| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Valen Fittings Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Valen Fittings Limited |
| Valen Fittings Limited (Registered number: 01288125) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Profit and Loss Account | 9 |
| Other Comprehensive Income | 10 |
| Balance Sheet | 11 |
| Statement of Changes in Equity | 12 |
| Notes to the Financial Statements | 13 |
| Valen Fittings Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Hanover Court |
| 5 Queen Street |
| Lichfield |
| Staffordshire |
| WS13 6QD |
| Valen Fittings Limited (Registered number: 01288125) |
| Strategic Report |
| for the Year Ended 31 December 2024 |
| The directors present their strategic report for the year ended 31 December 2024. |
| OUR PRODUCTS |
| The Group manufactures high integrity welded pipe and butt-weld pipe fittings, for many types of pipework installations. We produce from a wide variety of aluminium, chromium/nickel-based alloys. All products are manufactured to fulfil specific contractual requirements. Each contract will have fully documented, sometimes unique, testing requirements. In many cases, particularly stainless products, this makes it impossible for users to purchase finished products that can fulfil the contract's original metallurgical requirements. The in-house heat treatment and test lab facilities available to Valen ensure that our production and testing lead times are minimal and, we feel unrivalled anywhere in the world. We consider that around 90% of our production is engaged in the manufacture of standard pipeline products in non-standard materials and/or sizes. Pipes are formed and welded generally in accordance with American ASTM piping specifications, while pipe fittings are usually made to conform to American ASTM or European ISO standards. Valen Fittings and Anvil Alloys manufacture products generally within a size range between 125mm (5" nominal bore), to 1200mm (48" nominal bore). Wall thicknesses generally range from 3mm to 40mm. |
| THE MARKET PLACE |
| Service companies to the natural gas and petrochemical industries remain the main consumers of our products though the burgeoning demand from various worldwide nuclear power developments takes up ever more sizable tranche's of our annual production capacity. Irrespective of which marketplace, the bulk of our production consists of small quantities of virtually handmade components. As the construction criteria of each installation has always been pre-determined by an insurer driven quality specification. Our ability to make small batches of unique parts to the highest quality requirements has made us the ultimate 'go to' company when all other sources have been found wanting. Our typical order may be just a handful of high integrity special fittings but, being custom made, they will always command a substantial premium when they are installed into one of the world's major pipework installations. Firm energy prices always result in a buoyant market for our goods. |
| ANNUAL SUMMARY AND FUTURE STRATEGY |
| 2022 was, generally, not a good year for pipe and pipe fittings supply industries. This resulted in one major German fittings manufacturer closing their business in 2023. Despite this, our group had a reasonably successful year which began with profitable orders being received by both companies. Anvil Alloys' year was primarily initiated by good orders from major european LNG plant manufacturing companies. These were followed by a steady stream of similar orders from the USA. The volumes involved clearly indicate that new LNG production capacity has now been initiated worldwide. Anvil Alloys Ltd have remained busy throughout 2023. During the first 9 months of the year, Valen received a steady stream of orders for short delivery, low volume pipes and fittings. These are classic refurbishment components, i.e. "our bread-and-butter business". Maintenance work usually slows down over the winter months and for Valen Fittings Ltd, 2023 was no exception. Order intake may have fallen at the end of the year but the level and type of quotations being received changed dramatically. Enquiries arrived for larger volumes on longer delivery times. This tells us that new offshore installations are now being started. Good orders have been won. Given that new Oil, Gas, and Power production plants can take over five years to complete, Valen Fittings Ltd are now back to full production with extra shifts being planned. Both companies can expect some good business over the next couple of years at least. |
| ON BEHALF OF THE BOARD: |
| ................................................................................ |
| A S Homer - Director |
| Date: ............................................. |
| Valen Fittings Limited (Registered number: 01288125) |
| Strategic Report |
| for the Year Ended 31 December 2024 |
| SECTION 172(1) STATEMENT |
| The Board of Directors confirm it has performed its duties in respect of section 172 of the Companies act 2006. |
| Specifically, the Board has considered long term factors that affect the Company's strategic directions. |
| The Board has engaged with its stakeholders, which assist the board in its decision-making process and in fulfilling its duty to promote the success of the Company as set out in Section 172 |
| The Board has fulfilled their duties as follows: |
| On an ongoing basis, the board assess the major risks affecting the Company and develop appropriate responses to address those risks in an efficient and affective manner. This is taken into consideration when setting goals, budgets and forecasting financial performance. This ensures that the Company understands the financial impact of these risks and can respond to them on a timely basis. |
| Employees are a key to Valen Fittings' success. The Company engages with employees on a regular basis. Supervisor, site manager and Director meetings are held to cover a range of topics such as Health & Safety, financial performance, training and compliance. The company monitors staff turnover and performance to understand staff progression within the business. |
| The Company invests in the future of the business and has a successful mentoring plan to encourage young people into the Company. |
| Valen Fittings aims to exceed its customers' expectations. We do this through communication and building strong business relationships with our clients. We further promote Valen Fittings closely with our suppliers and our local communities. We understand our responsibility with our community and work hard to show how important that relationship is to the Company. |
| ON BEHALF OF THE BOARD: |
| 29 April 2025 |
| Valen Fittings Limited (Registered number: 01288125) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of the sale and fabrication of stainless steel fittings. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 December 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| Other changes in directors holding office are as follows: |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 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 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. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| Valen Fittings Limited (Registered number: 01288125) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| AUDITORS |
| The auditors, Tomkinson Teal (Lichfield) LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Valen Fittings Limited |
| Opinion |
| We have audited the financial statements of Valen Fittings Limited (the 'company') for the year ended 31 December 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 December 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 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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. |
| 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Valen Fittings Limited |
| 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 Strategic Report or the Report of the Directors. |
| 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, 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. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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. |
| 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: |
| We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the director and other management. We discussed with the director and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
| We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all 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. |
| Report of the Independent Auditors to the Members of |
| Valen Fittings Limited |
| 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. |
| for and on behalf of |
| Hanover Court |
| 5 Queen Street |
| Lichfield |
| Staffordshire |
| WS13 6QD |
| Valen Fittings Limited (Registered number: 01288125) |
| Profit and Loss Account |
| for the Year Ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Distribution costs | ( |
) | ( |
) |
| Administrative expenses | ( |
) | ( |
) |
| OPERATING PROFIT | 5 |
| Interest receivable and similar income |
| 999,127 | 713,875 |
| Interest payable and similar expenses | 6 | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| Valen Fittings Limited (Registered number: 01288125) |
| Other Comprehensive Income |
| for the Year Ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Valen Fittings Limited (Registered number: 01288125) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| Investments | 9 |
| CURRENT ASSETS |
| Stocks | 10 |
| Debtors | 11 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 12 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Share premium | 17 |
| Retained earnings | 17 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Valen Fittings Limited (Registered number: 01288125) |
| Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Called up |
| share | Retained | Share | Total |
| capital | earnings | premium | equity |
| £ | £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 31 December 2024 |
| Valen Fittings Limited (Registered number: 01288125) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Valen Fittings Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows; |
| • | the requirement of paragraph 33.7. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Short leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
| Valen Fittings Limited (Registered number: 01288125) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Investments |
| Investments are held at cost less any permanent diminution in value. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom |
| Europe |
| Rest of the World | 309,948 | 4,735,076 |
| Valen Fittings Limited (Registered number: 01288125) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Production | 69 | 63 |
| Administration | 7 | 8 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery |
| Other operating leases |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Foreign exchange differences | ( |
) |
| Research and development expenditure |
| Auditors remuneration |
| Auditors remuneration - accounting services |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Hire purchase |
| Valen Fittings Limited (Registered number: 01288125) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 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 | ( |
) |
| Deferred tax |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| Utilisation of tax losses | ( |
) | ( |
) |
| Adjustments to tax charge in respect of previous periods | ( |
) |
| and development |
| Deferred tax | 236,289 | 63,054 |
| Total tax charge | 236,289 | 62,926 |
| Future tax charges may be reduced by available losses brought forward and carried forward. |
| Valen Fittings Limited (Registered number: 01288125) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 8. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Short | Plant and | and | Motor |
| leasehold | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Transfer to ownership | (6,887 | ) | - | (6,887 | ) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Transfer to ownership | (690 | ) | - | (690 | ) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Valen Fittings Limited (Registered number: 01288125) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 9. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: Valen House, Westgate, Aldridge, West Midlands WS9 8DG |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Anvil Alloys Limited's share capital is made up of 90 Ordinary A Shares and 10 Ordinary B Shares. |
| 10. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Raw materials |
| Work-in-progress |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Amounts owed by participating interests | 830 | 830 |
| Other debtors |
| Directors' current accounts | 30,000 | 30,000 |
| Tax |
| VAT |
| Deferred tax asset |
| Prepayments |
| Valen Fittings Limited (Registered number: 01288125) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
| Trade debtors includes an amount in the sum £nil (2023 - £332,074) which is subject to invoice discounting. |
| Other debtors includes a secured guaranteed loan in the sum of £nil (2023 - £1,509,000). The borrower was a company incorporated and registered in the United Kingdom. The loan agreement was restated on 1st December 2022 and was fully repayable by 30th November 2023. This was not repaid at that date and an extension was negotiated. The loan was repaid on 3rd October 2024. |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 14) |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| Directors' current accounts | 25,000 | - |
| Accrued expenses |
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 14) |
| Directors' loan accounts | 75,000 | - |
| 14. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 15. | SECURED DEBTS |
| A fixed and floating charge is held by Mr L and Mrs V A Sandford dated 24 October 2024. |
| Valen Fittings Limited (Registered number: 01288125) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary A | £1 | 33,750 | 33,750 |
| Ordinary B | £1 | 11,250 | 11,250 |
| 45,000 | 45,000 |
| The A Shares and B Shares shall be separate classes of shares and shall be entitled to dividends declared from time to time on a discretionary basis on each class of shares (as a separate class right), but in all other respects shall rank pari passu, including but not limited to: |
| (i) the right to receive notice of, to attend, and/or to vote at any general meeting of the Company (including but without limitation the right to receive and/or vote on any proposed written resolution(s) of the Company), |
| (ii) the right to participate in the capital of the Company (including on a winding up). |
| (iii) The A Shares and/or B Shares shall not be entitled to be redeemed whether at the option of the shareholder(s) or the Company. |
| 17. | RESERVES |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 January 2024 | 6,668,778 |
| Profit for the year |
| At 31 December 2024 | 7,430,785 |
| 18. | ULTIMATE PARENT COMPANY |
| Audie Homer Holdings Limited (incorporated in England and Wales ) is regarded by the directors as being the company's ultimate parent company. |
| 19. | CONTINGENT LIABILITIES |
| In the event that bank indebtedness arises, the company's bankers have a fixed and floating charge, and a debenture over all property and assets, dated 26 January 1979. |
| 20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| This advance is repayable on demand and is interest free. |