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Registration number: 05414626

Valli Honley Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Valli Honley Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Valli Honley Limited

Company Information

Director

MA Valli

Company secretary

RM Valli

Registered office

262-264 Lockwood Road
Huddersfield
West Yorkshire
HD1 3TG

 

Valli Honley Limited

(Registration number: 05414626)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

25,583

92,100

Tangible assets

5

7,144

11,130

Investments

6

215,736

-

 

248,463

103,230

Current assets

 

Stocks

7

8,327

15,708

Debtors

8

471,169

205,939

Cash at bank and in hand

 

12,844

66,486

 

492,340

288,133

Creditors: Amounts falling due within one year

9

(247,019)

(178,872)

Net current assets

 

245,321

109,261

Total assets less current liabilities

 

493,784

212,491

Creditors: Amounts falling due after more than one year

9

(87,765)

(108,115)

Provisions for liabilities

(1,357)

(2,114)

Net assets

 

404,662

102,262

Capital and reserves

 

Called up share capital

90

75

Capital redemption reserve

25

25

Retained earnings

404,547

102,162

Shareholders' funds

 

404,662

102,262

 

Valli Honley Limited

(Registration number: 05414626)
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 2 September 2022
 

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

 

Valli Honley 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 and 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 2 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 Honley 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

Plant and machinery

25% on reducing balance

Fixtures and fittings

15% on reducing balance

Computer equipment

33% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Useful life of 20 years

 

Valli Honley Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

 

Valli Honley Limited

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 15 (2021 - 20).

 

Valli Honley Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2021

307,000

307,000

Disposals

(204,667)

(204,667)

At 31 March 2022

102,333

102,333

Amortisation

At 1 April 2021

214,900

214,900

Amortisation charge

15,350

15,350

Amortisation eliminated on disposals

(153,500)

(153,500)

At 31 March 2022

76,750

76,750

Carrying amount

At 31 March 2022

25,583

25,583

At 31 March 2021

92,100

92,100

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2021

9,637

56,737

10,371

76,745

Additions

3,141

2,341

4,465

9,947

Disposals

(5,729)

(37,932)

(6,268)

(49,929)

At 31 March 2022

7,049

21,146

8,568

36,763

Depreciation

At 1 April 2021

4,107

52,224

9,284

65,615

Charge for the year

944

1,189

1,428

3,561

Eliminated on disposal

(1,484)

(35,227)

(2,846)

(39,557)

At 31 March 2022

3,567

18,186

7,866

29,619

Carrying amount

At 31 March 2022

3,482

2,960

702

7,144

At 31 March 2021

5,530

4,513

1,087

11,130

 

Valli Honley Limited

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

6

Investments

2022
£

2021
£

Investments in subsidiaries

215,736

-

Subsidiaries

£

Cost or valuation

Additions

215,736

Provision

Carrying amount

At 31 March 2022

215,736

7

Stocks

2022
£

2021
£

Work in progress

-

4,700

Other inventories

8,327

11,008

8,327

15,708

8

Debtors

Note

2022
£

2021
£

Trade debtors

 

3,655

30,723

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

11

460,932

164,895

Prepayments

 

-

503

Other debtors

 

6,582

9,818

 

471,169

205,939

 

Valli Honley Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

10

17,656

32,876

Trade creditors

 

25,662

63,029

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

11

184,725

32,754

Taxation and social security

 

9,775

31,052

Accruals and deferred income

 

2,786

2,786

Other creditors

 

6,415

16,375

 

247,019

178,872

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

87,765

108,115

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

87,765

108,115

2022
£

2021
£

Current loans and borrowings

Bank borrowings

17,656

21,209

Other borrowings

-

11,667

17,656

32,876

 

Valli Honley Limited

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

11

Related party transactions

Director's remuneration

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

2022
£

2021
£

Remuneration

8,840

9,357