Company registration number 01567612 (England and Wales)
GEMU VALVES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
GEMU VALVES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
GEMU VALVES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
8
611,206
651,143
Current assets
Stocks
9
82,153
28,608
Debtors
10
1,746,685
1,069,438
Cash at bank and in hand
1,702,928
1,734,780
3,531,766
2,832,826
Creditors: amounts falling due within one year
11
(1,556,760)
(939,871)
Net current assets
1,975,006
1,892,955
Total assets less current liabilities
2,586,212
2,544,098
Provisions for liabilities
(31,925)
(32,491)
Net assets
2,554,287
2,511,607
Capital and reserves
Called up share capital
14
200,000
200,000
Profit and loss reserves
2,354,287
2,311,607
Total equity
2,554,287
2,511,607
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 14 March 2023 and are signed on its behalf by:
Mr A Winkler
Mr A Arcas-White
Director
Director
Company registration number 01567612 (England and Wales)
GEMU VALVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Gemu Valves Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Olympic Way, Birchwood, Warrington, Cheshire, United Kingdom, WA2 0YL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold Property
30 years straight line
Plant and equipment
10% - 33% straight line
Computers
10% - 33& straight line
Motor vehicles
20% - 25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
GEMU VALVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
GEMU VALVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GEMU VALVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Operating profit
2022
2021
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
22,100
18,737
Depreciation of owned tangible fixed assets
97,403
101,752
Profit on disposal of tangible fixed assets
(10,969)
(3,930)
Operating lease charges
5,049
-
GEMU VALVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
3
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
7,261
6,480
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
17
16
5
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
1,461
74
Other interest income
399
Total income
1,461
473
Interest on financial assets not measured at fair value through profit or loss
1,461
74
6
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
152,106
166,321
Adjustments in respect of prior periods
(11,569)
(80,397)
Total current tax
140,537
85,924
Deferred tax
Origination and reversal of timing differences
(567)
(10,780)
Total tax charge
139,970
75,144
GEMU VALVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
7
Dividends
2022
2021
£
£
Final paid
600,000
400,000
8
Tangible fixed assets
Freehold Property
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2022
725,717
11,589
102,391
264,006
1,103,703
Additions
17,848
39,618
57,466
Disposals
(3,330)
(13,816)
(24,920)
(42,066)
At 31 December 2022
725,717
8,259
106,423
278,704
1,119,103
Depreciation and impairment
At 1 January 2022
214,802
10,714
80,803
146,241
452,560
Depreciation charged in the year
21,438
210
10,780
64,975
97,403
Eliminated in respect of disposals
(3,330)
(13,816)
(24,920)
(42,066)
At 31 December 2022
236,240
7,594
77,767
186,296
507,897
Carrying amount
At 31 December 2022
489,477
665
28,656
92,408
611,206
At 31 December 2021
510,915
875
21,588
117,765
651,143
9
Stocks
2022
2021
£
£
Stocks
82,153
28,608
10
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,693,384
1,028,715
Other debtors
53,301
40,723
1,746,685
1,069,438
GEMU VALVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
11
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
71,866
6,040
Amounts owed to group undertakings
878,804
459,138
Corporation tax
59,599
18,087
Other taxation and social security
422,051
331,390
Other creditors
124,440
125,216
1,556,760
939,871
12
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
31,925
32,491
2022
Movements in the year:
£
Liability at 1 January 2022
32,491
Credit to profit or loss
(566)
Liability at 31 December 2022
31,925
13
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
57,713
57,333
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
GEMU VALVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
14
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200,000
200,000
200,000
200,000
15
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Steven John Collings
Statutory Auditor:
Leavitt Walmsley Associates Ltd
16
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
Within one year
6,660
Between two and five years
8,326
14,986
17
Parent company
The immediate parent undertaking is Gemu Holding AG (Ltd) a company incorporated in Switzerland.
The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Gemu Holding Gmbh & Co KG, a limited partnership business entity incorporated in Germany. Copies of the
consolidated accounts can be obtained from The Secretary at Fritz Muller Strasse 8, 74653 Ingelfingen, Germany.
18
Contingencies
The company has given a bank guarantee of £4,000 to HM Revenue and Customs
2022-12-312022-01-01false07 March 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMr S MüllerMr A WinklerMr A Arcas-WhiteMr A Winkler015676122022-01-012022-12-31015676122022-12-31015676122021-12-3101567612core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3101567612core:PlantMachinery2022-12-3101567612core:ComputerEquipment2022-12-3101567612core:MotorVehicles2022-12-3101567612core:LandBuildingscore:OwnedOrFreeholdAssets2021-12-3101567612core:PlantMachinery2021-12-3101567612core:ComputerEquipment2021-12-3101567612core:MotorVehicles2021-12-3101567612core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3101567612core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3101567612core:CurrentFinancialInstruments2022-12-3101567612core:CurrentFinancialInstruments2021-12-3101567612core:ShareCapital2022-12-3101567612core:ShareCapital2021-12-3101567612core:RetainedEarningsAccumulatedLosses2022-12-3101567612core:RetainedEarningsAccumulatedLosses2021-12-3101567612bus:CompanySecretaryDirector12022-01-012022-12-3101567612bus:Director22022-01-012022-12-3101567612core:LandBuildingscore:OwnedOrFreeholdAssets2022-01-012022-12-3101567612core:PlantMachinery2022-01-012022-12-3101567612core:ComputerEquipment2022-01-012022-12-3101567612core:MotorVehicles2022-01-012022-12-31015676122021-01-012021-12-3101567612core:UKTax2022-01-012022-12-3101567612core:UKTax2021-01-012021-12-3101567612core:LandBuildingscore:OwnedOrFreeholdAssets2021-12-3101567612core:PlantMachinery2021-12-3101567612core:ComputerEquipment2021-12-3101567612core:MotorVehicles2021-12-31015676122021-12-3101567612core:WithinOneYear2022-12-3101567612core:WithinOneYear2021-12-3101567612core:BetweenTwoFiveYears2022-12-3101567612core:BetweenTwoFiveYears2021-12-3101567612bus:PrivateLimitedCompanyLtd2022-01-012022-12-3101567612bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3101567612bus:FRS1022022-01-012022-12-3101567612bus:Audited2022-01-012022-12-3101567612bus:Director12022-01-012022-12-3101567612bus:Director32022-01-012022-12-3101567612bus:CompanySecretary12022-01-012022-12-3101567612bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP