Company registration number 12423367 (England and Wales)
NACIONAL SAFETY VALVES UK LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NACIONAL SAFETY VALVES UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
NACIONAL SAFETY VALVES UK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
23,223
28,743
Current assets
Stocks
34,269
41,391
Debtors
4
33,470
6,260
Cash at bank and in hand
84,836
46,038
152,575
93,689
Creditors: amounts falling due within one year
5
(237,086)
(179,992)
Net current liabilities
(84,511)
(86,303)
Net liabilities
(61,288)
(57,560)
Capital and reserves
Called up share capital
6
100
100
Share premium account
99,900
99,900
Profit and loss reserves
(161,288)
(157,560)
Total equity
(61,288)
(57,560)

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 12423367 (England and Wales)
NACIONAL SAFETY VALVES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Nacional Safety Valves UK 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.

 

As noted in 1.2, a departure from FRS 102 has been made in respect of going concern.

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
Going concern

As explained in the post balance sheet note to the financial statements, the directors are planning to transfer the trading activity to other companies within the AC Valve Alliance Group following the year-end. Following the transfer of the trading activity, the company will have no have no activity and the directors plan to wind the company up as a result. Due to this, the financial statements have been prepared on a basis other than that of a going concern. This basis includes, where applicable, writing the company’s assets down to net realisable value. No provision has been made for the future costs of terminating the business as no such costs were committed at the reporting date.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
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 & computer equipment
25% per annum of cost
Motor vehicles
25% per annum of cost
1.5
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.

NACIONAL SAFETY VALVES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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.

1.7
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.

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.

1.8
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 received.

1.9
Retirement benefits

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

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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 .

NACIONAL SAFETY VALVES UK 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
4
4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
60,025
Depreciation and impairment
At 1 April 2023
31,282
Depreciation charged in the year
5,520
At 31 March 2024
36,802
Carrying amount
At 31 March 2024
23,223
At 31 March 2023
28,743
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
23,318
6,071
Amounts owed by group undertakings
9,547
-
0
Other debtors
-
0
189
Prepayments and accrued income
605
-
0
33,470
6,260
NACIONAL SAFETY VALVES UK 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
£
£
Trade creditors
14,109
15,668
Amounts owed to group undertakings
201,847
158,247
Taxation and social security
16,835
1,854
Accruals and deferred income
4,295
4,223
237,086
179,992
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
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.

Emphasis of matter - financial statements prepared on a basis other than going concern

We draw attention to note 1.2 of the financial statements, which indicate that the directors have decided to transfer the trading activity of the company to other companies within the AC Valve Alliance Group. Following the transfer of the trading activity, the company will have no activity and the directors plan to wind the company up as a result. Therefore, the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Our opinion is not modified in respect of this matter.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Senior Statutory Auditor:
John Griffin FCCA
Statutory Auditor:
Newby Castleman LLP
Date of audit report:
17 October 2024
8
Events after the reporting date

Since the year-end, the directors have decided to transfer the trading activity of the company to other companies within the AC Valve Alliance Group.

9
Related party transactions
Transactions with related parties

During the year purchases totalling £3,460 (2023 - £2,308) were charged by the parent undertaking. During the year sales totalling £105,255 (2023 - £35,381) were charged to the parent undertaking.

NACIONAL SAFETY VALVES UK 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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