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REGISTERED NUMBER: 01036179 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

THE PETER SMITH VALVE COMPANY LIMITED

THE PETER SMITH VALVE COMPANY LIMITED (REGISTERED NUMBER: 01036179)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Statement of Changes in Equity 3

Notes to the Financial Statements 4


THE PETER SMITH VALVE COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: P N Smith
Mrs L K Smith





SECRETARY: Mrs L K Smith





REGISTERED OFFICE: 29 Arboretum Street
Nottingham
Nottinghamshire
NG1 4JA





REGISTERED NUMBER: 01036179 (England and Wales)





AUDITORS: Lemans
Statutory Auditor
29 Arboretum Street
Nottingham
Nottinghamshire
NG1 4JA

THE PETER SMITH VALVE COMPANY LIMITED (REGISTERED NUMBER: 01036179)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 96,561 105,393

CURRENT ASSETS
Stocks 626,465 616,830
Debtors 5 321,805 391,926
Cash at bank and in hand 2,592,109 2,130,520
3,540,379 3,139,276
CREDITORS
Amounts falling due within one year 6 632,674 421,125
NET CURRENT ASSETS 2,907,705 2,718,151
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,004,266

2,823,544

CAPITAL AND RESERVES
Called up share capital 8 38,000 38,000
Capital redemption reserve 2,000 2,000
Retained earnings 2,964,266 2,783,544
SHAREHOLDERS' FUNDS 3,004,266 2,823,544

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 29 November 2024 and were signed on its behalf by:





P N Smith - Director


THE PETER SMITH VALVE COMPANY LIMITED (REGISTERED NUMBER: 01036179)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 38,000 2,558,198 2,000 2,598,198

Changes in equity
Dividends - (200,000 ) - (200,000 )
Total comprehensive income - 425,346 - 425,346
Balance at 31 March 2023 38,000 2,783,544 2,000 2,823,544

Changes in equity
Dividends - (300,000 ) - (300,000 )
Total comprehensive income - 480,722 - 480,722
Balance at 31 March 2024 38,000 2,964,266 2,000 3,004,266

THE PETER SMITH VALVE COMPANY LIMITED (REGISTERED NUMBER: 01036179)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

The Peter Smith Valve Company 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 33% on cost and 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is determined on a first in first out basis.

Work in progress and finished goods are valued at the lower of cost and net realisable value and include direct cost incurred and attributable production overheads with due allowance made 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.

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.

THE PETER SMITH VALVE COMPANY LIMITED (REGISTERED NUMBER: 01036179)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

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 16 (2023 - 17 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 139,461 77,158 191,436 408,055
Additions 20,032 - - 20,032
At 31 March 2024 159,493 77,158 191,436 428,087
DEPRECIATION
At 1 April 2023 132,968 73,668 96,026 302,662
Charge for year 5,304 932 22,628 28,864
At 31 March 2024 138,272 74,600 118,654 331,526
NET BOOK VALUE
At 31 March 2024 21,221 2,558 72,782 96,561
At 31 March 2023 6,493 3,490 95,410 105,393

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 292,634 363,659
Amounts owed by group undertakings 5,585 5,585
Other debtors 244 244
Prepayments 23,342 22,438
321,805 391,926

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 304,643 206,770
Corporation tax 159,492 103,823
Social security and other taxes 159,486 106,779
Other creditors 9,053 3,753
632,674 421,125

THE PETER SMITH VALVE COMPANY LIMITED (REGISTERED NUMBER: 01036179)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 83,600 80,900
Between one and five years 215,625 244,375
299,225 325,275

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
38,000 Ordinary £1 38,000 38,000

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

The Report of the Auditors was unqualified.

Adrian Harby FCCA (Senior Statutory Auditor)
for and on behalf of Lemans

10. RELATED PARTY DISCLOSURES

As the company is a wholly owned subsidiary of the group headed by Peter Smith Holding Company Limited, the company has taken advantage of the exemption contained in FRS 102 Section 33.1A and has therefore not disclosed transactions with entities which form part of the group.

11. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Peter Smith Holding Company Limited which is registered in England,Company Number 13439896. The ultimate controlling party is Mr P N Smith who owns 100% of the share capital in that company.