Valedane Limited 06738182 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is property development. Digita Accounts Production Advanced 6.30.9574.0 true false true 06738182 2022-11-01 2023-10-31 06738182 2023-10-31 06738182 core:RetainedEarningsAccumulatedLosses 2023-10-31 06738182 core:ShareCapital 2023-10-31 06738182 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-10-31 06738182 core:CurrentFinancialInstruments 2023-10-31 06738182 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 06738182 core:MotorVehicles 2023-10-31 06738182 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-10-31 06738182 bus:SmallEntities 2022-11-01 2023-10-31 06738182 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 06738182 bus:FilletedAccounts 2022-11-01 2023-10-31 06738182 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 06738182 bus:RegisteredOffice 2022-11-01 2023-10-31 06738182 bus:Director1 2022-11-01 2023-10-31 06738182 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 06738182 core:MotorVehicles 2022-11-01 2023-10-31 06738182 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-11-01 2023-10-31 06738182 1 2022-11-01 2023-10-31 06738182 countries:England 2022-11-01 2023-10-31 06738182 2022-10-31 06738182 core:MotorVehicles 2022-10-31 06738182 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-10-31 06738182 2021-11-01 2022-10-31 06738182 2022-10-31 06738182 core:RetainedEarningsAccumulatedLosses 2022-10-31 06738182 core:ShareCapital 2022-10-31 06738182 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-10-31 06738182 core:CurrentFinancialInstruments 2022-10-31 06738182 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 06738182 core:MotorVehicles 2022-10-31 06738182 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-10-31 06738182 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure

Registration number: 06738182

Valedane Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Valedane Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Valedane Limited

(Registration number: 06738182)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

87,687

31,500

Investment property

5

553,985

-

 

641,672

31,500

Current assets

 

Stocks

6

966,000

1,356,852

Debtors

7

126,014

13,457

Cash at bank and in hand

 

309,815

143,322

 

1,401,829

1,513,631

Creditors: Amounts falling due within one year

8

(1,975,465)

(1,676,419)

Net current liabilities

 

(573,636)

(162,788)

Total assets less current liabilities

 

68,036

(131,288)

Provisions for liabilities

(21,922)

-

Net assets/(liabilities)

 

46,114

(131,288)

Capital and Reserves

 

Called up share capital

2

2

Retained Earnings

46,112

(131,290)

Shareholders' funds/(deficit)

 

46,114

(131,288)

 

Valedane Limited

(Registration number: 06738182)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 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 his 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 12 March 2024
 

.........................................
TR Lucas
Director

 

Valedane Limited

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

1

General information

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

The address of its registered office is:
Silverstone House
1 Maplefields
Barrells Road
Bury St Edmunds
Suffolk
IP31 3GD
United Kingdom

These financial statements were authorised for issue by the director on 12 March 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 presented in Sterling, which is the functional currency of the company.

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 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.

 

Valedane Limited

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

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

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Valedane Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 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.

 

Valedane Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

4

Tangible Assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

42,000

42,000

Additions

75,000

75,000

At 31 October 2023

117,000

117,000

Depreciation

At 1 November 2022

10,500

10,500

Charge for the year

18,813

18,813

At 31 October 2023

29,313

29,313

Carrying amount

At 31 October 2023

87,687

87,687

At 31 October 2022

31,500

31,500

5

Investment properties

2023
£

Additions

553,985

At 31 October

553,985

There has been no valuation of investment property by an independent valuer.

6

Stocks

2023
£

2022
£

Work in progress

966,000

1,356,852

7

Debtors

 

Valedane Limited

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

Current

Note

2023
£

2022
£

Amounts owed by related parties

10

121,000

-

Prepayments

 

-

500

Other debtors

 

5,014

12,957

   

126,014

13,457

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

5,660

15,151

Trade Creditors

 

(316)

2,353

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

813,561

950,000

Taxation and social security

 

15,092

2

Accruals and deferred income

 

530,752

451,495

Other creditors

 

610,716

257,418

 

1,975,465

1,676,419

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

1,829

12,385

Other borrowings

3,831

2,766

5,660

15,151

 

Valedane Limited

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

10

Related party transactions

Other transactions with the director

The balance owing to Mr & Mrs T Lucas at the year end was £600,716 (2022: £76,202).

Loans from related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

950,000

950,000

Advanced

50,480

50,480

Repaid

(239,999)

(239,999)

Interest transactions

53,080

53,080

At end of period

813,561

813,561

2022

Entities with joint control or significant influence
£

Total
£

Advanced

950,000

950,000

At end of period

950,000

950,000

Terms of loans from related parties

The loan from TRDS Properties Limited has interest charged at 5.75% per annum.
 

11

Parent and ultimate parent undertaking

The ultimate controlling party is Mr TR Lucas.