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REGISTERED NUMBER: SC272435 (Scotland)















VALLEYCRAFT (SCOTLAND) LTD.

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023






VALLEYCRAFT (SCOTLAND) LTD. (REGISTERED NUMBER: SC272435)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


VALLEYCRAFT (SCOTLAND) LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTOR: C D McVey



SECRETARY: C McVey



REGISTERED OFFICE: 11 Portland Road
Kilmarnock
Ayrshire
KA1 2BT



REGISTERED NUMBER: SC272435 (Scotland)



ACCOUNTANTS: JRD Partnership Ltd
Chartered Accountants
11 Portland Road
Kilmarnock
Ayrshire
KA1 2BT



BANKERS: Royal Bank of Scotland
42 New Street
Dalry
KA24 5AF

VALLEYCRAFT (SCOTLAND) LTD. (REGISTERED NUMBER: SC272435)

BALANCE SHEET
31ST MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 467 4,848
Investment property 5 95,000 90,000
95,467 94,848

CURRENT ASSETS
Stocks 52,835 44,255
Debtors 6 9,078 10,639
Cash at bank 746 14,485
62,659 69,379
CREDITORS
Amounts falling due within one year 7 69,901 65,646
NET CURRENT (LIABILITIES)/ASSETS (7,242 ) 3,733
TOTAL ASSETS LESS CURRENT
LIABILITIES

88,225

98,581

CREDITORS
Amounts falling due after more than one
year

8

(33,947

)

(49,230

)

PROVISIONS FOR LIABILITIES (7,784 ) (8,616 )
NET ASSETS 46,494 40,735

CAPITAL AND RESERVES
Called up share capital 10 10
Revaluation reserve 10 45,500 40,500
Retained earnings 984 225
SHAREHOLDERS' FUNDS 46,494 40,735

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

VALLEYCRAFT (SCOTLAND) LTD. (REGISTERED NUMBER: SC272435)

BALANCE SHEET - continued
31ST MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9th November 2023 and were signed by:





C D McVey - Director


VALLEYCRAFT (SCOTLAND) LTD. (REGISTERED NUMBER: SC272435)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023


1. STATUTORY INFORMATION

Valleycraft (Scotland) Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

VALLEYCRAFT (SCOTLAND) LTD. (REGISTERED NUMBER: SC272435)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2022
and 31st March 2023 26,164
DEPRECIATION
At 1st April 2022 21,316
Charge for year 4,381
At 31st March 2023 25,697
NET BOOK VALUE
At 31st March 2023 467
At 31st March 2022 4,848

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2022 90,000
Revaluations 5,000
At 31st March 2023 95,000
NET BOOK VALUE
At 31st March 2023 95,000
At 31st March 2022 90,000

VALLEYCRAFT (SCOTLAND) LTD. (REGISTERED NUMBER: SC272435)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


5. INVESTMENT PROPERTY - continued

Fair value at 31st March 2023 is represented by:
£   
Valuation in 2016 25,500
Valuation in 2019 5,000
Valuation in 2020 5,000
Valuation in 2021 5,000
Valuation in 2023 5,000
Cost 49,500
95,000

The investment property was revalued by the director in 2023 based on an actual sales price shortly after the year-end.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 9,078 10,639

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,283 5,283
Trade creditors 7,388 11,210
Taxation and social security 45,612 36,518
Other creditors 11,618 12,635
69,901 65,646

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 11,447 16,730
Other creditors 22,500 32,500
33,947 49,230

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 16,730 22,013

VALLEYCRAFT (SCOTLAND) LTD. (REGISTERED NUMBER: SC272435)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


10. RESERVES
Revaluation
reserve
£   
At 1st April 2022 40,500
Revaluation in year 5,000

At 31st March 2023 45,500

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2023 and 31st March 2022:

2023 2022
£    £   
C D McVey
Balance outstanding at start of year 10,640 13,500
Amounts advanced 9,078 10,640
Amounts repaid (10,640 ) (13,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,078 10,640

The loan has been fully repaid since the balance sheet date. Interest of £428 has been charged during the year.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C D McVey. He owns 60% of the issued share capital.