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REGISTERED NUMBER: 02896406 (England and Wales)






















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: Mrs D L Morton
Ms L C Morton
Mr S A C Morton
Mr D M Cheney
Mr S C J Hall
Mr C J Shelbourne
Mr J G Taylor



SECRETARY: Mrs D L Morton



REGISTERED OFFICE: Belton Park
Londonthorpe Road
Grantham
Lincolnshire
NG31 9SJ



REGISTERED NUMBER: 02896406 (England and Wales)



SENIOR STATUTORY AUDITOR: Matthew Chadwick BA (Hons) FCA



AUDITORS: Wright Vigar Limited
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:





Mr S A C Morton - Director


15 November 2024

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.

Mrs D L Morton
Ms L C Morton
Mr S A C Morton
Mr D M Cheney
Mr S C J Hall
Mr C J Shelbourne
Mr J G Taylor

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:





Mr S A C Morton - Director


15 November 2024

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.




Matthew Chadwick BA (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

15 November 2024

Vale Garden Houses Limited (Registered number: 02896406)

Income Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £    £    £   

TURNOVER 8,054,968 8,944,631

Cost of sales 2,692,561 3,721,887
GROSS PROFIT 5,362,407 5,222,744

Selling costs 737,334 780,211
Administrative expenses 3,794,111 3,456,739
4,531,445 4,236,950
830,962 985,794

Other operating income 402,793 399,758
Gain/loss on revaluation of investment
property

-

100,708
OPERATING PROFIT 4 1,233,755 1,486,260

Interest receivable and similar income 256,948 84,202
PROFIT BEFORE TAXATION 1,490,703 1,570,462

Tax on profit 5 472,522 267,622
PROFIT FOR THE FINANCIAL YEAR 1,018,181 1,302,840

Vale Garden Houses Limited (Registered number: 02896406)

Other Comprehensive Income
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,018,181 1,302,840


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,018,181

1,302,840

Vale Garden Houses Limited (Registered number: 02896406)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 10,096 -
Tangible assets 8 4,129,385 3,906,521
Investments 9 94,876 94,876
Investment property 10 5,018,480 5,687,250
9,252,837 9,688,647

CURRENT ASSETS
Stocks 11 1,201,561 1,189,336
Debtors 12 5,176,337 5,370,046
Cash at bank and in hand 5,781,545 4,745,163
12,159,443 11,304,545
CREDITORS
Amounts falling due within one year 13 2,967,901 3,618,347
NET CURRENT ASSETS 9,191,542 7,686,198
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,444,379

17,374,845

PROVISIONS FOR LIABILITIES 15 404,430 347,777
NET ASSETS 18,039,949 17,027,068

CAPITAL AND RESERVES
Called up share capital 16 100 5,400
Revaluation reserve 561,483 561,483
Retained earnings - undistributable 1,254,406 1,352,884
Retained earnings 16,223,960 15,107,301
SHAREHOLDERS' FUNDS 18,039,949 17,027,068

The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2024 and were signed on its behalf by:





Mr S A C Morton - Director


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 5,400 14,237,794 561,483 1,269,551 16,074,228

Changes in equity
Dividends - (350,000 ) - - (350,000 )
Total comprehensive income - 1,219,507 - 83,333 1,302,840
Balance at 31 March 2023 5,400 15,107,301 561,483 1,352,884 17,027,068

Changes in equity
Capital reduction (5,300 ) - - - (5,300 )
Total comprehensive income - 1,116,659 - (98,478 ) 1,018,181
Balance at 31 March 2024 100 16,223,960 561,483 1,254,406 18,039,949

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 1,207,623 1,311,336
Tax paid (283,102 ) (119,714 )
Net cash from operating activities 924,521 1,191,622

Cash flows from investing activities
Purchase of intangible fixed assets (10,978 ) -
Purchase of tangible fixed assets (491,662 ) (195,370 )
Purchase of investment property (1,230 ) (2,826 )
Sale of tangible fixed assets 20,875 16,266
Sale of fixed asset investments - 5,124
Sale of investment property 677,193 -
Interest received 256,948 84,202
Net cash from investing activities 451,146 (92,604 )

Cash flows from financing activities
Amount introduced by directors 564,497 452,069
Amount withdrawn by directors (898,482 ) (313,292 )
Capital reduction (5,300 ) -
Equity dividends paid - (350,000 )
Net cash from financing activities (339,285 ) (211,223 )

Increase in cash and cash equivalents 1,036,382 887,795
Cash and cash equivalents at beginning
of year

2

4,745,163

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 1,490,703 1,570,462
Depreciation charges 269,681 231,829
Profit on disposal of fixed assets (28,068 ) (16,266 )
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 (12,225 ) 314,368
Decrease/(increase) in trade and other debtors 193,709 (31,516 )
Decrease in trade and other creditors (449,229 ) (121,165 )
Cash generated from operations 1,207,623 1,311,336

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 1,036,382 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - Land not depreciated. Buildings 2% cost
Plant and machinery - 6.7% - 20% on cost
Fixtures and fittings - Land not depreciated. Buildings 2% cost
Motor vehicles - 20% on cost

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 3,171,503 3,325,741
Social security costs 461,198 406,622
Other pension costs 279,723 163,610
3,912,424 3,895,973

The average number of employees during the year was as follows:
2024 2023

Administration 44 47
Production 61 65
Directors 7 7
112 119

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 580,652 741,063
Directors' pension contributions to money purchase schemes 75,302 50,784

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 162,017 154,450
Pension contributions to money purchase schemes 630 -

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 12,402 16,823
Depreciation - owned assets 268,798 231,829
Profit on disposal of fixed assets (28,068 ) (16,266 )
Computer software amortisation 882 -
Auditors' remuneration 35,860 18,925
Foreign exchange differences 908 (4,440 )

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 404,743 283,102
Prior year adjustment 11,126 -
Total current tax 415,869 283,102

Deferred tax 56,653 (15,480 )
Tax on profit 472,522 267,622

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 1,490,703 1,570,462
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

372,676

298,388

Effects of:
Expenses not deductible for tax purposes 73,014 855
Gain/Loss on fair value adjustment - (19,134 )
Deferred tax 56,653 (15,480 )
Capital gain on sale of property 21,040 -

Capital allowances in excess of depreciation (61,988 ) 2,993
Under/(over) provision in prior period 11,127 -
Total tax charge 472,522 267,622

6. DIVIDENDS

2024 2023
£ £
Interim - 350,000

7. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
Additions 10,978
At 31 March 2024 10,978
AMORTISATION
Amortisation for year 882
At 31 March 2024 882
NET BOOK VALUE
At 31 March 2024 10,096

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 3,819,194 2,317,868 564,237 606,119 7,307,418
Additions - 253,231 48,899 189,532 491,662
Disposals - (16,798 ) - (101,289 ) (118,087 )
At 31 March 2024 3,819,194 2,554,301 613,136 694,362 7,680,993
DEPRECIATION
At 1 April 2023 455,176 2,099,845 443,719 402,157 3,400,897
Charge for year 30,392 83,728 64,607 90,071 268,798
Eliminated on disposal - (16,798 ) - (101,289 ) (118,087 )
At 31 March 2024 485,568 2,166,775 508,326 390,939 3,551,608
NET BOOK VALUE
At 31 March 2024 3,333,626 387,526 104,810 303,423 4,129,385
At 31 March 2023 3,364,018 218,023 120,518 203,962 3,906,521

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 94,876
NET BOOK VALUE
At 31 March 2024 94,876
At 31 March 2023 94,876

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 5,687,250
Additions 1,230
Disposals (670,000 )
At 31 March 2024 5,018,480
NET BOOK VALUE
At 31 March 2024 5,018,480
At 31 March 2023 5,687,250

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 1,020,061 1,044,079
Work-in-progress 181,500 145,257
1,201,561 1,189,336

12. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 426,664 532,392
Amounts recoverable on contracts 168,186 42,731
Other debtors 3,269,914 3,482,296
Prepayments and accrued income 311,573 312,627
4,176,337 4,370,046

Amounts falling due after more than one year:
Other debtors 1,000,000 1,000,000

Aggregate amounts 5,176,337 5,370,046

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 318,294 444,865
Corporation tax 404,743 271,976
Social security and other taxes 79,059 85,372
VAT 204,845 194,394
Other creditors 169,724 185,742
Payments on account 1,410,665 1,581,616
Directors' loan accounts 27,493 361,477
Accruals and deferred income 353,078 492,905
2,967,901 3,618,347

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 347,777
Property valuation (10,990 )
Accelerated capital allowances 67,643
Balance at 31 March 2024 404,430

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

Other related parties
2024 2023
£    £   
Sales 1,255,465 1,274,632
Purchases 41,769 -
Amount due from related party 2,895,582 2,826,414
Amount due to related party 1,288 3,622