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South Wales Industrial Valves Services Limited
























Financial statements



For the year ended 31 December 2023



Registered number: 01582669

 
South Wales Industrial Valves Services Limited - Registered number: 01582669

Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
6,763
17,485

Tangible assets
 5 
369,879
373,823

  
376,642
391,308

Current assets
  

Stocks
  
59,840
96,633

Debtors
 6 
1,067,744
799,376

Cash at bank and in hand
 7 
285,457
338,292

  
1,413,041
1,234,301

Creditors: amounts falling due within one year
 8 
(1,017,105)
(886,030)

Net current assets
  
 
 
395,936
 
 
348,271

Total assets less current liabilities
  
772,578
739,579

Creditors: amounts falling due after more than one year
 9 
(123,822)
(180,481)

Provisions for liabilities
  

Deferred tax
 11 
(83,356)
(89,161)

  
 
 
(83,356)
 
 
(89,161)

Net assets
  
565,400
469,937


Capital and reserves
  

Called up share capital 
  
47,112
47,112

Share premium account
  
13,334
13,334

Capital redemption reserve
  
188,981
188,981

Profit and loss account
  
315,973
220,510

  
565,400
469,937


Page 1

 
South Wales Industrial Valves Services Limited - Registered number: 01582669

Statement of financial position (continued)
As at 31 December 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board on 30 April 2024  and were signed on its behalf by:




Steve Jones
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
South Wales Industrial Valves Services Limited

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

South Wales Industrial Valves Services Limited is a private company limited by shares and its registered office and principal place of business is Swansea West Business Park Queensway, Fforestfach, Swansea, SA5 4DH.

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 Section 1A of Financial Reporting, Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,' ('FRS 102') and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover 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. Turnover 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

Turnover 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.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

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.

 
2.4

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.

Page 3

 
South Wales Industrial Valves Services Limited

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

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 the profit or loss when they fall due. Amounts not paid are shown in the 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. 

 
2.7

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.

 
2.8

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Page 4

 
South Wales Industrial Valves Services Limited

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.9

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
10%
reducing balance

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

Page 5

 
South Wales Industrial Valves Services Limited

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

Basic financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties,
loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other
accounts receivable and payable, are initially measured at present value of the future cash flows and
subsequently at amortised cost using the effective interest method. Debt instruments that are payable or
receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at
the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the
arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt
deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate,
the financial asset or liability is measured, initially at the present value of future cash flows discounted at a
market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as
a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting
period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss
is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between
an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original
effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any
impairment loss is the current effective interest rate determined under the contract.


 
2.15

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.


Employees

The average monthly number of employees, including directors, during the year was 28 (2022 - 31).

Page 6

 
South Wales Industrial Valves Services Limited

 
Notes to the financial statements
For the year ended 31 December 2023

4.


Intangible assets




Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
-
52,181
52,181


Additions
8,866
-
8,866


Disposals
-
(52,181)
(52,181)



At 31 December 2023

8,866
-
8,866



Amortisation


At 1 January 2023
-
34,696
34,696


Charge for the year
2,103
10,016
12,119


On disposals
-
(44,712)
(44,712)



At 31 December 2023

2,103
-
2,103



Net book value



At 31 December 2023
6,763
-
6,763



At 31 December 2022
-
17,485
17,485



Page 7

 
South Wales Industrial Valves Services Limited

 
Notes to the financial statements
For the year ended 31 December 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
737,976
5,250
205,692
948,918


Additions
25,111
-
30,814
55,925



At 31 December 2023

763,087
5,250
236,506
1,004,843



Depreciation


At 1 January 2023
447,921
4,743
122,431
575,095


Charge for the year
33,109
127
26,633
59,869



At 31 December 2023

481,030
4,870
149,064
634,964



Net book value



At 31 December 2023
282,057
380
87,442
369,879



At 31 December 2022
290,055
507
83,261
373,823


6.


Debtors

2023
2022
£
£


Trade debtors
814,334
571,259

Amounts owed by group undertakings
141,479
96,567

Other debtors
-
111,230

Prepayments and accrued income
111,931
20,320

1,067,744
799,376


Amount owed by group are unsecured, interest free and repayable on demand.

Page 8

 
South Wales Industrial Valves Services Limited

 
Notes to the financial statements
For the year ended 31 December 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
285,457
338,292

285,457
338,292



8.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
415,012
328,168

Amounts owed to group undertakings
-
72,734

Corporation tax
192,752
98,857

Other taxation and social security
140,856
144,976

Obligations under finance lease and hire purchase contracts
77,562
56,212

Other creditors
19,776
19,250

Accruals and deferred income
171,147
165,833

1,017,105
886,030




9.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Bank loans
24,167
58,605

Net obligations under finance leases and hire purchase contracts
99,655
121,876

123,822
180,481


Page 9

 
South Wales Industrial Valves Services Limited

 
Notes to the financial statements
For the year ended 31 December 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due 2-5 years

Bank loans
24,167
58,605


24,167
58,605


24,167
58,605


Bank loans accrue interest at a rate of 2.5% per annum and are repayable within 3 years.


11.


Deferred taxation




2023


£






At beginning of year
(89,161)


Charged to profit or loss
5,805



At end of year
(83,356)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(87,679)
(91,639)

Short term timing differences
4,323
2,478

(83,356)
(89,161)


12.


Contingent liabilities

The company had no contingent liabilities at 31 December 2023 or 31 December 2022.


13.


Capital commitments

The company had no capital commitments at 31 December 2023 or 31 December 2022.

Page 10

 
South Wales Industrial Valves Services Limited

 
Notes to the financial statements
For the year ended 31 December 2023

14.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from
those of the company in independently administered funds. The pension cost charge represents contributions
payable by the company to the fund and amounted to £35,710 (2022 - £36,810). Contributions totalling £5,291
(2022 - £9,911) were payable to the fund at the reporting date and are inducted in creditors.


15.


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
71,500
65,275

Later than 1 year and not later than 5 years
128,833
199,875

200,333
265,150


16.


Related party transactions

The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not
disclosed transactions with the immediate parent company or any wholly owned subsidiary undertakings of the
group headed by Amcomri Group Limited.


17.


Controlling party

The smallest group of undertakings for which consolidated group accounts, which include the company, have been drawn up is headed by Amcomri Group Limited. Amcomri Group Limited has its registered office at 46/48 Beak
Street, London, W1F 9RJ.


18.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 1 May 2024 by Peter Chapman (Senior statutory auditor) on behalf of Buzzacott LLP.

Page 11