Company registration number 12591740 (England and Wales)
VALLEY HEATING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
VALLEY HEATING LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
VALLEY HEATING LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
17,246
20,168
Current assets
Debtors
4
14,498
25,480
Cash at bank and in hand
13,155
20,136
27,653
45,616
Creditors: amounts falling due within one year
5
(47,505)
(44,973)
Net current (liabilities)/assets
(19,852)
643
Total assets less current liabilities
(2,606)
20,811
Creditors: amounts falling due after more than one year
6
(10,353)
(15,417)
Provisions for liabilities
(4,311)
(5,042)
Net (liabilities)/assets
(17,270)
352
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(17,271)
351
Total equity
(17,270)
352
VALLEY HEATING LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -

For the financial year ended 31 May 2024 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 of its financial statements for the year in question in accordance with section 476.

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.

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

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 19 September 2024
Mr D McFarlane
Director
Company registration number 12591740 (England and Wales)
VALLEY HEATING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

Valley Heating Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 36 Delphinium Way, Lower Darwen, Lancashire, BB3 0SX.

1.1
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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
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:

Plant and equipment
15% reducing balance
Computers
33% straight line
Motor vehicles
25% reducing balance

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.

1.4
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 income statement 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.

VALLEY HEATING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
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 income statement, 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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
612
244
28,500
29,356
Additions
-
0
649
-
0
649
At 31 May 2024
612
893
28,500
30,005
Depreciation and impairment
At 1 June 2023
236
244
8,708
9,188
Depreciation charged in the year
56
216
3,299
3,571
At 31 May 2024
292
460
12,007
12,759
Carrying amount
At 31 May 2024
320
433
16,493
17,246
At 31 May 2023
376
-
0
19,792
20,168
VALLEY HEATING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
743
7,282
Other debtors
13,755
18,198
14,498
25,480
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
16,083
18,028
Corporation tax
-
0
3,154
Other taxation and social security
6,596
5,301
Other creditors
24,826
18,490
47,505
44,973
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
10,353
15,417
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