Company registration number 01880211 (England and Wales)
LEENGATE VALVES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
LEENGATE VALVES LIMITED
COMPANY INFORMATION
Directors
L F Pickering
M T Loseby
A S Macalister
C L Tuhme
Secretary
Mr S Pickering
Company number
01880211
Registered office
Grange Close
Clovernook Industrial Estate
Somercotes
Alfreton
DE55 4QT
Auditor
Sumer Auditco Limited
Albert Works
Sidney Street
Sheffield
S1 4RG
LEENGATE VALVES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 20
LEENGATE VALVES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Review of the business

Leengate Valves Ltd deals with the distribution of a diverse range of valves and ancillary equipment to a broad market covering Gas, Water, HVAC, Steam, Process, Power, Marine, and Agricultural markets.

Principal risks and uncertainties

In line with many companies Leengate Valves Ltd is exposed to the uncertainties of changes to the interest rates and inflation caused by government and markets.

The ongoing uncertainty of the international events is being monitored and the business will continue to react to changes as is required.

The majority of the company’s purchases are from a worldwide supply network and therefore the company is exposed to the risk of changes in freight charges, paperwork and exchange rates. Constant monitoring of the currency markets is an essential part of our business.

Development and performance

The company continues to invest in key areas of the business, with extra warehouse space now secured to help with the stockholding and distribution, margin and working capital remain a key focus going forward, along with the monitoring of customer credit.

Key performance indicators

The company uses turnover, gross profit margins and profit after tax as key indicators to measure the performance of the business, these are regularly monitored by monthly management accounts which are shown within the statement of comprehensive income.

On behalf of the board

L F Pickering
Director
20 July 2026
LEENGATE VALVES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities
The principal activity of the company continued to be that of the wholesale provision of valves.
Results and dividends

The results for the year are set out on page 7.

An ordinary dividend was paid amounting to £800,000 (20 2 4: £80 0,000).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

L F Pickering
M T Loseby
A S Macalister
C L Tuhme
Auditor

Sumer Auditco Limited were appointed as auditor to the company following BHP LLP becoming part of the Sumer Group on 31 December 2025, which required a change in audit firm to comply with applicable regulatory requirements.

In accordance with section 487(2) of the Companies Act 2006, Sumer Auditco Limited are deemed to be reappointed annually.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

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

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

LEENGATE VALVES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
On behalf of the board
L F Pickering
Director
20 July 2026
LEENGATE VALVES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LEENGATE VALVES LIMITED
- 4 -
Opinion

We have audited the financial statements of Leengate Valves Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport 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.

LEENGATE VALVES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LEENGATE VALVES LIMITED (CONTINUED)
- 5 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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.

Auditor's 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 auditor's 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with management and directors, and from our knowledge and experiences of the sector;

- we focussed on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, GDPR, employment and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management;

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

LEENGATE VALVES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LEENGATE VALVES LIMITED (CONTINUED)
- 6 -

To address the risks of fraud through management bias and override controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors' and other management.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 auditor's 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.

Terri Pierpoint (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Chartered Accountants
Albert Works
Sidney Street
Sheffield
S1 4RG
20 July 2026
LEENGATE VALVES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
as restated
Notes
£
£
Turnover
3
13,262,819
13,155,283
Cost of sales
(8,712,614)
(8,577,456)
Gross profit
4,550,205
4,577,827
Administrative expenses
(2,692,617)
(2,574,175)
Operating profit
4
1,857,588
2,003,652
Interest receivable and similar income
7
461
295
Profit before taxation
1,858,049
2,003,947
Tax on profit
8
(472,163)
(508,776)
Profit for the financial year
1,385,886
1,495,171

The profit and loss account has been prepared on the basis that all operations are continuing operations.

LEENGATE VALVES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 8 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
10
235,820
260,931
Current assets
Stocks
11
5,368,494
6,117,259
Debtors
12
5,616,588
5,899,056
Cash at bank and in hand
1,989,902
696,656
12,974,984
12,712,971
Creditors: amounts falling due within one year
13
(2,863,993)
(3,206,977)
Net current assets
10,110,991
9,505,994
Total assets less current liabilities
10,346,811
9,766,925
Provisions for liabilities
Deferred tax liability
14
27,000
33,000
(27,000)
(33,000)
Net assets
10,319,811
9,733,925
Capital and reserves
Called up share capital
16
10,000
10,000
Profit and loss reserves
10,309,811
9,723,925
Total equity
10,319,811
9,733,925

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 20 July 2026 and are signed on its behalf by:
L F Pickering
Director
Company registration number 01880211 (England and Wales)
LEENGATE VALVES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 December 2024:
Balance at 1 January 2024
10,000
9,028,754
9,038,754
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,495,171
1,495,171
Dividends
9
-
(800,000)
(800,000)
Balance at 31 December 2024
10,000
9,723,925
9,733,925
Year ended 31 December 2025:
Profit and total comprehensive income
-
1,385,886
1,385,886
Dividends
9
-
(800,000)
(800,000)
Balance at 31 December 2025
10,000
10,309,811
10,319,811
LEENGATE VALVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
1
Accounting policies
Company information

Leengate Valves Limited is a private company limited by shares incorporated in England and Wales. The registered office is Grange Close, Clovernook Industrial Estate, Somercotes, Alfreton, DE55 4QT.

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 on the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent 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 Leengate Group Limited. These consolidated financial statements are available from its registered office, which is the same address as detailed above.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

LEENGATE VALVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 11 -
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:

Land and buildings Leasehold
15% straight line
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
15% reducing balance / 25% straight line
Motor vehicles
20% straight line

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
Impairment of fixed assets

Fixed assets, are assessed for indicators of impairment at each reporting end date.

If an asset is impaired, the impairment loss is recognised in the profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
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.

1.8
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.

LEENGATE VALVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 and loans from fellow group companies, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
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.

LEENGATE VALVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.10
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.

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.

1.11
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.

1.12
Retirement benefits

The company operates a defined contribution scheme. Contributions for the defined contribution scheme are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

1.13
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.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

LEENGATE VALVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provisions

A provision for slow moving stock is calculated from a review of the quantity of stock held for each individual stock line and associated sales of the individual stock line in the previous 12 month period. This calculation is applied consistently from year to year. 2025: £210,000 (2024: £203,988).

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Sale of goods
13,262,819
13,155,283
2025
2024
£
£
Turnover analysed by geographical market
UK
13,032,990
12,904,113
Europe
227,509
247,877
Rest of the World
2,320
3,293
13,262,819
13,155,283
2025
2024
£
£
Other revenue
Interest income
461
295
LEENGATE VALVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(169,590)
(240,526)
Fees payable to the company's auditor for the audit of the company's financial statements
17,895
17,275
Depreciation of owned tangible fixed assets
73,803
63,030
Profit on disposal of tangible fixed assets
(315)
(7,300)
Operating lease charges
300,945
252,799
5
Employees

The average monthly number of persons employed by the company during the year was:

2025
2024
Number
Number
Management, Sales and Warehousing
39
38
2025
2024
£
£
Wages and salaries
1,067,787
1,022,867
Social security costs
114,629
93,640
Pension costs
33,932
32,199
1,216,348
1,148,706
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
116,584
34,999
Company pension contributions to defined contribution schemes
4,252
1,377
120,836
36,376

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

7
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
461
295
LEENGATE VALVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
478,163
501,776
Deferred tax
Origination and reversal of timing differences
(6,000)
7,000
Total tax charge
472,163
508,776

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,858,049
2,003,947
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
464,512
500,987
Tax effect of expenses that are not deductible in determining taxable profit
7,371
9,668
Group relief
-
0
(1,625)
Other permanent differences
(21)
177
Deferred tax remeasurement
301
(431)
Taxation charge for the year
472,163
508,776
9
Dividends
2025
2024
£
£
Final paid
800,000
800,000
LEENGATE VALVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
10
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2025
132,765
53,209
237,253
155,057
578,284
Additions
9,870
5,851
32,971
-
0
48,692
At 31 December 2025
142,635
59,060
270,224
155,057
626,976
Depreciation and impairment
At 1 January 2025
80,566
31,998
148,961
55,828
317,353
Depreciation charged in the year
11,129
4,715
30,546
27,413
73,803
At 31 December 2025
91,695
36,713
179,507
83,241
391,156
Carrying amount
At 31 December 2025
50,940
22,347
90,717
71,816
235,820
At 31 December 2024
52,199
21,211
88,292
99,229
260,931
11
Stocks
2025
2024
£
£
Finished goods and goods for resale
5,368,494
6,117,259

Stock includes £675,928 (2024: £724,604) which is classified as stock in transit.

12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,530,403
2,323,667
Amounts owed by group undertakings
2,709,909
3,114,399
Other debtors
400
200
Prepayments and accrued income
375,876
460,790
5,616,588
5,899,056
LEENGATE VALVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
13
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,331,733
1,633,063
Amounts owed to group undertakings
3,135
-
0
Corporation tax
206,628
238,673
Other taxation and social security
600,162
541,239
Other creditors
4,589
33,000
Accruals and deferred income
717,746
761,002
2,863,993
3,206,977

14
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Fixed asset timing differences
30,000
36,000
Short term timing differences
(3,000)
(3,000)
27,000
33,000
2025
Movements in the year:
£
Liability at 1 January 2025
33,000
Credit to profit or loss
(6,000)
Liability at 31 December 2025
27,000

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so.

15
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
33,932
32,199

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

LEENGATE VALVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
16
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
17
Financial commitments, guarantees and contingent liabilities

The company has provided an unlimited multilateral guarantee dated 4 April 2019 in favour of HSBC Banking Operations by way of a fixed and floating debenture on the company assets.

18
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
246,399
238,837
Years 2-5
724,382
722,750
After 5 years
275,750
434,750
1,246,531
1,396,337
19
Related party transactions

The company has taken advantage of the exemption available in FRS 102 section 33 "Related Party disclosure" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

20
Ultimate controlling party

The company is a 100% subsidiary of Leengate Holdings Limited a company registered in England and Wales. The ultimate parent company is Leengate Group Limited. The ultimate controlling party is Mr S Pickering.

Leengate Group Limited prepares group financial statements in which these financial statements are consolidated. The registered office of Leengate Group Limited is Unit 2, Grange Close, Clovernook Industrial Estate, Somercotes, Alfreton, Derbyshire, DE55 4QT.

LEENGATE VALVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
21
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2024
£
£
£
Current assets
Stocks
5,392,655
724,604
6,117,259
Creditors due within one year
Other creditors
(1,702,461)
(724,604)
(2,427,065)
Net assets
9,733,925
-
9,733,925
Capital and reserves
Total equity
9,733,925
-
9,733,925
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2024
£
£
£
Profit for the financial period
1,495,171
-
1,495,171
Notes to reconciliation
Recognition of stock in transit

An adjustment has been made to amend the stock figure to include stock in transit.

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