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Registration number: 10637133

Valli Blackburn Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Valli Blackburn Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Valli Blackburn Limited

Company Information

Director

MA Valli

Company secretary

RM Valli

Registered office

262-264 Lockwood Road
Huddersfield
West Yorkshire
HD1 3TG

 

Valli Blackburn Limited

(Registration number: 10637133)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

200,000

212,500

Tangible assets

5

11,893

17,403

 

211,893

229,903

Current assets

 

Stocks

6

9,458

4,964

Debtors

7

94,744

120,685

Cash at bank and in hand

 

61,574

50,774

 

165,776

176,423

Creditors: Amounts falling due within one year

8

(41,730)

(48,119)

Net current assets

 

124,046

128,304

Total assets less current liabilities

 

335,939

358,207

Creditors: Amounts falling due after more than one year

8

(35,129)

(40,257)

Provisions for liabilities

(2,973)

(3,307)

Net assets

 

297,837

314,643

Capital and reserves

 

Called up share capital

4

4

Share premium reserve

129,998

129,998

Revaluation reserve

167,330

167,330

Retained earnings

505

17,311

Shareholders' funds

 

297,837

314,643

 

Valli Blackburn Limited

(Registration number: 10637133)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 October 2023
 

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

 

Valli Blackburn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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
United Kingdom

These financial statements were authorised for issue by the director on 16 October 2023.

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.

 

Valli Blackburn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Going concern

The financial statements have been prepared on a going concern basis.

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.

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:

 

Valli Blackburn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Asset class

Depreciation method and rate

Fixtures and fittings

20% 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

5% 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 Blackburn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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.

 

Valli Blackburn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

250,000

250,000

At 31 March 2023

250,000

250,000

Amortisation

At 1 April 2022

37,500

37,500

Amortisation charge

12,500

12,500

At 31 March 2023

50,000

50,000

Carrying amount

At 31 March 2023

200,000

200,000

At 31 March 2022

212,500

212,500

5

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2022

41,322

41,322

Additions

3,228

3,228

At 31 March 2023

44,550

44,550

Depreciation

At 1 April 2022

23,919

23,919

Charge for the year

8,738

8,738

At 31 March 2023

32,657

32,657

Carrying amount

At 31 March 2023

11,893

11,893

At 31 March 2022

17,403

17,403

 

Valli Blackburn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Stocks

2023
£

2022
£

Other inventories

9,458

4,964

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

6,105

10,209

Amounts owed by related parties

10

85,584

87,293

Prepayments

 

595

-

Other debtors

 

2,460

23,183

   

94,744

120,685

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

5,556

5,556

Trade creditors

 

21,808

23,184

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

10

4,987

-

Taxation and social security

 

6,453

9,559

Accruals and deferred income

 

1,358

7,497

Other creditors

 

1,568

2,323

 

41,730

48,119

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

35,129

40,257

 

Valli Blackburn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

35,129

40,257

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,556

5,556

10

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Repayments by director
£

At 31 March 2023
£

MA Valli

6,159

(6,159)

-

       
     

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

MA Valli

(8,575)

15,000

(266)

6,159

         
       

 

Loans to related parties

2023

Key management
£

Total
£

At start of period

15,000

15,000

Repaid

(15,000)

(15,000)

At end of period

-

-

2022

Key management
£

Total
£

Advanced

15,000

15,000

At end of period

15,000

15,000