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COMPANY REGISTRATION NUMBER: 03056221
Valleycrest Construction Limited
Filleted Unaudited Financial Statements
31 August 2023
Valleycrest Construction Limited
Financial Statements
Year ended 31 August 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Valleycrest Construction Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
21,070
20,421
Current assets
Stocks
1,230
978
Debtors
6
51,541
42,971
Cash at bank and in hand
1,179
64,834
--------
----------
53,950
108,783
Creditors: amounts falling due within one year
7
72,823
103,437
--------
----------
Net current (liabilities)/assets
( 18,873)
5,346
--------
--------
Total assets less current liabilities
2,197
25,767
Creditors: amounts falling due after more than one year
8
9,618
17,325
-------
--------
Net (liabilities)/assets
( 7,421)
8,442
-------
--------
Capital and reserves
Called up share capital
9
2
2
Profit and loss account
( 7,423)
8,440
-------
-------
Shareholders (deficit)/funds
( 7,421)
8,442
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Valleycrest Construction Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 18 March 2024 , and are signed on behalf of the board by:
Mr G M Moroney
Director
Company registration number: 03056221
Valleycrest Construction Limited
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Printing House, 66 Lower Road, Harrow, Middlesex, HA2 0DH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The going concern basis has been used. Of the company's liabilities £56,546 is owed to the directors and it has been agreed that repayment will not be demanded whilst such action would adversely affect the company's operations. If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of the assets to their recoverable amount and to provide for any further liabilities that might arise.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, Fittings and Equipment
-
10% reducing balance
Motor Vehicles
-
25% reducing balance
Plant and Equipment
-
25% reducing balance
Depreciation on vehicle additions is charged pro-rata in relation to the length of ownership in the year, rather than with a full years charge in the year of addition. This is considered more appropriate, given the materiality of the charge.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 3 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 September 2022
160
81,305
2,767
84,232
Additions
7,000
7,000
Disposals
( 7,995)
( 1,317)
( 9,312)
----
--------
-------
--------
At 31 August 2023
160
80,310
1,450
81,920
----
--------
-------
--------
Depreciation
At 1 September 2022
149
60,993
2,669
63,811
Charge for the year
1
6,238
4
6,243
Disposals
( 7,970)
( 1,234)
( 9,204)
----
--------
-------
--------
At 31 August 2023
150
59,261
1,439
60,850
----
--------
-------
--------
Carrying amount
At 31 August 2023
10
21,049
11
21,070
----
--------
-------
--------
At 31 August 2022
11
20,312
98
20,421
----
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
49,382
42,849
Other debtors
2,159
122
--------
--------
51,541
42,971
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,520
3,433
Trade creditors
4,639
30,578
Accruals and deferred income
1,250
1,250
Social security and other taxes
583
2,210
Obligations under finance leases and hire purchase contracts
3,871
3,691
Director loan accounts
56,546
58,748
Other creditors
2,414
3,527
--------
----------
72,823
103,437
--------
----------
The bank loans and overdrafts amount relates to a Bounce Back loan which is secured by a government guarantee. The hire purchase agreement is secured on the asset to which it relates.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
6,601
10,122
Obligations under finance leases and hire purchase contracts
3,017
7,203
-------
--------
9,618
17,325
-------
--------
The bank loans and overdrafts amount relates to a Bounce Back loan which is secured by a government guarantee. The hire purchase agreement is secured on the asset to which it relates.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----