Valli Netherton Limited 11606112 false 2021-03-01 2022-03-31 2022-03-31 The principal activity of the company is opticians. Digita Accounts Production Advanced 6.30.9574.0 true 11606112 2021-03-01 2022-03-31 11606112 2022-03-31 11606112 core:CurrentFinancialInstruments 2022-03-31 11606112 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 11606112 core:Non-currentFinancialInstruments 2022-03-31 11606112 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 11606112 core:Goodwill 2022-03-31 11606112 core:PlantMachinery 2022-03-31 11606112 bus:SmallEntities 2021-03-01 2022-03-31 11606112 bus:AuditExemptWithAccountantsReport 2021-03-01 2022-03-31 11606112 bus:FullAccounts 2021-03-01 2022-03-31 11606112 bus:SmallCompaniesRegimeForAccounts 2021-03-01 2022-03-31 11606112 bus:RegisteredOffice 2021-03-01 2022-03-31 11606112 bus:Director1 2021-03-01 2022-03-31 11606112 bus:PrivateLimitedCompanyLtd 2021-03-01 2022-03-31 11606112 1 2021-03-01 2022-03-31 11606112 core:Goodwill 2021-03-01 2022-03-31 11606112 core:PlantMachinery 2021-03-01 2022-03-31 11606112 1 2021-03-01 2022-03-31 11606112 countries:EnglandWales 2021-03-01 2022-03-31 11606112 2021-02-28 11606112 core:Goodwill 2021-02-28 11606112 core:PlantMachinery 2021-02-28 11606112 2020-03-01 2021-02-28 11606112 2021-02-28 11606112 core:CurrentFinancialInstruments 2021-02-28 11606112 core:CurrentFinancialInstruments core:WithinOneYear 2021-02-28 11606112 core:Non-currentFinancialInstruments 2021-02-28 11606112 core:Non-currentFinancialInstruments core:AfterOneYear 2021-02-28 11606112 core:Goodwill 2021-02-28 11606112 core:PlantMachinery 2021-02-28 iso4217:GBP xbrli:pure

Registration number: 11606112

Valli Netherton Limited
(formerly Eyes for Life Ltd)

Annual Report and Unaudited Financial Statements

for the Period from 1 March 2021 to 31 March 2022

 

Valli Netherton Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Valli Netherton Limited

Company Information

Director

MA Valli

Registered office

266-268 Lockwood Road
Lockwood Road
Huddersfield
HD1 3TG

 

Valli Netherton Limited

(Registration number: 11606112)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

73,345

81,495

Tangible assets

5

4,004

3,719

 

77,349

85,214

Current assets

 

Stocks

6

2,563

-

Debtors

7

108,994

3,789

Cash at bank and in hand

 

14,073

197,812

 

125,630

201,601

Creditors: Amounts falling due within one year

8

(33,101)

(65,832)

Net current assets

 

92,529

135,769

Total assets less current liabilities

 

169,878

220,983

Creditors: Amounts falling due after more than one year

8

(39,815)

(103,793)

Provisions for liabilities

(761)

-

Net assets

 

129,302

117,190

Capital and reserves

 

Called up share capital

1

1

Retained earnings

129,301

117,189

Shareholders' funds

 

129,302

117,190

 

Valli Netherton Limited

(Registration number: 11606112)
Balance Sheet as at 31 March 2022

For the financial period 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 period 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 Netherton Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2021 to 31 March 2022

1

General information

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

The company was formerly known as Eyes for Life Ltd.

The address of its registered office is:
266-268 Lockwood Road
Lockwood Road
Huddersfield
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.

Disclosure of long or short period

The company is reporting a long period to bring the year end in line with the group.

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.

 

Valli Netherton Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2021 to 31 March 2022

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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

20% on reducing balance

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.

 

Valli Netherton Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2021 to 31 March 2022

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

10 years

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 Netherton Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2021 to 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.

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 period, was 5 (2021 - 3).

 

Valli Netherton Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2021 to 31 March 2022

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2021

81,495

81,495

At 31 March 2022

81,495

81,495

Amortisation

Amortisation charge

8,150

8,150

At 31 March 2022

8,150

8,150

Carrying amount

At 31 March 2022

73,345

73,345

At 28 February 2021

81,495

81,495

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2021

8,192

8,192

Additions

1,187

1,187

At 31 March 2022

9,379

9,379

Depreciation

At 1 March 2021

4,473

4,473

Charge for the period

902

902

At 31 March 2022

5,375

5,375

Carrying amount

At 31 March 2022

4,004

4,004

At 28 February 2021

3,719

3,719

6

Stocks

2022
£

2021
£

Other inventories

2,563

-

 

Valli Netherton Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2021 to 31 March 2022

7

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

(3,419)

1,128

Amounts owed by related parties

10

111,248

-

Other debtors

 

1,165

2,661

   

108,994

3,789

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

5,556

6,419

Trade creditors

 

9,185

855

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

10

6,933

-

Taxation and social security

 

7,462

13,160

Accruals and deferred income

 

1,200

-

Other creditors

 

2,765

45,398

 

33,101

65,832

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

39,815

103,793

 

Valli Netherton Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2021 to 31 March 2022

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

39,815

50,000

Other borrowings

-

53,793

39,815

103,793

2022
£

2021
£

Current loans and borrowings

Bank borrowings

5,556

-

Other borrowings

-

6,419

5,556

6,419

10

Related party transactions

Director's remuneration

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

2022
£

2021
£

Remuneration

8,392

9,984