Company registration number 08522031 (England and Wales)
Value Match Services Limited
Unaudited financial statements
For the year ended 31 March 2023
Value Match Services Limited
Contents
Page
Balance sheet
2
Notes to the financial statements
3 - 7
Value Match Services Limited
Accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Value Match Services Limited for the year ended 31 March 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Value Match Services Limited for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Value Match Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Value Match Services Limited and state those matters that we have agreed to state to the Board of Directors of Value Match Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at icaew.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Value Match Services Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Value Match Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Value Match Services Limited. You consider that Value Match Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Value Match Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
DJH Mitten Clarke Chester Limited
Chester House
Lloyd Drive
Cheshire Oaks Business Park
Ellesmere Port
Cheshire
CH65 9HQ
29 November 2023
Value Match Services Limited
Balance sheet
As at 31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,691
Current assets
Debtors
5
306,818
388,183
Investments
6
7,651
24,852
Cash at bank and in hand
116,421
173,565
430,890
586,600
Creditors: amounts falling due within one year
7
(214,266)
(277,665)
Net current assets
216,624
308,935
Net assets
222,315
308,935
Capital and reserves
Called up share capital
250
250
Capital redemption reserve
(9,750)
(9,750)
Profit and loss reserves
231,815
318,435
Total equity
222,315
308,935
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 November 2023 and are signed on its behalf by:
Mr D Shields
Director
Company Registration No. 08522031
VALUE MATCH SERVICES LIMITED
Value Match Services Limited
Notes to the financial statements
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Value Match Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dee House, Dee Banks, Chester, England, CH3 5UU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents net invoiced sales of services excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
33% on cost
Computer equipment
100% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
VALUE MATCH SERVICES LIMITED
Value Match Services Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
VALUE MATCH SERVICES LIMITED
Value Match Services Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
10
VALUE MATCH SERVICES LIMITED
Value Match Services Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
1,325
Additions
13,275
Disposals
(1,325)
At 31 March 2023
13,275
Depreciation and impairment
At 1 April 2022
1,325
Depreciation charged in the year
7,584
Eliminated in respect of disposals
(1,325)
At 31 March 2023
7,584
Carrying amount
At 31 March 2023
5,691
At 31 March 2022
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
269,738
316,845
Other debtors
37,080
71,338
306,818
388,183
6
Current asset investments
2023
2022
£
£
Other investments
7,651
24,852
VALUE MATCH SERVICES LIMITED
Value Match Services Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
189,146
262,145
Taxation and social security
17,898
11,310
Other creditors
7,222
4,210
214,266
277,665
8
Share-based payment transactions
Liabilities and expenses
Enterprise Management Incentive (EMI) Scheme
An EMI Scheme was approved during the year ended 31 March 2021 and certain employees hold options to subscribe for shares in the company as follows:
Grant date 08.02.2021
Exercise price £1.44
Number of shares 2,788
Number of employees 1
Performance conditions None
An EMI Scheme was approved during the year ended 31 March 2015 and all employees that held options to subscribe for shares in the company on that scheme have now left.
9
Directors' transactions
During the year the director maintained a loan from the company. The movements were as follows:
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Loan
-
53,040
(35,000)
18,040
53,040
(35,000)
18,040
The loan is interest free and repayable on demand.