REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
VALUEFY SOLUTIONS LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
VALUEFY SOLUTIONS LIMITED |
VALUEFY SOLUTIONS LIMITED (REGISTERED NUMBER: 12718551) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
VALUEFY SOLUTIONS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
109 Coleman Road |
Leicester |
Leicestershire |
LE5 4LE |
VALUEFY SOLUTIONS LIMITED (REGISTERED NUMBER: 12718551) |
STATEMENT OF FINANCIAL POSITION |
31ST MARCH 2024 |
31/3/24 | 31/3/23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
6 |
( |
) |
( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
7 |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
VALUEFY SOLUTIONS LIMITED (REGISTERED NUMBER: 12718551) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | STATUTORY INFORMATION |
Valuefy Solutions Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
GOING CONCERN |
The directors have reviewed future cash flow projections and financial modelling, which they feel adequately reflect the current uncertain economic environment. The directors are satisfied that this shows its future plans to be viable, and there will be sufficient cash resources available for the forthcoming 12 months to enable the entity to continue as a going concern. |
As shown in the accompanying financial statements, the Company incurred a net loss before taxation of £170,980 for the year ended 31 March 2024 (2023: £134,140). As of 31 March 2024, the company had a positive cash balance of £13,496 (2023: £1,055) and was in a net liability position of £182,288 (2023: £181,301), with the creditors mainly consisting of amounts owed to the parent entity. |
The financial statements do not include any adjustments that might be necessary if it were unable to continue as a going concern. After considering all relevant uncertainties, the directors have a reasonable expectation that the entity has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Turnover represents revenue earned from the sale of goods. |
Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Revenue from provision of services rendered in the reporting period is recognised when the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised. |
VALUEFY SOLUTIONS LIMITED (REGISTERED NUMBER: 12718551) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
TANGIBLE FIXED ASSETS |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Equipment - 33% on cost |
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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 year was |
VALUEFY SOLUTIONS LIMITED (REGISTERED NUMBER: 12718551) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
4. | TANGIBLE FIXED ASSETS |
Office |
equipment |
£ |
COST |
At 1st April 2023 |
and 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Amounts owed to group undertakings |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
VALUEFY SOLUTIONS LIMITED (REGISTERED NUMBER: 12718551) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
9. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |