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Registration number: 07040880

Valli Hebden Bridge Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Valli Hebden Bridge Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Valli Hebden Bridge Limited

Company Information

Director

MA Valli

Company secretary

RM Valli

Registered office

262-264 Lockwood Road
Huddersfield
West Yorkshire
HD1 3TG

 

Valli Hebden Bridge Limited

(Registration number: 07040880)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

1,509

48,327

Tangible assets

5

77,926

197,444

Other financial assets

6

1,192,923

1,192,923

 

1,272,358

1,438,694

Current assets

 

Stocks

7

11,965

10,817

Debtors

8

594,207

378,226

Cash at bank and in hand

 

68,201

127,635

 

674,373

516,678

Creditors: Amounts falling due within one year

9

(1,330,295)

(1,095,970)

Net current liabilities

 

(655,922)

(579,292)

Total assets less current liabilities

 

616,436

859,402

Creditors: Amounts falling due after more than one year

9

(222,257)

(406,685)

Provisions for liabilities

(3,422)

(20,545)

Net assets

 

390,757

432,172

Capital and reserves

 

Called up share capital

2

3

Share premium reserve

185,000

185,000

Capital redemption reserve

1

-

Retained earnings

205,754

247,169

Shareholders' funds

 

390,757

432,172

 

Valli Hebden Bridge Limited

(Registration number: 07040880)
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 Hebden Bridge 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 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 Hebden Bridge 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

Leasehold improvements

over term of lease

Freehold property

2% straight line

Plant & Machinery

20% reducing balance

Fixtures and fittings

20% reducing balance

Computer Equipment

33% straight line

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

over estimated useful life

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.

 

Valli Hebden Bridge Limited

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

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.

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.

 

Valli Hebden Bridge Limited

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2021 - 11).

 

Valli Hebden Bridge 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

204,285

204,285

Disposals

(83,972)

(83,972)

At 31 March 2022

120,313

120,313

Amortisation

At 1 April 2021

155,958

155,958

Amortisation charge

16,566

16,566

Amortisation eliminated on disposals

(53,720)

(53,720)

At 31 March 2022

118,804

118,804

Carrying amount

At 31 March 2022

1,509

1,509

At 31 March 2021

48,327

48,327

5

Tangible assets

Land and buildings
£

Leasehold property improvements
£

Fixtures and fittings
£

Plant and machinery
£

Cost or valuation

At 1 April 2021

110,000

67,680

76,530

186,750

Additions

-

-

407

15,000

Disposals

(110,000)

(1,150)

(480)

(65,000)

At 31 March 2022

-

66,530

76,457

136,750

Depreciation

At 1 April 2021

13,200

38,988

56,157

135,425

Charge for the year

-

6,768

4,099

10,515

Eliminated on disposal

(13,200)

(345)

(323)

(49,473)

At 31 March 2022

-

45,411

59,933

96,467

Carrying amount

At 31 March 2022

-

21,119

16,524

40,283

At 31 March 2021

96,800

28,692

20,373

51,325

 

Valli Hebden Bridge Limited

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

Office equipment
£

Total
£

Cost or valuation

At 1 April 2021

7,228

448,188

Additions

-

15,407

Disposals

(565)

(177,195)

At 31 March 2022

6,663

286,400

Depreciation

At 1 April 2021

6,974

250,744

Charge for the year

254

21,636

Eliminated on disposal

(565)

(63,906)

At 31 March 2022

6,663

208,474

Carrying amount

At 31 March 2022

-

77,926

At 31 March 2021

254

197,444

 

Valli Hebden Bridge Limited

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

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2021

1,192,923

1,192,923

At 31 March 2022

1,192,923

1,192,923

Impairment

Carrying amount

At 31 March 2022

1,192,923

1,192,923

7

Stocks

2022
£

2021
£

Other inventories

11,965

10,817

8

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

16,258

51,187

Amounts owed by related parties

11

385,156

31,342

Prepayments

 

2,721

3,537

Other debtors

 

190,072

292,160

   

594,207

378,226

 

Valli Hebden Bridge 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

71,256

75,696

Trade creditors

 

32,432

57,218

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

11

1,144,321

922,340

Taxation and social security

 

71,438

24,976

Accruals and deferred income

 

2,722

2,438

Other creditors

 

8,126

13,302

 

1,330,295

1,095,970

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

222,257

406,685

 

Valli Hebden Bridge Limited

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

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

210,433

389,147

Finance lease liabilities

11,824

17,538

222,257

406,685

2022
£

2021
£

Current loans and borrowings

Bank borrowings

65,561

70,001

Finance lease liabilities

5,695

5,695

71,256

75,696

11

Related party transactions

Transactions with the director

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

MA Valli

M A Valli

60,000

242,316

(158,866)

143,450

         
       

 

2021

At 1 April 2020
£

Advances to director
£

At 31 March 2021
£

MA Valli

M A Valli

(24,535)

84,535

60,000

       
     

 

Director's remuneration

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

2022
£

2021
£

Remuneration

8,844

8,784