Valve-kits Group Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 11470145 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2022

for

Valve-kits Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C Mellins

REGISTERED OFFICE:

Cawley House

149-155 Canal Street

Nottingham

Nottinghamshire

NG1 7HR

REGISTERED NUMBER:

11470145 (England and Wales)

ACCOUNTANTS:

Clayton & Brewill

Chartered Accountants

Cawley House

149-155 Canal Street

Nottingham

Nottinghamshire

NG1 7HR

FIXED ASSETS

Property, plant and equipment

4

113,430

82,514

CURRENT ASSETS

Inventories

174,605

179,949

Debtors

5

719,252

444,764

Cash at bank and in hand

332,799

345,111

1,226,656

969,824

CREDITORS

Amounts falling due within one year

6

344,227

266,110

NET CURRENT ASSETS

882,429

703,714

TOTAL ASSETS LESS CURRENT LIABILITIES

995,859

786,228

PROVISIONS FOR LIABILITIES

8

21,552

15,678

NET ASSETS

974,307

770,550

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

974,207

770,450

SHAREHOLDERS' FUNDS

974,307

770,550

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 director and authorised for issue on 20 March 2023 and were signed by:

C Mellins - Director

1.	STATUTORY INFORMATION

Valve-kits Group 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.

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

Revenue 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

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance 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.

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 24 (2021 - 24 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2022

149,004

6,704

11,388

23,612

190,708

Additions

36,743

17,460

24,000

834

79,037

At 31 December 2022

185,747

24,164

35,388

24,446

269,745

DEPRECIATION

At 1 January 2022

77,090

5,365

6,643

19,096

108,194

Charge for year

36,088

4,969

5,347

1,717

48,121

At 31 December 2022

113,178

10,334

11,990

20,813

156,315

NET BOOK VALUE

At 31 December 2022

72,569

13,830

23,398

3,633

113,430

At 31 December 2021

71,914

1,339

4,745

4,516

82,514

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

608,550

387,869

Other debtors

102,697

34,987

Tax

-

12,823

Prepayments

8,005

9,085

719,252

444,764

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

195,671

174,768

Tax

61,111

-

Social security and other taxes

16,257

16,058

VAT

15,714

8,795

Other creditors

2,542

2,435

Directors' current accounts

39,142

49,701

Accrued expenses

13,790

14,353

344,227

266,110

7.	LEASING AGREEMENTS

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

2022

2021

£

£

Within one year

94,293

18,226

Between one and five years

303,716

19,990

398,009

38,216

8.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

21,552

15,678

Deferred

tax

£

Balance at 1 January 2022

15,678

Charge to Income Statement during year

5,874

Balance at 31 December 2022

21,552

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

1

100

100

10.

RESERVES

Retained

earnings

£

At 1 January 2022

770,450

Profit for the year

285,757

Dividends

(82,000

)

At 31 December 2022

974,207

11.	PENSION COMMITMENTS

The company operates a defined contribution scheme and contributions are charged in the profit and loss account as they accrue. The charge for the period was £63,191 (2021 £63,563). At the balance sheet date amounts of £2,542 (2021 £2,435) were due respect of employee and employer pension contributions.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr & Mrs Mellins.

The ultimate controlling party is Mr & Mrs Mellins.