The Salford Valve Company Ltd - Accounts to registrar (filleted) - small 18.2
The Salford Valve Company Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements |
| for the year ended |
| 31 December 2020 |
| for |
| The Salford Valve Company Ltd |
| The Salford Valve Company Ltd (Registered number: 03371104) |
| Contents of the Financial Statements |
| for the year ended 31 December 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| The Salford Valve Company Ltd |
| Company Information |
| for the year ended 31 December 2020 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditors |
| Oak Tree House, Harwood Road |
| Northminster Business Park |
| Upper Poppleton |
| York |
| YO26 6QU |
| The Salford Valve Company Ltd (Registered number: 03371104) |
| Balance Sheet |
| 31 December 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| The Salford Valve Company Ltd (Registered number: 03371104) |
| Notes to the Financial Statements |
| for the year ended 31 December 2020 |
| 1. | STATUTORY INFORMATION |
| The Salford Valve Company Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| There were no material departures from that standard. |
| The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts. |
| Going concern |
| The financial statements are prepared on the going concern basis which assumes that the company will continue to trade. The company has prepared forecasts for the twelve months following the date of the approval of these financial statements. The unexpected impact of Covid has delayed operations resulting in the forecasts showing the company's requirement to source additional funding. There can be no certainty in relation to these matters and this material uncertainty may cast significant doubt on the company's ability to continue as a going concern. The financial statements do not include any adjustments that would result from the failure to secure sufficient investment. |
| Positive discussions with investors indicate the company will be successful in raising the required finance and the directors are confident the necessary funds to meet the company's financial obligations into the foreseeable future will be secured. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Patents are being amortised evenly over their estimated useful life of twenty years with patent renewals being amortised evenly over their estimated useful life of one year. |
| Trade marks are being amortised evenly over their estimated useful life of ten years. |
| Intellectual property is being amortised evenly over its estimated useful life of twenty years. |
| Tangible fixed assets |
| Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. |
| Depreciation is provided at the following annual rates in order to write off each asset over its expected useful life. The rates applicable are: |
| Plant and machinery | - 33% straight line |
| Computer equipment | - 33% straight line |
| The Salford Valve Company Ltd (Registered number: 03371104) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Government grants |
| Capital based grants are credited to the profit and loss account in equal instalments, over the estimated useful life of the related asset. |
| Revenue based grants are credited to the profit and loss account on receipt. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| The Salford Valve Company Ltd (Registered number: 03371104) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2020 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intellectual |
| Patents & | property |
| trademarks | rights | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2020 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2020 |
| AMORTISATION |
| At 1 January 2020 |
| Amortisation for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2020 |
| NET BOOK VALUE |
| At 31 December 2020 |
| At 31 December 2019 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and | Computer |
| machinery | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2020 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2020 |
| DEPRECIATION |
| At 1 January 2020 |
| Charge for year |
| At 31 December 2020 |
| NET BOOK VALUE |
| At 31 December 2020 |
| At 31 December 2019 |
| The Salford Valve Company Ltd (Registered number: 03371104) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2020 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| VAT |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Accrued expenses |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2020 | 2019 |
| £ | £ |
| Within one year |
| Between one and five years |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2020 | 2019 |
| value: |
| £ | £ |
| 193,625 | Ordinary | £0.01 | 1,936 | 1,578 |
| 1,936 | 1,578 |
| There has been a share issue during the year of 35,856 £0.01 shares at a premium. |
| The Salford Valve Company Ltd (Registered number: 03371104) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2020 |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| Material uncertainty in relation to going concern |
| We draw attention to the Going Concern section within note 2 to the financial statements (page 3) which indicates that the Company requires additional funding to continue its operations, however, additional funding is yet to be agreed. As stated in note 2, these events or conditions, along with the other matters as set forth in note 2 indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. |
| Our opinion is not modified in respect of this matter. |
| 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. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of our report. |
| Robert Whitehead FCCA (Senior Statutory Auditor) |
| for and on behalf of Clive Owen LLP |
| 11. | CAPITAL COMMITMENTS |
| 2020 | 2019 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |