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Registered number: 02630200
Valencia Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Cottage Computer Services Limited
FMAAT
The Cottage
55 Dysart Avenue
Drayton
Portsmouth
PO6 2LY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02630200
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 9,000 18,000
Tangible Assets 5 796 1,061
9,796 19,061
CURRENT ASSETS
Stocks 6 66,871 64,894
Debtors 7 6,663 8,685
Cash at bank and in hand 2,495 8,437
76,029 82,016
Creditors: Amounts Falling Due Within One Year 8 (215,508 ) (215,748 )
NET CURRENT ASSETS (LIABILITIES) (139,479 ) (133,732 )
TOTAL ASSETS LESS CURRENT LIABILITIES (129,683 ) (114,671 )
NET LIABILITIES (129,683 ) (114,671 )
CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Profit and Loss Account (130,683 ) (115,671 )
SHAREHOLDERS' FUNDS (129,683) (114,671)
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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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Profit and Loss Account.
On behalf of the board
Mr Trevor Boyden
Director
04/09/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Valencia Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02630200 . The registered office is The Cottage, 55 Dysart Avenue, Drayton, Portsmouth, Hampshire, PO6 2LY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
2.2. 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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets is goodwill.  It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
Leasehold 3 years straight line
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.5. 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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
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4. Intangible Assets
Other
£
Cost
As at 1 January 2023 90,000
As at 31 December 2023 90,000
Amortisation
As at 1 January 2023 72,000
Provided during the period 9,000
As at 31 December 2023 81,000
Net Book Value
As at 31 December 2023 9,000
As at 1 January 2023 18,000
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 January 2023 5,146 4,632 9,778
As at 31 December 2023 5,146 4,632 9,778
Depreciation
As at 1 January 2023 4,577 4,140 8,717
Provided during the period 142 123 265
As at 31 December 2023 4,719 4,263 8,982
Net Book Value
As at 31 December 2023 427 369 796
As at 1 January 2023 569 492 1,061
6. Stocks
2023 2022
£ £
Finished goods 66,871 64,894
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 6,642 8,599
Other debtors 21 86
6,663 8,685
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 106,807 109,507
VAT 1,066 1,559
Other creditors 1,939 2,152
Directors' loan accounts 105,696 102,530
215,508 215,748
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,000 1,000
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