Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-31trueNo description of principal activity312022-02-01false31trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 7118927 2022-02-01 2023-01-31 7118927 2021-02-01 2022-01-31 7118927 2023-01-31 7118927 2022-01-31 7118927 c:Director1 2022-02-01 2023-01-31 7118927 c:Director1 2023-01-31 7118927 c:Director2 2022-02-01 2023-01-31 7118927 c:Director3 2022-02-01 2023-01-31 7118927 c:Director3 2023-01-31 7118927 c:Director4 2022-02-01 2023-01-31 7118927 c:Director4 2023-01-31 7118927 c:RegisteredOffice 2022-02-01 2023-01-31 7118927 d:FurnitureFittings 2022-02-01 2023-01-31 7118927 d:FurnitureFittings 2023-01-31 7118927 d:FurnitureFittings 2022-01-31 7118927 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 7118927 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-02-01 2023-01-31 7118927 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-31 7118927 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-01-31 7118927 d:Goodwill 2022-02-01 2023-01-31 7118927 d:Goodwill 2023-01-31 7118927 d:Goodwill 2022-01-31 7118927 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-02-01 2023-01-31 7118927 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-01-31 7118927 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-01-31 7118927 d:OtherResidualIntangibleAssets 2022-02-01 2023-01-31 7118927 d:CurrentFinancialInstruments 2023-01-31 7118927 d:CurrentFinancialInstruments 2022-01-31 7118927 d:Non-currentFinancialInstruments 2023-01-31 7118927 d:Non-currentFinancialInstruments 2022-01-31 7118927 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 7118927 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 7118927 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 7118927 d:Non-currentFinancialInstruments d:AfterOneYear 2022-01-31 7118927 d:ShareCapital 2023-01-31 7118927 d:ShareCapital 2022-01-31 7118927 d:SharePremium 2023-01-31 7118927 d:SharePremium 2022-01-31 7118927 d:CapitalRedemptionReserve 2023-01-31 7118927 d:CapitalRedemptionReserve 2022-01-31 7118927 d:RetainedEarningsAccumulatedLosses 2023-01-31 7118927 d:RetainedEarningsAccumulatedLosses 2022-01-31 7118927 c:FRS102 2022-02-01 2023-01-31 7118927 c:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 7118927 c:FullAccounts 2022-02-01 2023-01-31 7118927 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 7118927 d:CurrentFinancialInstruments 6 2023-01-31 7118927 d:CurrentFinancialInstruments 6 2022-01-31 7118927 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2022-02-01 2023-01-31 7118927 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2022-02-01 2023-01-31 7118927 d:CopyrightsPatentsTrademarksServiceOperatingRights d:ExternallyAcquiredIntangibleAssets 2022-02-01 2023-01-31 7118927 4 2022-02-01 2023-01-31 7118927 d:ExternallyAcquiredIntangibleAssets 2022-02-01 2023-01-31 7118927 d:Goodwill d:OwnedIntangibleAssets 2022-02-01 2023-01-31 7118927 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-02-01 2023-01-31 7118927 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure
Company registration number: 7118927







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2023


VALOREM CAPITAL ONE LIMITED






































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VALOREM CAPITAL ONE LIMITED
 


 
COMPANY INFORMATION


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




Registered number
7118927



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 CAPITAL ONE LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 10


 


VALOREM CAPITAL ONE LIMITED
REGISTERED NUMBER:7118927



STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 6 
119,654
128,733

Tangible assets
 7 
62,615
11,665

Investments
 8 
49,000
49,000

  
231,269
189,398

Current assets
  

Stocks
  
1,762,131
1,791,265

Debtors: amounts falling due within one year
 9 
2,671,231
1,999,264

Cash at bank and in hand
  
1,321,275
1,178,023

  
5,754,637
4,968,552

Creditors: amounts falling due within one year
 10 
(1,308,502)
(1,275,944)

Net current assets
  
 
 
4,446,135
 
 
3,692,608

Total assets less current liabilities
  
4,677,404
3,882,006

Creditors: amounts falling due after more than one year
 11 
(441,852)
(605,030)

  

Net assets
  
4,235,552
3,276,976


Capital and reserves
  

Called up share capital 
  
2,626
2,626

Share premium account
  
271,111
271,111

Capital redemption reserve
  
2,535
2,535

Profit and loss account
  
3,959,280
3,000,704

  
4,235,552
3,276,976


Page 1

 


VALOREM CAPITAL ONE LIMITED
REGISTERED NUMBER:7118927


    
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 statement of income and retained earnings 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 10 form part of these financial statements.

Page 2

 


VALOREM CAPITAL ONE LIMITED
 


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

1.


General information

Valorem Capital One Limited is a private company limited by shares, incorporated in England & Wales under the Companies Act, registration number 7118927
The address of the registered office is Lynton House, 7-12 Tavistock Square, London, 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.

 
2.2

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. Revenue is recognised when the Company has transferred the significant risks and rewards of ownership to the buyer.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.4

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.

 
2.5

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 3

 


VALOREM CAPITAL ONE LIMITED
 


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

2.Accounting policies (continued)

 
2.6

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

 The estimated useful lives range as follows:

Goodwill
-
20
years straight line
Brands & trademarks
-
10
years straight line
Website development
-
3
years straight line

 
2.7

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.

The estimated useful lives range as follows:

Fixtures and fittings
-
3
years

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.

 
2.8

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.9

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.

Page 4

 


VALOREM CAPITAL ONE LIMITED
 


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

2.Accounting policies (continued)

 
2.10

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'.

 
2.11

Financial instruments

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Page 5

 


VALOREM CAPITAL ONE LIMITED
 


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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Key source of estimation uncertainty 
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual income. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Stock provisions
Stock is carried in the statement of financial position at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stock. The directors have used their knowledge and experience of the industry to determine the level of provision required.
Bad debt provisions
In calculation of the year end bad debt provisions management have made the provision based on their knowledge of their customers and their ability to repay its debts. 


4.


Employees

The average monthly number of employees, including directors, during the year was 31 (2022 - 31).


5.


Exceptional items

2023
2022
£
£


Write back of bad debts
-
(292,019)

-
(292,019)

Page 6

 


VALOREM CAPITAL ONE LIMITED
 


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

6.


Intangible assets




Goodwill
Website Development
Brands and Trademarks
Total

£
£
£
£



Cost


At 1 February 2022
172,160
240,278
38,612
451,050


Additions
-
33,350
-
33,350


Transfer between classes
-
21,128
(21,128)
-



At 31 January 2023

172,160
294,756
17,484
484,400



Amortisation


At 1 February 2022
101,900
181,966
38,451
322,317


Charge for the year on owned assets
8,608
33,659
162
42,429


Transfer between classes
-
21,129
(21,129)
-



At 31 January 2023

110,508
236,754
17,484
364,746



Net book value



At 31 January 2023
61,652
58,002
-
119,654



At 31 January 2022
70,260
58,312
161
128,733



Page 7

 


VALOREM CAPITAL ONE LIMITED
 


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

7.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 February 2022
173,188


Additions
63,473



At 31 January 2023

236,661



Depreciation


At 1 February 2022
161,523


Charge for the year on owned assets
12,523



At 31 January 2023

174,046



Net book value



At 31 January 2023
62,615



At 31 January 2022
11,665


8.


Fixed asset investments





Investments in associates

£



Cost 


At 1 February 2022
49,000



At 31 January 2023
49,000




Page 8

 


VALOREM CAPITAL ONE LIMITED
 


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

9.


Debtors

2023
2022
£
£


Trade debtors
957,561
863,385

Amounts owed by group undertakings
1,323,845
970,317

Other debtors
368,838
138,062

Prepayments and accrued income
20,987
27,500

2,671,231
1,999,264


The company enters into foreign currency contracts to mitigate the exchange rate risk for certain foreign currency debtors. Details of the contracts outstanding at 31 January 2023 can be found in the creditors note.


10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
164,014
339,591

Trade creditors
497,984
471,425

Amounts owed to associates
6,040
2,676

Corporation tax
172,747
262,205

Other taxation and social security
34,688
38,323

Other creditors
42,462
4,332

Accruals and deferred income
183,138
67,292

Financial instruments
207,429
90,100

1,308,502
1,275,944


Bank loans of £401,393 (2022: 520,000) are secured on a fixed and floating charge over all assets of the company and a personal guarantee given by D A Crisp.
The company enters into foreign currency contracts to mitigate the exchange rate risk for certain foreign currency debtors. Details of the contracts outstanding at 31 January 2023 are as follows:
Contract       Buy                           Sell                        Maturity
1                     £1,085,069              $1,500,000          31/12/2024
2                     £1,109,989              $1,470,180          31/01/2024
3                     £140,302                 $200,000              20/03/2023
The forward currency contracts are measured at fair value using quoted forward exchange rates.

Page 9

 


VALOREM CAPITAL ONE LIMITED
 


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

11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
441,852
605,030

441,852
605,030



12.


Contingent liabilities

The company has provided a guarantee of $306,000 (2022: $306,000) in respect of sale or return goods supplied to a customer.

13.

Related party transactions

At the period end there were loans due to CP Parfums Limited, these amounts are shown under the Creditors note under the heading "Amounts owed to associates" During the period, the company also recharged CP Parfums Limited £963 (2022: £3,709). Valorem Capital One Limited owns a participating interest in CP Parfums Limited.
During the year the Company was charged £9,370 (2022: £9,368) by Crisp Finance Limited, a company owned by D A Crisp in respect of a personal guarantee which represents 3% of the liability secured. 


14.


Parent Undertaking

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

 
Page 10