Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-31false2022-02-01No description of principal activity2114truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11492744 2022-02-01 2023-01-31 11492744 2021-02-01 2022-01-31 11492744 2023-01-31 11492744 2022-01-31 11492744 c:Director1 2022-02-01 2023-01-31 11492744 c:Director1 2023-01-31 11492744 c:Director2 2022-02-01 2023-01-31 11492744 c:Director2 2023-01-31 11492744 c:Director3 2022-02-01 2023-01-31 11492744 c:Director3 2023-01-31 11492744 c:Director4 2022-02-01 2023-01-31 11492744 c:Director4 2023-01-31 11492744 c:RegisteredOffice 2022-02-01 2023-01-31 11492744 d:PlantMachinery 2022-02-01 2023-01-31 11492744 d:PlantMachinery 2023-01-31 11492744 d:PlantMachinery 2022-01-31 11492744 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 11492744 d:FurnitureFittings 2022-02-01 2023-01-31 11492744 d:FurnitureFittings 2023-01-31 11492744 d:FurnitureFittings 2022-01-31 11492744 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 11492744 d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 11492744 d:CurrentFinancialInstruments 2023-01-31 11492744 d:CurrentFinancialInstruments 2022-01-31 11492744 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 11492744 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 11492744 d:ShareCapital 2023-01-31 11492744 d:ShareCapital 2022-01-31 11492744 d:RetainedEarningsAccumulatedLosses 2023-01-31 11492744 d:RetainedEarningsAccumulatedLosses 2022-01-31 11492744 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-02-01 2023-01-31 11492744 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-31 11492744 c:FRS102 2022-02-01 2023-01-31 11492744 c:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 11492744 c:FullAccounts 2022-02-01 2023-01-31 11492744 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 11492744 d:WithinOneYear 2023-01-31 11492744 d:WithinOneYear 2022-01-31 11492744 d:BetweenOneFiveYears 2023-01-31 11492744 d:BetweenOneFiveYears 2022-01-31 11492744 6 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure
Company registration number: 11492744







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2023


VALOREM DISTRIBUTION LIMITED






































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VALOREM DISTRIBUTION 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
11492744



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 DISTRIBUTION LIMITED
 



CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 7

 


VALOREM DISTRIBUTION LIMITED
REGISTERED NUMBER:11492744



STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
211,260
11,957

Investments
 5 
1
-

  
211,261
11,957

Current assets
  

Stocks
  
343,593
148,625

Debtors: amounts falling due within one year
 6 
436,478
665,721

Cash at bank and in hand
  
74,862
36,778

  
854,933
851,124

Creditors: amounts falling due within one year
 7 
(917,408)
(775,260)

Net current (liabilities)/assets
  
 
 
(62,475)
 
 
75,864

Total assets less current liabilities
  
148,786
87,821

Provisions for liabilities
  

Other provisions
 8 
(144,000)
-

  
 
 
(144,000)
 
 
-

Net assets
  
4,786
87,821


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
4,785
87,820

  
4,786
87,821

Page 1

 


VALOREM DISTRIBUTION LIMITED
REGISTERED NUMBER:11492744


    
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

Page 2

 


VALOREM DISTRIBUTION LIMITED
 


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

1.


General information

Valorem Distribution Limited is a private company limited by shares, incorporated in England & Wales under the Companies Act 2006, registration number 11492744. 
The address of the registered office 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

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 


VALOREM DISTRIBUTION LIMITED
 


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

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
2.7

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.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
Fixtures and fittings
-
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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated 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 DISTRIBUTION LIMITED
 


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

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans
to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 21 (2022 - 14).


4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 February 2022
10,000
15,671
25,671


Additions
89,197
168,363
257,560



At 31 January 2023

99,197
184,034
283,231



Depreciation


At 1 February 2022
8,055
5,659
13,714


Charge for the year on owned assets
13,042
45,215
58,257



At 31 January 2023

21,097
50,874
71,971



Net book value



At 31 January 2023
78,100
133,160
211,260



At 31 January 2022
1,945
10,012
11,957
Page 5

 


VALOREM DISTRIBUTION LIMITED
 


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

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
1



At 31 January 2023
1





6.


Debtors

2023
2022
£
£


Trade debtors
314,774
458,876

Amounts owed by group undertakings
2,759
119,337

Other debtors
67,903
31,971

Prepayments and accrued income
51,042
55,537

436,478
665,721



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
56,331
67,809

Amounts owed to group undertakings
816,763
621,491

Corporation tax
-
25,225

Other taxation and social security
10,401
40,147

Other creditors
1,727
1,233

Accruals and deferred income
32,186
19,355

917,408
775,260


Page 6

 


VALOREM DISTRIBUTION LIMITED
 


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

8.


Provisions





Dilapidations provision

£





Charged to profit or loss
33,500


Additions to tangible fixed assets
110,500



At 31 January 2023
144,000


9.


Commitments under operating leases

At 31 January 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
199,465
199,465

Later than 1 year and not later than 5 years
182,843
382,308

382,308
581,773


10.


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 7