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REGISTERED NUMBER: 13416994 (England and Wales)




















Unaudited Financial Statements

for the Period 1 October 2022 to 31 December 2023

for

Valutech Services (VSL) Limited

Valutech Services (VSL) Limited (Registered number: 13416994)






Contents of the Financial Statements
for the Period 1 October 2022 to 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Valutech Services (VSL) Limited

Company Information
for the Period 1 October 2022 to 31 December 2023







DIRECTORS: J R Woolford
J E Emin





REGISTERED OFFICE: Unit 3 Ravenseft Park
Cheney Manor Industrial Estate
Swindon
Wiltshire
SN2 2QP





REGISTERED NUMBER: 13416994 (England and Wales)

Valutech Services (VSL) Limited (Registered number: 13416994)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 14,967 20,424

CURRENT ASSETS
Stocks 283,867 278,513
Debtors 5 2,540,211 123,622
Cash at bank and in hand 844,362 123,733
3,668,440 525,868
CREDITORS
Amounts falling due within one year 6 2,897,863 144,110
NET CURRENT ASSETS 770,577 381,758
TOTAL ASSETS LESS CURRENT
LIABILITIES

785,544

402,182

PROVISIONS FOR LIABILITIES 1,689 2,816
NET ASSETS 783,855 399,366

CAPITAL AND RESERVES
Called up share capital 2,000 2,000
Share premium 46,480 46,480
Retained earnings 735,375 350,886
783,855 399,366

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 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.

Valutech Services (VSL) Limited (Registered number: 13416994)

Balance Sheet - continued
31 December 2023


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 20 July 2024 and were signed on its behalf by:




J E Emin - Director



J R Woolford - Director


Valutech Services (VSL) Limited (Registered number: 13416994)

Notes to the Financial Statements
for the Period 1 October 2022 to 31 December 2023

1. STATUTORY INFORMATION

Valutech Services (VSL) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
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 taxes.

Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transactions, the fair value of the consideration is measured as the present value of all future receipts using the inputed rate of interest.

The Company recognises revenue when the following conditions are satisfied:
i. the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;
ii. the Company retains neither continuing managerial involvement to the degree associated with ownership nor effective control over the goods sold;
iii. the amount of revenue can be measured reliably;
iv. it is probable that the economic benefits associated with the transaction can be measured reliably.

Sale of goods and services
Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customer in advance of services provided the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

Depreciation and residual values

Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life as follows:

Fixtures and fittings - 15% Straight Line
Computer equipment - 15 % Straight Line

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any changes is accounted for prospectively.

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


Valutech Services (VSL) Limited (Registered number: 13416994)

Notes to the Financial Statements - continued
for the Period 1 October 2022 to 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amount expected to be paid to the tax authorities.

Deferred tax
Deferred tax arises from timing differences that are differences between taxable profit and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessment in periods different from those in which are recognised in financial statements.

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 16 (2022 - 14 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 October 2022 11,277 14,252 25,529
Additions 740 495 1,235
At 31 December 2023 12,017 14,747 26,764
DEPRECIATION
At 1 October 2022 2,255 2,850 5,105
Charge for period 3,005 3,687 6,692
At 31 December 2023 5,260 6,537 11,797
NET BOOK VALUE
At 31 December 2023 6,757 8,210 14,967
At 30 September 2022 9,022 11,402 20,424

Valutech Services (VSL) Limited (Registered number: 13416994)

Notes to the Financial Statements - continued
for the Period 1 October 2022 to 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 742,085 62,839
Amounts owed by group undertakings 1,325,000 1,000
Other debtors 15,464 39,820
Prepayments and accrued income 457,662 19,963
2,540,211 123,622

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 157,600 28,072
Tax 218,605 87,698
Social security and other taxes 8,354 3,824
VAT 515,737 16,018
Other creditors 3,791 3,598
Accruals and deferred income 1,993,776 4,900
2,897,863 144,110

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 39,500 -
Between one and five years 39,500 -
In more than five years 118,500 -
197,500 -