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Registered number: 01421817 Oliver Valves Limited Annual Report and Financial Statements For the year ended 30 September 2025
Oliver Valves Limited Company Information
Directors | Dr Michael R Oliver OBE DL, Chairman
| Mark R Oliver
| P E Shillito
| N A Howard
| P Rowlands
Company secretary | Lynn Goryl
Registered number | 01421817
Registered office | Parkgate Industrial Estate
| Knutsford
| Cheshire
| WA16 8DX
Independent auditors | Hurst Accountants Limited
| Chartered Accountants & Statutory Auditors
| 3 Stockport Exchange
| Stockport
| Cheshire
| SK1 3GG
Bankers | National Westminster Bank plc
| 19 Market Street
| Manchester
| M1 1WR
Solicitors | Hill Dickinson
| 50 Fountain Street
| Manchester
| M2 2AS
Oliver Valves Limited Contents
| Page
Strategic report | 1 - 3
Directors' report | 4 - 5
Independent auditors' report | 6 - 9
Statement of comprehensive income | 10
Statement of financial position | 11
Statement of changes in equity | 12
Statement of cash flows | 13
Analysis of net debt | 14
Notes to the financial statements | 15 - 30
Oliver Valves Limited Strategic Report For the year ended 30 September 2025
Introduction
The directors present the Strategic Report for the year ended 30 September 2025.
Business review
Oliver Valves Limited is a recognised industry leader in the supply of valve technology globally for the last 46 years, with a world class reputation for innovation, quality and reliability. The business operates predominantly in the oil, gas, petrochemicals and Hydrogen sectors, and are able to offer a highly innovative range of products to meet and exceed the requirements of our customers. We are leaders with a global reach with an enviable customer base representing the world’s leading companies in our industry. The success of the business has been recognised with the King’s Award for Enterprise in International Trade in 2025, a culmination of many years of growth and development. This follows two Queen’s Awards for our sister companies. In the year to 30th September 2025 the business delivered another strong financial result reflecting continued margin growth, despite global headwinds impacting our annual output. We maintain our ongoing longer-term strategy to invest in the business to promote future growth and development. We are debt free and profitable, with a focus on revenue and cash generation. We can only do this by cost reduction across all areas of our business. Turnover was £32.4 million for the full financial year derived to a large extent from our significant global activities predominantly in the Middle and Far East. While we have a year-on-year reduction in shipment volume our gross margins have significantly improved to 38.3% (2024: 33.4%). This reflects a key focus on material cost reduction coupled with efficiency savings in our direct operations. The business reports a pre-tax profit of £4.5 million, a reduction year on year as the lower gross profits fall to the bottom line. We have continued to invest heavily in our people, adding several key appointments during the year to support our future growth plans. We have embraced the use of further technological enhancements in the back-office functions, including the development of our MIS and CRM systems, ensuring we are 100% compliant from a cyber security perspective. We have also invested heavily in time and money to ensure we remain at the cutting edge of the application of artificial Intelligence to drive efficiencies across our organisation. The business continues to be a recognised industry leader in our research and development activities, providing new and innovative solutions to the challenges our customers face. This activity is a critical investment in the future of the business, particularly as customers demand increased complexity and challenges to meet their requirements. One of our central principals is “It Can Be Done” – a belief that drives the entire ethos of the business. Our business shares similar challenges to other organisations operating globally – geopolitical uncertainties, raw material supply and challenging logistical considerations all impact our daily operations and our future planning considerations. We attempt to de-risk these complex and volatile challenges at every opportunity. We have diversified our supply chain geographically, and ensure materials are supplied in a timely manner, at competitive pricing. We have a significant trade debtor balance that we continue to vigorously manage, with a healthy ageing profile and zero bad debts. Positive cashflow is a key aspect of our business and we work tirelessly to manage our liquidity effectively. As stated previously, we have undertaken significant opex and capex investment in our business which impacts cash, but places us in a strong position going forward. Oliver Valves Limited continues to be a dominant force in the global valve industry, and being debt free financially a strong and consistent performer, in what is arguably an increasingly challenging sector. Net assets continue to grow, we have an exceptionally healthy order book to take into 2026, and we have ambitious plans for the coming year to develop our business still further. Our global reach, technological and innovational products, research and development potential, and our willingness to embrace new technologies and processes sets us in great stead for future success. Page 1
Oliver Valves Limited Strategic Report (continued) For the year ended 30 September 2025
Principal risks and uncertainties
Financial instruments The company's principal financial instruments comprise bank balances, bank loans, trade creditors, trade debtors and operating lease agreements. The main purpose of these instruments is to finance the company's operations. Due to the nature of the financial instruments used by the company, there is little exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below. In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexible borrowing. Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. The company is a lessee in respect of operating leased assets. The liquidity risk in respect of these is managed in the same way as trade creditors above. Currency risk is managed through the pricing strategy. Other risks & uncertainties Brent Crude Oil prices have proved to be volatile during the year under review. This has driven increased uncertainty in the Oil and Gas sector. We have had a very strong start to the new financial year however we continue to monitor oil prices regularly. There are numerous geopolitical issues around the globe that could create volatility. The directors discuss such matters regularly to understand and implement risk mitigation actions. Raw material prices stabilised, but at a higher level than previously, and certain exotic materials are scarce. Our supply chain continually source material of the required standard at the best prices possible from across the globe. We review our prices regularly to ensure they reflect increases in input costs. We have employed the use of basket agreements for certain critical stock lines, locking us in to fixed future pricing, which provides certainty of cost and availability. The business sees the risks surrounding cyber-attacks to be a credible threat to our operations and have taken significant steps to protect ourselves. Through the development of robust systems and enhanced awareness of threats we have put in place processes and procedures to ensure we are protecting the business to the greatest extent possible.
Financial key performance indicators
The company's financial KPI's focus on a number of critical areas the "Gross Margin is King" philosophy remains the major factor in shaping the future success of the business and this is evidenced by the improving performance year on year. Business liquidity runs in parallel with margins and is very closely monitored through both Debtors and Creditors management. Other financial KPI's are as follows: Current ratio 2.23 (2024: 1.81) Cashflow forecasting – our forecast for the coming year indicates a continued positive cash position. Gross Margin – Actual 38.3% (2024: 33.4%) Overhead expenditure – £9.6M (2024: £9.1M) Inventory ratio - 16:1 (2024: 20:1) Page 2
Oliver Valves Limited Strategic Report (continued) For the year ended 30 September 2025
Other key performance indicators
Non financial performance indicators are numerous but centre on the following: Customer Order on Time Delivery performance Customer Order Overdue Sales Order intake versus forecast Total Sales Order Backlog Supplier On Time Delivery Performance Employee workforce management Quality Assurance Health & Safety This report was approved by the board and signed on its behalf.
Dr Michael R Oliver OBE DL Director
Date: 23 April 2026
Page 3
Oliver Valves Limited Directors' Report For the year ended 30 September 2025 The directors present their report and the financial statements for the year ended 30 September 2025.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, the directors' report 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 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 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 for the company'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 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 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 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 £3,566,947 (2024 - £4,414,937). Dividends paid during the year amounted to £2,000,000 (2024 - £2,000,000). Charitable contributions During the year the company contributed £125,743 (2024 - £120,514) to charities.
Directors
The directors who served during the year were:
Dr Michael R Oliver OBE DL, Chairman
Mark R Oliver
P E Shillito
N A Howard
P Rowlands
T N Spencer (resigned 28 September 2025)
Page 4
Oliver Valves Limited Directors' Report (continued) For the year ended 30 September 2025
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'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's auditors are aware of that information.
Auditors
The auditors, Hurst Accountants 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.
Lynn Goryl Secretary
Date: 23 April 2026
Page 5
Oliver Valves Limited Independent Auditors' Report to the Members of Oliver Valves Limited
Opinion
We have audited the financial statements of Oliver Valves Limited (the 'company') for the year ended 30 September 2025, which comprise the statement of comprehensive income, the , the statement of financial position, the statement of cash flows, the 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). In our opinion the financial statements: ∙give a true and fair view of the state of the company's affairs as at 30 September 2025 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 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 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 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. Page 6
Oliver Valves Limited Independent Auditors' Report to the Members of Oliver Valves Limited (continued)
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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 directors' responsibilities statement set out on page 4, 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 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. Page 7
Oliver Valves Limited Independent Auditors' Report to the Members of Oliver Valves 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 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: Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. ∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. Supporting documentation relating to the Company's policies and procedures for: - Identifying, evaluating, and complying with laws and regulations - Detecting and responding to the risks of fraud ∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. ∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. ∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements and Anti-bribery and Corruption. Audit response to risks identified Our procedures to respond to the risks identified included the following: ∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements. ∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. ∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities. ∙Enquiring of management about any actual and potential litigation and claims. ∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud. Page 8
Oliver Valves Limited Independent Auditors' Report to the Members of Oliver Valves Limited (continued) We have also considered the risk of fraud through management override of controls by: ∙Testing the appropriateness of journal entries and other adjustments, and identifying accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error. ∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and ∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, 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. 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.
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 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. Chris Stewardson (senior statutory auditor) for and on behalf of Hurst Accountants Limited Chartered Accountants Statutory Auditors 3 Stockport Exchange Stockport Cheshire SK1 3GG 30 April 2026 Page 9
Oliver Valves Limited Statement of Comprehensive Income For the year ended 30 September 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 32,404,065 | 40,161,112
Cost of sales |  | (19,995,876) | (26,746,988)
Gross profit |  | 12,408,189 | 13,414,124
Administrative expenses |  | (9,629,832) | (9,133,701)
Other operating income | 5 | 1,680,000 | 1,679,613
Operating profit | 6 | 4,458,357 | 5,960,036
Interest receivable and similar income | 10 | 18,437 | -
Interest payable and similar expenses | 11 | (20,410) | (75,156)
Profit before tax |  | 4,456,384 | 5,884,880
Tax on profit | 12 | (889,437) | (1,469,943)
Profit for the financial year |  | 3,566,947 | 4,414,937
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 15 to 30 form part of these financial statements.
Page 10
Oliver Valves Limited Registered number: 01421817 Statement of Financial Position As at 30 September 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 3,051,750 |  | 2,694,773
Current assets |  |  |  |  |
Stocks | 15 | 2,079,088 |  | 1,982,143 |
Debtors: amounts falling due within one year | 16 | 12,760,631 |  | 13,621,343 |
Cash at bank and in hand | 17 | 317,653 |  | 920,934 |
|  | 15,157,372 |  | 16,524,420 |
Creditors: amounts falling due within one year | 18 | (6,782,943) |  | (9,112,146) |
Net current assets |  |  | 8,374,429 |  | 7,412,274
Total assets less current liabilities |  |  | 11,426,179 |  | 10,107,047
Creditors: amounts falling due after more than one year | 19 |  | (121,642) |  | (221,981)
Provisions for liabilities |  |  |  |  |
Deferred tax | 22 |  | (256,258) |  | (403,734)
Net assets |  |  | 11,048,279 |  | 9,481,332
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 100,000 |  | 100,000
Profit and loss account | 24 |  | 10,948,279 |  | 9,381,332
|  |  | 11,048,279 |  | 9,481,332
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Dr Michael R Oliver OBE DL
Chairman
Date: 23 April 2026
The notes on pages 15 to 30 form part of these financial statements. Page 11
Oliver Valves Limited Statement of Changes in Equity For the year ended 30 September 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 October 2024 | 100,000 | 9,381,332 | 9,481,332
Comprehensive income for the year |  |  |
Profit for the year | - | 3,566,947 | 3,566,947
Total comprehensive income for the year | - | 3,566,947 | 3,566,947
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (2,000,000) | (2,000,000)
Total transactions with owners | - | (2,000,000) | (2,000,000)
At 30 September 2025 | 100,000 | 10,948,279 | 11,048,279
| The notes on pages 15 to 30 form part of these financial statements.
Statement of Changes in Equity For the year ended 30 September 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 October 2023 | 100,000 | 6,966,395 | 7,066,395
Comprehensive income for the year |  |  |
Profit for the year | - | 4,414,937 | 4,414,937
Total comprehensive income for the year | - | 4,414,937 | 4,414,937
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (2,000,000) | (2,000,000)
Total transactions with owners | - | (2,000,000) | (2,000,000)
At 30 September 2024 | 100,000 | 9,381,332 | 9,481,332
| The notes on pages 15 to 30 form part of these financial statements.
Page 12
Oliver Valves Limited Statement of Cash Flows For the year ended 30 September 2025
|  |  | 2025 | 2024 As restated
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 3,566,947 | 4,414,937
Adjustments for: |  |
Depreciation of tangible assets | 400,273 | 304,190
Loss on disposal of tangible assets | - | (2,578)
Interest paid | 20,410 | 75,156
Interest received | (18,437) | -
Taxation charge | 889,437 | 1,469,943
(Increase)/decrease in stocks | (96,945) | 2,540,491
Decrease/(increase) in debtors | 1,183,288 | (5,538,339)
(Increase)/decrease in amounts owed by connected companies | 77,557 | 294,018
(Decrease) in creditors | (747,668) | (222,414)
(Decrease)/increase in amounts owed to connected companies | (1,174,481) | 1,415,174
Corporation tax (paid) | (1,437,046) | (2,054,527)
Foreign currency movements on fixed assets | (88,789) | 8,695
Net cash generated from operating activities | 2,574,546 | 2,704,746
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (668,461) | (245,894)
Sale of tangible fixed assets | - | 31,726
Interest received | 18,437 | -
Net cash from investing activities | (650,024) | (214,168)
Cash flows from financing activities |  |
Repayment of loans | (51,638) | (53,099)
Repayment of finance leases | (40,880) | (35,582)
Dividends paid | (2,000,000) | (2,000,000)
Interest paid | (20,410) | (75,156)
Increase/(decrease) in amounts owed to directors | (414,875) | 535,325
Net cash used in financing activities | (2,527,803) | (1,628,512)
Net (decrease)/increase in cash and cash equivalents | (603,281) | 862,066
Cash and cash equivalents at beginning of year | 920,934 | 58,868
Cash and cash equivalents at the end of year | 317,653 | 920,934
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 317,653 | 920,934
Page 13
Oliver Valves Limited Analysis of Net Debt For the year ended 30 September 2025
|  | At 1 October 2024 | Cash flows | Other non-cash changes | At 30 September 2025
|  | £ | £ | £ | £
Cash at bank and in hand | 920,934 | (603,281) | - | 317,653
Debt due after 1 year | (135,711) | - | 55,221 | (80,490)
Debt due within 1 year | (647,320) | 466,513 | (55,221) | (236,028)
Finance leases | (127,150) | (4,238) | 45,118 | (86,270)
| 10,753 | (141,006) | 45,118 | (85,135)
The notes on pages 15 to 30 form part of these financial statements.
Page 14
Oliver Valves Limited Notes to the Financial Statements For the year ended 30 September 2025
1. | General information
Oliver Valves Limited is a private company limited by share capital incorporated in England, registered number 01421817. The address of the registered office and principal place of business is Parkgate Industrial Estate, Knutsford, Cheshire, WA16 8DX. The nature of the company’s operation and its principal activity is the manufacture of high performance instrument valves for the oil, gas, power generation and petrochemical industries on a global supply basis. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention 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 management to exercise judgement in applying the company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentational currency The company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using a standard exchange rate at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Page 15
Oliver Valves Limited Notes to the Financial Statements For the year ended 30 September 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company 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 company has transferred the significant risks and rewards of ownership to the buyer; ∙the company 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 company 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. Revenue is recognised in accordance with the terms agreed with the customer. This is normally once the goods have been inspected and are ready for collection.
| 2.4 | 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 company 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. 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:
|  |  |  | Freehold property | - | Over 50 years
|  |  |  | Plant and machinery | - | 10-50% straight line
|  |  |  | Motor vehicles | - | 25% straight line
|  |  |  | Office equipment | - | 15% & 33% straight line
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.
| 2.5 | Financial instruments
The company enters into basic financial instruments transactions that result in the recognition of financial assets Page 16
Oliver Valves Limited Notes to the Financial Statements For the year ended 30 September 2025 2.Accounting policies (continued)
| 2.5 | Financial instruments (continued)
and liabilities like trade and other debtors and creditors, loans from banks and loans to and from related parties. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.
| 2.6 | 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 first in, first out basis. At each reporting 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.
| 2.7 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.8 | Creditors
Short-term creditors are measured at the transaction price.
| 2.9 | Foreign currency translation
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.
| 2.10 | 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. Page 17
Oliver Valves Limited Notes to the Financial Statements For the year ended 30 September 2025 2.Accounting policies (continued)
| 2.11 | Dividends
Equity dividends are recognised when they become legally payable.
| 2.12 | Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.13 | Leased assets
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.14 | Pensions
Defined contribution pension plan The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 statement of financial position. The assets of the plan are held separately from the company in independently administered funds. Page 18
Oliver Valves Limited Notes to the Financial Statements For the year ended 30 September 2025 2.Accounting policies (continued)
| 2.15 | 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 reporting date in the countries where the company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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 reporting date.
| 2.16 | Research and development
Research and development expenditure is written off in the year in which it is incurred. Page 19
Oliver Valves Limited Notes to the Financial Statements For the year ended 30 September 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The key sources of estimation, uncertainty and critical accounting judgements in applying the company’s policies are as follows: Provision for obsolete and slow moving stocks The company reviews its stocks to assess loss on account of obsolescence on a regular basis. In determining whether provision for obsolescence should be recorded in the profit or loss, the company makes judgements as to whether there is any observable data indicating that there is any future saleability of the product and the estimated net realisable value for such product. Accordingly, provision for impairment is made where the net realisable value is less than the cost based on best estimates by the management. The provision for obsolescence of stock is based on the ageing and historical sales pattern. At 30 September 2025, the carrying value of stocks was £2,079,088 (2024 - £1,982,143). Other estimates and judgements Management of the company also exercises significant judgement in estimating the useful life of tangible fixed assets. At 30 September 2025, the carrying value of tangible fixed assets was £3,051,750 (2024 - £2,694,773). Should these estimates vary, the profit or loss and balance sheet of the following years could be significantly impacted. Management exercise judgement in assessing the fair value of the company’s land and buildings. Based on their knowledge and the information available, management consider the carrying amounts to reflect fair value as at 30 September 2025.
4. | Turnover
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Europe (incl. UK) | 12,239,244 | 12,326,123
| Rest of the world | 20,164,821 | 27,834,989
|  | 32,404,065 | 40,161,112
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Management recharges | 1,680,000 | 1,679,613
Page 20
Oliver Valves Limited Notes to the Financial Statements For the year ended 30 September 2025
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Research & development charged as an expense | 704,826 | 664,498
| Exchange differences | (250,641) | (490,530)
| Other operating lease rentals | 22,447 | 21,529
| Land and building rentals | 49,775 | 54,145
7. | Auditors' remuneration
| During the year, the company obtained the following services from the company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the company's auditors for the audit of the company's financial statements | 13,010 | 15,120
| Other services | 4,860 | 1,890
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 6,172,671 | 5,924,472
| Social security costs | 666,367 | 613,103
| Cost of defined contribution scheme | 230,309 | 213,895
|  | 7,069,347 | 6,751,470
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Production | 46 | 45
|  | Administration | 70 | 68
|  | Sales | 33 | 30
|  |  | 149 | 143
Page 21
Oliver Valves Limited Notes to the Financial Statements For the year ended 30 September 2025
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 911,326 | 764,528
| Company contributions to defined contribution pension schemes | 18,081 | 10,328
| Compensation for loss of office | 141,437 | -
|  | 1,070,844 | 774,856
| During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £545,538 (2024 - £311,861).
| The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,000 (2024 - £NIL).
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 18,437 | -
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 19,150 | 67,058
| Other interest payable | 1,260 | 8,098
|  | 20,410 | 75,156
Page 22
Oliver Valves Limited Notes to the Financial Statements For the year ended 30 September 2025
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 1,061,975 | 1,356,365
| Adjustments in respect of previous periods | (25,062) | 115,147
| Total current tax | 1,036,913 | 1,471,512
| Deferred tax |  |
| Origination and reversal of timing differences | (147,476) | (1,569)
| Total deferred tax | (147,476) | (1,569)
| Tax on profit | 889,437 | 1,469,943
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 4,456,384 | 5,884,880
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,114,096 | 1,471,220
| Effects of: |  |
| Expenses not deductible for tax purposes | 15,582 | 14,617
| Depreciation on ineligible assets | 16,197 | 14,000
| Adjustments to tax charge in respect of prior periods | (291,679) | 115,147
| Research & development tax credit | 35,241 | (142,867)
| Other differences leading to an increase (decrease) in the tax charge | - | (2,174)
| Total tax charge for the year | 889,437 | 1,469,943
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 23
Oliver Valves Limited Notes to the Financial Statements For the year ended 30 September 2025
13. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Ordinary A |  |
| Dividends paid on equity capital | 2,000,000 | 2,000,000
14. | Tangible fixed assets
|  | Land & buildings | Plant and machinery | Motor vehicles | Office equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 October 2024 | 2,297,056 | 2,358,852 | 208,323 | 2,135,023 | 6,999,254
| Additions | - | 381,048 | 20,995 | 266,418 | 668,461
| Exchange adjustments | - | - | - | 55,250 | 55,250
| At 30 September 2025 | 2,297,056 | 2,739,900 | 229,318 | 2,456,691 | 7,722,965
| Depreciation |  |  |  |  |
| At 1 October 2024 | 426,643 | 1,867,642 | 164,375 | 1,845,821 | 4,304,481
| Charge for the year | 43,629 | 98,639 | 24,858 | 166,069 | 333,195
| Exchange adjustments | - | - | - | 33,539 | 33,539
| At 30 September 2025 | 470,272 | 1,966,281 | 189,233 | 2,045,429 | 4,671,215
| Net book value |  |  |  |  |
| At 30 September 2025 | 1,826,784 | 773,619 | 40,085 | 411,262 | 3,051,750
| At 30 September 2024 | 1,870,413 | 491,210 | 43,948 | 289,202 | 2,694,773
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 179,326 | 205,870
Page 24
Oliver Valves Limited Notes to the Financial Statements For the year ended 30 September 2025
15. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 1,425,876 | 1,240,727
| Work in progress | 275,790 | 410,069
| Finished goods | 377,422 | 331,347
|  | 2,079,088 | 1,982,143
| An impairment of £59,657 (2024 - £163,414) was recognised in cost of sales against stock during the year.
16. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 9,805,556 | 11,490,714
| Amounts owed by connected companies | 972,359 | 1,049,916
| Other debtors | 1,599,476 | 803,934
| Prepayments and accrued income | 383,240 | 276,779
|  | 12,760,631 | 13,621,343
| Amounts owed by connected companies are unsecured, interest free and repayable on demand.
17. | Cash
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 317,653 | 920,934
Page 25
Oliver Valves Limited Notes to the Financial Statements For the year ended 30 September 2025
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 51,016 | 47,433
| Trade creditors | 2,398,704 | 2,555,787
| Amounts owed to connected companies | 2,363,835 | 3,538,316
| Other taxation and social security | 239,146 | 142,802
| Obligations under finance lease and hire purchase contracts | 45,118 | 40,880
| Other creditors | 829,364 | 1,054,495
| Accruals and deferred income | 855,760 | 1,732,433
|  | 6,782,943 | 9,112,146
| The amounts owed to connected companies are unsecured, interest free and is repayable on demand.
19. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 80,490 | 135,711
| Net obligations under finance leases and hire purchase contracts | 41,152 | 86,270
|  | 121,642 | 221,981
20. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 51,016 | 47,433
| Amounts falling due 1-2 years |  |
| Bank loans | 54,870 | 51,016
| Amounts falling due 2-5 years |  |
| Bank loans | 25,620 | 84,695
|  | 131,506 | 183,144
| Bank loans are secured by a legal charge over the freehold property of the company and a debenture over all the assets of the company. Interest is payable on the bank loan at a rate of interest of 2.35% p.a over the Bank of England base rate.
Page 26
Oliver Valves Limited Notes to the Financial Statements For the year ended 30 September 2025
21. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 51,651 | 51,651
| Between 1-5 years | 43,043 | 51,651
| Over 5 years | - | 43,043
|  | 94,694 | 146,345
| Net obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.
Page 27
Oliver Valves Limited Notes to the Financial Statements For the year ended 30 September 2025
22. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 403,734 | 405,303
| (Credited)/charged to profit or loss | (147,476) | (1,569)
| At end of year | 256,258 | 403,734
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 260,898 | 412,549
| Other timing differences | (4,640) | (8,815)
|  | 256,258 | 403,734
23. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 50,100 (2024 - 50,100) Ordinary shares of £1.00 each | 50,100 | 50,100
|  | 49,900 (2024 - 49,900) Ordinary A shares of £1.00 each | 49,900 | 49,900
|  |  | 100,000 | 100,000
| Ordinary shares do not qualify for dividend awards. Ordinary and Ordinary A shares rank pari passu in all other respects.
24. | Reserves
Profit and loss account Comprises all current and prior period retained profits and losses. Included within retained profits and losses are non-distributable reserves of £540,837 (2024 - £540,164) in respect of revaluations of land and buildings, net of depreciation recognised in the profit and loss account in excess of depreciation applicable under the historical cost convention. Page 28
Oliver Valves Limited Notes to the Financial Statements For the year ended 30 September 2025
25. | Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £230,309 (2024 - £213,895). Contributions totalling £39,259 (2024 - £35,259) were payable to the fund at the balance sheet date.
26. | Commitments under operating leases
| At 30 September 2025 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Land and buildings |  |
| Not later than 1 year | 19,015 | 56,665
| Later than 1 year and not later than 5 years | - | 13,805
|  | 19,015 | 70,470
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other |  |
| Not later than 1 year | 10,878 | 21,217
| Later than 1 year and not later than 5 years | 4,140 | 10,763
|  | 15,018 | 31,980
27. | Related party transactions
|  | 2025 | 2024 As restated
|  | £ | £
| Rental payments to directors | 42,000 | 42,000
| Management charges receivable from related companies | 1,680,000 | 1,680,000
| Purchases from related companies | 10,538,104 | 13,241,793
| Sales to related companies | 1,293,890 | 711,008
| Key management personnel compensation | 1,070,844 | 774,856
| Dividends paid to directors | 2,000,000 | 2,000,000
| Related companies consist of companies under common control and/or directorship. Balances existing at the year end with related companies in respect of the transactions above are detailed in the debtors and creditors notes. Included within other creditors is an amount of £185,012 (2024 - £599,887) payable to a director. Amounts advanced during the year were £2,508,169 (2024 - £1,464,675) and amounts repaid totalled £2,093,296 (2024 - £2,000,000).
Page 29
Oliver Valves Limited Notes to the Financial Statements For the year ended 30 September 2025
28. | Controlling party
The company is controlled by Dr Michael R Oliver OBE DL who holds the majority of the voting share capital.
Page 30