The Peter Smith Valve Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01036179 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

THE PETER SMITH VALVE COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P N Smith

Mrs L K Smith

SECRETARY:

Mrs L K Smith

REGISTERED OFFICE:

29 Arboretum Street

Nottingham

Nottinghamshire

NG1 4JA

REGISTERED NUMBER:

01036179 (England and Wales)

AUDITORS:

Lemans

Statutory Auditor

29 Arboretum Street

Nottingham

Nottinghamshire

NG1 4JA

FIXED ASSETS

Tangible assets

4

55,186

48,880

CURRENT ASSETS

Stocks

541,214

513,646

Debtors

5

1,341,363

1,407,977

Cash at bank and in hand

2,660,322

2,713,817

4,542,899

4,635,440

CREDITORS

Amounts falling due within one year

6

276,125

277,124

NET CURRENT ASSETS

4,266,774

4,358,316

TOTAL ASSETS LESS CURRENT LIABILITIES

4,321,960

4,407,196

CAPITAL AND RESERVES

Called up share capital

8

38,000

40,000

Capital redemption reserve

2,000

-

Retained earnings

4,281,960

4,367,196

SHAREHOLDERS' FUNDS

4,321,960

4,407,196

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 by the Board of Directors and authorised for issue on 16 December 2021 and were signed on its behalf by:

P N Smith - Director

1.	STATUTORY INFORMATION

The Peter Smith Valve Company 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 presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

33% on cost and 20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is determined on a first in first out basis.

Work in progress and finished goods are valued at the lower of cost and net realisable value and include direct cost incurred and attributable production overheads with due allowance made for obsolete and slow moving items.

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.

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 19 (2020 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2020

139,461

75,393

166,304

381,158

Additions

-

728

50,821

51,549

Disposals

-

-

(54,729

)

(54,729

)

At 31 March 2021

139,461

76,121

162,396

377,978

DEPRECIATION

At 1 April 2020

126,780

69,179

136,319

332,278

Charge for year

2,536

1,881

13,326

17,743

Eliminated on disposal

-

-

(27,229

)

(27,229

)

At 31 March 2021

129,316

71,060

122,416

322,792

NET BOOK VALUE

At 31 March 2021

10,145

5,061

39,980

55,186

At 31 March 2020

12,681

6,214

29,985

48,880

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

339,355

444,121

Other debtors

964,122

941,982

Prepayments

37,886

21,874

1,341,363

1,407,977

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade creditors

184,824

130,860

Corporation tax

33,891

43,003

Social security and other taxes

53,887

103,087

Other creditors

3,523

174

276,125

277,124

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.21

31.3.20

£

£

Within one year

72,800

72,800

Between one and five years

58,375

105,075

131,175

177,875

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

£

38,000

Ordinary

£1

38,000

40,000

(31.3.20 - 40,000 )

On 24 February 2021 the company purchased 2,000 £1 Ordinary shares for a total consideration of £200,000.

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

The Report of the Auditors was unqualified.

Adrian Harby FCCA (Senior Statutory Auditor)

for and on behalf of Lemans

10.	RELATED PARTY DISCLOSURES

During the year the loans amounting to £45,000 were advanced to a company owned and controlled by the directors' son. At 31 March 2021 the total amount of loans outstanding from this company amounted to £962,000 and is included in other debtors.

No interest has been charged on this loan in the year (31.03.2020 - £22,366).

11.	POST BALANCE SHEET EVENTS

On 15 June 2021, by way of a share for share exchange The Peter Smith Valve Company Limited became a wholly owned subsidiary of the Peter Smith Holding Company Limited.