Multi-valve Technology Limited SC174086 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the design and sale of valves for oil, petrochemical, gas and offshore industries. Digita Accounts Production Advanced 6.30.9574.0 true SC174086 2023-01-01 2023-12-31 SC174086 2023-12-31 SC174086 core:CurrentFinancialInstruments 2023-12-31 SC174086 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 SC174086 core:FurnitureFittingsToolsEquipment 2023-12-31 SC174086 bus:SmallEntities 2023-01-01 2023-12-31 SC174086 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC174086 bus:FilletedAccounts 2023-01-01 2023-12-31 SC174086 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC174086 bus:RegisteredOffice 2023-01-01 2023-12-31 SC174086 bus:Director1 2023-01-01 2023-12-31 SC174086 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC174086 core:FurnitureFittings 2023-01-01 2023-12-31 SC174086 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 SC174086 core:LandBuildings 2023-01-01 2023-12-31 SC174086 core:OfficeEquipment 2023-01-01 2023-12-31 SC174086 countries:Scotland 2023-01-01 2023-12-31 SC174086 2022-12-31 SC174086 core:FurnitureFittingsToolsEquipment 2022-12-31 SC174086 2022-01-01 2022-12-31 SC174086 2022-12-31 SC174086 core:CurrentFinancialInstruments 2022-12-31 SC174086 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 SC174086 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2022-12-31 SC174086 core:FurnitureFittingsToolsEquipment 2022-12-31 SC174086 core:PreviouslyStatedAmount 2022-12-31 iso4217:GBP xbrli:pure

Registration number: SC174086

Multi-valve Technology Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Multi-valve Technology Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Multi-valve Technology Limited

(Registration number: SC174086)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

694

2,202

Current assets

 

Debtors

5

46,442

64,041

Cash at bank and in hand

 

166,797

159,289

 

213,239

223,330

Creditors: Amounts falling due within one year

6

(49,798)

(14,667)

Net current assets

 

163,441

208,663

Net assets

 

164,135

210,865

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

154,135

200,865

Shareholders' funds

 

164,135

210,865

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 September 2024
 

.........................................
R A Weymes
Director

 

Multi-valve Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
14-15 Main Street
Longniddry
East Lothian
EH32 0NF

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

5% straight line

Fixtures and fittings

20% straight line

 

Multi-valve Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Office equipment

33 1/3% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 4).

 

Multi-valve Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

6,509

6,509

At 31 December 2023

6,509

6,509

Depreciation

At 1 January 2023

4,307

4,307

Charge for the year

1,508

1,508

At 31 December 2023

5,815

5,815

Carrying amount

At 31 December 2023

694

694

At 31 December 2022

2,202

2,202

5

Debtors

Current

2023
£

2022
£

Trade debtors

46,008

62,969

Other debtors

434

1,072

 

46,442

64,041

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

47,384

10,377

Directors loan

449

691

Taxation and social security

 

1,965

1,688

Other creditors

 

-

1,911

 

49,798

14,667