Company registration number 05044066 (England and Wales)
VALLEY ENGINEERING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
VALLEY ENGINEERING LIMITED
COMPANY INFORMATION
Directors
Mrs VJ Murphy
Mr J De'ath
(Appointed 5 December 2023)
Mr JT J Feasey
(Appointed 5 December 2023)
Ms DK Howe
(Appointed 5 December 2023)
Secretary
Mrs VJ Murphy
Company number
05044066
Registered office
6c Great Central Way
Woodford Halse
Daventry
Northants
UK
NN11 3PZ
Accountants
Cottons Accountants LLP
The Stables
Church Walk
Daventry
Northamptonshire
UK
NN11 4BL
VALLEY ENGINEERING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
199
496
Tangible assets
5
135,766
199,355
135,965
199,851
Current assets
Stocks
59,162
82,608
Debtors
6
208,136
186,981
Cash at bank and in hand
122,544
154,494
389,842
424,083
Creditors: amounts falling due within one year
7
(176,661)
(146,225)
Net current assets
213,181
277,858
Total assets less current liabilities
349,146
477,709
Creditors: amounts falling due after more than one year
8
(9,983)
(20,205)
Provisions for liabilities
(31,347)
(32,134)
Net assets
307,816
425,370
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
307,716
425,270
Total equity
307,816
425,370

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.

VALLEY ENGINEERING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 October 2024 and are signed on its behalf by:
Mrs VJ Murphy
Mr J De'ath
Director
Director
Mr JT J Feasey
Ms DK Howe
Director
Director
Company registration number 05044066 (England and Wales)
VALLEY ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Valley Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6c Great Central Way, Woodford Halse, Daventry, Northants, UK, NN11 3PZ.

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
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Software
Over its useful economic life of 2 years
1.4
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:

Short leasehold
Over the terms of the lease
Plant and equipment
15% on reducing balance / 25% straight line
Fixtures and fittings
15% on reducing balance
Computer equipment
33.3% on cost
Motor vehicles
25% on 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.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

VALLEY ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
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 profit and loss account 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 ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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 profit and loss account, 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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

VALLEY ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Employees

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

2024
2023
Number
Number
Total
12
12
4
Intangible fixed assets
Other
£
Cost
At 1 April 2023 and 31 March 2024
1,941
Amortisation and impairment
At 1 April 2023
1,445
Amortisation charged for the year
297
At 31 March 2024
1,742
Carrying amount
At 31 March 2024
199
At 31 March 2023
496
VALLEY ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Tangible fixed assets
Short leasehold
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
23,234
235,617
19,868
39,601
316,631
634,951
Additions
-
0
19,616
-
0
-
0
30,460
50,076
Disposals
-
0
(13,573)
(3,655)
(19,782)
(111,216)
(148,226)
At 31 March 2024
23,234
241,660
16,213
19,819
235,875
536,801
Depreciation and impairment
At 1 April 2023
21,547
190,214
17,383
35,443
171,009
435,596
Depreciation charged in the year
1,179
25,319
688
1,754
35,771
64,711
Eliminated in respect of disposals
-
0
(13,573)
(3,655)
(19,782)
(62,262)
(99,272)
At 31 March 2024
22,726
201,960
14,416
17,415
144,518
401,035
Carrying amount
At 31 March 2024
508
39,700
1,797
2,404
91,357
135,766
At 31 March 2023
1,687
45,403
2,485
4,158
145,622
199,355
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
176,233
179,681
Other debtors
31,903
7,300
208,136
186,981
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
53,981
23,042
Taxation and social security
60,697
84,531
Other creditors
61,983
38,652
176,661
146,225
VALLEY ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
9,983
20,205
9
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
(12,950)
(23,927)
In two to five years
(9,983)
(20,205)
(22,933)
(44,132)
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
-
0
12,375
Between two and five years
-
0
-
0
-
0
12,375
11
Ultimate controlling party

The company was under control of Mrs VJ Murphy up to the 4th December 2023 by the virtue of her shareholdings. On 5th December 2023 there was a transfer of ownership of the company to Valley Engineering Employees Trustee Ltd as Trustee of Valley Engineering Trust.

12
Related party transactions

A distribution of £147,551 was made to Valley Engineering Employees Trustee Ltd during the year.

 

 

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