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For the year ended 31 December 2023
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Registered number: 10439075
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Information for filing with the registrar
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IVS Swansea Limited - Registered number: 10439075
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Statement of financial position
As at 31 December 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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:
The notes on pages 2 to 6 form part of these financial statements.
Page 1
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Notes to the financial statements
For the year ended 31 December 2023
The company is a private company limited by shares and incorporated in England and Wales. The registered office is 46/48 Beak Street, London, W1F 9RJ.
2.Accounting policies
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Basis of preparation of financial statements
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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 The Financial Reporting Standard, '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:
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Exemption from preparing consolidated financial statements
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The company is a parent company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established in the UK and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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.
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.
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Page 2
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
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.
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Cash and cash equivalents
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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.
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.
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.
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.
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The average monthly number of employees, including directors, during the year was 4 (2022 - 3).
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Investments in subsidiary companies
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Page 3
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Notes to the financial statements
For the year ended 31 December 2023
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At 31 December 2023, the following was a subsidiary undertaking of the company:
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South Wales Industrial Valves Services Limited
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On 11 April 2023, Reliance Control Systems Limited was dissolved and the entity ceased to be a subsidiary on this date.
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Amounts owed by group undertakings
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Included within amounts due from group undertakings are balances from the subsidiary company, South Wales Industrial Valve Services Limited totalling £30,001 (2022 - £30,001). The balance is interest free and has no fixed terms for repayment. This balance is secured over the assets of the subsidary company.
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Cash and cash equivalents
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Page 4
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Notes to the financial statements
For the year ended 31 December 2023
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The following liabilities were secured:
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Details of security provided:
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The above loan is secured by a fixed and floating charge over the assets of the company.
The loan due to the subsidiary is interest free and has no fixed terms for repayment.
The company had no contingent liabilities as at 31 December 2023 or 31 December 2022.
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The company had no capital commitments at 31 December 2023 or 31 December 2022.
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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 £4,560 (2022 - £Nil). Contributions totalling £1,448
(2022 - £Nil) were payable to the fund at the reporting date and are inducted in creditors.
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Related party transactions
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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.
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Page 5
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Notes to the financial statements
For the year ended 31 December 2023
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.
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 6
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