Company Registration No. 07904267 (England and Wales)
VALEDENE ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
VALEDENE ESTATES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
VALEDENE ESTATES LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF VALEDENE ESTATES LIMITED FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -
The following reproduces text of the accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 8 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Valedene Estates Limited for the year ended 31 January 2024 set out on pages 3 to 9 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Valedene Estates Limited and state those matters that we have agreed to state to the Board of Directors of Valedene Estates Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Valedene Estates Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Valedene Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Valedene Estates Limited. You consider that Valedene Estates Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Valedene Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
24 October 2024
VALEDENE ESTATES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,100,000
1,100,000
Current assets
Debtors
4
123,760
175,656
Cash at bank and in hand
27,355
3,070
151,115
178,726
Creditors: amounts falling due within one year
5
(28,049)
(40,866)
Net current assets
123,066
137,860
Total assets less current liabilities
1,223,066
1,237,860
Creditors: amounts falling due after more than one year
7
(576,466)
(577,298)
Provisions for liabilities
9
(37,500)
(37,500)
Net assets
609,100
623,062
Capital and reserves
Called up share capital
10
100
100
Other reserves non-distributable
11
469,070
469,070
Profit and loss reserves
13
139,930
153,892
Total equity
609,100
623,062
The director of the company has elected not to include a copy of the profit and loss account and the directors report within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
VALEDENE ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 23 October 2024
Mr R S Baxi
Director
Company Registration No. 07904267
VALEDENE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information
Valedene Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Kirkland House, 11-15 Peterborough Road, Harrow, Middlesex, HA1 2AX.
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.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental income and service charges provided in the normal course of business.
Revenue from the sale of properties are recognised when the significant risks and rewards of ownership of the properties have passed to the buyer.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from bank and other third parties.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from third parties 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
VALEDENE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
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.
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.
1.7
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
3
3
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
1,100,000
The fair value of the investment properties have been arrived at on the basis of a valuation carried out at 31 January 2023 by the Director. The valuation was made on an open market value basis by reference to rental income and to market evidence of transaction prices for similar properties.
VALEDENE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
21,896
12,289
Other debtors
101,864
163,367
123,760
175,656
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
1,036
1,240
Taxation and social security
447
Other creditors
27,013
39,179
28,049
40,866
6
Loans and overdrafts
2024
2023
£
£
Bank loans
577,502
578,538
Payable within one year
1,036
1,240
Payable after one year
576,466
577,298
The loan totalling £570,938 (2023: £570,938) is secured by a first legal charge over the property located at 23/25 Whitley Street, Reading, Berkshire, RG20EG. The director, Mr R S Baxi, has given and also provided a personal guarantee for bank borrowings.
Bounced back loan of £6,564 (2023: £7,601) is backed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
576,466
577,298
VALEDENE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
37,500
37,500
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Fair value adjustments
37,500
37,500
There were no deferred tax movements in the year.
10
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary share of £1 each
100
100
11
Other reserves - non-distributable
£
Balance at 1 February 2022
319,070
Additions
150,000
Balance at 31 January 2023
319,070
Transfer from profit and loss reseve
150,000
Balance at 31 January 2024
469,070
12
Reserves
The only movements in profit and loss reserve for the year ended 31 January 2023 and year ended 31 January 2022 was profit for the year.
VALEDENE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
13
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
153,892
122,316
(Loss)/profit for the year
(13,962)
181,576
Transfer to reserves
(150,000)
At the end of the year
139,930
153,892