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Registered number: 14445198
Valley Provincial Holdings Ltd
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2023
Montacs
Contents
Page
Strategic Report 1—2
Directors' Report 3—4
Independent Auditor's Report 5—7
Consolidated Profit and Loss Account 8
Consolidated Balance Sheet 9
Company Balance Sheet 10
Consolidated Statement of Changes in Equity 11
Company Statement of Changes in Equity 12
Consolidated Statement of Cash Flows 13
Notes to the Consolidated Statement of Cash Flows 14
Notes to the Financial Statements 15—26
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2023.
Review of the Business
From a background in interior planting for commercial environments since 1976, the company expanded into exterior landscaping from 1993, then in 2012 established a specialist division designing and installing recreational facilities for the education sector. Since 2016, the main growth area has been the construction of roof gardens, podiums and terraces, a sector which has become the largest contributor to the company’s revenue, as the trend for ‘urban greening’ gathers momentum.
Following professional advice, the business incorporated Valley Provincial Holdings Ltd on 30th November 2022, as well as two trading subsidiaries, with all the same assets and resources. The smaller entity (PlayCubed Ltd) took forward all recreational projects, and the larger entity (Valley Provincial Ltd) continued the commercial contracts. Both of these trading entities are 100% owned subsidiaries of Valley Provincial Holdings Ltd, and collectively, the three companies form the Group, which is under the same ownership and control as the previous LLP. The appearance on public record of a ‘fresh start’ in terms of trading history caused some extra challenges, but 2023 has nonetheless seen good growth in both revenue and profitability.
The Group works for a broad cross-section of market sectors including property development, property management, storage, healthcare and construction, many of which are Tier 1 businesses. It has also acted as key contractor across a number of projects ranging from £100k to £3.5m in value, and seeks to complete larger value projects in this capacity during 2024.
The Group is proud to hold the ISO 9001 and ISO 14001 certifications, and has done for the past twelve years, which includes the period prior to incorporation. Recently, the Group also applied for the ISO 45001 certification and was awarded it on 13 September 2024.
The Group is committed to growth whilst benefiting both the environment and the community. At the time of this report, the Group is invested in green deposits/bonds, which helps to fund projects such as energy efficiency, renewable energy, green transport, sustainable food, agriculture and forestry, waste management and greenhouse gas emission reduction. This will help the UK transition to a lower carbon economy.
Page 1
Page 2
Principal Risks and Uncertainties
The nature of the construction industry carries well-known risks, principal ones being:
a) Credit risks. The Group mitigates these through the use of credit insurance, in addition to continuously monitoring its clients’ credit scores.  Sales activity is increasingly focussed on developing strong working partnerships with both known and new organisations that have a good track record of creditworthiness. 
b) Cashflow risks due to project overrun and slippage.  The Group has four diverse revenue streams: landscape projects, landscape maintenance, interior planting and design and implementation of playground equipment, each with its own client base, helping to spread cashflow risk. Moreover, the balance between project and maintenance works means the business’ cashflow is more manageable. A greater focus on timely credit control has helped maintain positive cashflow throughout the period. Shareholders are continually reinvesting profits back into the business, taking dividends just once annually. 
c) Shortage of skilled labour. This was a severe issue following the covid pandemic but has eased during 2023. The Group’s long-standing practice of paying tradesmen and subcontractors quickly helps to retain good quality workmanship. 
d) Delayed supply of materials. Again, this has eased since the well-known post-pandemic shortages and freight issues. Paying creditors on time has also proved beneficial in mitigating this risk. 
The strategic combination of experienced management and key staff, continuing investment in trade-specific expertise, accreditations, staff training, improving environmental and CSR credentials, and implementing safe working practices, is enabling the Group to operate at the forefront of the industry and mitigate risks as they are identified.    
Key Performance Indicators
31 December 2023
31 December 2022
Turnover
£14,232,564
£938,612
Gross Profit 
£6,657,176
£411,283
GPM%
46.8%
43.8%
EBITDA
£3,267,768
£186,454
Bank and Cash
£1,392,861
£1,417,410
Current Ratio
1.22
1.03
Debtor Days
56 days
45 days
The Group sees Turnover and Gross Profit Margins as their key performance indicators (KPIs). These KPIs allow the Group to monitor the growth of the business and its ability to deliver services profitably.
Going Concern
With a Current Ratio now regularly running at 2:1 or better, secured sales orders for 2024 now topping £17M, and a significant pipeline of projects in the consultation phase, the directors consider the Group’s assets and prospects are sufficiently robust to perform as a resilient going concern over the next twelve months and beyond.  
Sales activity for growth plans beyond 2023 is increasingly focussing on developing strong working partnerships with both known and new organisations, especially in the property development and property management sectors with projects in and around London, including projects for which the Group would be acting as key contractor.
On behalf of the board
Mr Jonathan Alexander
Director
30/09/2024
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2023.
Principal Activity
The group's principal activity continues to be that of strategy, construction and maintenance of inspired landscaping. While the subsidary 'Playcubed Ltd' heads up the recreational side of the business.
Dividends
The value of dividends paid amounted to £1,200,000 .
The directors recommended a final dividend of £1,200,000 .
Particulars of recommended dividends are detailed in note 24 to the financial statements
Directors
The directors who held office during the year were as follows:
Mr James Lyon
Mr Paul Brown
Mr Gavin Sims
Mr Stephen Lyon
Mr Peter Alexander
Mr Jonathan Alexander
Mrs Rosanne Sims
Mrs Susanna Lyon
Mrs Harriet Lyon
Mrs Bronwyn Brown
Mrs Susan Alexander
Mrs Alexandra Alexander
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
Disclosure of information in the strategic report
As permitted by paragraph 1A of Schedule 7 to the Large and Medium-sized Companies (accounts and reports) Regulations 2008 certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the Strategic Report on pages 1 and 2. These matters relate to business review, future developments and principal risks and uncertainties.
Independent Auditors
The auditors, Riverside Accountancy Lancaster Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Jonathan Alexander
Director
30/09/2024
Page 4
Page 5
Independent Auditor's Report
Opinion
We have audited the financial statements of Valley Provincial Holdings Ltd (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2023 and of the group's profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
  • the parent company financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Review of nominal postings for legal and professional fees ensured we identified any regulatory compliance issues and laws that the group must follow in the year and to the date of signing the financial statements.
The assessment of fraud was consider as low due to the segregation of duties seen, the low levels of cash handled and the regular reporting required of the group to the board. A review of journal entries and consideration of their appropriateness was carried out through the audit.
During the audit we speak to management, test the systems and speak to various members of the finance function to understand the group and its processes and the nature of trade to assist in determining if the financial statements are true and fair.  
Challenging assumptions made by management in making their significant accounting estimates. 
Reviewing financial statement disclosure and testing to supporting documentation to assess compliance with applicable laws and regulations 
Review, test and scrutinise the work in progress, accrued and deferred income to ensure revenue is recognised in line with the accounting standards
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other Matter
The comparative figures have not been audited as there was no statutory requirement to do so
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
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Lyndsay Nicholson ACA (Senior Statutory Auditor)
for and on behalf of Riverside Accountancy Lancaster Limited , Statutory Auditor
30/09/2024
Riverside Accountancy Lancaster Limited
Riverside Offices, Second Floor
26 St George Street
Lancaster
Lancashire
LA1 1RD
Page 7
Page 8
Consolidated Profit and Loss Account
31 December 2023 31 December 2022
Notes £ £
TURNOVER 3 14,232,564 938,612
Cost of sales (7,575,388 ) (527,329 )
GROSS PROFIT 6,657,176 411,283
Administrative expenses (3,871,948 ) (267,091 )
Other operating income 1,980 165
OPERATING PROFIT 2,787,208 144,357
Profit on disposal of fixed assets 10,868 -
Other interest receivable and similar income 9 2,966 -
Interest payable and similar charges 10 (20,630 ) (2,122 )
PROFIT BEFORE TAXATION 2,780,412 142,235
Tax on Profit 11 (721,527 ) (35,997 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 2,058,885 106,238
The notes on pages 14 to 26 form part of these financial statements.
Page 8
Page 9
Consolidated Balance Sheet
Registered number: 14445198
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 12 2,681,408 2,984,402
Tangible Assets 13 852,859 789,166
3,534,267 3,773,568
CURRENT ASSETS
Stocks 15 211,391 227,150
Debtors 16 3,968,460 2,249,766
Cash at bank and in hand 1,392,861 1,417,410
5,572,712 3,894,326
Creditors: Amounts Falling Due Within One Year 17 (4,545,688 ) (3,792,865 )
NET CURRENT ASSETS (LIABILITIES) 1,027,024 101,461
TOTAL ASSETS LESS CURRENT LIABILITIES 4,561,291 3,875,029
Creditors: Amounts Falling Due After More Than One Year 18 (120,140 ) (135,187 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 19 (53,028 ) (32,604 )
NET ASSETS 4,388,123 3,707,238
CAPITAL AND RESERVES
Called up share capital 21 3,423,000 3,601,000
Profit and Loss Account 965,123 106,238
SHAREHOLDERS' FUNDS 4,388,123 3,707,238
On behalf of the board
Mr Jonathan Alexander
Director
30/09/2024
The notes on pages 14 to 26 form part of these financial statements.
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Company Balance Sheet
Registered number: 14445198
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Investments 14 3,600,200 3,600,200
3,600,200 3,600,200
CURRENT ASSETS
Debtors 16 2,402,245 2,826,500
Cash at bank and in hand 33,458 -
2,435,703 2,826,500
Creditors: Amounts Falling Due Within One Year 17 (2,523,953 ) (2,833,023 )
NET CURRENT ASSETS (LIABILITIES) (88,250 ) (6,523 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,511,950 3,593,677
NET ASSETS 3,511,950 3,593,677
CAPITAL AND RESERVES
Called up share capital 21 3,423,000 3,601,000
Profit and Loss Account 88,950 (7,323 )
SHAREHOLDERS' FUNDS 3,511,950 3,593,677
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit/(loss) for the year was £ 1,296,273 (2022: £(7,323 ) loss).
On behalf of the board
Mr Jonathan Alexander
Director
30/09/2024
The notes on pages 14 to 26 form part of these financial statements.
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Consolidated Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 December 2022 3,601,000 - 3,601,000
Profit for the period and total comprehensive income - 106,238 106,238
As at 31 December 2022 and 1 January 2023 3,601,000 106,238 3,707,238
Profit for the year and total comprehensive income - 2,058,885 2,058,885
Dividends paid - (1,200,000) (1,200,000)
As at 31 December 2023 3,423,000 965,123 4,388,123
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Company Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 December 2022 3,601,000 - 3,601,000
Loss for the period and total comprehensive income - (7,323 ) (7,323)
As at 31 December 2022 and 1 January 2023 3,601,000 (7,323 ) 3,593,677
Profit for the year and total comprehensive income - 1,296,273 1,296,273
Dividends paid - (1,200,000) (1,200,000)
As at 31 December 2023 3,423,000 88,950 3,511,950
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Consolidated Statement of Cash Flows
31 December 2023 31 December 2022
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 2,196,887 5,235,033
Interest paid (20,630 ) (21,696 )
Tax paid (170,373 ) -
Interest Received 2,966 19,574
Net cash generated from operating activities 2,008,850 5,232,911
Cash flows from investing activities
Purchase of intangible assets - (3,009,018 )
Purchase of tangible assets (374,045 ) (806,648 )
Proceeds from disposal of tangible assets 49,016 -
Purchase of investment in subsidiary undertaking - (3,600,000 )
Net cash used in investing activities (325,029 ) (7,415,666 )
Cash flows from financing activities
Equity dividends paid (1,200,000 ) -
Repayment of finance leases (59,493 ) -
Amount introduced by directors - 3,600,000
Amount withdrawn by directors (450,857) -
Government Grant Income 1,980 165
Net cash (used in)/generated from financing activities (1,708,370 ) 3,600,165
(Decrease)/increase in cash and cash equivalents (24,549 ) 1,417,410
Cash and cash equivalents at beginning of year 2 1,417,410 -
Cash and cash equivalents at end of year 2 1,392,861 1,417,410
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
31 December 2023 31 December 2022
£ £
Profit for the financial year 2,058,885 106,238
Adjustments for:
Interest expense 20,630 21,696
Interest income (2,966 ) (19,574 )
Amortisation of intangible assets 303,465 24,616
Depreciation of tangible assets 396,683 17,481
Profit on disposal of tangible assets (12,534) -
Grant income (1,980) (165)
Movements in working capital:
Decrease/(increase) in stocks 15,759 (227,150 )
Increase in trade and other debtors (1,609,131 ) (5,599,672 )
Increase in trade and other creditors 279,989 10,850,663
Tax on profit/(loss) 748,087 60,900
Net cash generated from operations 2,196,887 5,235,033
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
31 December 2023 31 December 2022
£ £
Cash at bank and in hand 1,392,861 1,417,410
3. Analysis of changes in net funds
As at 1 January 2023 Cash flows Non-cash changes As at 31 December 2023
£ £ £ £
Cash at bank and in hand 1,417,410 (24,550) 1 1,392,861
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Notes to the Financial Statements
1. General Information
Valley Provincial Holdings Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14445198 . The registered office is Chalcraft Nurseries Shirehall Road, Hawley, Dartford, Kent, DA2 7SE.
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 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2023.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
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2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
2.4. Significant judgements and estimations
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant judgements
There have been no critical judgements made by the directors in the process of applying the group and company's accounting policies that have a significant effect on the amounts recognised in the statutory financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
(i) Recoverability of debtors
The group and company establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the ageing of the debtors, past experience of recoverability, and the credit profile of individual groups of customers.
(ii) Determining the residual values and useful economic lives of property plant and equipment and intangible assets
The group and company depreciates tangible and intangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. 
Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to asses the amount that the group and company would currently obtain for the disposal of the asset, if it were already of the condition, expected at the end of its useful economic life. Where possible this is done with reference to external market prices.
(iii) Impairment of intangible assets
Intangible assets are tested for impairment where there is an indication that the asset may be impaired. Existence of impairment indicators is assessed at each reporting date, and the directors deemed there to be no indicators at the end of the year.
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2.5. 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.
2.6. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.
Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.
Goodwill is amortised over its expected useful life which is estimated to be 10 years.
Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.
2.7. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are website costs. It is amortised to profit and loss account over its estimated economic life of 3 years.
2.8. 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:
Plant & Machinery 33% straight line & reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% straight line & 15% reducing balance
Computer Equipment 25% straight Line
2.9. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.10. 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 is determined using the first-in, first-out method. 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.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.11. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.12. Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
2.13. 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 group'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.
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2.14. Pensions
The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.15. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.16. Operating Profit
The operating profit is stated after charging:
2023
2022
£
£
Bad Debts
(2,123)
2,854
Depreciation of tangible assets
179,325
17,481
Amortisation of intangible fixed assets
302,994
image
24,616
image
3. Turnover
The turnover of the company is attributable to the principle activity of the company. During the year sales of £14,232,563 were carried out in the UK.
4. Other Operating Income
31 December 2023 31 December 2022
£ £
Grant income 1,980 165
1,980 165
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
31 December 2023 31 December 2022
£ £
Audit Services
Audit of the company's financial statements 21,180 -
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6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
Group Company
31 December 2023 31 December 2022 31 December 2023 31 December 2022
£ £ £ £
Wages and salaries 3,036,821 238,684 78,068 7,294
Social security costs 272,655 24,739 - -
Other pension costs 37,225 3,489 - -
3,346,701 266,912 78,068 7,294
7. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
Group Company
31 December 2023 31 December 2022 31 December 2023 31 December 2022
Office and administration 36 33 - -
Directors 12 12 12 12
Operational 27 24 - -
75 69 12 12
8. Directors' remuneration
31 December 2023 31 December 2022
£ £
Emoluments 78,068 -
9. Interest Receivable and Similar Income
31 December 2023 31 December 2022
£ £
Bank interest receivable 532 -
Other interest receivable 2,434 -
2,966 -
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10. Interest Payable and Similar Charges
31 December 2023 31 December 2022
£ £
Interest payable on other loans - 3,604
Finance charges payable under finance leases and hire purchase contracts 20,621 2,122
Other finance charges 9 (3,604 )
20,630 2,122
11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 31 December 2023 31 December 2022
31 December 2023 31 December 2022 £ £
Current tax
UK Corporation Tax 23.5% 19.0% 701,103 34,856
Deferred Tax
Deferred taxation 20,424 1,141
Total tax charge for the period 721,527 35,997
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
31 December 2023 31 December 2022
£ £
Profit before tax 2,780,412 142,235
Tax on profit at 23.5% (UK standard rate) 653,396 27,025
Goodwill/depreciation not allowed for tax 75,382 7,998
Expenses not deductible for tax purposes 39,511 2,199
Capital allowances (67,186 ) (2,366 )
Short term timing differences 20,424 1,141
Total tax charge for the period 721,527 35,997
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12. Intangible Assets
Group
Goodwill Development Costs Total
£ £ £
Cost
As at 1 January 2023 3,001,463 7,555 3,009,018
As at 31 December 2023 3,001,463 7,555 3,009,018
Amortisation
As at 1 January 2023 24,411 205 24,616
Provided during the period 297,705 5,289 302,994
As at 31 December 2023 322,116 5,494 327,610
Net Book Value
As at 31 December 2023 2,679,347 2,061 2,681,408
As at 1 January 2023 2,977,052 7,350 2,984,402
Company
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
13. Tangible Assets
Group
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 206,543 543,941 19,056 37,108 806,648
Additions 136,156 213,703 5,239 18,949 374,047
Disposals (8,398 ) (38,992 ) - - (47,390 )
As at 31 December 2023 334,301 718,652 24,295 56,057 1,133,305
Depreciation
As at 1 January 2023 5,289 11,177 271 745 17,482
Provided during the period 99,415 156,689 6,444 11,324 273,872
Disposals (6,185 ) (4,723 ) - - (10,908 )
As at 31 December 2023 98,519 163,143 6,715 12,069 280,446
Net Book Value
As at 31 December 2023 235,782 555,509 17,580 43,988 852,859
As at 1 January 2023 201,254 532,764 18,785 36,363 789,166
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
31 December 2023 31 December 2022
£ £
Motor Vehicles 379,479 259,960
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14. Investments
Company
Unlisted
£
Cost
As at 1 January 2023 3,600,200
As at 31 December 2023 3,600,200
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 3,600,200
As at 1 January 2023 3,600,200
Subsidiaries
Details of the company's subsidiaries as at 31 December 2023 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Valley Provincial Ltd Chalcroft Nurseries, Shirehall Road, Hawley, Dartford, Kent, United Kingdom, DA2, 7SE Ordinary 100.00% -
Playcubed Ltd Chalcroft Nurseries, Shirehall Road, Hawley, Dartford, Kent, United Kingdom, DA2, 7SE Ordinary 100.00% -
15. Stocks
31 December 2023 31 December 2022
£ £
Stock 75,144 227,150
Work in progress 136,247 -
211,391 227,150
16. Debtors
Group Company
31 December 2023 31 December 2022 31 December 2023 31 December 2022
£ £ £ £
Due within one year
Trade debtors 2,190,607 1,376,238 127,195 -
Amounts recoverable on contracts 379,602 - - -
Amounts owed by group undertakings - - 2,274,251 2,753,736
Other debtors 1,398,251 873,528 799 72,764
3,968,460 2,249,766 2,402,245 2,826,500
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17. Creditors: Amounts Falling Due Within One Year
Group Company
31 December 2023 31 December 2022 31 December 2023 31 December 2022
£ £ £ £
Trade creditors 716,957 581,845 (68,701 ) 1,121
Amounts owed to group undertakings - - 207,351 215,532
Other creditors 3,173,543 2,929,879 2,165,513 2,616,370
Corporation tax 565,586 34,856 152,624 -
Taxation and social security 65,322 246,285 63,646 -
Accruals and deferred income 24,280 - 3,520 -
4,545,688 3,792,865 2,523,953 2,833,023
Included in creditors are finance leases (£101,610 ) and hire purchase (£64,833)
18. Creditors: Amounts Falling Due After More Than One Year
Group
31 December 2023 31 December 2022
£ £
Other creditors 120,140 135,187
Included in long term creditors are finance leases (£96,661 ) and hire purchase (£23,447)
19. Deferred Taxation
The provision for deferred tax is made up as follows:
31 December 2023 31 December 2022
£ £
Other timing differences 53,028 32,604
20. Provisions for Liabilities
Group
Deferred Tax Total
£ £
As at 1 January 2023 32,604 32,604
Additions 20,424 20,424
Balance at 31 December 2023 53,028 53,028
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21. Share Capital
31 December 2023 31 December 2022
Allotted, called up and fully paid £ £
1,000 Ordinary Shares of £ 1.00 each 1,000 1,000
Preference Shares
31 December 2023 31 December 2022
Allotted, called up and fully paid £ £
3,422,000 Preference Shares of £ 1.00 each 3,422,000 3,600,000
During the year there was a share redemption of £178,000
22. Financial Instruments
The group has the following financial instruments:
Group Company
31 December 2023 31 December 2022 31 December 2023 31 December 2022
£ £ £ £
Financial assets
Financial assets measured at fair value through profit and loss 2,217,948 1,391,361 - -
Financial liabilities
Financial liabilities measured at fair value through profit and loss 3,732,776 3,689,241 - -
23. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £37,225 (2022: £3,489).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
24. Directors Advances, Credits and Guarantees
Included within Creditors are the following amounts owed to directors
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr James Lyon 542,510 (136,822 ) 169,952 - 575,640
Mr Paul Brown 760,585 (452,069 ) 206,320 - 514,835
Mr Gavin Sims 185,144 (248,028 ) 254,055 - 191,171
Mr Stephen Lyon 201,236 (428,546 ) 365,332 - 138,022
Mr Peter Alexander 377,631 (234,585 ) 165,872 - 308,924
Mr Jonathan Alexander 549,262 (328,805 ) 216,463 - 436,920
Dividends paid to directors
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25. Dividends
31 December 2023 31 December 2022
£ £
On equity shares:
Final dividend paid 1,200,000 -
Total dividends of £600,000 were issued after the year end.
26. Reserves
Group
Profit and loss account - This reserve records retained earnings and accumulated losses.
27. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
Within Debtors there is an amount owed by Valley Provincial LLP of £379,601 and in Creditors there is an amount owed to Valley Provincial LLP of £364,663
28. Controlling Parties
The company's ultimate controlling party are the directors by virtue of their interest in the share capital of the company.
29. Operating Lease
                                                                       2023
                                                   2022
Due < 1 year
Due 2 -5 years
    Due <1 Year
Due 2-5 years
Office
Printer
         4,000
         8,333
           4,000
        12,333
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