IRIS Accounts Production v25.1.3.33 01288125 Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities true true false true true false false true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary A 1.00000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh012881252023-12-31012881252024-12-31012881252024-01-012024-12-31012881252022-12-31012881252023-01-012023-12-31012881252023-12-3101288125ns15:EnglandWales2024-01-012024-12-3101288125ns14:PoundSterling2024-01-012024-12-3101288125ns10:Director12024-01-012024-12-3101288125ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3101288125ns10:MediumEntities2024-01-012024-12-3101288125ns10:Audited2024-01-012024-12-3101288125ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3101288125ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3101288125ns10:FullAccounts2024-01-012024-12-3101288125ns10:OrdinaryShareClass12024-01-012024-12-3101288125ns10:OrdinaryShareClass22024-01-012024-12-3101288125ns10:Director22024-01-012024-12-3101288125ns10:Director32024-01-012024-12-3101288125ns10:Director42024-01-012024-12-3101288125ns10:Director52024-01-012024-12-3101288125ns10:CompanySecretary12024-01-012024-12-3101288125ns10:RegisteredOffice2024-01-012024-12-3101288125ns5:CurrentFinancialInstruments2024-12-3101288125ns5:CurrentFinancialInstruments2023-12-3101288125ns5:Non-currentFinancialInstruments2024-12-3101288125ns5:Non-currentFinancialInstruments2023-12-3101288125ns5:ShareCapital2024-12-3101288125ns5:ShareCapital2023-12-3101288125ns5:SharePremium2024-12-3101288125ns5:SharePremium2023-12-3101288125ns5:RetainedEarningsAccumulatedLosses2024-12-3101288125ns5:RetainedEarningsAccumulatedLosses2023-12-3101288125ns5:ShareCapital2022-12-3101288125ns5:RetainedEarningsAccumulatedLosses2022-12-3101288125ns5:SharePremium2022-12-3101288125ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3101288125ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-3101288125ns5:LandBuildingsns5:ShortLeaseholdAssets2024-01-012024-12-3101288125ns5:PlantMachinery2024-01-012024-12-3101288125ns5:FurnitureFittings2024-01-012024-12-3101288125ns5:MotorVehicles2024-01-012024-12-3101288125ns15:UnitedKingdom2024-01-012024-12-3101288125ns15:UnitedKingdom2023-01-012023-12-3101288125ns15:Europe2024-01-012024-12-3101288125ns15:Europe2023-01-012023-12-3101288125ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2024-01-012024-12-3101288125ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3101288125ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2024-01-012024-12-3101288125ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-01-012023-12-3101288125ns5:OwnedAssets2024-01-012024-12-3101288125ns5:OwnedAssets2023-01-012023-12-3101288125ns5:LeasedAssets2024-01-012024-12-3101288125ns5:LeasedAssets2023-01-012023-12-3101288125112024-01-012024-12-3101288125112023-01-012023-12-3101288125122024-01-012024-12-3101288125122023-01-012023-12-3101288125132024-01-012024-12-3101288125132023-01-012023-12-3101288125ns5:HirePurchaseContracts2024-01-012024-12-3101288125ns5:HirePurchaseContracts2023-01-012023-12-3101288125ns5:LandBuildingsns5:ShortLeaseholdAssets2023-12-3101288125ns5:PlantMachinery2023-12-3101288125ns5:FurnitureFittings2023-12-3101288125ns5:MotorVehicles2023-12-3101288125ns5:LandBuildingsns5:ShortLeaseholdAssets2024-12-3101288125ns5:PlantMachinery2024-12-3101288125ns5:FurnitureFittings2024-12-3101288125ns5:MotorVehicles2024-12-3101288125ns5:LandBuildingsns5:ShortLeaseholdAssets2023-12-3101288125ns5:PlantMachinery2023-12-3101288125ns5:FurnitureFittings2023-12-3101288125ns5:MotorVehicles2023-12-3101288125ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-12-3101288125ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-12-3101288125ns5:LeasedAssetsHeldAsLessee2023-12-3101288125ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-01-012024-12-3101288125ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-01-012024-12-3101288125ns5:LeasedAssetsHeldAsLessee2024-01-012024-12-3101288125ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-12-3101288125ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-12-3101288125ns5:LeasedAssetsHeldAsLessee2024-12-3101288125ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-12-3101288125ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-12-3101288125ns5:LeasedAssetsHeldAsLessee2023-12-3101288125ns5:CostValuation2023-12-3101288125ns5:AdditionsToInvestments2024-12-3101288125ns5:CostValuation2024-12-3101288125ns5:Subsidiary12024-01-012024-12-31012881251ns5:Subsidiary12024-01-012024-12-3101288125ns5:Subsidiary122024-01-012024-12-3101288125ns5:Subsidiary12024-12-3101288125ns5:Subsidiary12023-12-3101288125ns5:Subsidiary12023-01-012023-12-3101288125ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3101288125ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3101288125ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-12-3101288125ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-12-3101288125ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-12-3101288125ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3101288125ns5:HirePurchaseContracts2024-12-3101288125ns5:HirePurchaseContracts2023-12-3101288125ns5:WithinOneYear2024-12-3101288125ns5:WithinOneYear2023-12-3101288125ns5:BetweenOneFiveYears2024-12-3101288125ns5:BetweenOneFiveYears2023-12-3101288125ns5:AllPeriods2024-12-3101288125ns5:AllPeriods2023-12-3101288125ns10:OrdinaryShareClass12024-12-3101288125ns10:OrdinaryShareClass22024-12-3101288125ns5:RetainedEarningsAccumulatedLosses2023-12-3101288125ns5:SharePremium2023-12-31012881251ns10:Director12023-12-31012881251ns10:Director12022-12-31012881251ns10:Director12024-01-012024-12-31012881251ns10:Director12023-01-012023-12-31012881251ns10:Director12024-12-31012881251ns10:Director12023-12-31
REGISTERED NUMBER: 01288125 (England and Wales)















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: L Sandford
A S Homer
Ms M Wood
A K Herbert
Mrs S Devine





SECRETARY: Mrs V A Sandford





REGISTERED OFFICE: Valen House
Westgate
Aldridge
West Midlands
WS9 8DG





REGISTERED NUMBER: 01288125 (England and Wales)





AUDITORS: Tomkinson Teal (Lichfield) LLP
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:





A S Homer - Director


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.

L Sandford
A S Homer

Other changes in directors holding office are as follows:

Ms M Wood - appointed 22 October 2024
A K Herbert - appointed 22 October 2024
Mrs S Devine - appointed 22 October 2024

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:





A S Homer - Director


29 April 2025

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.




Susanna D Ault FCCA ACA (Senior Statutory Auditor)
for and on behalf of Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

29 April 2025

Valen Fittings Limited (Registered number: 01288125)

Profit and Loss Account
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

TURNOVER 3 9,069,843 8,875,625

Cost of sales (6,960,630 ) (7,237,826 )
GROSS PROFIT 2,109,213 1,637,799

Distribution costs (61,433 ) (49,024 )
Administrative expenses (1,240,451 ) (1,031,245 )
OPERATING PROFIT 5 807,329 557,530

Interest receivable and similar income 191,798 156,345
999,127 713,875

Interest payable and similar expenses 6 (831 ) (831 )
PROFIT BEFORE TAXATION 998,296 713,044

Tax on profit 7 (236,289 ) (62,926 )
PROFIT FOR THE FINANCIAL YEAR 762,007 650,118

Valen Fittings Limited (Registered number: 01288125)

Other Comprehensive Income
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 762,007 650,118


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

762,007

650,118

Valen Fittings Limited (Registered number: 01288125)

Balance Sheet
31 December 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 8 455,773 475,677
Investments 9 100,090 90
555,863 475,767

CURRENT ASSETS
Stocks 10 1,074,181 319,785
Debtors 11 6,957,048 3,652,012
Cash at bank and in hand 83,644 3,003,712
8,114,873 6,975,509
CREDITORS
Amounts falling due within one year 12 (1,119,951 ) (732,871 )
NET CURRENT ASSETS 6,994,922 6,242,638
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,550,785

6,718,405

CREDITORS
Amounts falling due after more than one
year

13

(75,000

)

(4,627

)
NET ASSETS 7,475,785 6,713,778

CAPITAL AND RESERVES
Called up share capital 16 45,000 45,000
Share premium 17 15,000 15,000
Retained earnings 17 7,415,785 6,653,778
SHAREHOLDERS' FUNDS 7,475,785 6,713,778

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2025 and were signed on its behalf by:





A S Homer - Director


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 45,000 6,003,660 15,000 6,063,660

Changes in equity
Total comprehensive income - 650,118 - 650,118
Balance at 31 December 2023 45,000 6,653,778 15,000 6,713,778

Changes in equity
Total comprehensive income - 762,007 - 762,007
Balance at 31 December 2024 45,000 7,415,785 15,000 7,475,785

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 4% on cost
Plant and machinery - 33% on cost, 25% on cost and 10% on cost
Fixtures and fittings - 25% on reducing balance and 10% on cost
Motor vehicles - 25% on cost

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 2,284,907 2,949,267
Europe 6,474,988 1,191,282
Rest of the World 309,948 4,735,076
9,069,843 8,875,625

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 3,552,136 2,774,181
Social security costs 380,006 294,221
Other pension costs 91,491 65,898
4,023,633 3,134,300

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

Production 69 63
Administration 7 8
76 71

2024 2023
£    £   
Directors' remuneration 173,704 139,228
Directors' pension contributions to money purchase schemes 3,095 3,120

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 1

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 28,728 8,261
Other operating leases 176,500 176,500
Depreciation - owned assets 71,896 65,971
Depreciation - assets on hire purchase contracts 12,199 10,142
Profit on disposal of fixed assets (6,500 ) (16,360 )
Foreign exchange differences 31,530 (21,271 )
Research and development expenditure 22,238 3,711
Auditors remuneration 7,150 6,825
Auditors remuneration - accounting services 7,650 7,275

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase 831 831

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 - (128 )

Deferred tax 236,289 63,054
Tax on profit 236,289 62,926

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 998,296 713,044
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.500%)

249,574

167,565

Effects of:
Expenses not deductible for tax purposes 771 928
Capital allowances in excess of depreciation (1,640 ) (12,519 )
Utilisation of tax losses (248,705 ) (155,974 )
Adjustments to tax charge in respect of previous periods - (128 )
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 606,354 4,531,160 307,035 180,257 5,624,806
Additions - 64,191 - - 64,191
Disposals - (12,394 ) - - (12,394 )
At 31 December 2024 606,354 4,582,957 307,035 180,257 5,676,603
DEPRECIATION
At 1 January 2024 345,259 4,423,643 298,559 81,668 5,149,129
Charge for year 24,254 27,837 2,119 29,885 84,095
Eliminated on disposal - (12,394 ) - - (12,394 )
At 31 December 2024 369,513 4,439,086 300,678 111,553 5,220,830
NET BOOK VALUE
At 31 December 2024 236,841 143,871 6,357 68,704 455,773
At 31 December 2023 261,095 107,517 8,476 98,589 475,677

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 41,409 23,995 65,404
Additions 27,468 - 27,468
Transfer to ownership (6,887 ) - (6,887 )
At 31 December 2024 61,990 23,995 85,985
DEPRECIATION
At 1 January 2024 4,142 7,500 11,642
Charge for year 6,199 6,000 12,199
Transfer to ownership (690 ) - (690 )
At 31 December 2024 9,651 13,500 23,151
NET BOOK VALUE
At 31 December 2024 52,339 10,495 62,834
At 31 December 2023 37,267 16,495 53,762

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 90
Additions 100,000
At 31 December 2024 100,090
NET BOOK VALUE
At 31 December 2024 100,090
At 31 December 2023 90

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

Anvil Alloys Limited
Registered office: Valen House, Westgate, Aldridge, West Midlands WS9 8DG
Nature of business: Manufacturer of aluminium piping products
%
Class of shares: holding
Ordinary A 100.00
Ordinary B 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,057,097 498,141
Profit for the year 558,956 451,139

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 99,198 56,183
Work-in-progress 974,983 263,602
1,074,181 319,785

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,210,644 1,319,954
Amounts owed by group undertakings 5,407,905 265,165
Amounts owed by participating interests 830 830
Other debtors 275 1,509,000
Directors' current accounts 30,000 30,000
Tax 9,750 9,750
VAT 19,464 36,440
Deferred tax asset 187,550 423,839
Prepayments 90,630 57,034
6,957,048 3,652,012

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) 19,459 28,016
Trade creditors 593,863 482,770
Amounts owed to group undertakings 98,136 -
Social security and other taxes 161,524 101,381
Directors' current accounts 25,000 -
Accrued expenses 221,969 120,704
1,119,951 732,871

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) - 4,627
Directors' loan accounts 75,000 -
75,000 4,627

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 19,459 28,016
Between one and five years - 4,627
19,459 32,643

Non-cancellable operating leases
2024 2023
£    £   
Within one year 176,500 176,500
Between one and five years - 176,500
176,500 353,000

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: £    £   
33,750 Ordinary A £1 33,750 33,750
11,250 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 6,653,778 15,000 6,668,778
Profit for the year 762,007 762,007
At 31 December 2024 7,415,785 15,000 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
£    £   
A S Homer
Balance outstanding at start of year 30,000 30,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 30,000 30,000

This advance is repayable on demand and is interest free.