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Registered number: 02887836









R P VALVES LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024






































Whitings LLP
Chartered Accountants
Greenwood House
Greenwood Court
Skyliner Way
Bury St Edmunds
Suffolk
IP32 7GY

 
R P VALVES LIMITED
 
 
COMPANY INFORMATION


Directors
R A C Palmer 
S P Withers 
K E Frost 
S J Pooley 
M R George 
N R Amor 




Registered number
02887836



Registered office
Merlin House
Fred Dannatt Road

Mildenhall

Bury St Edmunds

Suffolk

IP28 7RD




Independent auditors
Whitings LLP
Chartered Accountants & Statutory Auditor

Greenwood House

Greenwood Court

Skyliner Way

Bury St Edmunds

Suffolk

IP32 7GY





 
R P VALVES LIMITED
 

CONTENTS



Page
Group strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Consolidated statement of comprehensive income
8
Consolidated balance sheet
9
Company balance sheet
10 - 11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Consolidated analysis of net debt
15
Notes to the financial statements
16 - 33


 
R P VALVES LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

Introduction
 
The directors present their strategic report for the year ended 31 January 2024.

Business review
 
The Group's principal activity continues to be the sale of valves to the oil and gas industry.
The Group’s trading is directly affected by global oil prices which decreased during reporting period. This resulted in a decrease in revenues from its US operation although it did see an increase in sales to the European market. Overall turnover reported has decreased following a significant increase in 2023 but still remains ahead of that reported in 2022 and 2021. The Group's key performance indicators are detailed below and the directors are pleased overall with the results for the year.
The Group continues to hold significant stock levels as part of its long term strategy and therefore the directors have to make a reasonable assumption on the recoverability of ageing stock, particularly given market conditions in recent years. A write down has been included in cost of sales for the reporting period.
Since the balance sheet date, oil prices have, on average, remained steady. The Group continues to trade, and from a strong asset position.

Principal risks and uncertainties
 
Along with the market risks detailed above the main risks which affect the Group are credit and foreign currency
risk.

Credit risk arises principally from trade debtors. This is mitigated by assessing the credit worthiness of customers on an ongoing basis.

Foreign currency risk arises from purchases and sales in currencies other than the Group's reporting currency. This is mitigated by the company holding cash balances in currencies to which it is exposed to fluctuations.

Financial key performance indicators
 
The Group's financial key performance indicators are as follows:-

Percentage decrease in sales 6.5% (2023 increase - 87.3%)
Gross profit margin 55.1% (2023 - 54.8%)
Net profit margin 38.9% (2023 - 41.3%)


This report was approved by the board and signed on its behalf.



K E Frost
Director

Date: 18 October 2024

Page 1

 
R P VALVES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £6,930,312 (2023 - £8,249,967).

There were no dividends declared for this financial year.

Directors

The directors who served during the year were:

R A C Palmer 
S P Withers 
K E Frost 
S J Pooley 
M R George 
N R Amor 

Future developments

Future developments are shown in the strategic report.

Page 2

 
R P VALVES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

Since the balance sheet date R P Valves (EOT) Limited, as trustee of R P Valves Employee Ownership Trust, acquired a controlling interest in the Group. Further details are disclosed in note 26 to the financial statements.

Auditors

The auditorsWhitings LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





K E Frost
Director

Date: 18 October 2024

Page 3

 
R P VALVES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R P VALVES LIMITED
 

Opinion


We have audited the financial statements of R P Valves Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 January 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 4

 
R P VALVES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R P VALVES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
R P VALVES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R P VALVES LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Enquiry of management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace, and fraud; 
Enquiry of management around actual and potential litigation and claims;
Reviewing compliance with laws and regulations including ISO9001 standards;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Challenging assumptions and judgments made by management in their significant accounting estimates, such as impairment of stock; and 
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the course of normal business.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6

 
R P VALVES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R P VALVES LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jonathan Moore ACCA (Senior statutory auditor)
  
for and on behalf of
Whitings LLP
 
Chartered Accountants
Statutory Auditor
  
Greenwood House
Greenwood Court
Skyliner Way
Bury St Edmunds
Suffolk
IP32 7GY

18 October 2024
Page 7

 
R P VALVES LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
23,306,005
24,920,059

Cost of sales
  
(10,457,959)
(11,257,038)

Gross profit
  
12,848,046
13,663,021

Distribution costs
  
(1,882,455)
(1,946,595)

Administrative expenses
  
(3,128,820)
(1,473,700)

Other operating income
 5 
40,570
38,835

Operating profit
 6 
7,877,341
10,281,561

Interest receivable and similar income
 10 
1,193,676
51

Interest payable and similar expenses
 11 
-
(1,432)

Profit before taxation
  
9,071,017
10,280,180

Tax on profit
 12 
(2,140,705)
(2,030,213)

Profit for the financial year
  
6,930,312
8,249,967

  

Currency translation differences
  
(21,825)
(3,344)

Other comprehensive income for the year
  
(21,825)
(3,344)

Total comprehensive income for the year
  
6,908,487
8,246,623

Profit for the year attributable to:
  

Owners of the parent Company
  
6,930,312
8,249,967

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
6,908,487
8,246,623

  
6,908,487
8,246,623

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 16 to 33 form part of these financial statements.

Page 8

 
R P VALVES LIMITED
REGISTERED NUMBER: 02887836

CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
556,625
554,062

  
556,625
554,062

Current assets
  

Stocks
 16 
19,908,138
22,563,317

Debtors: amounts falling due within one year
 17 
3,528,402
4,776,791

Cash at bank and in hand
 18 
39,698,138
29,857,602

  
63,134,678
57,197,710

Creditors: amounts falling due within one year
 19 
(2,018,072)
(3,002,660)

Net current assets
  
 
 
61,116,606
 
 
54,195,050

Total assets less current liabilities
  
61,673,231
54,749,112

Provisions for liabilities
  

Deferred taxation
 20 
(59,197)
(43,565)

  
 
 
(59,197)
 
 
(43,565)

Net assets
  
61,614,034
54,705,547


Capital and reserves
  

Called up share capital 
 21 
100
100

Profit and loss account
 22 
61,613,934
54,705,447

  
61,614,034
54,705,547


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 October 2024.




R A C Palmer
K E Frost
Director
Director

The notes on pages 16 to 33 form part of these financial statements.

Page 9

 
R P VALVES LIMITED
REGISTERED NUMBER: 02887836

COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
503,864
482,434

Investments
 15 
190,810
190,810

  
694,674
673,244

Current assets
  

Stocks
 16 
19,027,089
22,445,757

Debtors: amounts falling due within one year
 17 
3,609,954
4,407,668

Cash at bank and in hand
 18 
36,424,524
25,377,369

  
59,061,567
52,230,794

Creditors: amounts falling due within one year
 19 
(1,927,322)
(2,906,534)

Net current assets
  
 
 
57,134,245
 
 
49,324,260

Total assets less current liabilities
  
57,828,919
49,997,504

  

Provisions for liabilities
  

Deferred taxation
 20 
(59,197)
(43,565)

  
 
 
(59,197)
 
 
(43,565)

Net assets
  
57,769,722
49,953,939

Page 10

 
R P VALVES LIMITED
REGISTERED NUMBER: 02887836
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

2024
2023
Note
£
£


Capital and reserves
  

Called up share capital 
 21 
100
100

Profit and loss account brought forward
  
49,953,839
45,294,166

Profit for the year
  
7,815,783
4,659,673

Profit and loss account carried forward
  
57,769,622
49,953,839

  
57,769,722
49,953,939


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 October 2024.


R A C Palmer
K E Frost
Director
Director

The notes on pages 16 to 33 form part of these financial statements.

Page 11

 
R P VALVES LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 February 2022
100
46,458,824
46,458,924
46,458,924



Profit for the year
-
8,249,967
8,249,967
8,249,967

Currency translation differences
-
(3,344)
(3,344)
(3,344)



At 1 February 2023
100
54,705,447
54,705,547
54,705,547



Profit for the year
-
6,930,312
6,930,312
6,930,312

Currency translation differences
-
(21,825)
(21,825)
(21,825)


At 31 January 2024
100
61,613,934
61,614,034
61,614,034


The notes on pages 16 to 33 form part of these financial statements.

Page 12

 
R P VALVES LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 February 2022
100
45,294,166
45,294,266



Profit for the year
-
4,659,673
4,659,673



At 1 February 2023
100
49,953,839
49,953,939



Profit for the year
-
7,815,783
7,815,783


At 31 January 2024
100
57,769,622
57,769,722


The notes on pages 16 to 33 form part of these financial statements.

Page 13

 
R P VALVES LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
6,930,312
8,249,967

Adjustments for:

Depreciation of tangible assets
181,444
192,900

Profit on disposal of tangible assets
(11,754)
(11,021)

Interest received
(1,193,676)
(51)

Taxation charge
2,140,705
2,030,213

Decrease in stocks
2,655,179
8,093,476

Decrease/(increase) in debtors
1,856,551
(3,043,477)

(Decrease)/increase in creditors
(1,102,318)
2,018,602

Foreign exchange differences
(19,741)
(3,344)

Corporation tax (paid)
(2,007,344)
(1,740,563)

Net cash generated from operating activities

9,429,358
15,786,702

Cash flows from investing activities

Purchase of tangible fixed assets
(218,439)
(117,021)

Sale of tangible fixed assets
44,100
15,323

Interest received
585,517
51

Net cash from investing activities

411,178
(101,647)

Net increase in cash and cash equivalents
9,840,536
15,685,055


Cash and cash equivalents at beginning of year
29,857,602
14,172,547

Cash and cash equivalents at the end of year
39,698,138
29,857,602


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
39,698,138
29,857,602

39,698,138
29,857,602


The notes on pages 16 to 33 form part of these financial statements.

Page 14

 
R P VALVES LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024




At 1 February 2023
Cash flows
At 31 January 2024
£

£

£

Cash at bank and in hand

29,857,602

9,840,536

39,698,138

Debt due within 1 year

(1,143,513)

971,050

(172,463)


28,714,089
10,811,586
39,525,675

The notes on pages 16 to 33 form part of these financial statements.

Page 15

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

R P Valves Limited is a private company limited by shares and is incorporated in England. The address of
its registered office is Merlin House, Fred Dannatt Road, Mildenhall.

R P Valves US Inc is a private company limited by shares and is incorporated in the USA. The address of
its registered office is Houston, Texas, USA.

The principal activity of the Group is the sale of valves to the oil and gas industry.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 16

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 17

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Group as lessee

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

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 18

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Straight line over the period of the lease
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
Straight line over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 19

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 20

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 21

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Impairment of stocks:

The company makes an estimate for the impairment of stocks using a formula based on the ageing of the
stock and historical experience.

Page 22

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Turnover

The whole of the turnover is attributable to the principal activity of the group.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
5,069,255
3,993,488

Rest of Europe
5,216,029
3,678,767

Rest of the world
13,020,721
17,247,804

23,306,005
24,920,059



5.


Other operating income

2024
2023
£
£

Other operating income
40,570
38,835



6.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Exchange differences
208,354
(860,309)

Other operating lease rentals
587,877
584,086


7.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
16,000
16,000

Page 23

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
2,062,565
1,633,724
1,654,534
1,226,152

Social security costs
219,728
160,623
195,129
139,728

Cost of defined contribution scheme
83,090
60,953
83,090
60,953

2,365,383
1,855,300
1,932,753
1,426,833


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Distribution
21
21
19
19



Administrative
7
8
6
7



Management
7
7
6
6

35
36
31
32


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
882,762
640,225

Group contributions to defined contribution pension schemes
2,642
2,642

885,404
642,867


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £363,336 (2023 - £301,471).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).

Page 24

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

10.


Interest receivable

2024
2023
£
£


Bank interest receivable
1,187,059
-

Other interest receivable
6,617
51

1,193,676
51


11.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
-
1,432


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,424,347
935,592

Adjustments in respect of previous periods
-
8,986


1,424,347
944,578

Foreign tax


Foreign tax on income for the year
700,726
1,103,539

700,726
1,103,539

Total current tax
2,125,073
2,048,117

Deferred tax


Origination and reversal of timing differences
15,632
(17,904)

Total deferred tax
15,632
(17,904)


Tax on profit
2,140,705
2,030,213
Page 25

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 19-25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
9,071,018
10,280,180


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%)
282,544
1,953,234

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%
1,895,988
-

2,178,532
1,953,234

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
11,538
1,960

Impact of overseas tax rates
(72,832)
105,409

Remeasurement of deferred tax for changes to rates
-
(4,297)

Other differences leading to an increase (decrease) in the tax charge
23,467
(26,093)

Total tax charge for the year
2,140,705
2,030,213

Page 26

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

13.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 February 2023
522,500



At 31 January 2024

522,500



Amortisation


At 1 February 2023
522,500



At 31 January 2024

522,500



Net book value



At 31 January 2024
-



At 31 January 2023
-


All of the Group's intangible fixed assets are held in the Parent Company.


Page 27

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

14.


Tangible fixed assets

Group






Short-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 February 2023
423,480
455,178
2,195,741
133,883
3,208,282


Additions
-
142,736
65,202
10,500
218,438


Disposals
-
(86,001)
(31,939)
-
(117,940)


Exchange adjustments
-
(2,961)
(653)
(325)
(3,939)



At 31 January 2024

423,480
508,952
2,228,351
144,058
3,304,841



Depreciation


At 1 February 2023
337,052
240,297
1,956,470
120,401
2,654,220


Charge for the year on owned assets
27,940
78,527
65,577
9,400
181,444


Disposals
-
(56,539)
(29,054)
-
(85,593)


Exchange adjustments
-
(1,125)
(523)
(207)
(1,855)



At 31 January 2024

364,992
261,160
1,992,470
129,594
2,748,216



Net book value



At 31 January 2024
58,488
247,792
235,881
14,464
556,625



At 31 January 2023
86,428
214,881
239,271
13,482
554,062

Page 28

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

           14.Tangible fixed assets (continued)


Company






Short-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£

Cost or valuation


At 1 February 2023
423,480
366,674
2,176,219
124,167
3,090,540


Additions
-
142,737
65,202
10,500
218,439


Disposals
-
(86,001)
(31,939)
-
(117,940)



At 31 January 2024

423,480
423,410
2,209,482
134,667
3,191,039



Depreciation


At 1 February 2023
337,052
218,172
1,939,257
113,625
2,608,106


Charge for the year on owned assets
27,940
60,825
68,193
7,704
164,662


Disposals
-
(56,539)
(29,054)
-
(85,593)



At 31 January 2024

364,992
222,458
1,978,396
121,329
2,687,175



Net book value



At 31 January 2024
58,488
200,952
231,086
13,338
503,864



At 31 January 2023
86,428
148,502
236,962
10,542
482,434






Page 29

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 February 2023
190,810



At 31 January 2024
190,810





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

R P Valves US Inc
Houston, Texas, USA
Sale of valves and gaskets
Ordinary
100%


16.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Finished goods and goods for resale
19,908,138
22,563,317
19,027,089
22,445,757


An impairment reversal of £289,089 (2023 - charge of £2,137,920) has been recognised in respect of slow-moving and obsolete stock.

Page 30

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
2,653,303
3,780,216
1,660,940
2,369,370

Amounts owed by group undertakings
-
-
1,128,918
1,369,033

Other debtors
192,346
946,346
150,328
635,181

Prepayments and accrued income
682,753
50,229
669,768
34,084

3,528,402
4,776,791
3,609,954
4,407,668



18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
39,698,138
29,857,602
36,424,524
25,377,369



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Payments received on account
55,121
72,710
55,121
72,710

Trade creditors
971,199
1,070,827
937,106
1,045,819

Corporation tax
553,321
435,592
553,321
435,592

Other taxation and social security
67,466
132,548
67,466
132,548

Other creditors
172,463
1,149,995
172,463
1,143,434

Accruals and deferred income
198,502
140,988
141,845
76,431

2,018,072
3,002,660
1,927,322
2,906,534


Page 31

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

20.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(43,565)
(61,469)


Charged to profit or loss
(15,632)
17,904



At end of year
(59,197)
(43,565)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(59,694)
(46,542)
(59,694)
(46,542)

Other short term timing differences
497
2,977
497
2,977

(59,197)
(43,565)
(59,197)
(43,565)

The net deferred tax expected to reverse next year is £18,414 relating to the reversal of timing differences on tangible fixed assets.


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



22.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses


23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £83,091 (2023 - £60,954). Contributions totalling £5,409 (2023 - £11,907) were payable to the fund at the balance sheet date.

Page 32

 
R P VALVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

24.


Commitments under operating leases

At 31 January 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
138,732
129,487
49,295
35,408

Later than 1 year and not later than 5 years
498,634
29,270
114,816
13,590

Later than 5 years
16,409
-
-
-

653,775
158,757
164,111
48,998


25.


Related party transactions

Some of the premises are rented from a director and the pension scheme set up for certain directors. Rent payable during the year was £502,489 (2023 - £500,490).
Included in creditors is is a balance due to a director of £167,053 (2023 - £1,131,606). The balance is interest free and repayable on demand.

Key management comprise the directors of the company.


26.


Post balance sheet events

On 28 March 2024 an Employment Ownership Trust acquired a controlling interest in the Group. Since the balance sheet date gifts totalling £25,259,940 have been paid to the Trust.


27.


Controlling party

The ultimate controlling party is R P Valves (EOT) Limited being the trustee of the R P Valves Employee Ownership Trust.

 
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