Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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PARVALUX ELECTRIC MOTORS LIMITED
COMPANY INFORMATION
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PARVALUX ELECTRIC MOTORS LIMITED
CONTENTS
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PARVALUX ELECTRIC MOTORS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The principal activity of the company continued to be the design and manufacture of sub-1kW electric motors and geared units.
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.
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PARVALUX ELECTRIC MOTORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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PARVALUX ELECTRIC MOTORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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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.
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 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.
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)
The directors who served during the year were:
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.
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PARVALUX ELECTRIC MOTORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
There have been no significant events affecting the Company since the year end.
The auditors, Shaw Gibbs (Audit) Limited, will 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.
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PARVALUX ELECTRIC MOTORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PARVALUX ELECTRIC MOTORS LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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PARVALUX ELECTRIC MOTORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PARVALUX ELECTRIC MOTORS LIMITED (CONTINUED)
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 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.
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.
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.
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PARVALUX ELECTRIC MOTORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PARVALUX ELECTRIC MOTORS LIMITED (CONTINUED)
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.
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PARVALUX ELECTRIC MOTORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PARVALUX ELECTRIC MOTORS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in 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.
for and on behalf of
Wey Court West
Union Road
Surrey
GU9 7PT
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PARVALUX ELECTRIC MOTORS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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PARVALUX ELECTRIC MOTORS LIMITED
REGISTERED NUMBER: 00446422
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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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
The notes on pages 14 to 29 form part of these financial statements.
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PARVALUX ELECTRIC MOTORS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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PARVALUX ELECTRIC MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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:
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.
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.
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PARVALUX ELECTRIC MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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PARVALUX ELECTRIC MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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PARVALUX ELECTRIC MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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:
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PARVALUX ELECTRIC MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (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:
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.
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PARVALUX ELECTRIC MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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PARVALUX ELECTRIC MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (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.
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.
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PARVALUX ELECTRIC MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Analysis of turnover by country of destination:
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PARVALUX ELECTRIC MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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PARVALUX ELECTRIC MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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PARVALUX ELECTRIC MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
12.Taxation (continued)
There were no factors that may affect future tax charges.
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PARVALUX ELECTRIC MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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PARVALUX ELECTRIC MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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PARVALUX ELECTRIC MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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PARVALUX ELECTRIC MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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PARVALUX ELECTRIC MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
At the period end there were capital commitments of £485,386 (2022 - £436,289) in respect of plant and machinery.
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)
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.
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PARVALUX ELECTRIC MOTORS LIMITED
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