Company registration number 01851035 (England and Wales)
PETROLVALVES (G.B) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
PAGES FOR FILING WITH REGISTRAR
PETROLVALVES (G.B) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
6
Notes to the financial statements
2 - 9
PETROLVALVES (G.B) LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2025
30 November 2025
- 1 -
2025
2024
Notes
£
£
£
£
Current assets
Debtors
5
1,139,831
2,872,625
Cash at bank and in hand
12,539
14,070
1,152,370
2,886,695
Creditors: amounts falling due within one year
6
(217,865)
(162,061)
Net current assets
934,505
2,724,634
Capital and reserves
Called up share capital
8
20,000
20,000
Profit and loss reserves
914,505
2,704,634
Total equity
934,505
2,724,634

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 23 June 2026 and are signed on its behalf by:
Mr S Malquori
Director
Company registration number 01851035 (England and Wales)
PETROLVALVES (G.B) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -
1
Accounting policies
Company information

Petrolvalves (G.B) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Threshing Barn, Manor Farm Barns, Coates Lane, High Wycombe, Buckinghamshire, HP13 5UX.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

Exemptions for qualifying entities under FRS 102

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent, Petrolvalves S.p.A of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Petrolvalves S.p.A. These consolidated financial statements are available from its registered office, Viale Luigi Majno 17/A, 20122 Milan, Italy.

1.2
Going concern

The company ceased trading on 30 November 2025, being the balance sheet date. On that date, the directors decided to wind up the business.

Subsequent to the cessation of trading by Petrolvalves (GB) Limited, the directors have incorporated a new branch, PetrolValves S.p.A UK Branch. The group’s UK business activities will continue to be carried out through PetrolValves S.p.A UK Branch, and not by Petrolvalves (GB) Limited.

Accordingly, the directors have concluded that the company is not a going concern, and the financial statements have therefore been prepared on a non‑going concern basis.

Under this basis of preparation, assets are stated at the lower of carrying amount and estimated realisable value, and liabilities include all known and expected obligations arising from the cessation of trading. The directors consider the non‑going concern basis to be appropriate in the circumstances.

PETROLVALVES (G.B) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 3 -
1.3
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company 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.

PETROLVALVES (G.B) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

PETROLVALVES (G.B) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 5 -

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

PETROLVALVES (G.B) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 6 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2023
20,000
2,405,578
2,425,578
Year ended 30 November 2024:
Profit and total comprehensive income
-
299,056
299,056
Balance at 30 November 2024
20,000
2,704,634
2,724,634
Year ended 30 November 2025:
Profit and total comprehensive income
-
584,169
584,169
Dividends
4
-
(2,374,298)
(2,374,298)
Balance at 30 November 2025
20,000
914,505
934,505
PETROLVALVES (G.B) LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
5
5
4
Dividends
2025
2024
£
£
Interim paid
2,374,298
-
0
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
-
0
11,261
Amounts owed by group undertakings
(42,624)
1,965,483
Other debtors
7,506
4,002
Prepayments and accrued income
1,174,949
889,387
1,139,831
2,870,133
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 7)
-
0
2,492
Total debtors
1,139,831
2,872,625
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,551
8,140
Corporation tax
195,564
99,737
Other taxation and social security
-
0
9,771
Other creditors
83
392
Accruals and deferred income
20,667
44,021
217,865
162,061
PETROLVALVES (G.B) LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 8 -
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company:

Assets
Assets
2025
2024
Balances:
£
£
Accelerated capital allowances
-
2,492
2025
Movements in the year:
£
Asset at 1 December 2024
(2,492)
Charge to profit or loss
2,492
Liability at 30 November 2025
-

8
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
20,000
20,000
20,000
20,000

The Company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the Company and have attached to them full voting, dividend and capital distribution rights.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 November 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.

Senior Statutory Auditor:
Jonathan Walton BFP FCA
Statutory Auditor:
Calculo Tax Audit Limited
Date of audit report:
23 June 2026
PETROLVALVES (G.B) LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -
10
Contingent liabilities

In 2010, the company entered into an agreement with a third party in respect of any present and future credit balances owed.

Credit balances are secured by way of a fixed and floating charge over the assets of this company for any credit balances and monies owed by the company to the third party either now or hereafter.

The charge was satisfied in full and formally released on 19 June 2026.

11
Ultimate controlling party

The Company’s immediate parent is Petrolvalves S.p.A. a Company incorporated in Italy.

The ultimate parent company is TBG Holdings (Energy) B.V., a Company incorporated in Netherlands.

Petrolvalves S.p.A. s the parent undertaking of the smallest group of undertakings to consolidate these financial statements. The consolidated financial statements of Petrolvalves S.p.A. can be obtained from Viale Luigi Majno, 17/A, 20122 Milan, Italy.

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