Caseware UK (AP4) 2023.0.135 2023.0.135 302023-10-01falseNo description of principal activity32truefalse 04011572 2023-10-01 2024-09-30 04011572 2022-10-01 2023-09-30 04011572 2024-09-30 04011572 2023-09-30 04011572 c:CompanySecretary1 2023-10-01 2024-09-30 04011572 c:Director1 2023-10-01 2024-09-30 04011572 c:Director2 2023-10-01 2024-09-30 04011572 c:Director5 2023-10-01 2024-09-30 04011572 c:Director5 2024-09-30 04011572 c:Director7 2023-10-01 2024-09-30 04011572 c:Director8 2023-10-01 2024-09-30 04011572 c:Director9 2023-10-01 2024-09-30 04011572 c:RegisteredOffice 2023-10-01 2024-09-30 04011572 c:Agent1 2023-10-01 2024-09-30 04011572 d:Buildings 2023-10-01 2024-09-30 04011572 d:Buildings 2024-09-30 04011572 d:Buildings 2023-09-30 04011572 d:Buildings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 04011572 d:PlantMachinery 2023-10-01 2024-09-30 04011572 d:PlantMachinery 2024-09-30 04011572 d:PlantMachinery 2023-09-30 04011572 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 04011572 d:FurnitureFittings 2023-10-01 2024-09-30 04011572 d:FurnitureFittings 2024-09-30 04011572 d:FurnitureFittings 2023-09-30 04011572 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 04011572 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 04011572 d:CurrentFinancialInstruments 2024-09-30 04011572 d:CurrentFinancialInstruments 2023-09-30 04011572 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 04011572 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 04011572 d:ShareCapital 2024-09-30 04011572 d:ShareCapital 2023-09-30 04011572 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 04011572 d:RetainedEarningsAccumulatedLosses 2024-09-30 04011572 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 04011572 d:RetainedEarningsAccumulatedLosses 2023-09-30 04011572 d:RetainedEarningsAccumulatedLosses 2022-10-01 04011572 c:FRS102 2023-10-01 2024-09-30 04011572 c:Audited 2023-10-01 2024-09-30 04011572 c:FullAccounts 2023-10-01 2024-09-30 04011572 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 04011572 d:WithinOneYear 2024-09-30 04011572 d:WithinOneYear 2023-09-30 04011572 d:BetweenOneFiveYears 2024-09-30 04011572 d:BetweenOneFiveYears 2023-09-30 04011572 d:MoreThanFiveYears 2024-09-30 04011572 d:MoreThanFiveYears 2023-09-30 04011572 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-09-30 04011572 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-09-30 04011572 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2024-09-30 04011572 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2023-09-30 04011572 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:BetweenOneFiveYears 2024-09-30 04011572 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:BetweenOneFiveYears 2023-09-30 04011572 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 04011572









Oliver Twinsafe Valves Limited









Directors' Report and Financial Statements

For the year ended 30 September 2024

 
Oliver Twinsafe Valves Limited
 
 
Company Information


Directors
Dr Michael R Oliver OBE DL, Chairman 
Mark R Oliver 
T N Spencer (appointed 1 March 2024)
P E Shillito 
N A Howard 
P Rowlands 




Company secretary
Lynn Goryl



Registered number
04011572



Registered office
Liberty House
Haig Road

Parkgate Industrial Estate

Knutsford

Cheshire

WA16 8DX




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG




Bankers
National Westminster Bank Plc
19 Market Street

Manchester

M1 1WR




Solicitors
Hill Dickinson
50 Fountain Street

Manchester

M2 2AS





 
Oliver Twinsafe Valves Limited
 

Contents



Page
Directors' report
 
1 - 2
Independent auditors' report
 
3 - 6
Statement of income and retained earnings
 
7
Statement of financial position
 
8
Notes to the financial statements
 
9 - 15


 
Oliver Twinsafe Valves Limited
 
 
 
Directors' Report
For the year ended 30 September 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the directors' report and the 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 of the profit or loss of the company for that period.

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


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

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who served during the year were:

Dr Michael R Oliver OBE DL, Chairman 
Mark R Oliver 
P E Shillito 
N A Howard 
P Rowlands 

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'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's auditors are aware of that information.

Page 1

 
Oliver Twinsafe Valves Limited
 
 
 
Directors' Report (continued)
For the year ended 30 September 2024


Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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




Lynn Goryl
Secretary

Date: 23 February 2025

Page 2

 
Oliver Twinsafe Valves Limited
 
 
 
Independent Auditors' Report to the Members of Oliver Twinsafe Valves Limited
 

Opinion


We have audited the financial statements of Oliver Twinsafe Valves Limited (the 'company') for the year ended 30 September 2024, which comprise the statement of income and retained earnings, the statement of financial position 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 company's affairs as at 30 September 2024 and of its 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 company 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 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.

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.

Page 3

 
Oliver Twinsafe Valves Limited
 
 
 
Independent Auditors' Report to the Members of Oliver Twinsafe Valves Limited (continued)


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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 1, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Page 4

 
Oliver Twinsafe Valves Limited
 
 
 
Independent Auditors' Report to the Members of Oliver Twinsafe 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 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:

Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, Quality Management System accreditations such as ISO 9001, API specifications, and Achilles UVBD, and Anti-bribery and Corruption.

Audit response to risks identified

Our procedures to respond to the risks identified included the following:

Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
Page 5

 
Oliver Twinsafe Valves Limited
 
 
 
Independent Auditors' Report to the Members of Oliver Twinsafe Valves Limited (continued)


We have also considered the risk of fraud through management override of controls by:

Testing the appropriateness of journal entries and other adjustments, and identifying accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
 

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.

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.




Chris Stewardson (senior statutory auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG

7 March 2025
Page 6

 
Oliver Twinsafe Valves Limited
 
 
Statement of Income and Retained Earnings
For the year ended 30 September 2024

2024
2023
£
£


Turnover
9,966,603
8,634,574

Cost of sales
(7,113,527)
(6,464,581)

Gross profit
2,853,076
2,169,993

Distribution costs
(66,438)
(32,311)

Administrative expenses
(2,237,901)
(2,053,769)

Operating profit
548,737
83,913

Interest payable and similar expenses
(67,927)
(66,220)

Profit before tax
480,810
17,693

Tax on profit
5,672
344

Profit after tax
486,482
18,037


Retained earnings at the beginning of the year
2,206,208
2,188,171

Profit for the year
486,482
18,037

Retained earnings at the end of the year
2,692,690
2,206,208

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

Page 7

 
Oliver Twinsafe Valves Limited
Registered number: 04011572

Statement of Financial Position
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
106,059
84,775

Current assets
  

Stocks
 5 
456,891
2,436,347

Debtors: amounts falling due within one year
 6 
3,247,969
2,705,272

Cash at bank and in hand
  
284,028
395

  
3,988,888
5,142,014

Creditors: amounts falling due within one year
 7 
(1,401,257)
(3,019,581)

Net current assets
  
 
 
2,587,631
 
 
2,122,433

  

Net assets
  
2,693,690
2,207,208


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
2,692,690
2,206,208

  
2,693,690
2,207,208


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



Dr Michael R Oliver OBE DL
Chairman

Date: 23 February 2025

The notes on pages 9 to 15 form part of these financial statements.

Page 8

 
Oliver Twinsafe Valves Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

1.


General information

Oliver Twinsafe Valves Limited is a private company limited by share capital incorporated in England, registered number 04011572. The address of the registered office is Liberty House, Haig Road, Parkgate Industrial Estate, Knutsford, Cheshire, WA16 8DX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:

 
2.2

Going concern

Management have prepared forecasts which show the company will be able to realise its assets and discharge its liabilities in the normal course of business. Accordingly, the directors believe it is appropriate to prepare the financial statements on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company 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 company has transferred the significant risks and rewards of ownership to the buyer;
the company 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 company 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.

Revenue is recognised in accordance with the terms agreed with the customer. This is normally once the goods have been inspected and are ready for collection.

 
2.4

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.

Page 9

 
Oliver Twinsafe Valves Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Plant and machinery
-
10 - 50%
Fixtures and fittings
-
14 - 33%

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.

 
2.5

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.
At each reporting 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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.7

Financial instruments

The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans to and from related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Page 10

 
Oliver Twinsafe Valves Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.8

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. 

 
2.9

Operating leases: the company as lessee

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

 
2.10

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Page 11

 
Oliver Twinsafe Valves Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.11

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 reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.

 
2.12

Research and development

Research and development expenditure is written off in the year in which it is incurred.


3.


Employees

The average monthly number of employees, including directors, during the year was 32 (2023 - 30).

Page 12

 
Oliver Twinsafe Valves Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

4.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 October 2023
44,632
1,650,311
138,229
1,833,172


Additions
-
53,124
-
53,124



At 30 September 2024

44,632
1,703,435
138,229
1,886,296



Depreciation


At 1 October 2023
44,632
1,569,099
134,666
1,748,397


Charge for the year on owned assets
-
30,257
1,583
31,840



At 30 September 2024

44,632
1,599,356
136,249
1,780,237



Net book value



At 30 September 2024
-
104,079
1,980
106,059



At 30 September 2023
-
81,212
3,563
84,775


5.


Stocks

2024
2023
£
£

Raw materials and consumables
352,464
1,386,144

Work in progress
104,059
1,049,467

Finished goods and goods for resale
368
736

456,891
2,436,347


Page 13

 
Oliver Twinsafe Valves Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

6.


Debtors

2024
2023
£
£


Trade debtors
1,268,228
1,226,436

Amounts owed by connected companies
1,521,371
1,049,147

Other debtors
41,710
41,710

Prepayments and accrued income
121,841
98,832

Deferred taxation
294,819
289,147

3,247,969
2,705,272



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
373,275

Trade creditors
670,748
1,329,078

Amounts owed to connected companies
-
530,527

Other taxation and social security
283,426
136,918

Other creditors
137,272
178,226

Accruals and deferred income
309,811
471,557

1,401,257
3,019,581


.

Page 14

 
Oliver Twinsafe Valves Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

8.


Commitments under operating leases

At 30 September 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£

Land and Buildings


Not later than 1 year
162,835
206,536

Later than 1 year and not later than 5 years
366,667
472,179

Later than 5 years
-
100,833

529,502
779,548

2024
2023

£
£

Other


Not later than 1 year
5,769
290

Later than 1 year and not later than 5 years
666
532

6,435
822

 
Page 15