REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2022 |
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ALBION VALVES (INTERNATIONAL) LIMITED |
REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2022 |
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FOR |
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ALBION VALVES (INTERNATIONAL) LIMITED |
ALBION VALVES (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 11508579) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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ALBION VALVES (INTERNATIONAL) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
12 Victoria Road |
Barnsley |
South Yorkshire |
S70 2BB |
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BANKERS: |
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1A Peel Square |
Barnsley |
South Yorkshire |
S70 2PL |
ALBION VALVES (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 11508579) |
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BALANCE SHEET |
31 MARCH 2022 |
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31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS/(LIABILITIES) |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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( |
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ALBION VALVES (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 11508579) |
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BALANCE SHEET - continued |
31 MARCH 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ALBION VALVES (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 11508579) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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1. | STATUTORY INFORMATION |
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Albion Valves (International) Limited is a
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The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared on the going concern basis on the grounds that the company's parent undertakings has given its confirmation of financial support for at least the next twelve months. |
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The financial statements do not include any adjustments that might arise if the going concern basis is not appropriate. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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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. |
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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; |
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Plant and machinery - 33.3% straight line |
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Depreciation charges are adjusted for any differences that arise between net book values and estimated residual values of the assets. |
ALBION VALVES (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 11508579) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stock. |
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Cost is calculated using the average costing method and includes all purchase costs in bringing stocks to their present location and condition. |
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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. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
ALBION VALVES (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 11508579) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Revenue grants |
Grants which are received for compensation for expenses or losses which have already been incurred are recognisable in income when the grant is received or receivable. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
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COST |
At 1 April 2021 |
and 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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5. | STOCKS |
31.3.22 | 31.3.21 |
£ | £ |
Stocks |
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ALBION VALVES (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 11508579) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Trade debtors |
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VAT |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Accruals and deferred income |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Amounts owed to group undertakings |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.22 | 31.3.21 |
value: | £ | £ |
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Ordinary | £1 | 50,000 | 50,000 |
ALBION VALVES (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 11508579) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was qualified on the following basis: |
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Basis for qualified opinion |
We were unable to observe the counting of physical inventories at the beginning of the year ended 31 March 2022, or satisfy ourselves concerning the quantities by alternative means. Since opening inventories affect the determination of the results of operations we are unable to determine whether adjustments to the results of operations and opening retained earnings might be necessary for the year ended 31 March 2022. |
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We are also unable to observe the counting of physical inventories at the beginning of the year ended 31 March 2021. As comparative figures form part of the financial statements, we were unable to determine whether adjustments to the results for the year ended 31 March 2021 and opening retained earnings for that year might also have been necessary. |
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Our audit report in respect of the year ended 31 March 2021 was modified on this basis. |
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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. |
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We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our | qualified opinion. |
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for and on behalf of
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11. | RELATED PARTY DISCLOSURES |
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Entities with control, joint control or significant influence over the entity |
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31.3.22 | 31.3.21 |
£ | £ |
Purchases from group company | 226,468 | 155,784 |
Sales to group company | 41,233 | 9,390 |
Management charges | 88,233 | 89,894 |
Balance due to the related party at the year end | 790,423 | 1,011,385 |
ALBION VALVES (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 11508579) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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12. | ULTIMATE PARENT COMPANY |
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Albion Valves (UK) Limited is the company's parent company by virtue of its shareholding in the company. |
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The registered office is: 9A Fall Bank Industrial Estate, Fall Bank Crescent, Dodworth, Barnsley, South Yorkshire, S75 3L. |
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Copies of the consolidated financial statements of Albion Valves (UK) Limited are available at Companies House. |