REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
AUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MARCH 2020 |
|
FOR |
|
ALBION VALVES (INTERNATIONAL) LIMITED |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
AUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MARCH 2020 |
|
FOR |
|
ALBION VALVES (INTERNATIONAL) LIMITED |
ALBION VALVES (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 11508579) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
ALBION VALVES (INTERNATIONAL) LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
SECRETARY: |
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
AUDITORS: |
|
Statutory Auditor |
12 Victoria Road |
Barnsley |
South Yorkshire |
S70 2BB |
|
|
|
BANKERS: |
|
1a Peel Square |
Barnsley |
South Yorkshire |
S70 2PL |
ALBION VALVES (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 11508579) |
|
BALANCE SHEET |
31 MARCH 2020 |
|
31.3.20 | 31.3.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 5 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than
one year |
7 |
|
|
NET LIABILITIES | ( |
) | ( |
) |
|
CAPITAL AND RESERVES |
Called up share capital | 8 |
|
|
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
ALBION VALVES (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 11508579) |
|
BALANCE SHEET - continued |
31 MARCH 2020 |
|
|
|
|
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 |
|
|
|
|
|
|
|
ALBION VALVES (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 11508579) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
1. | STATUTORY INFORMATION |
|
Albion Valves (International) Limited is a
|
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 |
|
|
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 impact of 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. |
ALBION VALVES (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 11508579) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
2. | ACCOUNTING POLICIES - continued |
|
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. |
|
ALBION VALVES (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 11508579) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
2. | ACCOUNTING POLICIES - continued |
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
|
|
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
|
At 31 March 2020 |
|
NET BOOK VALUE |
At 31 March 2020 |
|
ALBION VALVES (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 11508579) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade debtors |
|
|
VAT |
|
|
Prepayments and accrued income |
|
|
|
|
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Accruals and deferred income |
|
|
|
|
|
7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Amounts owed to group undertakings |
|
|
|
8. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.20 | 31.3.19 |
value: | £ | £ |
|
Ordinary | £1 | 50,000 | 50,000 |
ALBION VALVES (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 11508579) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was qualified on the following basis: |
|
Basis for qualified opinion |
We did not observe the counting of physical inventories held by the company at 31 March |
2020. |
|
We were unable to satisfy ourselves by alternative means of the inventory quantities held |
at this date, which are included in the balance sheet at £206,642, by using other audit |
procedures. Consequently we were unable to determine whether any adjustment to this |
amount was necessary. |
|
We conducted our audit in accordance with the International Standards on Auditing (UK) (ISAs (UK)) |
and applicable law. Our responsibilities under those standards are further described in the Auditors' |
responsibilities for the audit of the financial statements section of our report. We are independent of |
the company in accordance with the ethical requirements that are relevant to our audit of the |
financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other |
ethical responsibilities in accordance with these requirements. |
|
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis |
for our qualified opinion. |
|
|
for and on behalf of
|
|
10. | RELATED PARTY DISCLOSURES |
|
Entities with control, joint control or significant influence over the entity |
|
|
31.3.20 | 31.3.19 |
£ | £ |
Purchases | 122,260 |
Sales | 1,293 | - |
Management charges | 83,166 | 11,963 |
Balance due to the related party at the year end | 527,132 | 151,545 |
|
|
11. | ULTIMATE PARENT COMPANY |
|
Albion Valves (UK) Limited |
Registered Office: 9A Fall Bank Industrial Estate, Barnsley, S75 3LS |