Registered number
05350876
Valet Pro Limited
Report and accounts
29 February 2024
Valet Pro Limited
Report and accounts
Contents
Page
Company information 1
Director's report 2
Accountants' report 3
Balance sheet 4
Notes to the accounts 5 - 7
Valet Pro Limited
Company Information
Director
G Spink
Secretary
L Spink
Accountants
Simple Accounting Limited
95 Bridge Lanes
Hebden Bridge
HX7 6AT
Registered office
Unit A 3-4 Eastside Business Park
Beach Road
Newhaven
England
BN9 0FB
Registered number
05350876
Bankers
Metro Bank
One Southampton Row
London
WC1B 5HA
Valet Pro Limited
Registered number: 05350876
Director's Report
The director presents his report and accounts for the year ended 29 February 2024
Principal activities
The company's principal activity during the year was that of wholesale of chemical products.
Director
The following person served as director during the year:
G Spink
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 8 August 2024 and signed on its behalf.
G Spink
Director
Valet Pro Limited
Accountants' Report
Accountants' report to the director of
Valet Pro Limited
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Valet Pro Limited for the year ended 29 February 2024 set out on pages 4 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Management Accountants (CIMA), we are subject to its ethical and other professional requirements which are detailed at cima.com. This report is made solely to the Board of Directors of Valet Pro Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Valet Pro Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Management Accountants as detailed at cima.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Valet Pro Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Valet Pro Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Valet Pro Limited. You consider that Valet Pro Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the accounts of Valet Pro Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Mark R Hill BSc (Econ) Dip ACMA
Simple Accounting Limited
Chartered Management Accountants
95 Bridge Lanes
Hebden Bridge
HX7 6AT
8 August 2024
Valet Pro Limited
Registered number: 05350876
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 123,587 14,422
Current assets
Stocks 4 289,675 228,074
Debtors 5 266,369 197,814
Cash at bank and in hand 37,571 135,423
593,615 561,311
Creditors: amounts falling due within one year 6 (197,407) (128,239)
Net current assets 396,208 433,072
Total assets less current liabilities 519,795 447,494
Creditors: amounts falling due after more than one year 7 (309,052) (248,866)
Net assets 210,743 198,628
Capital and reserves
Called up share capital 8 900 900
Profit and loss account 209,843 197,728
Shareholders' funds 210,743 198,628
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.
G Spink
Director
Approved by the board on 8 August 2024
Valet Pro Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Tangible fixed assets
Assets are depreciated at rates calculated write off the cost less residual value over expected useful life using the Reducing Balance Method (RBM). No charge is made in the year of acquisition.
Asset class depreciation method and rate :
Building Improvements 100% RBM
Plant and Equipment 50% RBM
Stocks
Stock and work in progress are valued at the lower cost and estimated net realisable value. Net realisable value is the price at which the stock can be released in the normal course of business, less any further costs. We use the average cost method.
Deferred tax
The company has a policy of depreciating assets in line with HMRC rates of tax relief. There is therefore no material timing difference on capital allowances. There is therefore no need for a deferred taxation provision.
Foreign currency
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
number number
Average number of persons employed by the company 14 14
Staff costs 2024 2023
£ £
Wages and NI contributions 439,758 402,824
Employer pension contributions 19,810 20,488
Other Pay 4,319 25,481
463,887 448,793
3 Tangible Fixed Assets
Furniture, fitting and equipment Plant and machinery Building improvements Total
£ £ £ £
Cost
At 1 March 2023 171,286 140,989 127,229 439,504
Additions 92,539 23,837 - 116,376
At 29 February 2024 263,825 164,826 127,229 555,880
Depreciation
At 1 March 2023 161,959 135,894 127,229 425,082
Charge for the year 4,663 2,548 - 7,211
At 29 February 2024 166,622 138,442 127,229 432,293
Net book value
At 29 February 2024 97,203 26,384 - 123,587
At 28 February 2023 9,327 5,095 - 14,422
4 Stock 2024 2023
£ £
Stock of Materials and Finished Goods 283,914 258,895
Stock Provision (52,000) (41,700)
Unbilled Shipments 57,762 10,868
289,676 228,063
There is a £52,000 provision (LY:£41,700) for a possible devaluation of company’s stock for reddundancy or obsolesence.
5 Debtors 2024 2023
£ £
Trade Debtors 161,261 130,941
Suppliers Deposit 73,146 -
Prepayments 31,962 66,873
266,369 197,814
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade Creditors 177,319 112,781
Customer deposit 8,597 -
Accruals 7,037 12,038
Corporation Tax - (1,108)
VAT (31,030) (8,120)
PAYE Payable 35,484 12,648
197,407 128,239
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bounce Back Loan 24,237 33,569
Funding Circle Loan 124,383 152,890
Metro Bank Labeller Loan 48,070 -
Investec Fork Lift Finance 19,701 -
Hampshire Trust - 7,660
E Sussex Loan - 6,571
Director's Loan 92,661 48,176
309,052 248,866
8 Share Capital 2024 2023
£ £
Share in issue at 29 February 2024 900 900
9 Controlling Party
The company is controlled by the director and the secretary who each own 50% of the called up share capital.
10 Other Information
Valet Pro Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit A 3-4 Eastside Business Park
Beach Road
Newhaven
England
BN9 0FB
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