Valia Ventures Limited
Unaudited Financial Statements
For the period ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 13470874 (England and Wales)
Valia Ventures Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Valia Ventures Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,803
1,741
Current assets
Debtors
4
38,598
124,842
Cash at bank and in hand
58,841
782,542
97,439
907,384
Creditors: amounts falling due within one year
5
(63,325)
(733,006)
Net current assets
34,114
174,378
Net assets
39,917
176,119
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
39,916
176,118
Total equity
39,917
176,119
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 20 August 2024
K Jalanbo
Director
Company Registration No. 13470874
VALIA VENTURES LIMITED
Valia Ventures Limited
NOTES TO THE FINANCIAL STATEMENTS
For the period ended 31 December 2023
Page 2
1
Accounting policies
Company information
Valia Ventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor 9 Appold Street, London, EC2A 2AP.
1.1
Reporting period
The director of the company decided to change its year end from June to December. As a result, the company presents these financial statements for the extended period from 01 July 2022 to 31 December 2023.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover represents the fair value of services provided during the period to clients. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients and is based on services provided and expenses incurred, but excludes VAT.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
3 years at 33.33%
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
VALIA VENTURES LIMITED
Valia Ventures Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the period ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans and other debtors receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors and other current creditors payable on demand are measured at the
transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
VALIA VENTURES LIMITED
Valia Ventures Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the period ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.10
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
2
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022
1,899
Additions
7,913
At 31 December 2023
9,812
Depreciation and impairment
At 1 July 2022
158
Depreciation charged in the period
3,851
At 31 December 2023
4,009
Carrying amount
At 31 December 2023
5,803
At 30 June 2022
1,741
VALIA VENTURES LIMITED
Valia Ventures Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the period ended 31 December 2023
Page 5
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1
1
Other debtors
35,354
124,841
Prepayments and accrued income
3,243
38,598
124,842
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
102
17,558
Corporation tax
10,353
49,086
Other taxation and social security
5,776
Other creditors
13,882
176,602
Accruals and deferred income
33,212
489,760
63,325
733,006
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
7
Related party transactions
The company earns its income from advice provided to entities controlled by the director and his associates through entities acting as general partner. The contracts generating this income were taken over during the previous period from another entity under the control of the director and his associates. At the balance sheet date £13,882 (2022: £176,603) was due to related parties and £307 (2022: £37,418) due from them. The company also incurred costs of £797,604 (2022: £361,626) from a related entity. All balances with related parties are interest free and have no fixed repayment terms.