Salevale Limited 03019441 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is the rental of residential property. Digita Accounts Production Advanced 6.30.9574.0 true 03019441 2022-03-01 2023-02-28 03019441 2023-02-28 03019441 core:OtherReservesSubtotal 2023-02-28 03019441 core:RetainedEarningsAccumulatedLosses 2023-02-28 03019441 core:ShareCapital 2023-02-28 03019441 core:SharePremium 2023-02-28 03019441 core:CurrentFinancialInstruments 2023-02-28 03019441 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 03019441 core:ConstructionInProgressAssetsUnderConstruction 2023-02-28 03019441 core:FurnitureFittingsToolsEquipment 2023-02-28 03019441 bus:SmallEntities 2022-03-01 2023-02-28 03019441 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 03019441 bus:FullAccounts 2022-03-01 2023-02-28 03019441 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 03019441 bus:RegisteredOffice 2022-03-01 2023-02-28 03019441 bus:Director1 2022-03-01 2023-02-28 03019441 bus:Director3 2022-03-01 2023-02-28 03019441 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 03019441 core:FurnitureFittings 2022-03-01 2023-02-28 03019441 core:InvestmentPropertyIncludedWithinPPE 2022-03-01 2023-02-28 03019441 core:OfficeEquipment 2022-03-01 2023-02-28 03019441 countries:EnglandWales 2022-03-01 2023-02-28 03019441 2022-02-28 03019441 core:ConstructionInProgressAssetsUnderConstruction 2022-02-28 03019441 core:FurnitureFittingsToolsEquipment 2022-02-28 03019441 2021-03-01 2022-02-28 03019441 2022-02-28 03019441 core:OtherReservesSubtotal 2022-02-28 03019441 core:RetainedEarningsAccumulatedLosses 2022-02-28 03019441 core:ShareCapital 2022-02-28 03019441 core:SharePremium 2022-02-28 03019441 core:CurrentFinancialInstruments 2022-02-28 03019441 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 03019441 core:ConstructionInProgressAssetsUnderConstruction 2022-02-28 03019441 core:FurnitureFittingsToolsEquipment 2022-02-28 iso4217:GBP xbrli:pure

Registration number: 03019441


Salevale Limited

Directors' Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Salevale Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 6

 

Salevale Limited

Company Information

Directors

Miss P Walford

Mr L P Millward

Registered office

Churnet Croft Cottage
Wood Road
Longsdon
Stoke on Trent
Staffordshire
ST9 9QB

Accountants

Howsons
Chartered Accountants
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

 

Salevale Limited

(Registration number: 03019441)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

645,000

480,000

Current assets

 

Debtors

6

763

661

Cash at bank and in hand

 

11,684

2,387

 

12,447

3,048

Creditors: Amounts falling due within one year

7

(8,234)

(9,656)

Net current assets/(liabilities)

 

4,213

(6,608)

Total assets less current liabilities

 

649,213

473,392

Provisions for liabilities

(77,996)

(46,646)

Net assets

 

571,217

426,746

Capital and reserves

 

Called up share capital

1,000

1,000

Share premium reserve

118,762

118,762

Other reserves

423,424

289,774

Retained earnings

28,031

17,210

Shareholders' funds

 

571,217

426,746

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Salevale Limited

(Registration number: 03019441)
Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 9 October 2023 and signed on its behalf by:
 

.........................................
Miss P Walford
Director

 

Salevale Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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:
Churnet Croft Cottage
Wood Road
Longsdon
Stoke on Trent
Staffordshire
ST9 9QB

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company's presentational currency is pound sterling (£). The accounts are rounded to the nearest whole pound.

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.

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:

 

Salevale Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Asset class

Depreciation method and rate

Investment properties

Nil

Fixtures and fittings

15% straight line basis

Computer equipment

33.3% straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

Classification
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

 Recognition and measurement
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss.

 Impairment
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised in the profit or loss.

Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Salevale Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Fixtures and fittings
 £

Computer equipment
 £

Total
£

Cost or valuation

At 1 March 2022

7,745

2,104

9,849

At 28 February 2023

7,745

2,104

9,849

Depreciation

At 1 March 2022

7,745

2,104

9,849

At 28 February 2023

7,745

2,104

9,849

Carrying amount

At 28 February 2023

-

-

-

At 28 February 2022

-

-

-

5

Investment properties

2023
£

At 1 March 2022

480,000

Fair value adjustments

165,000

At 28 February 2023

645,000

There has been no valuation of investment property by an independent valuer.

6

Debtors

2023
£

2022
£

Trade debtors

763

661

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Other creditors

7,118

8,530

Directors' loan account

1,116

1,126

8,234

9,656