Caseware UK (AP4) 2022.0.179 2022.0.179 2022-10-312022-10-311The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2021-11-01falseBuying and selling of own real estate1truetrue 06713017 2021-11-01 2022-10-31 06713017 2020-11-01 2021-10-31 06713017 2022-10-31 06713017 2021-10-31 06713017 c:Director1 2021-11-01 2022-10-31 06713017 d:PlantMachinery 2021-11-01 2022-10-31 06713017 d:ComputerEquipment 2022-10-31 06713017 d:ComputerEquipment 2021-10-31 06713017 d:FreeholdInvestmentProperty 2022-10-31 06713017 d:FreeholdInvestmentProperty 2021-10-31 06713017 d:CurrentFinancialInstruments 2022-10-31 06713017 d:CurrentFinancialInstruments 2021-10-31 06713017 d:Non-currentFinancialInstruments 2022-10-31 06713017 d:Non-currentFinancialInstruments 2021-10-31 06713017 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 06713017 d:CurrentFinancialInstruments d:WithinOneYear 2021-10-31 06713017 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 06713017 d:Non-currentFinancialInstruments d:AfterOneYear 2021-10-31 06713017 d:ShareCapital 2022-10-31 06713017 d:ShareCapital 2021-10-31 06713017 d:OtherMiscellaneousReserve 2022-10-31 06713017 d:OtherMiscellaneousReserve 2021-10-31 06713017 d:RetainedEarningsAccumulatedLosses 2022-10-31 06713017 d:RetainedEarningsAccumulatedLosses 2021-10-31 06713017 c:FRS102 2021-11-01 2022-10-31 06713017 c:AuditExempt-NoAccountantsReport 2021-11-01 2022-10-31 06713017 c:FullAccounts 2021-11-01 2022-10-31 06713017 c:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure

Registered number: 06713017










VALLEY'S HOMES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2022

 
VALLEY'S HOMES LIMITED
REGISTERED NUMBER: 06713017

BALANCE SHEET
AS AT 31 OCTOBER 2022

2022
2021
Note
£
£

Fixed assets
  

Investment property
 5 
4,180,000
4,180,000

  
4,180,000
4,180,000

Current assets
  

Debtors: amounts falling due within one year
 6 
1,964
33,096

Cash at bank and in hand
  
6,290
-

  
8,254
33,096

Creditors: amounts falling due within one year
 7 
(760,793)
(774,944)

Net current liabilities
  
 
 
(752,539)
 
 
(741,848)

Total assets less current liabilities
  
3,427,461
3,438,152

Creditors: amounts falling due after more than one year
 8 
(930,988)
(941,020)

Provisions for liabilities
  

Deferred tax
  
(564,277)
(427,678)

  
 
 
(564,277)
 
 
(427,678)

Net assets
  
1,932,196
2,069,454


Capital and reserves
  

Called up share capital 
  
1
1

Other reserves
  
1,879,156
2,015,755

Profit and loss account
  
53,039
53,698

  
1,932,196
2,069,454


Page 1

 
VALLEY'S HOMES LIMITED
REGISTERED NUMBER: 06713017
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2022

The director considers 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 director acknowledges his 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 statement of comprehensive income 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: 




Darren Steve Jarvis
Director

Date: 19 January 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
VALLEY'S HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

1.


General information

Valley's Homes Limited is a private company, limited by shares, registered in England and Wales. The company's registered office address is:
49 Gadlys Road
Aberdare
CF44 8AE

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company continues to generate profits but has net current liabilities at the balances sheet date. The company is reliant on the support of its bankers and related parties, the director is confident that this support will continue for the foreseeable future.
The director is confident that the company has sufficient resources to continue in operational existence for the foreseeable future. Accordingly he continues to adopt the going concern basis in preparing the financial statements.

 
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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
VALLEY'S HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

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 Balance sheet 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
Page 4

 
VALLEY'S HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)


2.6
Financial instruments (continued)

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.

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
Page 5

 
VALLEY'S HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)


2.6
Financial instruments (continued)

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.

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 1 (2021 - 1).

Page 6

 
VALLEY'S HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 November 2021
1,238



At 31 October 2022

1,238



Depreciation


At 1 November 2021
1,238



At 31 October 2022

1,238



Net book value



At 31 October 2022
-



At 31 October 2021
-

Page 7

 
VALLEY'S HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

5.


Investment property


Freehold investment property

£



Valuation


At 1 November 2021
4,180,000



At 31 October 2022
4,180,000


Comprising


Cost
1,736,567

Annual revaluation surplus/(deficit):


Valuation in 2018
1,353,342

Valuation in 2021
710,091

Valuation in 2022
380,000

At 31 October 2022
4,180,000

The 2022 valuations were made by the director, on an open market value for existing use basis.





6.


Debtors

2022
2021
£
£


Amounts owed by group undertakings
-
20,631

Other debtors
-
10,501

Prepayments and accrued income
1,964
1,964

1,964
33,096


Page 8

 
VALLEY'S HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank overdrafts
8,570
9,604

Bank loans
28,411
46,754

Trade creditors
47,455
43,895

Corporation tax
44,082
44,082

Other creditors
598,225
590,219

Accruals and deferred income
34,050
40,390

760,793
774,944



8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
930,988
941,020

930,988
941,020


The following liabilities were secured:

2022
2021
£
£



Bank Loans
959,399
987,774

959,399
987,774

Details of security provided:

Bank loans are secured against investment properties.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2022
2021
£
£


Repayable by instalments
816,466
754,005

816,466
754,005



Page 9

 
VALLEY'S HOMES LIMITED
 
 
Page 10