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Registration number: 09485761

Hope Valley Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Hope Valley Limited

(Registration number: 09485761)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

3

-

-

Tangible assets

4

379,334

415,970

 

379,334

415,970

Current assets

 

Stocks

868,561

918,342

Debtors

5

160,337

143,183

Cash at bank and in hand

 

44,239

9,617

 

1,073,137

1,071,142

Creditors: Amounts falling due within one year

6

(1,369,102)

(1,468,216)

Net current liabilities

 

(295,965)

(397,074)

Total assets less current liabilities

 

83,369

18,896

Provisions for liabilities

(23,465)

(14,041)

Net assets

 

59,904

4,855

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

59,804

4,755

Shareholders' funds

 

59,904

4,855

 

Hope Valley Limited

(Registration number: 09485761)

Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 14 October 2024 and signed on its behalf by:
 

.........................................

Mrs J Young
Director

 

Hope Valley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Statutory information

Hope Valley Limited is a private company, limited by shares, domiciled in England and Wales, company number 09485761. The registered office is at Rockhead House, Buxton, SK17 9RZ.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods. in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. Revenue is recognised at the point of sale.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax shall be recognised in respect of all timing differences at the reporting date, except as otherwise required by FRS102. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Hope Valley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

1

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to leasehold improvements

20% straight line basis

Plant and machinery

25% straight line basis

Fixtures and fittings

25% straight line basis

Motor vehicles

25% straight line basis

Computer equipment

33% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line basis

Stocks

Stocks are stated at the lower of cost and net realisable value.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

 

Hope Valley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 48 (2023 - 48).

3

Intangible assets

Goodwill
 £

Cost

At 1 April 2023

10,000

At 31 March 2024

10,000

Amortisation

At 1 April 2023

10,000

At 31 March 2024

10,000

Carrying amount

At 31 March 2024

-

At 31 March 2023

-

 

Hope Valley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Improvements to leasehold property
£

Plant and machinery
£

Fixtures and fittings
£

Motor vehicles
 £

Computer equipment
£

Total
£

Cost or valuation

At 1 April 2023

642,291

10,538

45,450

128,525

38,666

865,470

Additions

-

14,534

-

126,500

5,924

146,958

Disposals

-

(371)

(5,698)

(72,681)

(17,153)

(95,903)

At 31 March 2024

642,291

24,701

39,752

182,344

27,437

916,525

Depreciation

At 1 April 2023

282,490

3,482

30,506

96,157

36,865

449,500

Charge for the year

128,458

2,874

9,663

29,588

6,300

176,883

Eliminated on disposal

-

(371)

(5,698)

(65,970)

(17,153)

(89,192)

At 31 March 2024

410,948

5,985

34,471

59,775

26,012

537,191

Carrying amount

At 31 March 2024

231,343

18,716

5,281

122,569

1,425

379,334

At 31 March 2023

359,801

7,056

14,944

32,368

1,801

415,970

 

Hope Valley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Debtors

2024
£

2023
£

Trade debtors

145,570

41,087

Other debtors

1,845

2,217

Prepayments

12,922

99,879

 

160,337

143,183

6

Creditors

2024
£

2023
£

Due within one year

Trade creditors

1,108,922

1,144,422

Taxation and social security

95,504

48,309

Other creditors

68,658

132,492

Directors loan account

56,568

134,743

Accruals

39,450

8,250

1,369,102

1,468,216

7 Ultimate controlling party

The ultimate controlling party is Mrs J Young.