Registered number:
For the year ended
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Company Information
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Contents
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Strategic Report
For the year ended 30 September 2024
The directors present the Strategic Report for the year ended 30 September 2024.
Oliver Valvetek Limited is a recognised global market leader in its field, supplying leading companies in the oil and gas sector with high specification, high performance valves for use in subsea applications. The business continues to grow from strength to strength. We have built an enviable global reputation in the industry for reliability, quality and innovation.
The financial year to 30th September 2024 was again highly impressive in terms of financial performance, delivering year on year growth in shipments and net profitability. We continue to invest in people, equipment and capacity to drive our future growth still further, and to constantly improve the offering we provide to our customers. Shipments increased by 23.3% on the prior year, and we report turnover of £42.2 million for the full financial year. We continue to be on a strong trajectory of growth, and had anticipated another fantastic level of output following a very impressive improvement in 2023. Pre-tax profit also showed impressive year on year improvement, and we report £13.1 million for the full financial year. The management team continue to promote the principal that achieving robust gross margins are central to our ongoing success. This is a central pillar of how we manage the business. This, together with a continuous programme of cost management has enabled us to deliver extremely healthy financials this year. As mentioned, we have built a reputation for innovation and continue to utilise our dedicated Research and Development team to bring yet more products and innovative solutions to the market. We regard this as an essential investment in the future of the business, particularly as customers demand increased complexity and challenges to meet their requirements. One of our central principals is “It Can Be Done” – a belief that drives the entire ethos of the business. Our supply chain has experienced various challenges this year, impacted by a scarcity of raw materials, interruptions to global shipping, and the uncertainty caused by war and geopolitical issues around the world. Our stock levels have decreased, and it is worthy of note that a large proportion (40.1%) is work in progress and finished goods, to be shipped in the first quarter of the new financial year. Trade receivables have increased year on year, a direct impact of the significant increase in shipments. We continually review our debtors, and work proactively with customers to recover funds in a timely manner. Net assets have increased significantly, we have a very healthy order book, and we have increased capacity and efficiency across the facility. The oil and gas sector has experienced some volitivity in recent years with a variety of external influences and restructuring activities with some of our key customers, but there are many opportunities for the business to pursue. Principal risks and uncertainties Financial instruments The company's principal financial instruments comprise bank balances, bank loans, trade creditors, trade debtors and operating lease agreements. The main purpose of these instruments is to finance the company's operations. Due to the nature of the financial instruments used by the company, there is little exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below. In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexible borrowing.
Page 1
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Strategic Report (continued)
For the year ended 30 September 2024
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
The company is a lessee in respect of operating leased assets. The liquidity risk in respect of these is managed in the same way as trade creditors above. Currency risk is managed through the pricing strategy.
Other risks & uncertainties
The ongoing events in the Middle East and Ukraine have impacted the global economy, causing uncertainty and challenges to the oil and gas sector. As a business we are not immune to this, as we operate internationally. We mitigate these challenges as far as possible, having contingencies in place to source material, giving due consideration to extended lead times etc. Oil prices continue to fluctuate, and we monitor this carefully. We anticipate there will continue to be a high degree of movement as geopolitical events take effect, such as the change in political leadership in the United States. The management team regularly discuss and consider how these scenarios can impact the business. Financial key performance indicators The company's financial KPI's focus on a number of critical areas the "Gross Margin is King" philosophy remains the major factor in shaping the future success of the business and this is evidenced by the improving performance year on year. Business liquidity runs in parallel with margins and is very closely monitored through both Debtors and Creditors management. Other financial KPI's are as follows: Current ratio 3.96 (2023 – 2.33) Cashflow forecasting – our forecast for the coming year indicates a continued positive cash position. Turnover – Actual £42.2M versus forecast £41.5M Overhead expenditure – £5.7M vs prior year £5M Inventory ratio 7:1 (2023 – 4:1) – high degree of WIP
Non-financial performance indicators are numerous but centre on the following:
Customer Order on Time Delivery performance Customer Order Overdue Sales Order intake versus forecast Total Sales Order Backlog Supplier On Time Delivery Performance Employee workforce management Quality Assurance Health & Safety
This report was approved by the board and signed on its behalf.
Page 2
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek 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.
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
The profit for the year, after taxation, amounted to £10,062,709 (2023 - £8,519,073).
Dividends paid during the year amounted to £3,500,000 (2023 - £3,000,000).
The directors who served during the year were:
The likely future developments in the company's business are detailed in the Strategic Report.
Page 3
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Directors' Report (continued)
For the year ended 30 September 2024
There have been no significant events affecting the company since the year end.
The auditors, Hurst Accountants Limited, will 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.
Page 4
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Independent Auditors' Report to the Members of Oliver Valvetek Limited
We have audited the financial statements of Oliver Valvetek Limited (the 'company') for the year ended 30 September 2024, which comprise the statement of comprehensive income, the statement of financial position, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of significant accounting policies. The 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).
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.
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.
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 Report. Our 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 5
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Independent Auditors' Report to the Members of Oliver Valvetek Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 strategic report or the directors' report.
Page 6
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Independent Auditors' Report to the Members of Oliver Valvetek Limited (continued)
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 7
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Independent Auditors' Report to the Members of Oliver Valvetek 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.
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 2006. Our 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Cheshire
SK1 3GG
Page 8
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Statement of Comprehensive Income
For the year ended 30 September 2024
Page 9
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Registered number: 02938776
Statement of Financial Position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 29 form part of these financial statements.
Page 10
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Statement of Changes in Equity
For the year ended 30 September 2024
Statement of Changes in Equity
For the year ended 30 September 2023
Page 11
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Statement of Cash Flows
For the year ended 30 September 2024
Page 12
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Analysis of Net Debt
For the year ended 30 September 2024
Page 13
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Oliver Valvetek Limited is a private company limited by share capital incorporated in England, registered number 02938776. The address of the registered office and principal place of business is Parkgate Industrial Estate, Knutsford, Cheshire, WA16 8DX.
The nature of the company’s operation and its principal activity is the manufacture of high performance pipeline valves for the oil, gas, power generation and petrochemical industries on a global supply basis.
2.Accounting policies
The financial statements have been prepared under the historical cost convention 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 management to exercise judgement in applying the company's accounting policies (see note 3). The following principal accounting policies have been applied:
Functional and presentational 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.
Page 14
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Notes to the Financial Statements
For the year ended 30 September 2024
2.Accounting policies (continued)
Page 15
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Notes to the Financial Statements
For the year ended 30 September 2024
2.Accounting policies (continued)
At each reporting date the company 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.
Page 16
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Notes to the Financial Statements
For the year ended 30 September 2024
2.Accounting policies (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:
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.
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.
Page 17
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Notes to the Financial Statements
For the year ended 30 September 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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 18
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Provision for obsolete and slow moving stocks The company reviews its stocks to assess loss on account of obsolescence on a regular basis. In determining whether provision for obsolescence should be recorded in the profit or loss, the company makes judgements as to whether there is any observable data indicating that there is any future saleability of the product and the estimated net realisable value for such product. Accordingly, provision for impairment is made where the net realisable value is less than the cost based on best estimates by the management. The provision for obsolescence of stock is based on the ageing and historical sales pattern. At 30 September 2024, the carrying value of stocks was £6,300,653 (2023 - £7,705,822). Investment property The management of the company exercises significant judgement in estimating the fair value of property. At 30 September 2024, the company has investment property with a carrying value of £1,051,427 (2023 - £1,036,344). Other estimates and judgements Management of the company also exercises significant judgement in estimating the useful life of tangible fixed assets. At 30 September 2024, the carrying value of tangible fixed assets was £953,772 (2023 - £807,907). Should these estimates vary, the income statement and statement of financial position of the following years could be significantly impacted.
The whole of the turnover is attributable to the principal activity of the business.
A geographical analysis of turnover is as follows:
Page 19
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 20
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 21
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 22
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Notes to the Financial Statements
For the year ended 30 September 2024
No formal valuation has been carried out on the investment property as management have assessed the difference between carrying value and fair value to be immaterial.
Page 23
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 24
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 25
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 26
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Profit and loss account
Comprises all current and prior period retained profits and losses.
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 £178,411 (2023 - £159,341). Contributions totalling £35,520 (2023 - £31,182) were payable to the fund at the reporting date.
Page 27
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 28
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oliver Valvetek Limited
Notes to the Financial Statements
For the year ended 30 September 2024
The company is controlled by Dr Michael R Oliver OBE DL who holds the majority of the voting share capital.
Page 29
|