Valli (Wakefield) Limited 04982448 false 2021-04-01 2022-03-31 2022-03-31 The principal activity of the company is opticians. Digita Accounts Production Advanced 6.30.9574.0 true 04982448 2021-04-01 2022-03-31 04982448 2022-03-31 04982448 core:CurrentFinancialInstruments 2022-03-31 04982448 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 04982448 core:Non-currentFinancialInstruments 2022-03-31 04982448 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 04982448 core:FurnitureFittings 2022-03-31 04982448 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 04982448 core:OfficeEquipment 2022-03-31 04982448 core:PlantMachinery 2022-03-31 04982448 bus:SmallEntities 2021-04-01 2022-03-31 04982448 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 04982448 bus:FullAccounts 2021-04-01 2022-03-31 04982448 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 04982448 bus:RegisteredOffice 2021-04-01 2022-03-31 04982448 bus:CompanySecretary1 2021-04-01 2022-03-31 04982448 bus:Director5 2021-04-01 2022-03-31 04982448 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 04982448 core:FurnitureFittings 2021-04-01 2022-03-31 04982448 core:LandBuildings 2021-04-01 2022-03-31 04982448 core:LandBuildings core:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 04982448 core:OfficeEquipment 2021-04-01 2022-03-31 04982448 core:PlantMachinery 2021-04-01 2022-03-31 04982448 countries:AllCountries 2021-04-01 2022-03-31 04982448 2021-03-31 04982448 core:FurnitureFittings 2021-03-31 04982448 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 04982448 core:OfficeEquipment 2021-03-31 04982448 core:PlantMachinery 2021-03-31 04982448 2020-04-01 2021-03-31 04982448 2021-03-31 04982448 core:CurrentFinancialInstruments 2021-03-31 04982448 core:CurrentFinancialInstruments core:WithinOneYear 2021-03-31 04982448 core:Non-currentFinancialInstruments 2021-03-31 04982448 core:Non-currentFinancialInstruments core:AfterOneYear 2021-03-31 04982448 core:FurnitureFittings 2021-03-31 04982448 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 04982448 core:OfficeEquipment 2021-03-31 04982448 core:PlantMachinery 2021-03-31 iso4217:GBP xbrli:pure

Registration number: 04982448

Valli (Wakefield) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Valli (Wakefield) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Valli (Wakefield) Limited

Company Information

Director

MA Valli

Company secretary

RM Valli

Registered office

262-264 Lockwood Road
Huddersfield
West Yorkshire
HD1 3TG

 

Valli (Wakefield) Limited

(Registration number: 04982448)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

15,920

18,674

Current assets

 

Stocks

5

4,409

3,570

Debtors

6

242,206

222,709

Cash at bank and in hand

 

7,144

23,009

 

253,759

249,288

Creditors: Amounts falling due within one year

7

(133,817)

(138,263)

Net current assets

 

119,942

111,025

Total assets less current liabilities

 

135,862

129,699

Creditors: Amounts falling due after more than one year

7

(39,815)

(50,000)

Provisions for liabilities

(3,025)

(3,548)

Net assets

 

93,022

76,151

Capital and reserves

 

Called up share capital

1

1

Retained earnings

93,021

76,150

Shareholders' funds

 

93,022

76,151

 

Valli (Wakefield) Limited

(Registration number: 04982448)
Balance Sheet as at 31 March 2022

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 1 September 2022
 

.........................................
MA Valli
Director

 

Valli (Wakefield) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
262-264 Lockwood Road
Huddersfield
West Yorkshire
HD1 3TG
England

These financial statements were authorised for issue by the director on 1 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Valli (Wakefield) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property - Leasehold Improvements

5% Straight Line

Plant and Machinery

20% Straight Line

Fixtures and Fittings

20% Straight Line

Office Equipment

33% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Valli (Wakefield) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2021 - 5).

 

Valli (Wakefield) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 April 2021

69,929

18,078

49,119

16,813

Additions

-

-

1,605

524

At 31 March 2022

69,929

18,078

50,724

17,337

Depreciation

At 1 April 2021

52,697

18,078

49,119

15,371

Charge for the year

3,497

-

321

1,065

At 31 March 2022

56,194

18,078

49,440

16,436

Carrying amount

At 31 March 2022

13,735

-

1,284

901

At 31 March 2021

17,232

-

-

1,442

Total
£

Cost or valuation

At 1 April 2021

153,939

Additions

2,129

At 31 March 2022

156,068

Depreciation

At 1 April 2021

135,265

Charge for the year

4,883

At 31 March 2022

140,148

Carrying amount

At 31 March 2022

15,920

At 31 March 2021

18,674

 

Valli (Wakefield) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5

Stocks

2022
£

2021
£

Work in progress

900

900

Other inventories

3,509

2,670

4,409

3,570

6

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

10,717

7,299

Amounts owed by related parties

9

227,546

210,066

Prepayments

 

1,235

1,960

Other debtors

 

2,708

3,384

   

242,206

222,709

 

Valli (Wakefield) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

5,556

-

Trade creditors

 

10,134

16,154

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

110,868

105,868

Taxation and social security

 

2,254

11,779

Accruals and deferred income

 

1,200

929

Other creditors

 

3,805

3,533

 

133,817

138,263

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

39,815

50,000

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Other borrowings

39,815

50,000

2022
£

2021
£

Current loans and borrowings

Other borrowings

5,556

-

 

Valli (Wakefield) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

9

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2022
£

2021
£

Remuneration

8,840

8,784