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REGISTERED NUMBER: 08738122 (England and Wales)

















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024

FOR

DUVAL INVESTMENTS LIMITED

DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


DUVAL INVESTMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTOR: P A Duval





REGISTERED OFFICE: 12 Market Street
Hebden Bridge
West Yorkshire
HX7 6AD





REGISTERED NUMBER: 08738122 (England and Wales)





AUDITORS: Cresswells Accountants (UK) Limited
Chartered Accountants
and Statutory Auditors
12 Market Street
Hebden Bridge
West Yorkshire
HX7 6AD

DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2024

The director presents his strategic report of the company and the group for the year ended 31st March 2024.

The main trading subsidiary of the group, Premier Mist is the UK's leading approved low pressure watermist provider. Premier Mist UK Limited are a specialist provider of low-pressure Water Mist and Sprinkler systems with a reputation for delivering an exceptional and proven product to its clients across a wide spectrum.

REVIEW OF BUSINESS
The parent company is an investment holding company with limited trading activity outside of the group. In respect of the trading subsidiary, Premier Mist UK Limited:

2023-2024 has seen the Company’s highest turnover since its incorporation and has followed the trend of its yearly increase in turnover and company growth.

There are a number of factors that have contributed to this continued growth:

i) Continual high demand within the industry resulting in the company experiencing record number
ii) To deal with growth the company has increased its staffing resources both office and site based,
iii) Further to point ii) above, the company has fostered strategic partnerships with approved subco
iv) It has also looked to commit to the longevity of its staff by promoting within house and offering
v) The company has achieved numerous industry specific accreditation's to ensure all avenues of s

The directors are happy with company performance which is in line with its forecast and expectations and see this year as part of the continued growth of the company.

FINANCIAL KEY PERFORMANCE INDICATORS (KPI’s)
The important KPI’s the company relies on are turnover and GP%, both of which have proven to fall within the parameters set out in the Director’s forecasts. Turnover continuing to grow in line with expectations and more importantly GP achieving a minimum of 30%. This is monitored regularly through the financial period to ensure standards and targets are achieved.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks that the company has highlighted that could affect the company’s growth and performance are:

Materials
Due to inflation materials are rising in cost year on year and as such the directors have found the need to build in allowances for this in their costings going forward which as a result will ensure stability and increase GP%.

Skilled installation engineers
Within such a competitive industry there is a constant battle to find enough killed workers to fulfil the company’s requirements and manage it’s order book. The company is constantly looking to increase its installation workforce. In the meantime, it is taking advantage of the large subcontractor sector in the industry which comes with its own benefits.

The fragility of some of the main contractors’ financial positions and the cutthroat nature of the construction industry in general can lead to the risk of liquidation of potential clients
The company seeks to mitigate the risk of bad debt through a number of strategies. These include: the implementation of strict commercial contract review, the continual monitoring of clients’ finances through credit checks and financial reporting, limiting credit facilities when necessary, carrying out regular site audits on all projects and ensuring the risk of contracting is spread across a multiple and diverse client base.


DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2024

FUTURE PLANS FOR THE GROUP
The trading subsidiary plans to continually grow by increasing turnover year on year and aims to achieve a GP of 37%. This will be done by adjusting its costings according to material price fluctuations, increasing its resources, attaining more accreditation and opening new revenue streams through diversification. In 2024-25 the company will be purchasing large prestigious new office premises which will allow for an increase in staff, an increase in services provided/diversification such as an electrical division, a better working environment for its office based staff and will be an important and much needed step to achieving its next level/phase of growth covering the next ten years.

ON BEHALF OF THE BOARD:





P A Duval - Director


18th March 2025

DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31ST MARCH 2024

The director presents his report with the financial statements of the company and the group for the year ended 31st March 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31st March 2024 will be £ 358,650 .

DIRECTOR
P A Duval held office during the whole of the period from 1st April 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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 company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Cresswells Accountants (UK) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P A Duval - Director


18th March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DUVAL INVESTMENTS LIMITED

Opinion
We have audited the financial statements of Duval Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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).
_
In our opinion, except for the effects of the matter described in the Basis for qualified opinion paragraph, the financial statements:

-give a true and fair view of the state of the parent company's affairs as at 31st March 2024 and of
the group's profit for the year 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 qualified opinion
The comparative financial statements were not subject to audit and as such we have not been able to gain audit comfort on the opening balances.

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 Auditor's responsibilities for the audit of 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence is sufficient and appropriate to provide a basis for our qualified opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 and 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DUVAL INVESTMENTS LIMITED


Opinions 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director 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 Report of the Director.

We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DUVAL INVESTMENTS LIMITED


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures include the following:


- we obtained an understanding of the legal and regulatory frameworks applicable to the group and
parent company and the sector in which it operates. We determined the following laws and
regulations were most significant: The Companies Act 2006, FRS 102 and Health and Safety Act.
- we obtained an understanding of how the group and parent company is complying with those legal
and regulatory frameworks by making inquiries to the management.
- we assessed the susceptibility of the group and parent company's financial statements to material
misstatement including how fraud might occur. Audit procedures performed by the audit team
included:
- identifying and assessing the design effectiveness of controls management has in place to prevent
and detect fraud.
- understanding how those charged with governance considered and addressed the potential of
override of controls or other inappropriate influence over the financial reporting process.
- challenging assumptions and judgements made by management in its significant accounting
estimates.
- identifying and testing journal entries.
- assessing the extent of compliance with the relevant laws and regulations.

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 Report of the Auditors.

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 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 a Report of the Auditors 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.




John Dakin BSc FCA (Senior Statutory Auditor)
for and on behalf of Cresswells Accountants (UK) Limited
Chartered Accountants
and Statutory Auditors
12 Market Street
Hebden Bridge
West Yorkshire
HX7 6AD

18th March 2025

DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2024

2024 2023
Notes £    £   

TURNOVER 3 15,167,571 12,690,054

Cost of sales 10,555,697 8,985,084
GROSS PROFIT 4,611,874 3,704,970

Administrative expenses 3,831,224 2,960,862
OPERATING PROFIT 5 780,650 744,108

Interest receivable and similar income 31,335 22,000
811,985 766,108

Interest payable and similar expenses 6 115,634 157,825
PROFIT BEFORE TAXATION 696,351 608,283

Tax on profit 7 228,905 125,426
PROFIT FOR THE FINANCIAL YEAR 467,446 482,857
Profit attributable to:
Owners of the parent 395,752 416,942
Non-controlling interests 71,694 65,915
467,446 482,857

DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST MARCH 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 467,446 482,857


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

467,446

482,857

Total comprehensive income attributable to:
Owners of the parent 371,752 416,942
Non-controlling interests 95,694 65,915
467,446 482,857

DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)

CONSOLIDATED BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 125,970 155,645
Tangible assets 11 27,993 57,751
Investments 12 - -
Investment property 13 - 700,000
153,963 913,396

CURRENT ASSETS
Stocks 14 301,956 348,988
Debtors 15 4,093,550 2,960,374
Cash at bank and in hand 3,117,467 2,436,364
7,512,973 5,745,726
CREDITORS
Amounts falling due within one year 16 5,985,943 4,775,215
NET CURRENT ASSETS 1,527,030 970,511
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,680,993

1,883,907

CREDITORS
Amounts falling due after more than
one year

17

(452,002

)

(794,710

)

PROVISIONS FOR LIABILITIES 19 (6,998 ) -
NET ASSETS 1,221,993 1,089,197

CAPITAL AND RESERVES
Called up share capital 20 1,001 1,001
Retained earnings 21 971,712 934,610
SHAREHOLDERS' FUNDS 972,713 935,611

NON-CONTROLLING INTERESTS 22 249,280 153,586
TOTAL EQUITY 1,221,993 1,089,197

The financial statements were approved by the director and authorised for issue on 18th March 2025 and were signed by:





P A Duval - Director


DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)

COMPANY BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 1,822,585 1,746,585
Investment property 13 - 700,000
1,822,585 2,446,585

CURRENT ASSETS
Debtors 15 710,615 40,843
Cash at bank 7,840 75,586
718,455 116,429
CREDITORS
Amounts falling due within one year 16 2,496,935 2,239,050
NET CURRENT LIABILITIES (1,778,480 ) (2,122,621 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

44,105

323,964

CAPITAL AND RESERVES
Called up share capital 20 1,001 1,001
Retained earnings 21 43,104 322,963
SHAREHOLDERS' FUNDS 44,105 323,964

Company's profit for the financial year 78,791 159,534

The financial statements were approved by the director and authorised for issue on 18th March 2025 and were signed by:





P A Duval - Director


DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)

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

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1st April 2022 1,001 657,668 658,669 87,671 746,340

Changes in equity
Dividends - (140,000 ) (140,000 ) - (140,000 )
Total comprehensive income - 416,942 416,942 65,915 482,857
Balance at 31st March 2023 1,001 934,610 935,611 153,586 1,089,197

Changes in equity
Dividends - (358,650 ) (358,650 ) - (358,650 )
Total comprehensive income - 395,752 395,752 95,694 491,446
Balance at 31st March 2024 1,001 971,712 972,713 249,280 1,221,993

DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st April 2022 1,001 303,429 304,430

Changes in equity
Dividends - (140,000 ) (140,000 )
Total comprehensive income - 159,534 159,534
Balance at 31st March 2023 1,001 322,963 323,964

Changes in equity
Dividends - (358,650 ) (358,650 )
Total comprehensive income - 78,791 78,791
Balance at 31st March 2024 1,001 43,104 44,105

DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,390,878 1,564,312
Interest paid (115,634 ) (157,825 )
Tax paid (23,337 ) (198,243 )
Net cash from operating activities 1,251,907 1,208,244

Cash flows from investing activities
Purchase of tangible fixed assets (4,803 ) (21,526 )
Purchase of investment property - (700,000 )
Sale of investment property 700,000 -
Interest received 31,335 22,000
Net cash from investing activities 726,532 (699,526 )

Cash flows from financing activities
New loans in year - 329,000
Loan repayments in year (327,041 ) (336,268 )
Amount introduced by directors - 584,790
Amount withdrawn by directors (611,645 ) -
Equity dividends paid (358,650 ) (140,000 )
Net cash from financing activities (1,297,336 ) 437,522

Increase in cash and cash equivalents 681,103 946,240
Cash and cash equivalents at
beginning of year

2

2,436,364

1,490,124

Cash and cash equivalents at end
of year

2

3,117,467

2,436,364

DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 696,351 608,283
Depreciation charges 64,236 69,533
Finance costs 115,634 157,825
Finance income (31,335 ) (22,000 )
844,886 813,641
Decrease in stocks 47,032 132,979
Increase in trade and other debtors (470,494 ) (49,354 )
Increase in trade and other creditors 969,454 667,046
Cash generated from operations 1,390,878 1,564,312

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 3,117,467 2,436,364
Year ended 31st March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 2,436,364 1,490,124


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 2,436,364 681,103 3,117,467
2,436,364 681,103 3,117,467
Debt
Debts falling due within 1 year (351,041 ) 8,333 (342,708 )
Debts falling due after 1 year (794,710 ) 342,708 (452,002 )
(1,145,751 ) 351,041 (794,710 )
Total 1,290,613 1,032,144 2,322,757

DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)

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

1. STATUTORY INFORMATION

Duval Investments 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 General Information page.

The functional and presentation currency of Duval Investments Limited is considered to be pound sterling (£) because that is the currency of the primary economic environment in with the company operates. the financial statements have been prepared using round pounds only.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements consolidate the financial statements of Duval Investments Limited and its subsidiary undertaking. The acquisition method of accounting has been adopted. Under this method the results of subsidiary undertakings acquired in the period are included in the consolidated profit and loss account from the date of acquisition.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported tor assets and liabilities as at the balance sheet date and the amounts reported for turnover and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

(i) Valuation of long term contracts
The directors undertake a review, on a contract-by-contract basis, by reference to the stage of completion when the stage of completion, cost incurred and cost to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. When the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

The directors determine the need for provisions against ongoing long term contracts by reference to the stage of completeness of the contract and the expected future costs to complete the contract, assessed on a contract-by-contract basis.

(ii) Useful economic lives of tangible assets
The annual amortisation and depreciation charges for intangible and tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

(iii) Stock provisions
In determining the need for the impairment of stock the directors have made significant judgements as to the saleability of the stock that is being held in the company, together with the costs to complete and make that sale.

(iv) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the age ink profile of debtors and historical experience.

DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)

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

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised at the fair value of consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts , settlements and volume rebates.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, cost incurred and cost to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials , as a proportion of total costs. When the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Full provision is made for losses on all contracts in the year in which the loss is first foreseen.

Goodwill
Consolidated goodwill is being amortised evenly over its estimated useful life of 5 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Included within patents and licences are the costs related to the licences of the Dual Mist System which are being amortised over 25 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - over 4 years
Office equipment - 25% on cost
Plant & Machinery - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Fixed assets are initially recorded at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The company and group have chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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.

The company and group have no 'Other financial assets'.

Financial assets are derecognised when (a) the contractual rights to the cashflow from the asset expire or are settled or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party or (c) control ot the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and hire purchase contracts, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, here the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

The company and group have no 'Other financial liabilities'.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)

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

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group and parent company and is wholly generated in the United Kingdom.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,140,101 2,225,358
Social security costs 212,496 242,182
Other pension costs 37,629 41,666
2,390,226 2,509,206

The average number of employees during the year was as follows:
2024 2023

Directors 1 1
Staff 48 48
49 49

The average number of employees by undertakings that were proportionately consolidated during the year was 49 (2023 - 49 ) .

2024 2023
£    £   
Director's remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 108,892 72,916
Other operating leases 184,321 109,649
Depreciation - owned assets 34,561 40,327
Goodwill amortisation 23,850 23,849
Patents and licences amortisation 5,825 5,356
Auditors' remuneration 25,000 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest on tax due 207 389
CIS penalties and interest - 35,000
Interest on overdue tax 1,524 1,821
Loan interest 107,274 115,936
Interest on overdue tax 6,629 4,679
115,634 157,825

DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)

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

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 221,907 125,426

Deferred tax 6,998 -
Tax on profit 228,905 125,426

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 696,351 608,283
Profit multiplied by the standard rate of corporation tax in the UK
of 25 % (2023 - 19 %)

174,088

115,574

Effects of:
Expenses not deductible for tax purposes 6,680 3,543
Depreciation in excess of capital allowances 14,438 2,398
Over provision of corporation tax 27,737 (620 )
Amortisation of goodwill on consolidation 5,962 4,531
Total tax charge 228,905 125,426

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2024 2023
£    £   
Interim 358,650 140,000

DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)

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

10. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1st April 2023
and 31st March 2024 106,314 137,199 243,513
AMORTISATION
At 1st April 2023 34,765 53,103 87,868
Amortisation for year 23,850 5,825 29,675
At 31st March 2024 58,615 58,928 117,543
NET BOOK VALUE
At 31st March 2024 47,699 78,271 125,970
At 31st March 2023 71,549 84,096 155,645

11. TANGIBLE FIXED ASSETS

Group
Leasehold Office Plant &
improvements equipment Machinery
£    £    £   
COST
At 1st April 2023 147,655 83,679 136,850
Additions - - -
Disposals (66,914 ) - (89,147 )
At 31st March 2024 80,741 83,679 47,703
DEPRECIATION
At 1st April 2023 135,280 52,984 125,374
Charge for year 10,100 15,209 6,803
Eliminated on disposal (66,914 ) - (89,147 )
At 31st March 2024 78,466 68,193 43,030
NET BOOK VALUE
At 31st March 2024 2,275 15,486 4,673
At 31st March 2023 12,375 30,695 11,476

DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)

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

11. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st April 2023 27,380 39,554 435,118
Additions - 4,803 4,803
Disposals (27,380 ) (31,106 ) (214,547 )
At 31st March 2024 - 13,251 225,374
DEPRECIATION
At 1st April 2023 27,380 36,349 377,367
Charge for year - 2,449 34,561
Eliminated on disposal (27,380 ) (31,106 ) (214,547 )
At 31st March 2024 - 7,692 197,381
NET BOOK VALUE
At 31st March 2024 - 5,559 27,993
At 31st March 2023 - 3,205 57,751

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st April 2023 1,746,585
Additions 76,000
At 31st March 2024 1,822,585
NET BOOK VALUE
At 31st March 2024 1,822,585
At 31st March 2023 1,746,585

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Premier Mist UK Limited
Registered office: 12 Market Street, Hebden Bridge, West Yorkshire, HX7 6AD
Nature of business: specialised construction activities
%
Class of shares: holding
Ordinary 80.00
2024 2023
£    £   
Aggregate capital and reserves 2,753,739 2,395,270
Profit for the year 358,469 329,575

DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)

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

12. FIXED ASSET INVESTMENTS - continued

PMC Plus Group Holdings Limited
Registered office: 12 Market Street, Hebden Bridge, West Yorkshire, HX7 6AD
Nature of business: Dormant
%
Class of shares: holding
Ordinary 76.00
31.1.24 31.1.23
£    £   
Aggregate capital and reserves 100,000 100,000


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1st April 2023 700,000
Disposals (700,000 )
At 31st March 2024 -
NET BOOK VALUE
At 31st March 2024 -
At 31st March 2023 700,000

Company
Total
£   
FAIR VALUE
At 1st April 2023 700,000
Disposals (700,000 )
At 31st March 2024 -
NET BOOK VALUE
At 31st March 2024 -
At 31st March 2023 700,000

14. STOCKS

Group
2024 2023
£    £   
Stocks 301,956 348,988

DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)

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

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 64,433 3,488 - -
Amounts recoverable on contract 2,813,250 2,472,283 - -
Other debtors 287,121 250,875 - -
Directors' current accounts 755,343 143,698 708,843 38,896
Tax 51,037 - - -
VAT 118,400 33,549 - -
Prepayments and accrued income 3,966 56,481 1,772 1,947
4,093,550 2,960,374 710,615 40,843

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Other loans (see note 18) 342,708 351,041 - -
Trade creditors 2,882,184 2,727,486 - -
Amounts owed to group undertakings - - 1,516,444 1,192,661
Amounts owed to related undertakings 475,500 475,500 475,500 475,500
Tax 462,445 212,838 125,836 95,901
Social security and other taxes 46,900 218,694 - -
Other creditors 401,709 521,929 379,155 474,988
Net wages 1,283 5,155 - -
Accrued expenses 1,373,214 262,572 - -
5,985,943 4,775,215 2,496,935 2,239,050

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Other loans (see note 18) 452,002 794,710

18. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Other loans 342,708 351,041
Amounts falling due between two and five years:
Other loans - 2-5 years 452,002 794,710

DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)

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

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 6,998 -

Group
Deferred
tax
£   
Provided during year 6,998
Balance at 31st March 2024 6,998

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,001 Ordinary £1 1,001 1,001

21. RESERVES

Group
Retained
earnings
£   

At 1st April 2023 934,610
Profit for the year 395,752
Dividends (358,650 )
At 31st March 2024 971,712

Company
Retained
earnings
£   

At 1st April 2023 322,963
Profit for the year 78,791
Dividends (358,650 )
At 31st March 2024 43,104


22. NON-CONTROLLING INTERESTS

Group
2024 2023
£ £
Balance brought forward 153,586 87,671

Minority share of profit for the year 71,694 65,915
Balance carried forward 249,280 153,586

DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122)

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

23. RELATED PARTY DISCLOSURES

The director is also a director of the following companies to which a management charge was paid, Prima Contract Consultancy Plus Ltd £400,000 (2023 - £400,000), Prima Fire Installations UK Ltd £300,000 (2023 - £nil) and Prima Sprinklers UK Ltd (2023 - £nil).

During the year the company levied management charges in the sum of of £91,000 (2023 - £218,000) and received loans totalling £1,440,444 (2023 - £1,192,661) from Premier Mist UK Limited, a subsidiary undertaking.

24. ULTIMATE CONTROLLING PARTY

The controlling party is P A Duval.