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REGISTERED NUMBER: 04596823 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

THE VALIDATION CENTRE (TVC) LIMITED

THE VALIDATION CENTRE (TVC) LIMITED (REGISTERED NUMBER: 04596823)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


THE VALIDATION CENTRE (TVC) LIMITED (REGISTERED NUMBER: 04596823)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 345 2,341
Tangible assets 5 114,180 147,081
114,525 149,422

CURRENT ASSETS
Stocks 629,742 343,364
Debtors 6 626,043 553,199
Cash at bank and in hand 85,064 122,308
1,340,849 1,018,871
CREDITORS
Amounts falling due within one year 7 627,925 523,311
NET CURRENT ASSETS 712,924 495,560
TOTAL ASSETS LESS CURRENT
LIABILITIES

827,449

644,982

CREDITORS
Amounts falling due after more than one year 8 - (5,240 )

PROVISIONS FOR LIABILITIES (25,464 ) -
NET ASSETS 801,985 639,742

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 801,885 639,642
SHAREHOLDERS' FUNDS 801,985 639,742

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:



Mr C J Cathles - Director


THE VALIDATION CENTRE (TVC) LIMITED (REGISTERED NUMBER: 04596823)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

The Validation Centre (TVC) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04596823

Registered office: Ingram House
Meridian Way
Norwich
Norfolk
NR7 0TA

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added tax.

The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; and (d) it is probable that future economic benefits will flow to the entity.

Intangible assets
Goodwill, being the amount paid in connection with the acquisition of a business, was fully written down in the year ended 30 November 2008.

Other intangible assets are initially measured at cost. After initial recognition, other intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Other intangible assets are being amortised evenly over their estimated useful life of five years.

Tangible assets
Tangible assets are recorded at cost less accumulated depreciation. Cost includes the original purchase price of the asset plus costs attributable to bringing the asset to its working condition for its intended use. Depreciation on assets is charged from the time when tangible assets are brought into use and is calculated so as to write off the cost of fixed assets, less their estimated residual values, over the expected useful economic lives of the assets concerned. The principal annual rates used for this purpose are as follows:

Plant and machinery etc- 25% on reducing balance

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


THE VALIDATION CENTRE (TVC) LIMITED (REGISTERED NUMBER: 04596823)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Transactions denominated in foreign currencies are translated and recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the balance sheet date. Gains and losses on retranslation are recognised in profit or loss for the year.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Employee benefits
Short term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received.

The obligations for contributions to defined contribution pension schemes are recognised as an expense in the period they are incurred. Amounts not paid at the balance sheet date are included in other creditors.

Government grants
Government grants are recognised when there is reasonable assurance that the grant conditions will be met and the grant will be received. These grants are recognised within other operating income on a systematic basis over the periods in which the related costs towards which they are intended to compensate are recognised as expenses.

3. EMPLOYEES

The average number of employees during the year was 20 (2022 - 17 ) .

4. INTANGIBLE ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 December 2022
and 30 November 2023 2,000 33,718 35,718
AMORTISATION
At 1 December 2022 2,000 31,377 33,377
Charge for year - 1,996 1,996
At 30 November 2023 2,000 33,373 35,373
NET BOOK VALUE
At 30 November 2023 - 345 345
At 30 November 2022 - 2,341 2,341

THE VALIDATION CENTRE (TVC) LIMITED (REGISTERED NUMBER: 04596823)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

5. TANGIBLE ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022 699,067
Additions 14,129
At 30 November 2023 713,196
DEPRECIATION
At 1 December 2022 551,986
Charge for year 47,030
At 30 November 2023 599,016
NET BOOK VALUE
At 30 November 2023 114,180
At 30 November 2022 147,081

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 586,377 383,840
Other debtors 39,666 169,359
626,043 553,199

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 97 17
Trade creditors 416,268 401,059
Taxation and social security 88,608 18,483
Other creditors 122,952 103,752
627,925 523,311

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors - 5,240

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
40 Ordinary A £1 40 40
10 Ordinary B £1 10 10
40 Ordinary C £1 40 40
10 Ordinary D £1 10 10
100 100

10. OTHER FINANCIAL COMMITMENTS

The total amount of commitments, guarantees and contingencies is £10,838 (2022 - £32,513).

THE VALIDATION CENTRE (TVC) LIMITED (REGISTERED NUMBER: 04596823)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

11. RELATED PARTY DISCLOSURES

During the year dividends amounting to £2,971 (2022 - £33,006) and £22,949 (2022 - £28,014) were paid to Mr K Hastings and Mr C Cathles respectively.

During the year dividends amounting to £Nil (2022 - £2,640) and £4,060 (2022 - £3,600) were paid to Mrs J Hastings and Mrs J Cathles, shareholders and wives of Mr K Hastings and Mr C Cathles.

WB Alloy Welding Products Limited
During the year, the company made sales of £769,617 to and purchases of £74 from WB Alloy Welding Products Limited. At the period end, the company was owed £334,255 by WB Alloy Welding Products Limited and owed £88 to WB Alloy Welding Products Limited, a company with a common director, Mr P H Houston.