REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
Vale Garden Houses Limited |
REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
Vale Garden Houses Limited |
Vale Garden Houses Limited (Registered number: 02896406) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
Vale Garden Houses Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants & Business Advisers |
15 Newland |
Lincoln |
Lincolnshire |
LN1 1XG |
Vale Garden Houses Limited (Registered number: 02896406) |
Strategic Report |
for the Year Ended 31 March 2024 |
The directors present their strategic report for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
Vale Garden Houses Limited is a family owned and managed business whose primary activity is the design, manufacture and installation of traditional conservatories and orangeries. |
Market Conditions in 2023/24 |
The UK economy has emerged from the twin global shocks of the pandemic and Russian invasion of Ukraine into a period of declining inflation but stagnating output. The early part of the year saw inflation still at high levels but a downward trend in inflation continued throughout the year, and by March 2024 the Consumer Price Index measured inflation at 3.2%. |
To control inflation, the Bank of England continued to increase its base lending rate in May, June and August, resulting in a base rate of 5.25%, the highest since 2008. |
This combination of inflationary pressures and higher bank base rates contributed to a significant decline in living standards with suppressed consumer spending in the year to March 2024. Although we anticipate interest rates to fall during the coming year and inflation to stabilize at a lower rate the medium-term economic outlook remains challenging. Nonetheless we remain well placed to deal with the coming year, despite the challenges it may bring. |
Results |
Despite the economic conditions, we continued to work hard to secure a strong order book for the year ahead and continued to experience a consistent demand for our products. With a significant order book as we entered the year and with orders in the year of £8.5m (2023: £7.5m), there was a significant pipeline of work to occupy the factory throughout the year. However, delays in Local Authority Planning Departments and difficulties faced by our clients in scheduling building work prior to our installations caused some disruption to our work schedule which resulted in a reduced turnover of £8.05m (2023: £8.94m). Nonetheless we have a busy schedule of work for the new financial year, giving cause for optimism about the year ahead. |
As a consequence of the disrupted schedule our trading profits suffered a small year on year reduction of £162k, from £1.11m in 2023 to £948k in 2024. However, taking into account rental income, interest income and property revaluations our overall pre-tax profits for the year of £1.49m were relatively similar to the previous year of £1.57m. |
We carry no debt whatsoever in the company and our overall liquidity has strengthened again during the year with cash and liquid investment balances at the year-end of £5.78m (2023: £4.75m). Stable cash flow is a good measure of a company's performance and the strong liquidity of the company is an indicator that the company is well placed for the coming year and has the necessary resources to withstand any extended periods of uncertainty or economic instability in the future. Our strong cash position has also allowed us to continue to hold a significant level of stock, providing our clients with long term assurances and confidence in our ability to deliver projects to them. |
Similarly, our balance sheet has strengthened in the year and at the year-end our net asset value stood at £18.04m (2023: £17.03m). |
A key reason for the strong liquidity and strong balance sheet of the business is our policy to retain and re-invest most of our profits back into the business. It is reassuring for our clients to know that they are dealing with a financially resilient, well-run business that will be around over the long term. |
Although our focus is on trading, we do hold an investment property portfolio of both commercial and residential buildings valued at £5m (our sister company, Vale Property Investments Limited, also holds a portfolio of commercial and residential properties). During 2024 the portfolio generated a net income of £285k and provides another sustainable source of income for the future. Also, with higher bank deposit rates on offer, our cash and liquid investment holdings allowed us to earn an income of £257k. |
Investment in our business |
We continue to invest in state-of-the-art technology, machinery and equipment and remain focused on improving systems, manufacturing processes and streamlining production, to create greater efficiencies throughout the whole of the business. |
Vale Garden Houses Limited (Registered number: 02896406) |
Strategic Report |
for the Year Ended 31 March 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
With ongoing economic challenges and geopolitical turbulence around the world we have identified the supply of materials to the business as an ongoing risk. We have mitigated such risks by making sure our stock levels are sufficiently high and making sure that we have in place more than one supplier for our key materials. |
The skilled labour market always seems to be in short supply but we have mitigated these shortages by paying competitive rates for our workers, multi-skilling our teams and continuing to train and develop people. |
We continually monitor the market and, where appropriate, undertake forward buying to take advantage of favourable market conditions and minimise the risk posed by adverse swings in the exchange rate. |
We have invested in our IT security infrastructure to ensure that we have resilient systems in the face of any IT failures or cyber attacks, through a full disaster recovery plan and off site back up processes. |
ON BEHALF OF THE BOARD: |
Vale Garden Houses Limited (Registered number: 02896406) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
PRINCIPAL ACTIVITIES |
The principal activities of the company in the year under review were those of the design, manufacture and sales of conservatories and bronze window casements, and the development and sale of residential properties. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2024 was £nil (2023: £350,000). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
CHARITABLE DONATIONS |
During the year, the company made charitable donations of £1,944 (2023: £2,162). |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Vale Garden Houses Limited |
Opinion |
We have audited the financial statements of Vale Garden Houses Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Vale Garden Houses Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). |
In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- | We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework. |
- | We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance. |
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: |
- | Substantive procedures performed in accordance with the ISAs (UK). |
- | Challenging assumptions and judgments made by management in its significant accounting estimates. |
- | Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals. |
- | Assessing the extent of compliance with the relevant laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants & Business Advisers |
15 Newland |
Lincoln |
Lincolnshire |
LN1 1XG |
Vale Garden Houses Limited (Registered number: 02896406) |
Income Statement |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Selling costs |
Administrative expenses |
4,531,445 | 4,236,950 |
830,962 | 985,794 |
Other operating income |
Gain/loss on revaluation of investment property |
- |
100,708 |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
Vale Garden Houses Limited (Registered number: 02896406) |
Other Comprehensive Income |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Vale Garden Houses Limited (Registered number: 02896406) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
Investments | 9 |
Investment property | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Revaluation reserve |
Retained earnings - undistributable |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Vale Garden Houses Limited (Registered number: 02896406) |
Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up | Retained |
share | Retained | Revaluation | earnings | Total |
capital | earnings | reserve | - undistributable | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Capital reduction | (5,300 | ) | - | - | - | (5,300 | ) |
Total comprehensive income | - | ( |
) |
Balance at 31 March 2024 |
Vale Garden Houses Limited (Registered number: 02896406) |
Cash Flow Statement |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of investment property | ( |
) | ( |
) |
Sale of tangible fixed assets |
Sale of fixed asset investments |
Sale of investment property |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | 564,497 | 452,069 |
Amount withdrawn by directors | (898,482 | ) | (313,292 | ) |
Capital reduction | ( |
) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
3,857,368 |
Cash and cash equivalents at end of year | 2 | 5,781,545 | 4,745,163 |
Vale Garden Houses Limited (Registered number: 02896406) |
Notes to the Cash Flow Statement |
for the Year Ended 31 March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Gain on revaluation of fixed assets | - | (100,708 | ) |
Transfer to investment property | - | (451,466 | ) |
Finance income | (256,948 | ) | (84,202 | ) |
1,475,368 | 1,149,649 |
(Increase)/decrease in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 5,781,545 | 4,745,163 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 4,745,163 | 3,857,368 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 4,745,163 | 1,036,382 | 5,781,545 |
4,745,163 | 5,781,545 |
Total | 4,745,163 | 1,036,382 | 5,781,545 |
Vale Garden Houses Limited (Registered number: 02896406) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Vale Garden Houses Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the value of conservatories manufactured and installed, related building work, ancillary products and properties sold during the year, excluding value added tax. Turnover on conservatories and building work is represented by the value of work done on contracts during the year, where the value includes both direct costs and overheads absorbed into contracts. No profit is taken on contracts until they are complete but if a contract is showing a loss then it is recognised immediately. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Computer software is being amortised evenly over its estimated useful life of 3-5 years. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Freehold land is not depreciated. |
Land and buildings are revalued to fair value less any subsequent accumulated depreciation and subsequent impairment losses. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks and work in progress |
Work in progress is valued at the lower of cost and net realisable value and stock is valued at the average cost, after making due allowance for obsolete and slow moving items. |
Cost includes all direct expenditure and an appropriate proportion of production overheads. |
Financial instruments |
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: |
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. |
Cash at bank is classified as a basic financial instrument and is measured at transaction price. |
Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest. |
Vale Garden Houses Limited (Registered number: 02896406) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences 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 tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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 future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Investments |
Investments are shown at the lower of cost or net realisable value and any impairment of value will be recognised in the income statement. The difference between the fair value of the investments and their cost is not considered material. |
Amounts recoverable on contracts |
The amount by which recorded turnover on long term contracts is in excess of payments on account is classified as amounts recoverable on contracts under debtors. |
Payments on account |
The balance of payments on account in excess of amounts offset against amounts recoverable on contracts and long term contract balances is classified as payments received on account under creditors,where applicable. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administration | 44 | 47 |
Production | 61 | 65 |
Directors | 7 | 7 |
Vale Garden Houses Limited (Registered number: 02896406) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Computer software amortisation |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Prior year adjustment | 11,126 | - |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
UK corporation tax has been charged at 25% (2023 - 19%). |
Vale Garden Houses Limited (Registered number: 02896406) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Gain/Loss on fair value adjustment | ( |
) |
Deferred tax | ( |
) |
Capital gain on sale of property |
Capital allowances in excess of depreciation | ( |
) |
Under/(over) provision in prior period |
Total tax charge | 472,522 | 267,622 |
6. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Interim | - | 350,000 |
7. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
Additions |
At 31 March 2024 |
AMORTISATION |
Amortisation for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
Vale Garden Houses Limited (Registered number: 02896406) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Land and | Plant and | and | Motor |
buildings | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Included in cost or valuation of land and buildings is freehold land of £ 516,397 (2023 - £ 516,397 ) which is not depreciated. |
9. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST OR VALUATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Cost or valuation at 31 March 2024 is represented by: |
Unlisted |
investments |
£ |
Cost | 94,876 |
10. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Vale Garden Houses Limited (Registered number: 02896406) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | INVESTMENT PROPERTY - continued |
Cost or valuation of investment properties at 31 March 2024 is represented by: |
£ |
Valuations | 1,307,683 |
Cost | 3,710,797 |
5,018,840 |
An analysis of the properties, categorised by the firm undertaking their valuation is as follows: |
£ |
Wood Moore & Co Ltd | 1,389,500 |
Winkworth | 2,325,000 |
Bickford Limited | 577,750 |
Fine & Country | 726,230 |
5,018,480 |
Wood Moore & Co Ltd has valued the investment properties based on comparable and investment methods of valuation and analysed recent transactions of similar properties within the vicinity and, where, required, capitalised a projected leasehold value in order to reach a freehold/capital value. The firm has relevant professional qualifications and recent experience in the location and category of the investment property. |
Winkworth has valued the investment properties on an open market basis where the firm has relevant professional qualifications and recent experience in the location and category of the investment property. |
Bickford Limited has valued the investment properties on an open market basis where the individual has no relevant professional qualification but has recent and long term experience of the geographical location where the properties are held and in the type of properties held. |
Fine & Country has valued the investment properties on an open market basis where the firm has relevant professional qualifications and recent experience in the location and category of the investment property. |
11. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
Work-in-progress |
12. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts recoverable on contracts |
Other debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Vale Garden Houses Limited (Registered number: 02896406) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 204,845 | 194,394 |
Other creditors |
Payments on account | 1,410,665 | 1,581,616 |
Directors' loan accounts | 27,493 | 361,477 |
Accruals and deferred income |
14. | LEASING AGREEMENTS |
Minimum lease receipts fall due as follows: |
Non-cancellable operating |
leases |
£ | £ |
Within one year | 62,013 | 153,000 |
Between one and five years | 64,050 | 229,833 |
More than five years | - | - |
126,063 | 382,833 |
15. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 404,430 | 347,777 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Property valuation | (10,990 | ) |
Accelerated capital allowances | 67,643 |
Balance at 31 March 2024 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
35 | A Ordinary | £1 | 35 | 35 |
40 | B Ordinary | £1 | 40 | 40 |
25 | C Ordinary | £1 | 25 | 25 |
100 | 100 |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
530,000 | E Ordinary | £1 | - | 5,300 |
Vale Garden Houses Limited (Registered number: 02896406) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
17. | RELATED PARTY DISCLOSURES |
2024 | 2023 |
£ | £ |
Sales |
Purchases |
Amount due from related party |
Amount due to related party |