Company registration number 08522031 (England and Wales)
Value Match Services Limited
Unaudited financial statements
For the year ended 31 March 2024
Value Match Services Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Value Match Services Limited
Balance sheet
As at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,846
5,691
Current assets
Debtors
5
383,532
306,818
Investments
6
2,084
7,651
Cash at bank and in hand
178,665
116,421
564,281
430,890
Creditors: amounts falling due within one year
7
(304,844)
(214,266)
Net current assets
259,437
216,624
Net assets
262,283
222,315
Capital and reserves
Called up share capital
250
250
Capital redemption reserve
(9,750)
(9,750)
Profit and loss reserves
271,783
231,815
Total equity
262,283
222,315
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 1 October 2024 and are signed on its behalf by:
Mr D Shields
Director
Company registration number 08522031 (England and Wales)
Value Match Services Limited
Notes to the financial statements
For the year ended 31 March 2024
- 2 -
1
Accounting policies
Company information
Value Match Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dee House, Dee Banks, Chester, England, CH3 5UU.
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 represents net invoiced sales of services excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.
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 machinery
33% on cost
Computer equipment
100% on cost
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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Value Match Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 3 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Value Match Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
15
12
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
13,275
Additions
4,566
Disposals
(4,739)
At 31 March 2024
13,102
Depreciation and impairment
At 1 April 2023
7,584
Depreciation charged in the year
7,411
Eliminated in respect of disposals
(4,739)
At 31 March 2024
10,256
Carrying amount
At 31 March 2024
2,846
At 31 March 2023
5,691
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
357,659
269,738
Other debtors
25,873
37,080
383,532
306,818
Value Match Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 5 -
6
Current asset investments
2024
2023
£
£
Other investments
2,084
7,651
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
252,105
189,146
Taxation and social security
41,867
17,898
Other creditors
10,872
7,222
304,844
214,266
8
Share-based payment transactions
Liabilities and expenses
Enterprise Management Incentive (EMI) Scheme
An EMI Scheme was approved during the year ended 31 March 2021 and certain employees hold options to subscribe for shares in the company as follows:
Grant date 08.02.2021
Exercise price £1.44
Number of shares 2,788
Number of employees 1
Performance conditions None
9
Directors' transactions
During the year the director maintained a loan from the company. The movements were as follows:
Description
% Rate
Opening balance
Closing balance
£
£
Loan
-
18,040
18,040
18,040
18,040
The loan is interest free and repayable on demand.