Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 10530820 Mr Satvinder Bhandhal Mr Brian Hackett iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10530820 2022-12-31 10530820 2023-12-31 10530820 2023-01-01 2023-12-31 10530820 frs-core:CurrentFinancialInstruments 2023-12-31 10530820 frs-core:Non-currentFinancialInstruments 2023-12-31 10530820 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-31 10530820 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 10530820 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-12-31 10530820 frs-core:ShareCapital 2023-12-31 10530820 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 10530820 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10530820 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 10530820 frs-bus:SmallEntities 2023-01-01 2023-12-31 10530820 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10530820 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10530820 frs-core:CostValuation 2022-12-31 10530820 frs-core:AdditionsToInvestments 2023-12-31 10530820 frs-core:CostValuation 2023-12-31 10530820 frs-core:ProvisionsForImpairmentInvestments 2022-12-31 10530820 frs-core:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments 2023-12-31 10530820 frs-core:ProvisionsForImpairmentInvestments 2023-12-31 10530820 frs-core:ListedExchangeTraded 2023-12-31 10530820 frs-core:ListedExchangeTraded 2022-12-31 10530820 frs-core:CostValuation frs-core:ListedExchangeTraded 2022-12-31 10530820 frs-core:AdditionsToInvestments frs-core:ListedExchangeTraded 2023-12-31 10530820 frs-core:CostValuation frs-core:ListedExchangeTraded 2023-12-31 10530820 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2022-12-31 10530820 frs-core:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2023-12-31 10530820 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2023-12-31 10530820 frs-core:UnlistedNon-exchangeTraded 2023-12-31 10530820 frs-core:UnlistedNon-exchangeTraded 2022-12-31 10530820 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2022-12-31 10530820 frs-core:AdditionsToInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 10530820 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-12-31 10530820 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2022-12-31 10530820 frs-core:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 10530820 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 10530820 frs-bus:Director1 2023-01-01 2023-12-31 10530820 frs-bus:Director2 2023-01-01 2023-12-31 10530820 frs-bus:Director2 2022-12-31 10530820 frs-bus:Director2 2023-12-31 10530820 frs-countries:EnglandWales 2023-01-01 2023-12-31 10530820 2021-12-31 10530820 2022-12-31 10530820 2022-01-01 2022-12-31 10530820 frs-core:CurrentFinancialInstruments 2022-12-31 10530820 frs-core:Non-currentFinancialInstruments 2022-12-31 10530820 frs-core:ShareCapital 2022-12-31 10530820 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 10530820
Vale Property Company (Midland And Regional) Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
BusinessWise Accountancy & Tax Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 10530820
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 478,406 489,280
Investment Properties 5 1,145,335 1,145,335
Investments 6 51,967 250,248
1,675,708 1,884,863
CURRENT ASSETS
Debtors 7 621,086 354,225
Cash at bank and in hand 14,330 207,290
635,416 561,515
Creditors: Amounts Falling Due Within One Year 8 (1,219,399 ) (1,282,260 )
NET CURRENT ASSETS (LIABILITIES) (583,983 ) (720,745 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,091,725 1,164,118
Creditors: Amounts Falling Due After More Than One Year 9 (621,793 ) (642,049 )
NET ASSETS 469,932 522,069
CAPITAL AND RESERVES
Called up share capital 11 120 120
Profit and Loss Account 469,812 521,949
SHAREHOLDERS' FUNDS 469,932 522,069
Page 1
Page 2
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 Satvinder Bhandhal
Director
16/09/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Vale Property Company (Midland And Regional) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10530820 . The registered office is Vale House Unit 9 Warren Way, Crown Farm Industrial Park, Mansfield, NG19 0FL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
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 rendering of services
Operating leases: the Company as lessor
Rental income from operating leases is credited to profit or loss on a straight line basis over the lease
term.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
Interest income
Interest income is recognised in profit or loss when receivable.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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 2% straight line
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
2.6. Valuation of investments
Investments in listed company shares are remeasured to market value at each balance sheet date.
Gains and losses on remeasurement are recognised in profit or loss for the period.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
4. Tangible Assets
Land & Property
Leasehold
£
Cost
As at 1 January 2023 543,704
As at 31 December 2023 543,704
Depreciation
As at 1 January 2023 54,424
Provided during the period 10,874
As at 31 December 2023 65,298
Net Book Value
As at 31 December 2023 478,406
As at 1 January 2023 489,280
Land & Property
Leasehold
£
At cost 543,704
543,704
The leasehold investment property is written off over its estimated useful life.
5. Investment Property
2023
£
Fair Value
As at 1 January 2023 and 31 December 2023 1,145,335
Page 4
Page 5
6. Investments
Listed Unlisted Total
£ £ £
Cost
As at 1 January 2023 340,000 - 340,000
Additions - 50,000 50,000
As at 31 December 2023 340,000 50,000 390,000
Provision
As at 1 January 2023 89,752 - 89,752
Added in period 198,281 50,000 248,281
As at 31 December 2023 288,033 50,000 338,033
Net Book Value
As at 31 December 2023 51,967 - 51,967
As at 1 January 2023 250,248 - 250,248
The investment made during the year were made by Richard Hackett on behalf of the Company. The investment was made on 27 June 2023 in Storelectric Teesside Limited  at an amount of £50,000.
The directors have assessed the values of the investments based on current market values and have made a provision against the original cost.
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 120,595 281,091
Prepayments and accrued income 1,362 2,875
Other debtors 5,000 5,000
Other taxes and social security - 559
Directors' loan accounts 330,986 3,305
457,943 292,830
Due after more than one year
Other debtors 120,688 61,395
Deferred tax current asset 42,455 -
163,143 61,395
621,086 354,225
Page 5
Page 6
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 995 1,142
Bank loans and overdrafts 57,410 94,564
Corporation tax 19,425 38,995
Other taxes and social security 410 -
VAT 13,054 13,334
Net wages 1,545 1,552
Accruals and deferred income 8,469 10,824
Directors' loan accounts - 8,650
Amounts owed to related parties 1,118,091 1,113,199
1,219,399 1,282,260
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 621,793 642,049
621,793 642,049
10. Secured Creditors
Of the creditors the following amounts are secured.
2023 2022
£ £
Bank loans and overdrafts 679,204 736,614
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 120 120
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Brian Hackett 3,305 327,681 - - 330,986
The above loan is unsecured and repayable on demand. No interest has been charged to the director although a benefit in kind relating to this has been reported.
The above loan amount will be repaid back to the Company within nine months of the year end.
Page 6
Page 7
13. Related Party Transactions
K & H Property Company LimitedK & H Property Company is a related company connected by a director.During the year, under the 2022 formal loan agreement, K & H Property Company Limited borrowed a further £55,000 in addition to the £60,000 borrowed during 2022. Interest accrues on a non-cumulative basis on the loan amount at a rate of 5% calculated on a daily basis. The interest charged in this year amounts to £4,293 (2022- £1,395). The capital and interest is payable once the Company applies for repayment of the loan or after five years from inception which ever is the earliest. The amount due to the Company at the year end is £120,688 (2022-£61,395) and is included within other debtors due after one year.

K & H Property Company Limited

K & H Property Company is a related company connected by a director.

During the year, under the 2022 formal loan agreement, K & H Property Company Limited borrowed a further £55,000 in addition to the £60,000 borrowed during 2022. Interest accrues on a non-cumulative basis on the loan amount at a rate of 5% calculated on a daily basis. The interest charged in this year amounts to £4,293 (2022- £1,395). The capital and interest is payable once the Company applies for repayment of the loan or after five years from inception which ever is the earliest. The amount due to the Company at the year end is £120,688 (2022-£61,395) and is included within other debtors due after one year.

Vale Window Company LimitedVale Window Company Liimited is a related company connected by a director.As at 31 December 2023, included within creditors due within one year as amounts due to related parties are loans totalling £1,118,048 (2022 -£1,112,883) owed to Vale Window Company Limited. This total amount loaned is interest free and repayable on demand.

Vale Window Company Limited

Vale Window Company Liimited is a related company connected by a director.

As at 31 December 2023, included within creditors due within one year as amounts due to related parties are loans totalling £1,118,048 (2022 -£1,112,883) owed to Vale Window Company Limited. This total amount loaned is interest free and repayable on demand.

Vale Holdings LimitedVale Holdings Limited is a related company connected by a director.The Company at the year end owes £273 (2022-£273) to Vale Holdings Limited. This amount is included within creditors due within one year as amounts due to related parties. The loan is repayable on demand.

Vale Holdings Limited

Vale Holdings Limited is a related company connected by a director.

The Company at the year end owes £273 (2022-£273) to Vale Holdings Limited. This amount is included within creditors due within one year as amounts due to related parties. The loan is repayable on demand.

Vale Window Company LimitedVale Window Company Limited is a related company connected by a director.During the year the Company leased to Vale Window Company Limited leasehold premisses from where it trades. The annual market value rental charged is £200,000 (2022- £200,000). Under this agreement the amount due to the Company at the year end is £120,000 (2022-£280,000) and is included within trade debtors due within one year.

Vale Window Company Limited

Vale Window Company Limited is a related company connected by a director.

During the year the Company leased to Vale Window Company Limited leasehold premisses from where it trades. The annual market value rental charged is £200,000 (2022- £200,000). Under this agreement the amount due to the Company at the year end is £120,000 (2022-£280,000) and is included within trade debtors due within one year.

Richard HackettMr Hackett is a shareholder and employee of the companyMr Hackett was owed £43 by the Company as at 1 January 2023 (2022 - £8607), no amount have been repaid or advanced during the year (2022-8650, repaid). At the year end £43 (2022 - £43) was owed toy Mr Hackett and is included within creditors due within one year as amounts due to related parties.

Richard Hackett

Mr Hackett is a shareholder and employee of the company

Mr Hackett was owed £43 by the Company as at 1 January 2023 (2022 - £8607), no amount have been repaid or advanced during the year (2022-8650, repaid). At the year end £43 (2022 - £43) was owed toy Mr Hackett and is included within creditors due within one year as amounts due to related parties.

Page 7