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Registration number: 01802033

Valgrove Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Valgrove Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Valgrove Limited

Company Information

Directors

Mr Barry Hearsey

Mr Gary O'Gara

Company secretary

Mrs Catherine Ivy Hearsey

Registered office

Unit 6
Withy Road
Ladymoor Industrial Estate
BILSTON
West Midlands
WV14 0RX

 

Valgrove Limited

(Registration number: 01802033)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

60,711

68,300

Tangible assets

5

929,464

659,275

 

990,175

727,575

Current assets

 

Debtors

6

743,080

750,687

Cash at bank and in hand

 

134,667

456,221

 

877,747

1,206,908

Creditors: Amounts falling due within one year

7

(1,008,015)

(1,058,231)

Net current (liabilities)/assets

 

(130,268)

148,677

Total assets less current liabilities

 

859,907

876,252

Creditors: Amounts falling due after more than one year

7

(361,403)

(269,771)

Provisions for liabilities

(73,637)

(61,955)

Net assets

 

424,867

544,526

Capital and reserves

 

Called up share capital

29,000

29,000

Retained earnings

395,867

515,526

Shareholders' funds

 

424,867

544,526

For the financial year ending 31 May 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.

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.

 

Valgrove Limited

(Registration number: 01802033)
Balance Sheet as at 31 May 2023

Approved and authorised by the Board on 20 November 2023 and signed on its behalf by:
 

Mr Barry Hearsey

Director

 

Valgrove Limited

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 6
Withy Road
Ladymoor Industrial Estate
BILSTON
West Midlands
WV14 0RX
Great Britain

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.

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 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.

 

Valgrove Limited

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

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:

Note: Land and buildings comprises the Exchange works site and associated buidings. Land is not
depreciated. The associated buildings are depreciated over their estimated useful lives.

Asset class

Depreciation method and rate

Office equipment

25% Reducing balance

Fixtures & fittings

20% Reducing balance

Plant and machinery

15% Reducing balance

Long leasehold

60 years straight line

Leased motor vehicles

5 years straight line

Freehold Property

50 years 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.

 

Valgrove Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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.

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.

 

Valgrove Limited

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

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.

Share based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2022 - 25).

 

Valgrove Limited

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

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 June 2022

6,533

75,889

82,422

At 31 May 2023

6,533

75,889

82,422

Amortisation

At 1 June 2022

6,533

7,589

14,122

Amortisation charge

-

7,589

7,589

At 31 May 2023

6,533

15,178

21,711

Carrying amount

At 31 May 2023

-

60,711

60,711

At 31 May 2022

-

68,300

68,300

5

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 June 2022

232,166

75,717

15,095

761,595

22,531

338,744

Additions

-

-

-

342,501

4,685

28,795

Disposals

-

-

-

-

-

(1,500)

At 31 May 2023

232,166

75,717

15,095

1,104,096

27,216

366,039

Depreciation

At 1 June 2022

1,518

29,095

13,968

417,710

15,544

308,737

Charge for the year

1,518

962

225

83,833

2,623

15,301

Eliminated on disposal

-

-

-

-

-

(169)

At 31 May 2023

3,036

30,057

14,193

501,543

18,167

323,869

Carrying amount

At 31 May 2023

229,130

45,660

902

602,553

9,049

42,170

At 31 May 2022

230,647

46,622

1,127

343,885

6,987

30,007

 

Valgrove Limited

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

Total
£

Cost or valuation

At 1 June 2022

1,445,848

Additions

375,981

Disposals

(1,500)

At 31 May 2023

1,820,329

Depreciation

At 1 June 2022

786,572

Charge for the year

104,462

Eliminated on disposal

(169)

At 31 May 2023

890,865

Carrying amount

At 31 May 2023

929,464

At 31 May 2022

659,275

Included within the net book value of land and buildings above is £229,130 (2022 - £230,648) in respect of freehold land and buildings and £45,660 (2022 - £46,622) in respect of long leasehold land and buildings.
 

6

Debtors

Current

2023
£

2022
£

Trade debtors

678,748

649,190

Prepayments

44,154

40,423

Other debtors

20,178

61,074

 

743,080

750,687

The carrying amount of trade debtors pledged as security for liabilities amounted to £511,947 (2022 - £528,568).

The security consists of factored debts of which £410,927 (2022 - £382,967) has been advanced.

 

Valgrove Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

603,177

625,560

trade creditors

 

249,499

172,667

Taxation and social security

 

105,499

142,249

Accruals and deferred income

 

20,565

19,500

Other creditors

 

29,275

98,255

 

1,008,015

1,058,231

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £71,157 (2022 - £42,012).

Loans and borrowings includes advances from a debt factoring company of £410,927 (2022 - £382,967), secured against the relevant factored debts.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

361,403

269,771

Creditors due after more than one year include net obligations under finance lease and hire purchase contracts which are secured of £239,536 (2022 - £33,639).

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

38,119

HP and finance lease liabilities

239,536

33,639

Other borrowings

121,867

198,013

361,403

269,771

 

Valgrove Limited

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

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

71,157

42,012

Other borrowings

532,020

583,548

603,177

625,560