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REGISTERED NUMBER: 06967868 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

VALENTINE RECOVERY LIMITED

VALENTINE RECOVERY LIMITED (REGISTERED NUMBER: 06967868)

Contents of the Financial Statements
for the year ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


VALENTINE RECOVERY LIMITED

Company Information
for the year ended 31 March 2023







Directors: Mr M S Reynolds
Ms I Mengal





Registered office: 5 Galley House
Moon Lane
Barnet
Hertfordshire
EN5 5YL





Registered number: 06967868 (England and Wales)






VALENTINE RECOVERY LIMITED (REGISTERED NUMBER: 06967868)

Balance Sheet
31 March 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 64,930 86,573
64,930 86,573

Current assets
Debtors 6 715,823 634,004
Cash at bank 1,536,400 705,540
2,252,223 1,339,544
Creditors
Amounts falling due within one year 7 332,703 76,664
Net current assets 1,919,520 1,262,880
Total assets less current liabilities 1,984,450 1,349,453

Provisions for liabilities 11,827 15,906
Net assets 1,972,623 1,333,547

Capital and reserves
Called up share capital 8 1 1
Retained earnings 1,972,622 1,333,546
Shareholders' funds 1,972,623 1,333,547

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

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

The directors acknowledge their 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.

VALENTINE RECOVERY LIMITED (REGISTERED NUMBER: 06967868)

Balance Sheet - continued
31 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 October 2023 and were signed on its behalf by:





Mr M S Reynolds - Director


VALENTINE RECOVERY LIMITED (REGISTERED NUMBER: 06967868)

Notes to the Financial Statements
for the year ended 31 March 2023


1. Statutory information

Valentine Recovery Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed off.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

VALENTINE RECOVERY LIMITED (REGISTERED NUMBER: 06967868)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


2. Accounting policies - continued

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 - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 20% / 33.33% on cost

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

VALENTINE RECOVERY LIMITED (REGISTERED NUMBER: 06967868)

Notes to the Financial Statements - continued
for the year ended 31 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 13 (2022 - 11 ) .

4. Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022
and 31 March 2023 2,175,000
Amortisation
At 1 April 2022
and 31 March 2023 2,175,000
Net book value
At 31 March 2023 -
At 31 March 2022 -

5. Tangible fixed assets
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
Cost
At 1 April 2022
and 31 March 2023 56,031 133,875 55,990 1,712 247,608
Depreciation
At 1 April 2022 48,523 96,802 13,998 1,712 161,035
Charge for year 1,877 9,268 10,498 - 21,643
At 31 March 2023 50,400 106,070 24,496 1,712 182,678
Net book value
At 31 March 2023 5,631 27,805 31,494 - 64,930
At 31 March 2022 7,508 37,073 41,992 - 86,573

VALENTINE RECOVERY LIMITED (REGISTERED NUMBER: 06967868)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


6. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 226,946 127,370
Other debtors 488,877 506,634
715,823 634,004

7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 1,800 -
Taxation and social security 324,408 71,476
Other creditors 6,495 5,188
332,703 76,664

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
1 Ordinary £1 1 1

9. Directors' advances, credits and guarantees

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

2023 2022
£ £
Mr M S Reynolds
Balance outstanding at start of year (483 ) (97 )
Amounts advanced 195,406 150,614
Amounts repaid (195,000 ) (151,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (77 ) (483 )