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Registered number: 4652720
Vale Cars Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Rapid Accounts Limited
Unit 20 The Wincombe Centre
Wincombe Business Park
Shaftesbury
Dorset
SP7 9QJ
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 4652720
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 5,000 6,000
Tangible Assets 5 938,529 787,365
943,529 793,365
CURRENT ASSETS
Debtors 6 123,011 90,945
Cash at bank and in hand 64,035 78,814
187,046 169,759
Creditors: Amounts Falling Due Within One Year 7 (428,954 ) (323,650 )
NET CURRENT ASSETS (LIABILITIES) (241,908 ) (153,891 )
TOTAL ASSETS LESS CURRENT LIABILITIES 701,621 639,474
Creditors: Amounts Falling Due After More Than One Year 8 (482,373 ) (568,443 )
NET ASSETS 219,248 71,031
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 219,148 70,931
SHAREHOLDERS' FUNDS 219,248 71,031
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Bryan Way
Director
01/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Vale Cars Limited is a private company, limited by shares, incorporated in England & Wales, registered number 4652720 . The registered office is Unit 2 Gibbs Marsh Trading Estate, Stalbridge, Sturminster Newton, Dorset, DT10 2RY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives. The policy has been reviewed in the current year, following a professional valuation of vehicles carried out as at 31 January 2023.  This follows the acquisition of high value vehicles purchased during the corona virus lockdown considerably lower than retail value.  Depreciation provided during 2023 has been amended to reflect this, on the following basis:
Motor Vehicles 15% reducing balance basis
Plant & Equipment 25% reducing balance basis
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 19 (2023: 19)
19 19
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Page 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 February 2023 10,000
As at 31 January 2024 10,000
Amortisation
As at 1 February 2023 4,000
Provided during the period 1,000
As at 31 January 2024 5,000
Net Book Value
As at 31 January 2024 5,000
As at 1 February 2023 6,000
5. Tangible Assets
Motor Vehicles Plant & Equipment Total
£ £ £
Cost
As at 1 February 2023 1,510,886 28,515 1,539,401
Additions 283,945 972 284,917
Disposals (25,750 ) - (25,750 )
As at 31 January 2024 1,769,081 29,487 1,798,568
Depreciation
As at 1 February 2023 726,008 26,028 752,036
Provided during the period 129,870 519 130,389
Disposals (22,386 ) - (22,386 )
As at 31 January 2024 833,492 26,547 860,039
Net Book Value
As at 31 January 2024 935,589 2,940 938,529
As at 1 February 2023 784,878 2,487 787,365
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 103,480 87,413
Prepayments and accrued income 6,551 -
Other debtors - 27
VAT 8,348 3,505
Other taxes and social security 4,632 -
123,011 90,945
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 213,198 194,518
Trade creditors 143,873 67,724
Bank loans and overdrafts 41,952 37,862
Other taxes and social security - 1,965
Other creditors 73 739
Accruals and deferred income 5,909 12,264
Directors' loan accounts 1,689 252
Payments on account 22,260 8,326
428,954 323,650
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 438,022 487,193
Bank loans 44,351 81,250
482,373 568,443
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 213,198 194,518
Later than one year and not later than five years 412,970 443,463
Later than five years 25,052 43,730
651,220 681,711
651,220 681,711
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5