VALENCE SOLUTIONS LTD | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED | |||||||||||
31 MARCH 2024 | |||||||||||
Company Registration Number: 11092061 | |||||||||||
VALENCE SOLUTIONS LTD | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | |||||||||||
CONTENTS | PAGES | ||||||||||
Company information | 1 | ||||||||||
Balance sheet | 2 to 3 | ||||||||||
Notes to the financial statements | 4 to 9 | ||||||||||
VALENCE SOLUTIONS LTD | |||||||||||
COMPANY INFORMATION | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | |||||||||||
DIRECTORS | |||||||||||
resigned |
|||||||||||
SECRETARY | |||||||||||
The company does not have an appointed secretary | |||||||||||
REGISTERED OFFICE | |||||||||||
COMPANY REGISTRATION NUMBER | |||||||||||
11092061 England and Wales | |||||||||||
VALENCE SOLUTIONS LTD | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 MARCH 2024 | |||||||||||
Notes | 2024 | 2023 | |||||||||
£ | £ | ||||||||||
FIXED ASSETS | |||||||||||
Intangible assets | 5 | - | |||||||||
Tangible assets | 6 | - | - | ||||||||
CURRENT ASSETS | |||||||||||
Debtors | 7 | ||||||||||
Cash at bank and in hand | |||||||||||
CREDITORS: Amounts falling due within one year | 8 | ||||||||||
NET CURRENT ASSETS | |||||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | |||||||||||
Provisions for liabilities and charges | - | ||||||||||
NET ASSETS | |||||||||||
CAPITAL AND RESERVES | |||||||||||
Called up share capital | |||||||||||
Distributable profit and loss account | |||||||||||
Capital redemption reserve | 10 | ||||||||||
SHAREHOLDER'S FUNDS | |||||||||||
VALENCE SOLUTIONS LTD | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 MARCH 2024 | |||||||||||
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report. | |||||||||||
Signed on behalf of the board | |||||||||||
A G Walker | |||||||||||
Director | |||||||||||
Date approved by the board: |
|||||||||||
VALENCE SOLUTIONS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | |||||||||||
1 | GENERAL INFORMATION | ||||||||||
Valence Solutions Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is: | |||||||||||
C9 Glyme Court | |||||||||||
Oxford Office Village | |||||||||||
Langford Lane | |||||||||||
Kidlington | |||||||||||
OX5 1LQ | |||||||||||
The company ceased to trade on 31 March 2024 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Basis of preparation of financial statements | |||||||||||
Going concern | |||||||||||
Revenue recognition | |||||||||||
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of consultancy services provided to businesses from a range of sectors, as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax. | |||||||||||
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity. |
Grant Income | |||||||||||
The company received grant income from Quadrature Climate Foundation to cover the set up and core costs of Rethinking Removals as a not-for-profit venture. Grant expenditure equivalent to the income received has been used for the purpose of the grant and final disclosure has been made to the grant funder. |
VALENCE SOLUTIONS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Intangible fixed assets | |||||||||||
Intangible fixed assets, other than goodwill, are stated at cost less accumulated amortisation and any accumulated impairment losses. It is amortised on a straight-line basis over its useful economic life of 5 years. | |||||||||||
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations. |
Tangible fixed assets | |||||||||||
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses. | |||||||||||
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives. | |||||||||||
Office equipment | |||||||||||
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses. | |||||||||||
Financial Instruments | |||||||||||
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. | |||||||||||
VALENCE SOLUTIONS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Impairment of non-financial assets | |||||||||||
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account. | |||||||||||
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account. |
Debtors | |
Short term debtors are measured at transaction price, less any impairment. | |||||||||||
Loans receivable are measured initially at fair value, net of transaction costs, and subsequently at amortised cost, less any impairment. |
Creditors | |||||||||||
Taxation | |||||||||||
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits. | |||||||||||
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. | |||||||||||
VALENCE SOLUTIONS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Foreign currencies | |||||||||||
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. | |||||||||||
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate of exchange prevailing at that date. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit or loss. |
3 | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | ||||||||||
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements. | |||||||||||
4 | EMPLOYEES | ||||||||||
The average number of persons employed by the company (including directors) during the year was: | |||||||||||
2024 | 2023 | ||||||||||
Average number of employees | |||||||||||
5 | INTANGIBLE FIXED ASSETS | ||||||||||
Website | |||||||||||
£ | |||||||||||
Cost | |||||||||||
At 1 April 2023 | |||||||||||
Disposals | ( |
||||||||||
At 31 March 2024 | - | ||||||||||
Accumulated amortisation and impairments | |||||||||||
At 1 April 2023 | |||||||||||
Disposals | ( |
||||||||||
At 31 March 2024 | - | ||||||||||
Net book value | |||||||||||
At 1 April 2023 | |||||||||||
At 31 March 2024 | - | ||||||||||
VALENCE SOLUTIONS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | |||||||||||
6 | TANGIBLE ASSETS | ||||||||||
Office equipment | |||||||||||
£ | |||||||||||
Cost | |||||||||||
At 1 April 2023 | |||||||||||
Disposals | ( |
||||||||||
At 31 March 2024 | - | ||||||||||
Accumulated depreciation and impairments | |||||||||||
At 1 April 2023 | |||||||||||
Disposals | ( |
||||||||||
At 31 March 2024 | - | ||||||||||
Net book value | |||||||||||
At 1 April 2023 | - | ||||||||||
At 31 March 2024 | - | ||||||||||
7 | DEBTORS | ||||||||||
2024 | 2023 | ||||||||||
£ | £ | ||||||||||
Other debtors | |||||||||||
8 | CREDITORS: Amounts falling due within one year | ||||||||||
2024 | 2023 | ||||||||||
£ | £ | ||||||||||
Trade creditors | - | ||||||||||
Taxation and social security | |||||||||||
Accruals and deferred income | |||||||||||
Other creditors | - | ||||||||||
23,338 | 176,644 | ||||||||||
VALENCE SOLUTIONS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | |||||||||||
9 | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES | ||||||||||
The following director's advances, credits and guarantees took place during the year | |||||||||||
Balance at 1 April 2023 | Amounts advanced | Amounts repaid | Amounts written off or waived | Balance at 31 March 2024 | |||||||
£ | £ | £ | £ | £ | |||||||
K S Esau | - | - | - | ||||||||
This advance is interest free and repayable on demand. | |||||||||||
10 | RELATED PARTY TRANSACTIONS | ||||||||||
During the year, the following transactions with related parties took place: | |||||||||||
Director | 2024 | 2023 | |||||||||
£ | £ | ||||||||||
- | |||||||||||