Company registration number 04390241 (England and Wales)
TECHNICAL VALVE SERVICES LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TECHNICAL VALVE SERVICES LIMITED
COMPANY INFORMATION
Directors
N A Flint
J M Findell
Secretary
J M Calvert
Company number
04390241
Registered office
Unit 6, Interlink Way South
Bardon Hill
Coalville
Leicestershire
LE67 1PH
Auditor
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Business address
Unit 6, Interlink Way South
Bardon Hill
Coalville
Leicestershire
LE67 1PH
TECHNICAL VALVE SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
TECHNICAL VALVE SERVICES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
336,850
359,578
Current assets
Stocks
64,716
50,456
Debtors
4
238,311
381,723
Cash at bank and in hand
59,656
22,260
362,683
454,439
Creditors: amounts falling due within one year
5
(125,091)
(300,028)
Net current assets
237,592
154,411
Total assets less current liabilities
574,442
513,989
Creditors: amounts falling due after more than one year
6
(467,682)
(416,281)
Provisions for liabilities
(60,153)
(32,889)
Net assets
46,607
64,819
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
46,507
64,719
Total equity
46,607
64,819

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 16 October 2024 and are signed on its behalf by:
J M Findell
Director
Company registration number 04390241 (England and Wales)
TECHNICAL VALVE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Technical Valve Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6, Interlink Way South, Bardon Hill, Coalville, Leicestershire, LE67 1PH.

1.1
Basis of preparation

These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and trade discounts. Turnover is recognised on the date of completion of the services.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% per annum of cost
Fixtures, fittings & equipment
25% per annum of cost
Motor vehicles
25% per annum of cost
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

1.5
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

TECHNICAL VALVE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.7
Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are recognised.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account .

TECHNICAL VALVE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
16
15
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
476,582
Additions
20,946
At 31 March 2024
497,528
Depreciation and impairment
At 1 April 2023
117,004
Depreciation charged in the year
43,674
At 31 March 2024
160,678
Carrying amount
At 31 March 2024
336,850
At 31 March 2023
359,578
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
48,810
20,715
Corporation tax recoverable
329
329
Amounts owed by group undertakings
189,172
356,264
Other debtors
-
0
4,415
238,311
381,723
TECHNICAL VALVE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
28,599
27,424
Trade creditors
48,555
24,996
Amounts owed to group undertakings
6,258
163,407
Taxation and social security
31,020
72,634
Other creditors
489
489
Accruals and deferred income
10,170
11,078
125,091
300,028
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
467,682
416,281

Other creditors relate to a finance lease which is secured on the asset to which the agreement relates.

7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
25 "A" Ordinary Shares of £1 each
25
25
25 "B" Ordinary Shares of £1 each
25
25
25 "C" Ordinary Shares of £1 each
25
25
25 "D" Ordinary Shares of £1 each
25
25
100
100
8
Audit report information

As the profit and loss account has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report was unqualified.

The senior statutory auditor was John Griffin FCCA.
The auditor was Newby Castleman LLP.
9
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption offered by FRS 102 from the requirement to disclosetrue transactions between wholly owned group companies.

 

TECHNICAL VALVE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
10
Parent company

The ultimate parent undertaking at the year end was The Valve & Actuation Group Limited and the intermediate parent undertaking was AC Valves & Controls Limited. Since the year-end, the ultimate parent company has changed to be AC Valve Alliance Group Holdings Limited.

 

The registered address of both A C Valves & Controls Limited and The Valve & Actuation Group Limited is the same as the company's registered office address as given in the company information page of these financial statements.

 

The company is included in the consolidated financial statements of The Valve & Actuation Group Limited, which are publicly available from Companies House, Cardiff.

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