Company registration number 03596499 (England and Wales)
THE VALVE ALLIANCE LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
THE VALVE ALLIANCE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE VALVE ALLIANCE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
98,625
91,188
Current assets
Stocks
2,684,992
1,785,596
Debtors
4
1,165,704
728,843
Cash at bank and in hand
500,254
944,725
4,350,950
3,459,164
Creditors: amounts falling due within one year
5
(1,074,444)
(759,284)
Net current assets
3,276,506
2,699,880
Total assets less current liabilities
3,375,131
2,791,068
Provisions for liabilities
(3,768)
(575)
Net assets
3,371,363
2,790,493
Capital and reserves
Called up share capital
6
4
4
Profit and loss reserves
3,371,359
2,790,489
Total equity
3,371,363
2,790,493
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 No. 03596499
THE VALVE ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
The Valve Alliance 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 goods and services supplied in the normal course of business, and is shown net of VAT and trade discounts.
Turnover from the sale of goods is recognised on the date of despatch as this is the point at which the significant risks and rewards of ownership of the goods are transferred to the customer.
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
15% 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 costs. 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.
THE VALVE ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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
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.
1.10
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 .
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
21
18
THE VALVE ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
256,306
Additions
40,699
At 31 March 2024
297,005
Depreciation and impairment
At 1 April 2023
165,118
Depreciation charged in the year
33,262
At 31 March 2024
198,380
Carrying amount
At 31 March 2024
98,625
At 31 March 2023
91,188
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
926,789
504,665
Amounts due from group undertakings
238,915
203,056
Other debtors
21,122
1,165,704
728,843
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
242,446
260,177
Amounts owed to group undertakings
486,601
309,920
Corporation tax
242,936
93,038
Other taxation and social security
87,715
81,072
Accruals and deferred income
14,746
15,077
1,074,444
759,284
THE VALVE ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
4 Ordinary shares of £1 each
4
4
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.
The senior statutory auditor was John Griffin FCCA.
The auditor was Newby Castleman LLP.
8
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
17,602
9
Related party transactions
The company has taken advantage of the exemption offered by FRS 102 from the requirement to disclose transactions between wholly owned group companies.true
10
Parent company
The ultimate parent undertaking at the year end was The Valve & Actuation Group Limited and the intermediate parent undertaking was A C 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.