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Registered number: 07304447









AIV EUROPE LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024






































Whitings LLP
Chartered Accountants & Business Advisers
Greenwood House
Greenwood Court
Skyliner Way
Bury St Edmunds
Suffolk
IP32 7GY

 
AIV EUROPE LIMITED
 
 
COMPANY INFORMATION


Directors
R G Cook III 
R N Loving 




Company secretary
Taylor Wessing Secretaries Limited



Registered number
07304447



Registered office
5 New Street Square
London

EC4A 3TW




Independent auditors
Whitings LLP

Greenwood House

Greenwood Court

Skyliner Way

Bury St Edmunds

Suffolk

IP32 7GY





 
AIV EUROPE LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Balance Sheet
10 - 11
Company Balance Sheet
12 - 13
Consolidated Statement of Changes in Equity
14
Company Statement of Changes in Equity
15
Consolidated Statement of Cash Flows
16
Consolidated Analysis of Net Debt
17
Notes to the Financial Statements
18 - 36


 
AIV EUROPE LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report on the group for the year ended 31 December 2024.

Business review
 
The group's principal activity continues to be the sale and modification of valves.
Group turnover increased from the previous year on strong demand in the oil and gas sector. Gross profit margins held steady, and group net margins improved as expenses declined.
Construction progressed during the year on the group-owned facility, which was purchased during the year by RLLR Properties UK Limited. The fitting out of the structure was still in process at year end.
Overall, the directors are pleased with the performance of the group and its position at the balance sheet date and are confident for the group’s future trading prospects.

Future developments

The directors expect the results for 2025 to remain at or slightly above 2024 levels. Stock and working capital is also expected to be similar to 2024.
The group expects AIV Europe Limited and Adanac Valve Specialities Limited to move into the new facility during the first half of 2025. 

Principal risks and uncertainties
 
The main risks are credit, foreign currency risk and market conditions.
Credit risk arises principally from trade debtors. This is mitigated by assessing the credit worthiness of customers and setting appropriate credit limits.
Foreign currency risk arises from purchases and sales in currencies other than the group's reporting currency. This is mitigated by the group holding cash balances in currencies to which it is exposed to fluctuations.
Economic conditions are mitigated by holding sufficient reserves to allow the company to trade during periods of lower activity.

Page 1

 
AIV EUROPE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators
 
The group's financial key performance indicators are as follows:-



2024
2023

£
£


Turnover
23,517,041
22,120,130

Gross profit margin
42.8%
43.1%

Net profit margin
18.5%
17.9%


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



R G Cook III
Director

Date: 24 April 2025

Page 2

 
AIV EUROPE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

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


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

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £4,351,544 (2023 - £3,963,609).

During the year, dividends of £nil (2023 - £4,715,144) were declared and paid. No further dividends have been proposed.

Directors

The directors who served during the year were:

R G Cook III 
R N Loving 

Future developments

Future developments are detailed within the Strategic Report.

Page 3

 
AIV EUROPE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsWhitings LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





R G Cook III
Director

Date: 24 April 2025

Page 4

 
AIV EUROPE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIV EUROPE LIMITED
 

Opinion


We have audited the financial statements of AIV Europe Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or 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 directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
AIV EUROPE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIV EUROPE LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept 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 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 Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
AIV EUROPE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIV EUROPE LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Enquiry of management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace, and fraud;
Enquiry of management around actual and potential litigation and claims;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Challenging assumptions and judgements made by management in their significant accounting estimates; and 
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the course of normal business.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 
AIV EUROPE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIV EUROPE LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jonathan Moore ACCA (Senior Statutory Auditor)
  
for and on behalf of
Whitings LLP
 
Greenwood House
Greenwood Court
Skyliner Way
Bury St Edmunds
Suffolk
IP32 7GY

28 April 2025
Page 8

 
AIV EUROPE LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
23,517,041
22,120,130

Cost of sales
  
(13,451,381)
(12,588,711)

Gross profit
  
10,065,660
9,531,419

Administrative expenses
  
(4,179,959)
(4,322,235)

Operating profit
 5 
5,885,701
5,209,184

Interest receivable and similar income
 8 
11,792
19,292

Interest payable and similar expenses
 9 
(52,322)
(13,218)

Profit before taxation
  
5,845,171
5,215,258

Tax on profit
 10 
(1,493,627)
(1,251,649)

Profit for the financial year
  
4,351,544
3,963,609

  

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

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 18 to 36 form part of these financial statements.

Page 9

 
AIV EUROPE LIMITED
REGISTERED NUMBER: 07304447

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
32,669
111,074

Tangible assets
 13 
8,062,611
441,008

  
8,095,280
552,082

Current assets
  

Stocks
 15 
4,898,839
4,199,963

Debtors: amounts falling due within one year
 16 
3,342,911
2,755,570

Cash at bank and in hand
 17 
5,410,230
6,907,905

  
13,651,980
13,863,438

Creditors: amounts falling due within one year
 18 
(2,159,844)
(2,694,092)

Net current assets
  
 
 
11,492,136
 
 
11,169,346

Total assets less current liabilities
  
19,587,416
11,721,428

Creditors: amounts falling due after more than one year
 19 
(3,500,000)
-

Provisions for liabilities
  

Deferred taxation
 20 
(104,785)
(90,341)

  
 
 
(104,785)
 
 
(90,341)

Net assets
  
15,982,631
11,631,087

Page 10

 
AIV EUROPE LIMITED
REGISTERED NUMBER: 07304447
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 21 
1,030
1,030

Share premium account
 22 
201,449
201,449

Other reserves
 22 
1,267,973
1,267,973

Profit and loss account
 22 
14,512,179
10,160,635

  
15,982,631
11,631,087


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




R G Cook III
Director

Date: 24 April 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 11

 
AIV EUROPE LIMITED
REGISTERED NUMBER: 07304447

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
6,985
12,311

Investments
 14 
6,908,197
1,509,197

  
6,915,182
1,521,508

Current assets
  

Stocks
 15 
4,534,622
3,883,326

Debtors: amounts falling due within one year
 16 
1,560,165
2,601,078

Cash at bank and in hand
 17 
3,865,062
4,671,447

  
9,959,849
11,155,851

Creditors: amounts falling due within one year
 18 
(1,979,817)
(2,428,586)

Net current assets
  
 
 
7,980,032
 
 
8,727,265

Total assets less current liabilities
  
14,895,214
10,248,773

  

Provisions for liabilities
  

Deferred taxation
 20 
-
(1,180)

  
 
 
-
 
 
(1,180)

Net assets
  
14,895,214
10,247,593

Page 12

 
AIV EUROPE LIMITED
REGISTERED NUMBER: 07304447
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£


Capital and reserves
  

Called up share capital 
 21 
1,030
1,030

Share premium account
 22 
201,449
201,449

Other reserves
 22 
1,267,973
1,267,973

Profit and loss account brought forward
  
8,777,141
9,956,620

Profit for the year
  
4,647,621
3,535,665

Dividends

  

-
(4,715,144)

Profit and loss account carried forward
  
13,424,762
8,777,141

  
14,895,214
10,247,593


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




R G Cook III
Director

Date: 24 April 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 13

 
AIV EUROPE LIMITED
 

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


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
1,030
201,449
1,267,973
10,912,170
12,382,622



Profit for the year
-
-
-
3,963,609
3,963,609

Dividends: Equity capital
-
-
-
(4,715,144)
(4,715,144)



At 1 January 2024
1,030
201,449
1,267,973
10,160,635
11,631,087



Profit for the year
-
-
-
4,351,544
4,351,544


At 31 December 2024
1,030
201,449
1,267,973
14,512,179
15,982,631


The notes on pages 18 to 36 form part of these financial statements.

Page 14

 
AIV EUROPE LIMITED
 

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


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
1,030
201,449
1,267,973
9,956,620
11,427,072



Profit for the year
-
-
-
3,535,665
3,535,665

Dividends: Equity capital
-
-
-
(4,715,144)
(4,715,144)



At 1 January 2024
1,030
201,449
1,267,973
8,777,141
10,247,593



Profit for the year
-
-
-
4,647,621
4,647,621


At 31 December 2024
1,030
201,449
1,267,973
13,424,762
14,895,214


The notes on pages 18 to 36 form part of these financial statements.

Page 15

 
AIV EUROPE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
4,351,544
3,963,609

Adjustments for:

Amortisation of intangible assets
78,406
78,406

Depreciation of tangible assets
111,594
116,820

Loss on disposal of tangible assets
662
1,550

Interest paid
52,322
13,218

Interest received
(11,792)
(19,292)

Taxation charge
1,493,627
1,251,649

(Increase) in stocks
(698,875)
(531,948)

(Increase) in debtors
(615,412)
(612,587)

Decrease in amounts owed by groups
28,073
86,451

(Decrease)/increase in creditors
(16,806)
555,527

Increase in amounts owed to groups
119,342
289,867

Corporation tax (paid)
(2,115,972)
(1,063,512)

Net cash generated from operating activities

2,776,713
4,129,758


Cash flows from investing activities

Purchase of tangible fixed assets
(7,735,858)
(92,877)

Sale of tangible fixed assets
2,000
-

Interest received
11,792
19,292

Net cash from investing activities

(7,722,066)
(73,585)

Cash flows from financing activities

New loans from group companies
3,500,000
-

Dividends paid
-
(4,715,144)

Interest paid
(52,322)
(13,218)

Net cash used in financing activities
3,447,678
(4,728,362)

Net (decrease) in cash and cash equivalents
(1,497,675)
(672,189)

Cash and cash equivalents at beginning of year
6,907,905
7,580,094

Cash and cash equivalents at the end of year
5,410,230
6,907,905


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,410,230
6,907,905


Page 16

 
AIV EUROPE LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

6,907,905

(1,497,675)

5,410,230

Debt due after 1 year

-

(3,500,000)

(3,500,000)


6,907,905
(4,997,675)
1,910,230

The Group does not have any liabilities arising from financing activities.

Page 17

 
AIV EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

AIV Europe Limited is a private company limited by shares and is incorporated in England & Wales, registered number 07304447. The address of its registered office is 5 New Street Square, London, EC4A 3TW. The Group's principal activity is the sale and modification of valves.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014.

Page 18

 
AIV EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 19

 
AIV EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Group as lessee

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

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 20

 
AIV EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful life of goodwill is 10 years.

Page 21

 
AIV EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following methods.

Depreciation is provided on the following basis:

Leasehold improvements
-
5% or 20% on cost
Plant and machinery
-
5% to 25% reducing balance or 5% on cost
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance or 20% on cost
Office equipment
-
25% reducing balance or 20% on cost
Assets under construction
-
Not depreciated until brought into use

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 22

 
AIV EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Page 23

 
AIV EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 24

 
AIV EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
i) Impairment of stocks:-
The Group makes an estimate for the impairment of stocks using a formula based on the ageing of the stock and historical experience.


4.


Turnover

The whole of the turnover is attributable to the sale and modification of valves.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
16,309,317
15,911,322

Rest of the world
7,207,724
6,208,808

23,517,041
22,120,130



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
84,060
440,321

Other operating lease rentals
270,200
299,669


6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Group's auditors for the audit of the Group's financial statements
16,200
15,400

Page 25

 
AIV EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

Staff costs were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
2,705,685
2,564,931
1,509,819
1,389,640

Social security costs
249,325
221,384
127,988
102,235

Cost of defined contribution scheme
76,567
66,104
49,408
39,047

3,031,577
2,852,419
1,687,215
1,530,922


Key management:-
Key management includes directors and senior management. Compensation paid or payable to key management for employee services was £303,703 (2023 - £296,785).

The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Management
4
4
4
4



Operations
50
48
19
17

54
52
23
21


8.


Interest receivable

2024
2023
£
£


Other interest receivable
11,792
19,292


9.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
27,007
13,218

Loans from group undertakings
25,315
-

52,322
13,218

Page 26

 
AIV EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,479,183
1,261,708


1,479,183
1,261,708


Total current tax
1,479,183
1,261,708

Deferred tax


Origination and reversal of timing differences
14,444
(10,059)

Total deferred tax
14,444
(10,059)


Tax on profit
1,493,627
1,251,649
Page 27

 
AIV EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
5,845,171
5,215,258


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19%
-
247,725

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%
1,461,293
978,903

1,461,293
1,226,628

Effects of:


Non-tax deductible amortisation of goodwill and impairment
19,601
18,441

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,907
7,143

Other timing differences leading to an increase (decrease) in taxation
8,826
33

Changes in future tax rates leading to an increase (decrease) in the tax charge
-
(596)

Total tax charge for the year
1,493,627
1,251,649

Page 28

 
AIV EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2024
2023
£
£


Dividend on ordinary shares
-
4,715,144


12.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 January 2024
784,057



At 31 December 2024

784,057



Amortisation


At 1 January 2024
672,983


Charge for the year on owned assets
78,405



At 31 December 2024

751,388



Net book value



At 31 December 2024
32,669



At 31 December 2023
111,074



Page 29
 


 
AIV EUROPE LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


13.


Tangible fixed assets


Group







Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Assets under construction
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 January 2024
170,188
1,095,192
52,122
167,395
11,241
-
1,496,138


Additions
-
121,254
-
45,734
-
7,568,871
7,735,859


Disposals
-
(18,783)
-
-
-
-
(18,783)



At 31 December 2024
170,188
1,197,663
52,122
213,129
11,241
7,568,871
9,213,214



Depreciation


At 1 January 2024
114,606
759,775
24,300
145,208
11,241
-
1,055,130


Charge for the year on owned assets
6,274
90,687
6,956
7,677
-
-
111,594


Disposals
-
(16,121)
-
-
-
-
(16,121)



At 31 December 2024
120,880
834,341
31,256
152,885
11,241
-
1,150,603



Net book value



At 31 December 2024
49,308
363,322
20,866
60,244
-
7,568,871
8,062,611



At 31 December 2023
55,582
335,417
27,822
22,187
-
-
441,008

Page 30
 
AIV EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           13.Tangible fixed assets (continued)


Company






Long-term leasehold property
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£

Cost or valuation


At 1 January 2024
41,271
152,208
10,784
11,241
215,504



At 31 December 2024

41,271
152,208
10,784
11,241
215,504



Depreciation


At 1 January 2024
37,192
143,976
10,784
11,241
203,193


Charge for the year on owned assets
1,165
4,161
-
-
5,326



At 31 December 2024

38,357
148,137
10,784
11,241
208,519



Net book value



At 31 December 2024
2,914
4,071
-
-
6,985



At 31 December 2023
4,079
8,232
-
-
12,311






Page 31

 
AIV EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
1,509,197


Additions
5,399,000



At 31 December 2024
6,908,197





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Adanac Valve Specialities Limited
5 New Street Square, London EC4A 3TW
Ordinary
100%
RLLR Properties UK Limited
5 New Street Square, London EC4A 3TW
Ordinary
100%

The above subsidiaries are included in the consolidation.
RLLR Properties UK Limited was incorporated on 7 September 2023.

Page 32

 
AIV EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Finished goods and goods for resale
4,898,839
4,199,963
4,534,622
3,883,326


An impairment loss of £242,656 (2023 - £253,679) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.


16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
956,386
2,179,553
828,755
2,043,598

Amounts owed by group undertakings
263,528
291,601
270,916
293,360

Other debtors
1,684,654
64,856
278,349
60,738

Prepayments and accrued income
437,023
217,448
181,335
203,382

Amounts recoverable on long term contracts
1,320
2,112
-
-

Deferred taxation
-
-
810
-

3,342,911
2,755,570
1,560,165
2,601,078



17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
5,410,230
6,907,905
3,865,062
4,671,447


Page 33

 
AIV EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
688,436
842,636
253,968
727,529

Amounts owed to group undertakings
826,437
707,095
1,209,494
836,126

Corporation tax
134,083
770,872
125,005
675,324

Other taxation and social security
94,748
161,461
170
170

Other creditors
311,596
112,352
304,367
111,937

Accruals and deferred income
104,544
99,676
86,813
77,500

2,159,844
2,694,092
1,979,817
2,428,586


Amounts owed to group undertakings falling due within one year are unsecured, interest free and are repayable on demand.


19.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Amounts owed to group undertakings
3,500,000
-

3,500,000
-


Amounts owed to group undertakings falling due after more than one year are subject to interest at an annual rate equal to Bank of England Current Bank Rate plus a margin of 1.85%. The first repayment is due 1 January 2026 and payable over 10 years. Amounts of £2,800,000 are payable by instalments after 5 years.


20.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(90,341)
(100,400)


Charged to profit or loss
(14,444)
10,059



At end of year
(104,785)
(90,341)

Page 34

 
AIV EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
20.Deferred taxation (continued)

Company


2024
2023


£

£






At beginning of year
(1,180)
(2,548)


Charged to profit or loss
1,990
1,368



At end of year
810
(1,180)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(104,785)
(90,341)
810
(1,180)

(104,785)
(90,341)
810
(1,180)


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,030 (2023 - 1,030) Ordinary shares of £1.00 each
1,030
1,030



22.


Reserves

Share premium account

This includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Other reserves

This includes additional paid-in capital.

Profit and loss account

This includes all current and prior period retained profit and losses.

Page 35

 
AIV EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £76,567 (2023 - £66,104). Contributions totalling £4,431 (2023 - £nil) were payable to the fund at the balance sheet date and are included in creditors.


24.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
167,088
165,297
163,680
99,388

Later than 1 year and not later than 5 years
853
4,261
-
-

167,941
169,558
163,680
99,388


25.


Related party transactions

Where possible, the Group has taken advantage of the exemption from the requirement to disclose transactions with wholly-owned group companies.
The Group undertakes transactions with wider group members. During the year, sales were made of £2,272,118 (2023 - £2,178,507) and purchases of £6,577,259 (2023 - £6,115,299). Management recharge costs were £457,586 (2023 - £467,463). At the balance sheet date, total debtors from wider group members were £263,528 (2023 - £291,601) and creditors of £826,437 (2023 - £707,095) due within one year and £3,500,000 (2023 - £nil) due after one year.


26.


Controlling party

The immediate parent undertaking is AIV International, Inc, a company incorporated in USA. Group financial statements are not prepared.
The ultimate parent undertaking is AIV Holding, a partnership established in the USA. Group financial statements are prepared but are not publicly available.
The parents registered office and principal place of business is detailed at www.aivinc.com.

 
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