
Remuneration for qualifying services
70
73
Company pension contributions to defined contribution schemes
8
3
78
76

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).

8
Interest receivable and similar income
2023
2022
£'000
£'000
Interest income
Interest on bank deposits
230
39
Other interest income
2
6
Total income
232
45
9
Interest payable and similar expenses
2023
2022
£'000
£'000
Interest on financial liabilities measured at amortised cost:
Interest on lease liabilities
12
17
10
Taxation
2023
2022
£'000
£'000
Current tax
UK corporation tax on profits for the current period
485
585
Adjustments in respect of prior periods
174
24
Total UK current tax
659
609
Deferred tax
Origination and reversal of temporary differences
(26)
177
Total tax charge
633
786

The Finance Act 2021 received Royal Assent in June 2021 and has increased the corporation tax rate from 19% to 25% with effect from 1 April 2023. The deferred taxation balances have been measured using the rates expected to apply in the reporting periods when the timing differences reverse.

VALMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 23 -

The charge for the year can be reconciled to the profit per the profit and loss account as follows:

2023
2022
£'000
£'000
Profit before taxation
2,299
3,845
Expected tax charge based on a corporation tax rate of 25.00% (2022: 19.00%)
575
731
Effect of expenses not deductible in determining taxable profit
-
0
(19)
Effect of change in UK corporation tax rate
(39)
-
0
Permanent capital allowances in excess of depreciation
(22)
50
Other permanent differences
(55)
-
Under/(over) provided in prior years
174
24
Taxation charge for the year
633
786
11
Dividends
2023
2022
2023
2022
Amounts recognised as distributions:
per share
per share
Total
Total
£'000
£'000
£'000
£'000
Ordinary shares
Interim dividend paid
0.01
0.01
2,700
2,000
12
Tangible fixed assets
Short leasehold property
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
£'000
Cost
At 1 January 2023
3,528
22
3,359
73
568
7,550
Additions
-
0
225
193
-
0
623
1,041
Disposals
(1,027)
(216)
(32)
-
0
(138)
(1,413)
At 31 December 2023
2,501
31
3,520
73
1,053
7,178
Accumulated depreciation and impairment
At 1 January 2023
3,031
-
0
2,244
69
333
5,677
Charge for the year
386
-
0
208
4
224
822
Eliminated on disposal
(1,027)
-
0
(32)
-
0
(138)
(1,197)
At 31 December 2023
2,390
-
0
2,420
73
419
5,302
VALMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Tangible fixed assets
Short leasehold property
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
£'000
(Continued)
- 24 -
Carrying amount
At 31 December 2023
111
31
1,100
-
0
634
1,876
At 31 December 2022
497
22
1,115
4
235
1,873

Tangible fixed assets includes right-of-use assets, as follows:

Right-of-use assets
2023
2022
£'000
£'000
Net values at the year end
Property
111
497
Plant and equipment
30
43
Motor vehicles
630
235
771
775
Total additions in the year
623
181
Depreciation charge for the year
Property
386
387
Plant and equipment
13
12
Motor vehicles
228
147
627
546

Al the right-of-use asset additions in the year were motor vehicles.

13
Stocks
2023
2022
£'000
£'000
Raw materials
1,034
805
Work in progress
2,753
2,791
3,787
3,596

The difference between purchase price of stocks and their replacement cost is not material.

VALMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
14
Debtors
2023
2022
£'000
£'000
Trade debtors
17,296
12,902
Provision for bad and doubtful debts
(26)
(88)
17,270
12,814
Corporation tax recoverable
48
-
Amounts owed by fellow group undertakings
2,055
2,487
Prepayments and accrued income
2,707
744
22,080
16,045

All amounts shown under debtors fall due for payment within one year.

15
Creditors
Due within one year
Due after one year
2023
2022
2023
2022
Notes
£'000
£'000
£'000
£'000
Creditors
16
21,990
14,495
-
0
-
0
Corporation tax
-
250
-
-
Other taxation and social security
912
919
-
-
Lease liabilities
17
330
544
431
245
23,232
16,208
431
245
16
Creditors
2023
2022
£'000
£'000
Trade creditors
3,289
501
Payments received on account
7,956
5,476
Amounts owed to fellow group undertakings
6,293
4,879
Accruals and deferred income
4,366
3,568
Other creditors
86
71
21,990
14,495
VALMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
17
Lease liabilities
2023
2022
Maturity analysis
£'000
£'000
Within one year
330
544
In two to five years
431
245
Total undiscounted liabilities
761
789

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2023
2022
£'000
£'000
Current liabilities
330
544
Non-current liabilities
431
245
761
789
2023
2022
Amounts recognised in profit or loss include the following:
£'000
£'000
Interest on lease liabilities
12
17
18
Deferred taxation
Liabilities
2023
2022
£'000
£'000
Deferred tax balances
158
187
VALMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Deferred taxation
(Continued)
- 27 -

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

ACAs
Provisions
Total
£'000
£'000
£'000
Liability at 1 January 2022
88
(77)
11
Deferred tax movements in prior year
Charge/(credit) to profit or loss
129
47
176
Liability at 1 January 2023
217
(30)
187
Deferred tax movements in current year
Charge/(credit) to profit or loss
(20)
(9)
(29)
Liability at 31 December 2023
197
(39)
158
19
Provisions for liabilities
2023
2022
£'000
£'000
Other provisions
504
504
Warranty provisions
2,118
643
2,622
1,147
Movements on provisions:
Other provisions
Warranty provisions
Total
£'000
£'000
£'000
At 1 January 2023
504
643
1,147
Additional provisions in the year
-
1,475
1,475
At 31 December 2023
504
2,118
2,622

The warranty provision represents the total costs of claims under warranty on work carried out and all claims are expected to be settled within the next twelve months.

 

The other provisions include a dilapidation provision of £440,000 which is as a consequence of a lease at Darwen and a lease at Haslingden which were expected to expire in December 2020 but were subsequently renewed for a further 3 years in January 2021. Both leases require the company to make good dilapidations.

 

Other provisions also includes dilapidation provisions of £64,000 in respect of various other property leases.

VALMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
394
425

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of £1 each
233,439
233,439
233
233
"A" Ordinary shares of £1 each
33,349
33,349
33
33
266,788
266,788
266
266
22
Share premium account
2023
2022
£'000
£'000
At the beginning and end of the year
5
5

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs.

23
Profit and loss reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

24
Contingent liabilities

At 31 December 2023 the company had in existence Performance guarantees totalling €432,000, Advance payment guarantees totalling €791,000 and Warranty guarantees totalling €203,000. There was a further guarantee to HMRC of £180,000.

 

 

25
Related party transactions

The company is exempt under FRS 101 from the requirement to disclose related party transactions on the grounds that it is a wholly owned subsidiary undertaking of a company whose consolidated financial statements are publicly available.

VALMET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
26
Controlling party

The company's immediate and ultimate parent company, and the largest group in which the results of the company are consolidated is Valmet Corporation, a company incorporated in Finland whose shares are listed on the Helsinki Stock Exchange. Copies of Valmet Corporation's financial statements can be obtained from the head office at Keilasatama 5, FI-02150 Espoo, Finland.

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