Albion Valves (International) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11508579 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

ALBION VALVES (INTERNATIONAL) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D Keys

Mr J M Thomas

Mr S J Bloomer

SECRETARY:

Mr S J Bloomer

REGISTERED OFFICE:

Unit 9A, Fall Bank Industrial Estate

Fall Bank Crescent

Dodworth

Barnsley

South Yorkshire

S75 3LS

REGISTERED NUMBER:

11508579 (England and Wales)

AUDITORS:

Gibson Booth Limited

Statutory Auditor

12 Victoria Road

Barnsley

South Yorkshire

S70 2BB

BANKERS:

Virgin Money

1A Peel Square

Barnsley

South Yorkshire

S70 2PL

FIXED ASSETS

Tangible assets

4

24,040

2,785

CURRENT ASSETS

Stocks

414,486

206,642

Debtors

5

260,360

100,966

Cash at bank and in hand

7,576

42,724

682,422

350,332

CREDITORS

Amounts falling due within one year

6

64,131

74,730

NET CURRENT ASSETS

618,291

275,602

TOTAL ASSETS LESS CURRENT LIABILITIES

642,331

278,387

CREDITORS

Amounts falling due after more than one year

7

(973,122

)

(485,000

)

PROVISIONS FOR LIABILITIES

(4,848

)

-

NET LIABILITIES

(335,639

)

(206,613

)

CAPITAL AND RESERVES

Called up share capital

8

50,000

50,000

Retained earnings

(385,639

)

(256,613

)

SHAREHOLDERS' FUNDS

(335,639

)

(206,613

)

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 21 July 2021 and were signed on its behalf by:

Mr D Keys - Director

1.	STATUTORY INFORMATION

Albion Valves (International) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis. The parent company has indicated a willingness to continue to support the company financially for the foreseeable future.

At the time of approval the UK economy was subject to the coronavirus pandemic outbreak. Projections and forecasts have been prepared based on a number of underlying assumptions, which are subject to significant uncertainty at this time. These show that the expected income and expenditure, together with current reserves and the possibility of obtaining potential funding allows the company to continue as a going concern.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of valves and pipeline equipment is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the despatch of goods.

Tangible fixed assets

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows;

Plant and machinery - 25% to 33.3% straight line

Depreciation charges are adjusted for any differences that arise between net book values and estimated residual values of the assets.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stock.

Cost is calculated using the first-in, first-out method and includes all purchase costs in bringing stocks to their present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

2,785

Additions

24,659

At 31 March 2021

27,444

DEPRECIATION

Charge for year

3,404

At 31 March 2021

3,404

NET BOOK VALUE

At 31 March 2021

24,040

At 31 March 2020

2,785

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

233,728

61,030

VAT

10,451

10,828

Prepayments and accrued income

16,181

29,108

260,360

100,966

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade creditors

1,243

18,686

Amounts owed to group undertakings

38,263

42,132

Accruals and deferred income

24,625

13,912

64,131

74,730

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Amounts owed to group undertakings

973,122

485,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

£

50,000

Ordinary

£1

50,000

50,000

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Robert Watson FCA (Senior Statutory Auditor)

for and on behalf of Gibson Booth Limited

10.	RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity

31.3.21

31.3.20

£

£

Purchases

155,784

122,260

Sales

9,390

1,293

Management charges

89,894

83,166

Balance due to the related party at the year end

1,011,385

527,132

11.	ULTIMATE PARENT COMPANY

Albion Valves (UK) Limited

Registered Office: 9A Fall Bank Industrial Estate, Barnsley, S75 3LS