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REGISTERED NUMBER: 00826821 (England and Wales)















Audited Financial Statements for the Year Ended 31 December 2023

for

BIS Valves Limited

BIS Valves Limited (Registered number: 00826821)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BIS Valves Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: L P Card
N E Frost
D J Kelly
Mrs K Kelly
Mrs T Thompson
A D Cossins





SECRETARY: Mrs T Thompson





REGISTERED OFFICE: Unit 17- 23 Kingfisher Park
Three Cross Road, West Moors
Wimborne
Dorset
BH21 6US





REGISTERED NUMBER: 00826821 (England and Wales)





AUDITORS: Carter & Coley Limited
Chartered Accountants and Statutory Auditors
3 Durrant Road
Bournemouth
Dorset
BH2 6NE

BIS Valves Limited (Registered number: 00826821)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 458,760 381,919
Investments 5 100 100
458,860 382,019

CURRENT ASSETS
Stocks 1,394,453 1,128,235
Debtors 6 2,355,638 2,154,965
Cash at bank and in hand 1,014,029 1,100,254
4,764,120 4,383,454
CREDITORS
Amounts falling due within one year 7 1,335,127 1,199,641
NET CURRENT ASSETS 3,428,993 3,183,813
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,887,853

3,565,832

CREDITORS
Amounts falling due after more than
one year

8

(130,508

)

(246,375

)

PROVISIONS FOR LIABILITIES (96,145 ) (30,998 )
NET ASSETS 3,661,200 3,288,459

CAPITAL AND RESERVES
Called up share capital 309,957 309,957
Share premium 77,603 77,603
Capital redemption reserve 306,510 306,510
Retained earnings 2,967,130 2,594,389
3,661,200 3,288,459

BIS Valves Limited (Registered number: 00826821)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





Mrs T Thompson - Director


BIS Valves Limited (Registered number: 00826821)

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

1. STATUTORY INFORMATION

BIS Valves Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding
discounts, rebates, value added tax and other sales taxes.

Amounts recoverable on contracts are reflected in the accounts on a contract by contract basis by recording turnover and related costs as the contract activity progresses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - in accordance with the property
Plant and machinery etc - 25% on reducing balance, 25% on cost, 20% on reducing balance and 15% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


BIS Valves Limited (Registered number: 00826821)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 82 (2022 - 76 ) .

BIS Valves Limited (Registered number: 00826821)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 274,441 2,970,527 3,244,968
Additions 24,319 152,997 177,316
Disposals - (30,600 ) (30,600 )
At 31 December 2023 298,760 3,092,924 3,391,684
DEPRECIATION
At 1 January 2023 224,119 2,638,930 2,863,049
Charge for year 10,114 84,546 94,660
Eliminated on disposal - (24,785 ) (24,785 )
At 31 December 2023 234,233 2,698,691 2,932,924
NET BOOK VALUE
At 31 December 2023 64,527 394,233 458,760
At 31 December 2022 50,322 331,597 381,919

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 26,500
At 31 December 2023 26,500
DEPRECIATION
Charge for year 2,208
At 31 December 2023 2,208
NET BOOK VALUE
At 31 December 2023 24,292

BIS Valves Limited (Registered number: 00826821)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakin
£   
COST
At 1 January 2023
and 31 December 2023 100
NET BOOK VALUE
At 31 December 2023 100
At 31 December 2022 100

6. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 1,537,793 1,402,410
Amounts owed by group undertakings 233,292 39,665
Amounts recoverable on contract 495,633 565,126
Other debtors 88,920 111,357
2,355,638 2,118,558

Amounts falling due after more than one year:
Amounts owed by group undertakings - 36,407

Aggregate amounts 2,355,638 2,154,965

BIS Valves Limited (Registered number: 00826821)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 9)
130,176

122,514
Hire purchase contracts (see note 10)
8,423

-
Payments on account 85,573 82,530
Trade creditors 589,428 554,062
Taxation and social security 168,711 178,484
Other creditors 352,816 262,051
1,335,127 1,199,641

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE
THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 9) 116,458 246,375
Hire purchase contracts (see note 10)
14,050

-
130,508 246,375

9. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 130,176 122,514
Other loans - 20,672
130,176 143,186

Amounts falling due between one and two years:
Bank loans - 1-2 years 99,900 128,782

Amounts falling due between two and five years:
Bank loans - 2-5 years 16,558 117,593

BIS Valves Limited (Registered number: 00826821)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. LOANS - continued

Included in Bank loans are two CBILS loans of £250,000 each from Funding Circle. The loans are for a term of 5 years, and are repayable by instalments, one is due to mature in July 2025 and the other in March 2026.

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 8,423 -
Between one and five years 14,050 -
22,473 -

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 23,410 11,830
Between one and five years 150,828 146,069
174,238 157,899

11. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 22,473 -
Loan from BIS Valves RBS - 20,672
22,473 20,672

The loan from BIS Valves RBS is secured on the freehold property at Unit 17 Kingfisher Park, West Moors, Wimborne, Dorset, BH21 6US.

BIS Valves Limited (Registered number: 00826821)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Clark BFP FCA (Senior Statutory Auditor)
for and on behalf of Carter & Coley Limited

13. RELATED PARTY DISCLOSURES

During the year the company paid rent to BIS Valves retirement benefit scheme of £89,183 (2022 £78,467).

At the year end the company owed £nil for a loan from BIS Valves RBS (2022 £20,672).

The trustee of the scheme is the Director Mr D.J. Kelly.


During the year the company made purchases from BIS Wells Ltd totalling £17,703 (2022 £899)

The company made sales and management charges to BIS Wells Ltd of £383,211 (2022 £281,805) in
the year.

The company paid expenses on behalf of BIS Wells Ltd of £nil (2022 £2,950) and received dividends from BIS Wells Ltd of £nil (2022 £3,708)

As at December 2023 BIS Wells Ltd owed the company £233,292 (2022 £76,072) in loans and £279,417 (2022 £70,769) in Debtors.

BIS Wells Ltd is a wholly owned subsidiary of BIS Valves Limited.

During the year the directors were paid dividends of £90,637 (2022 £nil).