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Registered number: 00446422










PARVALUX ELECTRIC MOTORS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
COMPANY INFORMATION


Directors
E J Elmiger 
W J Mason 
A Richter 
P A Bascombe 
D Sheppard 
Dr S H Muller 




Company secretary
MSP Corporate Services Limited



Registered number
00446422



Registered office
Maxon House
Hogwood Lane

Finchampstead

Wokingham

RG40 4QW




Independent auditors
Shaw Gibbs (Audit) Limited

Wey Court West

Union Road

Farnham

Surrey

GU9 7PT




Bankers
HSBC
59 Old Christchurch Road

Bournemouth

Dorset

BH1 1EH




Solicitors
Steele Raymond LLP
Richmond Point

43 Richmond Hill

Bournemouth

Dorset

BH2 6LR





 
PARVALUX ELECTRIC MOTORS LIMITED
 

CONTENTS



Page
Strategic report
 
 
1 - 3
Directors' report
 
 
4 - 5
Independent auditors' report
 
 
6 - 9
Statement of comprehensive income
 
 
10
Statement of financial position
 
 
11 - 12
Statement of changes in equity
 
 
13
Notes to the financial statements
 
 
14 - 29

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The principal activity of the company continued to be the design and manufacture of sub-1kW electric motors and geared units.

Business review
 
The company strategy has taken consistent themes forward through the last year and has also been developed to include additional investment in capital expenditure to increase capacity and maintain the company's competitive edge; Using our design expertise and applications knowledge to grow the customer base and deliver additional opportunities from the existing customer base by offering next generation motor and gearbox solutions, and; Development and investment in operations excellence and lean manufacturing capabilities aligned with the optimisation of our new manufacturing site.
Background
The company experienced a challenging financial year with high impact of interest rates, high inflation and cost pressures underpinned by customers being overstocked from previous years overordering. This result in lower sales and a lower-than-expected result but is not expected to continue beyond 2023. 
The lower sales also came at a time when we moved three factories into a new, state-of-the-art facility and gave us the time to make sure the move was completed on time and without compromising our operations.
Our transition to selling through Maxon subsidiaries, in a channel sales set-up, was completed. This channel sales network and our diverse customer base gives us a strong footing for the future global sales of Parvalux products. Partly because of the broad cross section of markets we serve and because of the growth opportunities in countries we have never been represented in.
Such opportunities to gain new customers around the world by working closely with the maxon local subsidiaries will continue to be a core part of the strategic growth plans for Parvalux Electric Motors Limited (Parvalux). In parallel with this, Parvalux has started to invest significantly in building the skills and capabilities within its management teams, particularly in production management and operations areas as these will be necessary to position the company for the next stages in its 3 – 5 year strategic plan.
Future developments
Future opportunities for Parvalux look very significant and positive as part of the maxon group. The company can now both develop new business and sell via maxon subsidiaries in all major industrial countries. The biggest potential is in the US and we expect to see continued significant growth from this market through 2023 and onwards. Europe, in particular Austria, and Australia also show growth potential. This is in both traditionally strong markets for Parvalux like logistics and mobility but also new markets like automotive and building automation. We have a very strong project pipeline which will deliver significant growth to Parvalux with large international OEMS in the coming years in these new markets.
At the same time we will keep a focus on our domestic key markets and our direct customers for spares and repair in other regions as these are complementing maxon well. 
Page 1

 
PARVALUX ELECTRIC MOTORS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The company's activities expose it to a number of risks which could potentially affect its trading performance and financial position: The impacts of inflation, particularly being higher in the UK than other Western countries and continuation of a push and pull on Supply Chains present continued challenges for the forthcoming year. 
We are mitigating this risk by maintaining a solid supply chain, continually re-evaluating supplier options, modifying our purchasing patterns and keeping contingency stocks in our warehouse. We also ensure a tight focus on quality & reliability and generate added value for customers by providing strong design and technical capability in order to offer a strategic partnership with long-term contracts. 
Volatility in currency markets exposes the company to foreign exchange risks. In respect of sales we mitigate these by contracting with foreign customers in GBP where possible, aligning pricing with any currency fluctuations. The company manufactures and assembles virtually all of its products across our premises in Poole. 
The company is also exposed to other factors common to the majority of businesses such as the need to recruit and retain suitable staff, an increasing reliance on computer systems and technology, and the protection of the reputation and good name of the business. Significant adverse experience or events in relation to any of these factors could impact upon the companies trading performance and financial position
 
Page 2

 
PARVALUX ELECTRIC MOTORS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Financial key performance indicators
 



2023
2022
        £
        £
Sales

£18.518m

£25.251M

Gross margin as % of sales

(15.52%)

16.6%

EBITDA

(£6.680m)

£1.113M


Other key performance indicators
 
More detailed measures of profitability, cost control and asset usage, together with non-financial key performance indicators, are also used on a monthly basis to maintain control and constant improvement within the business.


This report was approved by the board and signed on its behalf.







W J Mason
Director

Date: 12 September 2024
Page 3

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The loss for the year, after taxation, amounted to £8,504,490 (2022 - profit £516,775).

Interim dividends of £nil were paid during the year (2022 - £1,500,000)

Directors

The directors who served during the year were:

E J Elmiger 
W J Mason 
A Richter 
P A Bascombe 
D Sheppard 
Dr S H Muller 

Research and development activities

The company is working with its customers to improve their product offering using the latest motor and gearbox technologies. We have successfully introduced our own-design gears and are increasing their use, replacing purchased parts. We are currently investigating unique manufacturing methods using robotics and automation to improve our existing products and to expand our capabilities.

Page 4

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Matters covered in the Strategic Report

The mandatory disclosures in relation to the material risks and uncertainties of the company as well as future developments of the company are considered by the directors to be of strategic importance. These disclosures have therefore been included in the strategic report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsShaw Gibbs (Audit) Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





W J Mason
Director

Date: 12 September 2024
Page 5

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PARVALUX ELECTRIC MOTORS LIMITED
 

Opinion


We have audited the financial statements of Parvalux Electric Motors Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.


Page 6

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PARVALUX ELECTRIC MOTORS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, 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.


Page 7

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PARVALUX ELECTRIC MOTORS LIMITED (CONTINUED)


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 an Auditors' 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:

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 designed audit procedures to respond to the risk, recognising that 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.
We focussed 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 enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
 


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 Auditors' report.
Page 8

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PARVALUX ELECTRIC MOTORS LIMITED (CONTINUED)


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 2006Our 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 an Auditors' 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.







Mark Dickinson FCA (Senior statutory auditor)
for and on behalf of
Shaw Gibbs (Audit) Limited
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT

17 September 2024
Page 9

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
18,517,890
25,250,741

Cost of sales
  
(21,393,071)
(21,063,767)

Gross (loss)/profit
  
(2,875,181)
4,186,974

Distribution costs
  
(839,014)
(646,310)

Administrative expenses
  
(3,671,146)
(3,119,443)

Other operating income
 5 
32,679
207,523

Operating (loss)/profit
 6 
(7,352,662)
628,744

Interest receivable and similar income
 10 
5,359
4,447

Interest payable and similar expenses
 11 
(1,738,505)
(358,582)

(Loss)/profit before tax
  
(9,085,808)
274,609

Tax on (loss)/profit
 12 
581,318
242,166

(Loss)/profit for the financial year
  
(8,504,490)
516,775

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 14 to 29 form part of these financial statements.
Page 10

 
PARVALUX ELECTRIC MOTORS LIMITED
REGISTERED NUMBER: 00446422

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
131,533
26,061

Tangible assets
 15 
31,930,323
27,903,689

  
32,061,856
27,929,750

Current assets
  

Stocks
 16 
11,244,999
12,427,485

Debtors: amounts falling due within one year
 17 
3,884,608
3,546,152

Cash at bank and in hand
 18 
781,583
528,432

  
15,911,190
16,502,069

Creditors: amounts falling due within one year
 19 
(3,977,888)
(3,810,067)

Net current assets
  
 
 
11,933,302
 
 
12,692,002

Total assets less current liabilities
  
43,995,158
40,621,752

Creditors: amounts falling due after more than one year
 20 
(43,862,570)
(31,784,500)

Provisions for liabilities
  

Deferred tax
 21 
-
(581,318)

Other provisions
 22 
(402,105)
(20,961)

  
 
 
(402,105)
 
 
(602,279)

Net (liabilities)/assets
  
(269,517)
8,234,973


Capital and reserves
  

Called up share capital 
 23 
3,135,000
3,135,000

Profit and loss account
  
(3,404,517)
5,099,973

  
(269,517)
8,234,973

Page 11

 
PARVALUX ELECTRIC MOTORS LIMITED
REGISTERED NUMBER: 00446422
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 September 2024.






W J Mason
Director

The notes on pages 14 to 29 form part of these financial statements.
Page 12

 
PARVALUX ELECTRIC MOTORS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
3,135,000
6,083,198
9,218,198


Comprehensive income for the year

Profit for the year
-
516,775
516,775
Total comprehensive income for the year
-
516,775
516,775


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,500,000)
(1,500,000)


Total transactions with owners
-
(1,500,000)
(1,500,000)



At 1 January 2023
3,135,000
5,099,973
8,234,973


Comprehensive income for the year

Loss for the year
-
(8,504,490)
(8,504,490)
Total comprehensive income for the year
-
(8,504,490)
(8,504,490)


Total transactions with owners
-
-
-


At 31 December 2023
3,135,000
(3,404,517)
(269,517)


The notes on pages 14 to 29 form part of these financial statements.
Page 13

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Parvalux Electric Motors Limited, which is incorporated in England and Wales, registered number 00446422, is a private company limited by shares. The address of its registered office is Maxon House, Hogwood Lane, Finchampstead, Wokingham, England, RG40 4QW.
The principal place of business is 490-492 Wallisdown Road, Bournemouth, BH11 8PU.
The principal activity of the company continued to be the manufacture of small electric motors and geared units
.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Maxparv Limited as at 31 December 2022 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

During the period under review the company made a trading loss of £8,504,490 (2022: £516,775 profit). The company ended the period with a balance sheet deficit of £269,517 (2022: £8,234,973 asset position). This may call into question the company's continued ability to trade. The company continues to be supported financially by Interelectric AG and this support will remain for the foreseeable future. The directors and ultimate parent company therefore consider it is appropriate for the accounts to be prepared on a going concern basis.

Page 14

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 15

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.8

Research and development

Development costs are capitalised within intangible fixed assets where they can be identified with a specific product or project anticipated to produce future benefits, and are amortised on the straight line basis over the anticipated life of the benefits arising from the completed product or project.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.13

Intangible assets

Software is recognised at cost and amortised to the Statement of comprehensive income over its estimated economic life.

 The estimated useful lives range as follows:

Other intangible fixed assets
-
5
years

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 17

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as detailed below.

Depreciation is provided on the following basis:

Freehold property
-
Land not depreciated
Plant and machinery
-
6.7% - 25% straight line
Fixtures and fittings
-
12.5% - 33% straight line
Other fixed assets
-
Not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 18

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 19

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements:
Stock valuation
Stocks of intermediate products and finished goods contain labour and overhead elements. These elements are initially valued at standard cost. Management have made estimations and judgements to ensure the value of stocks is on an actual FIFO basis.
Stock valuation includes an assumption for the freight and duty incurred upon delivery. This rate is assigned on a part-by-part basis according to the mode of transport and country of origin most commonly used, and as a % is in line with the actual-costs incurred throughout the year. It is calculated as a mark-up on the total material cost of a component, WIP or FG.
Stock provision
The company maintains a provision for the obsolescence of stocks that requires management to make judgements and estimations. The company analyses the historic quantity and frequency of sales at the individual product level. It then uses this analysis to predict future sales. If stock of a product, or its component parts, at the balance sheet date is high relative to predicted sales, then a specific provision is made. Provisions from 25% to 100% of cost are made, based on the perceived risk of obsolescence of that part.
Warranty provision
The company maintains a provision for the cost of repairing or replacing products sold with a warranty. The provision is based on the number of products sold and still under warranty at the balance sheet date, an estimated rate of return and an estimated unit repair/replacement cost. The estimates made were based on historic experience.

Page 20

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
11,763,097
13,575,569

Rest of Europe
3,984,276
6,616,113

Rest of the world
2,770,516
5,059,059

18,517,889
25,250,741


The whole of the turnover is attributable to the manufacture, service and repair of small electric motors and geared units.


5.


Other operating income

2023
2022
£
£

Research and development tax credit
-
162,456

Sundry income
32,679
45,067

32,679
207,523



6.


Operating (loss)/profit

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

2023
2022
£
£

Research & development charged as an expense
139,527
179,936

Exchange differences
(70,938)
71,832

Other operating lease rentals
58,359
31,378


7.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
37,300
43,522
The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 21

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

2023
2022
£
£

Staff costs, including directors' remuneration, were as follows:


Wages and salaries
7,070,324
6,032,942

Social security costs
628,624
540,232

Cost of defined contribution scheme
315,632
277,266

8,014,580
6,850,440

The average monthly number of employees, including the directors, during the year was as follows:

2023
2022
No.
No.



Management
6
6

Administration and accounts
5
5

Purchasing and production
176
184

Sales
15
14

202
209


9.


Directors' remuneration

2023
2022
£
£



Directors' emoluments
191,811
185,322

Company contributions to defined contribution pension schemes
12,816
12,446

204,627
197,768

During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.
The highest paid director in 2023 and 2022 has an exemption from disclosing due to under £200,000.
The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director has an exemption from disclosing due to the above..

Page 22

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest receivable

2023
2022
£
£


Other interest receivable
5,359
4,447


11.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
-
3

Loans from group undertakings
1,738,505
358,579

1,738,505
358,582


12.


Taxation


2023
2022
£
£

Corporation tax


Adjustments in respect of previous periods
-
(265,728)


Total current tax
-
(265,728)

Deferred tax


Origination and reversal of timing differences
(581,318)
23,562

Total deferred tax
(581,318)
23,562


Taxation on loss on ordinary activities
(581,318)
(242,166)
Page 23

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(9,085,809)
274,608


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
(2,271,452)
52,176

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,153
13,750

Capital allowances for year in excess of depreciation
(1,198,025)
(178,594)

Adjustments to tax charge in respect of prior periods
-
(265,728)

Short-term timing difference leading to an increase (decrease) in taxation
(581,318)
23,562

Changes in provisions leading to an increase (decrease) in the tax charge
-
332

Unrelieved tax losses carried forward
3,467,324
112,336

Total tax charge for the year
(581,318)
(242,166)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2023
2022
£
£


Dividends paid on ordinary shares
-
1,500,000

Page 24

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Intangible assets




Software and Trademarks

£



Cost


At 1 January 2023
298,725


Additions
122,910


Disposals
(52,303)



At 31 December 2023

369,332



Amortisation


At 1 January 2023
272,664


Charge for the year on owned assets
17,431


On disposals
(52,303)



At 31 December 2023

237,792



Net book value



At 31 December 2023
131,540



At 31 December 2022
26,061



Page 25

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
8,108,539
6,706,717
873,806
17,133,818
32,822,880


Additions
-
-
-
4,691,198
4,691,198


Disposals
-
(26,055)
(59,115)
-
(85,170)


Transfers between classes
19,468,653
861,325
718,388
(21,048,366)
-



At 31 December 2023

27,577,192
7,541,987
1,533,079
776,650
37,428,908



Depreciation


At 1 January 2023
-
4,197,979
721,212
-
4,919,191


Charge for the year on owned assets
162,600
418,928
73,469
-
654,997


Disposals
-
(22,879)
(52,724)
-
(75,603)



At 31 December 2023

162,600
4,594,028
741,957
-
5,498,585



Net book value



At 31 December 2023
27,414,592
2,947,959
791,122
776,650
31,930,323



At 31 December 2022
8,108,539
2,508,738
152,594
17,133,818
27,903,689

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
4,440
4,974

Page 26

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Stocks

2023
2022
£
£

Raw materials and consumables
8,209,381
10,042,680

Work in progress (goods to be sold)
1,806,834
1,308,732

Finished goods and goods for resale
1,228,784
1,076,073

11,244,999
12,427,485


The carrying value of stocks are stated net of impairment losses which totalled £752,216 (2022 - £478,326).


17.


Debtors

2023
2022
£
£


Trade debtors
229,070
1,214,819

Amounts owed by group undertakings
3,038,380
512,706

Other debtors
410,573
1,586,968

Prepayments and accrued income
206,585
231,659

3,884,608
3,546,152



18.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
781,583
528,432



19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,541,543
2,288,915

Other taxation and social security
211,372
135,612

Other creditors
214,746
318,928

Accruals and deferred income
1,010,227
1,066,612

3,977,888
3,810,067


Page 27

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
43,862,570
31,784,500



21.


Deferred taxation




2023


£






At beginning of year
(581,318)


Charged to profit or loss
581,318



At end of year
-

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
-
(723,021)

Tax losses carried forward
-
138,284

Less short term timing differences
-
3,419

-
(581,318)


22.


Provisions




Warranty provision

£





At 1 January 2023
20,961


Charged to profit or loss
381,144



At 31 December 2023
402,105

Warranty provision
The provision is to cover the anticipated cost of returns of products held under warranty.
There is a specific provision of £37,957 (2022 - nil)

Page 28

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3,135,000 (2022 - 3,135,000) Ordinary shares of £1.00 each
3,135,000
3,135,000



24.


Capital commitments

At the period end there were capital commitments of £485,386 (2022 - £436,289) in respect of plant and machinery.


25.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £315,632 (2022 - £277,266). There is £47,366 payable to the fund at the reporting date and are included in creditors (2022 - £38,828)


26.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
41,111
405,329

Later than 1 year and not later than 5 years
43,934
13,905

85,045
419,234


27.


Related party transactions

The company has taken advantage of the exemption available under FRS102 not to disclose any related party transactions occuring with wholly owned group companies.


28.


Controlling party

Max Parv Limited hold 100% of the share capital of Parvalux Electric Motors Limited. Its registered office is Maxon House, Hogwood Lane, Finchampstead, Wokingham, Berkshire, RG40 4QW. The ultimate controlling party is Mr KW Braun by virtue of his majority shareholding.
The smallest and largest group in which the results of the company are consolidated is that headed by MaxParv Limited. The consolidated financial statements of this group are available to the public and may be obtained from Companies House.
Page 29

 
PARVALUX ELECTRIC MOTORS LIMITED
 
 
Page 30