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Registered number: 04772536
Valley Fox Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 04772536
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 71,711 90,260
Investments 6 - 7,628
71,711 97,888
CURRENT ASSETS
Debtors 7 41,021 47,048
Cash at bank and in hand 232,395 201,713
273,416 248,761
Creditors: Amounts Falling Due Within One Year 8 (119,103 ) (114,811 )
NET CURRENT ASSETS (LIABILITIES) 154,313 133,950
TOTAL ASSETS LESS CURRENT LIABILITIES 226,024 231,838
Creditors: Amounts Falling Due After More Than One Year 9 (24,966 ) (46,253 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (1,308 )
NET ASSETS 201,058 184,277
CAPITAL AND RESERVES
Called up share capital 12 100 100
Income Statement 200,958 184,177
SHAREHOLDERS' FUNDS 201,058 184,277
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Ian Hind
Director
9 August 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Valley Fox Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04772536 . The registered office is 65 Darley Street, Bradford, West Yorkshire, BD1 3HN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
When preparing the financial statements, the directors have made an assessment of the company's ability to continue as a going concern. The company is considered a going concern as the directors have no intention to liquidate the company or to cease trading. In assessing whether the going concern assumption is appropriate the directors have taken into account all available information about the future, which is at least, but is not limited to, twelve months from the date when the financial statements are authorised for issue.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of 5 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 33% on cost and 33% on reducing balance
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2022: 12)
11 12
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 36,973
Disposals (36,973)
As at 31 December 2023 -
Amortisation
As at 1 January 2023 36,973
Disposals (36,973)
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 102,514 29,252 5,061 136,827
Additions - - 4,473 4,473
Disposals - (740 ) (1,455 ) (2,195 )
As at 31 December 2023 102,514 28,512 8,079 139,105
Depreciation
As at 1 January 2023 17,360 26,025 3,182 46,567
Provided during the period 21,288 803 919 23,010
Disposals - (728 ) (1,455 ) (2,183 )
As at 31 December 2023 38,648 26,100 2,646 67,394
...CONTINUED
Page 4
Page 5
Net Book Value
As at 31 December 2023 63,866 2,412 5,433 71,711
As at 1 January 2023 85,154 3,227 1,879 90,260
6. Investments
Other
£
Cost
As at 1 January 2023 7,628
Disposals (7,628 )
As at 31 December 2023 -
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 7,628
Listed investments are carried at market value determined annually and derived from the current market data. Changes in fair value are recognised in the income statement.
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors - 3,060
Other debtors 41,021 43,988
41,021 47,048
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 11,173 11,173
Trade creditors 5,363 5,770
Bank loans and overdrafts 10,172 9,938
Other creditors 55,365 65,738
Taxation and social security 37,030 22,192
119,103 114,811
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 10,241 21,414
Bank loans 14,725 24,839
24,966 46,253
Page 5
Page 6
10. Secured Creditors
Of the creditors the following amounts are secured.
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 21,414 32,587
11. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 11,173 11,173
Later than one year and not later than five years 10,241 21,414
21,414 32,587
21,414 32,587
12. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
13. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 17,717 21,370
Later than one year and not later than five years 66,000 67,217
Later than five years 56,375 72,875
140,092 161,462
Page 6