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Registration number: 13448863

Sid Vale Holdings Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Sid Vale Holdings Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Sid Vale Holdings Ltd

(Registration number: 13448863)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

14,137

19,531

Investment property

5

1,019,300

1,019,300

 

1,033,437

1,038,831

Current assets

 

Debtors

6

59

250

Cash at bank and in hand

 

18,925

46,164

 

18,984

46,414

Creditors: Amounts falling due within one year

7

(1,069,329)

(1,090,977)

Net current liabilities

 

(1,050,345)

(1,044,563)

Net liabilities

 

(16,908)

(5,732)

Capital and reserves

 

Called up share capital

10

10

Retained earnings

(16,918)

(5,742)

Shareholders' deficit

 

(16,908)

(5,732)

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 Director acknowledges her 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.

Approved and authorised by the director on 9 January 2024
 

G E Allen
Director

   
     
 

Sid Vale Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
Bridge House Silver Street
Willand
Cullompton
Devon
United Kingdom
EX15 2RG

These financial statements were authorised for issue by the director on 9 January 2024.

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The company's balance sheet shows a net liabilities position as at 30 June 2023. The director is committed to ensuring that the company is able to meet its liabilities on a day to day basis, therefore the director believes that it is appropriate to prepare the financial statements on a going concern
basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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;
- the costs incurred and to be incurred in respect of the transaction can be reliably measured; and
- specific criteria have been met for each of the company's activities.

 

Sid Vale Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Finance income and costs policy

Finance income and expenses are recognised using the effective interest method.

Tax

The tax expense for the period comprises current and 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.

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.

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:

Asset class

Depreciation method and rate

Office Equipment

25% straight line

Plant and Machinery

25% straight line

Investment property

Investment properties owned by the company are stated at their open market value at the balance sheet date and any aggregate surplus or deficit is recognised through the profit and loss account. No depreciation is charged on these assets.

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.

 

Sid Vale Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Debtors

Trade debtors are amounts due from customers for 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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.

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.

3

Staff numbers

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

 

Sid Vale Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2022

23,638

360

23,998

Additions

-

666

666

At 30 June 2023

23,638

1,026

24,664

Depreciation

At 1 July 2022

4,398

69

4,467

Charge for the year

5,912

148

6,060

At 30 June 2023

10,310

217

10,527

Carrying amount

At 30 June 2023

13,328

809

14,137

At 30 June 2022

19,240

291

19,531

5

Investment properties

2023
£

At 1 July 2022

1,019,300

At 30 June 2023

1,019,300

The investment property was last valued in 2022, the directors deem that there has been no material change in the value of the investment property between the last valuation date and the balance sheet date.

6

Debtors

2023
£

2022
£

Prepayments

59

250

59

250

 

Sid Vale Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Trade creditors

 

1,298

1,528

Amounts due to related parties

8

1,057,135

1,069,646

Social security and other taxes

 

4,564

5,039

Other creditors

 

1,445

582

Accruals

 

4,887

14,182

 

1,069,329

1,090,977

8

Related party transactions

Director's remuneration

The Director's remuneration for the year was as follows:

Year ended
30 June
2023
£

Period ended
30 June
2022
£

Remuneration

7,809

13,747

Loans from related parties

2023

Key management
£

Other related parties
£

Total
£

At start of period

708,846

360,800

1,069,646

Advanced

32,545

134,946

167,491

Repaid

(160,512)

(18,640)

(179,152)

At end of period

580,879

477,106

1,057,985

2022

Key management
£

Other related parties
£

Total
£

Advanced

973,098

359,950

1,333,048

Repaid

(266,314)

-

(266,314)

Interest transactions

2,062

850

2,912

At end of period

708,846

360,800

1,069,646

 

Sid Vale Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Terms of loans from related parties

During the year money has been provided by a shareholder to the company. This loan is repayable on demand and interest has been charged in line with the HMRC approved rate.
 During the year loans have been provided to the company by close family members of the director. These loans are repayable on demand and interest has been charged at varying rates.