Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-31trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-02-01falseNo description of principal activity00true 11492521 2022-02-01 2023-01-31 11492521 2021-02-01 2022-01-31 11492521 2023-01-31 11492521 2022-01-31 11492521 c:Director1 2022-02-01 2023-01-31 11492521 c:Director1 2023-01-31 11492521 c:Director2 2022-02-01 2023-01-31 11492521 c:Director2 2023-01-31 11492521 c:Director3 2022-02-01 2023-01-31 11492521 c:Director3 2023-01-31 11492521 c:Director4 2022-02-01 2023-01-31 11492521 c:Director4 2023-01-31 11492521 c:RegisteredOffice 2022-02-01 2023-01-31 11492521 d:CurrentFinancialInstruments 2023-01-31 11492521 d:CurrentFinancialInstruments 2022-01-31 11492521 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 11492521 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 11492521 d:ShareCapital 2023-01-31 11492521 d:ShareCapital 2022-01-31 11492521 d:RetainedEarningsAccumulatedLosses 2023-01-31 11492521 d:RetainedEarningsAccumulatedLosses 2022-01-31 11492521 c:FRS102 2022-02-01 2023-01-31 11492521 c:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 11492521 c:FullAccounts 2022-02-01 2023-01-31 11492521 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure
Company registration number: 11492521







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2023


VALOREM BESPOKE LIMITED






































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VALOREM BESPOKE LIMITED
 


 
COMPANY INFORMATION


Directors
D A Crisp (resigned 11 October 2023)
D V Garofalo (appointed 11 October 2023)
D B Fisher (appointed 11 October 2023)
S Diederich (appointed 11 October 2023)




Registered number
11492521



Registered office
Lynton House
7/12 Tavistock Square

London

WC1H 9LT




Trading Address
Unit 1 Quadrant Court
Crossways Business Park

Greenhithe

Kent

DA9 9AY






Accountants
Menzies LLP
Chartered Accountants

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


VALOREM BESPOKE LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 6


 


VALOREM BESPOKE LIMITED
REGISTERED NUMBER:11492521



STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
  
763,980
611,282

Debtors: amounts falling due within one year
 4 
101,426
8,631

Cash at bank and in hand
  
32
3,534

  
865,438
623,447

Creditors: amounts falling due within one year
 5 
(722,007)
(538,900)

Net current assets
  
 
 
143,431
 
 
84,547

Total assets less current liabilities
  
143,431
84,547

  

Net assets
  
143,431
84,547


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
143,430
84,546

  
143,431
84,547


Page 1

 


VALOREM BESPOKE LIMITED
REGISTERED NUMBER:11492521


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
D V Garofalo
Director


................................................
D B Fisher
Director

Date: 16 April 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 


VALOREM BESPOKE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Valorem Bespoke Limited is a private company limited by shares, incorporated in England & Wales under the Companies Act 2006, registration number 11492521. 
The address of the registered office is Lynton House, 7-12 Tavistock Square, London, United Kingdom, WC1H 9LT.
The address of the principal place of business is Unit 16, Quadrant Court, Crossways Business Park, Greenhithe, Kent, DA9 9AY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 


VALOREM BESPOKE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Page 4

 


VALOREM BESPOKE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Page 5

 


VALOREM BESPOKE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2022 - 0).


4.


Debtors

2023
2022
£
£


Trade debtors
7,040
8,364

Amounts owed by group undertakings
67,785
267

Other debtors
26,601
-

101,426
8,631



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
239,406
64,628

Amounts owed to group undertakings
424,521
352,813

Corporation tax
27,985
15,753

Other taxation and social security
17,845
6,495

Other creditors
-
96,261

Accruals and deferred income
12,250
2,950

722,007
538,900



6.


Controlling party

The parent undertaking is Valorem Holdings Limited, a company registered in England and Wales. The registered office of Valorem Holdings Limited is Lynton House, 7-12 Tavistock Square, London, WC1H 9LT. 

 
Page 6