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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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AKV GROUP LTD
COMPANY INFORMATION
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AKV GROUP LTD
CONTENTS
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AKV GROUP LTD
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.
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.
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 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 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 2006. They 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.
The profit for the year, after taxation, amounted to £799,093 (2023 - £1,556,356).
Dividends of £644,648 were paid in the year.
The directors who served during the year were:
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AKV GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The board have continued to make significant investments into activities which meet the definition of Research and Development. The board believes this investment is essential to improve standards across the industry as well as improving the range of products and services offered to customers.
The board considers that the R&D projects worked on during the period represent significant advances in technology and experimental development. The R&D work involves developing technologies that enable companies to benefit from the capability these technologies deliver in terms of increased operational efficiency and security. Investment into innovative technology and products, in conjunction with further process improvement will continue in order to maximise the performance of our group, and of its customers.
The following matters are included in the strategic report: the business review, the principal risks and
uncertainties and financial performance indicators.
The auditors, Waltons Business Advisers Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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AKV GROUP LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The board are pleased to report the results for the year ended 31 December 2024, which represent trade within an increasingly competitive market. Despite these risks, the directors are happy to report that company has maintained an acceptable gross margin, although this has reduced to 27.7% from 31.2%. Turnover has also reduced 9.8% from £18.75m to £16.91m.
Credit risk has continued to be monitored closely, and the directors are happy to accept the level of credit risk exposure. Efforts are made to mitigate this risk through the operation of a credit insurance policy which is reviewed regularly. The directors ensure that written limits are never exceeded. Directors strive to improve relationships with customers and suppliers, rather than just maintaining them. The directors are happy to report that no significant issues arose during the year, and relationships have been maintained. Interest rate risk assessments were carried out at the start of 2024, and the decision was made to settle significant debt that attracted variable rates of interest. This has had no significant detrimental effect of group reserves of cash, given the levels that were in hand at the year end. In the interest of succession, the directors felt that following a number of successful years trade and in recognition of their hard work over a challenging period, that an MBO would be offered to the current senior management team. The directors are delighted to announce that as a result of this offering, AKV Group Limited has welcomed five additional members to the board, while retaining two existing members. Each appointment brings with it significant relevant experience, with each member serving a minimum period of more than ten years. The board feel that this offering will enable to continue to trade in the same manner as before and would like to assure all stakeholders that the dynamic of the company has not, and will not change. Significant efforts have been made to stress test the budgeted management information and forecasts over the next 5 years, and this coupled with the ongoing support of the exiting party, the board feel that the company is not adversely financially affected by the transaction. The transaction has been internally funded and no external debt has been relied upon, meaning that AKV can continue to focus its attention on maintaining and improving customer service and stakeholder relationships.
Various business risks have been discussed within the Business Review, however the directors consider that the level of demand of cladding and cladding products, along with increased competitive pressure, are considered to be the key risks faced by the group.
As with any company, trade receivables are exposed to credit risk. The board feels that given the use of credit insurance and credit reviews these risks are managed to an acceptable level. The general reserves are large enough to cover any current risk.
The board monitors company performance using a range of indicators, some of the most significant of which are as follows:
Key performance indicators 2024 2023 2022 2021 2020 2019 Sales growth/ (reduction) (9.8)% (9.5)% 9.2% 40.9% (2.6)% 12.8% Gross margin growth/ (reduction)(15.9)% 0.8% 8.0% 51.4% 1.8% 23.0% Gross profit % 29.1% 31.6% 28.3% 28.7% 26.7% 25.5%
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AKV GROUP LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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AKV GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AKV GROUP LTD
We have audited the financial statements of AKV Group LTD (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the consolidated profit and loss account, the consolidated analysis of net debt, 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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
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.
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AKV GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AKV GROUP LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
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.
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AKV GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AKV GROUP LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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:
We gained an understanding of the legal and regulatory framework applicable to the group and company and the area in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals, review of provisions and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. We identified the greatest potential for fraud in the following areas: existence and timing of recognition of income and the posting of unusual journals. We discussed these risks with management and designed audit procedures to test the timing and existence of revenue. We reviewed journals posted during the year and around the year end and around the year to look for potential “window dressing”.
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.
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AKV GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AKV GROUP LTD (CONTINUED)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Maritime House
The Marina
Teesside
TS24 0UX
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AKV GROUP LTD
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
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AKV GROUP LTD
REGISTERED NUMBER: 09540612
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
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AKV GROUP LTD
REGISTERED NUMBER: 09540612
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2025.
The notes on pages 17 to 36 form part of these financial statements.
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AKV GROUP LTD
REGISTERED NUMBER: 09540612
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 36 form part of these financial statements.
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AKV GROUP LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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AKV GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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AKV GROUP LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AKV GROUP LTD
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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AKV GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company is a private limited by share capital, incorporated in England and Wales, and the registered office is:
The Old Forge Site Hackworth Industrial Park Byerley Road Shildon Co. Durham United Kingdom DL4 1HF
2.ACCOUNTING POLICIES
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 judgement 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 profit and loss account in these financial statements.
The following principal accounting policies have been applied:
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 profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.
The directors, having made due and careful enquiry, are of the opinion that the group has, with the support of the invoice factoring arrangement, adequate working capital to execute its operations over the next 12 months. In addition to this, the Everitt family jointly own 100% of the share capital on a separate group of companies with significant cash reserves and very little commitment to costs.
The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. As a result the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
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AKV GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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AKV GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Goodwill
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AKV GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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AKV GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Provisions are charged as an expense to profit or loss in the year that the group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.
The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Included in the financial statements is a remedial provision which is based on judgement by the directors (note 26). Included in the financial statements is an investment property which is valued at fair value based on the directors assessment. This assessment is considered to reflect the current fair value of the investment property at 31 December 2024 which has not changed since it was valued in 2020 by an independent professional valuer (note 17).
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AKV GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AKV GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AKV GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AKV GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
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AKV GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AKV GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AKV GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AKV GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AKV GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The 2024 valuations were made by the directors based on an external valuation in 2020, on an open market value for existing use basis.
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AKV GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AKV GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 32
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AKV GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 33
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AKV GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 34
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AKV GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
The group contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. Contributions totalling £10,876 (2023: £24,981) were payable to the fund at the balance sheet date.
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AKV GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company is controlled by K M Everitt and his wife.
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