U.K. Process Valves Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04388840 (England and Wales)

U.K. PROCESS VALVES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30TH APRIL 2023

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTOR:

Mr J Huggett

SECRETARY:

Mrs L Huggett

REGISTERED OFFICE:

Unit H10 Draycott Business Park

Cam

DURSLEY

Gloucestershire

GL11 5DQ

REGISTERED NUMBER:

04388840 (England and Wales)

ACCOUNTANTS:

Morris Owen

Chartered Accountants

43-45 Devizes Road

SWINDON

Wiltshire

SN1 4BG

BANKERS:

Lloyds Bank Plc

5 High Street

Old Town

SWINDON

Wiltshire

SN1 3ED

FIXED ASSETS

Tangible assets

4

180,991

184,470

CURRENT ASSETS

Stocks

5

99,788

65,013

Debtors

6

199,677

168,633

Cash at bank

144,925

67,026

444,390

300,672

CREDITORS

Amounts falling due within one year

7

272,632

191,233

NET CURRENT ASSETS

171,758

109,439

TOTAL ASSETS LESS CURRENT LIABILITIES

352,749

293,909

CREDITORS

Amounts falling due after more than one year

8

(111,038

)

(125,562

)

PROVISIONS FOR LIABILITIES

(1,572

)

(1,506

)

NET ASSETS

240,139

166,841

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

240,039

166,741

SHAREHOLDERS' FUNDS

240,139

166,841

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2023 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 13th November 2023 and were signed by:

Mr J Huggett - Director

1.	STATUTORY INFORMATION

U.K. Process Valves Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04388840

Registered office: Unit H10 Draycott Business Park, Cam, Dursley, Glucestershire, GL11 5DQ

The presentation currency of the financial statements is the Pound Sterling (£) 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.

During 2020, the World Health Organization declared the spread of Coronavirus Disease (COVID-19) a worldwide pandemic. The COVID-19 pandemic is having significant effects on global markets, supply chains, businesses, and communities. Specific to the company, COVID-19 may impact various parts of its operations and financial results. The director believes the company is taking appropriate actions to mitigate the negative impact and is optimistic that the company will continue to trade profitably.

Significant judgements and estimates

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company as a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

- Determine the period of useful economic life and any residual value of all tangible fixed assets order to write off the value of each asset over that period.

- Determine an appropriate provision for bad and doubtful debts by assessing the recoverability of all balances on a balance by balance basis.

- Determine an appropriate provision for obsolete and slow moving stocks by assessing the net realisable value of all stock lines on a line by line basis.

- Determine an appropriate provision for completed works and contracts.

Turnover

Turnover is recognised to the extent that the company obtains the right to consideration in exchange for its performance.

Turnover from sale of goods is recognised when the significant risks and reward of ownership of the goods have passed to the buyer, usually on dispatch of the goods.

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

Tangible fixed assets

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

Freehold property

-

2% on buildings/not provided on land

Improvements to property

-

20% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25%/50% on cost

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

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Short term trade creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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 3 (2022 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st May 2022

184,145

34,248

218,393

Additions

-

787

787

At 30th April 2023

184,145

35,035

219,180

DEPRECIATION

At 1st May 2022

7,607

26,316

33,923

Charge for year

1,841

2,425

4,266

At 30th April 2023

9,448

28,741

38,189

NET BOOK VALUE

At 30th April 2023

174,697

6,294

180,991

At 30th April 2022

176,538

7,932

184,470

5.

STOCKS

2023

2022

£

£

Stocks

99,788

65,013

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

192,402

165,865

Other debtors

7,275

2,768

199,677

168,633

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

14,736

14,662

Trade creditors

163,987

79,169

Taxation and social security

50,754

20,119

Other creditors

43,155

77,283

272,632

191,233

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

111,038

125,562

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

98,940

106,390

Lloyds Bank plc hold a fixed and floating charge over all the property or undertaking of the company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

£1

100

100

11.	ULTIMATE PARENT COMPANY

UK Process Valves (Holdings) Limited is regarded by the director as being the company's ultimate parent company.