Company registration number 13331293 (England and Wales)
VALLEY HEARING LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
VALLEY HEARING LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
VALLEY HEARING LTD
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,808
5,951
Current assets
Stocks
7,800
5,150
Debtors
4
5,782
7,769
Cash at bank and in hand
84,222
57,755
97,804
70,674
Creditors: amounts falling due within one year
5
(36,591)
(27,565)
Net current assets
61,213
43,109
Total assets less current liabilities
63,021
49,060
Provisions for liabilities
(423)
(1,400)
Net assets
62,598
47,660
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
62,596
47,658
Total equity
62,598
47,660

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 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 members have 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.

The financial statements were approved and signed by the director and authorised for issue on 27 September 2024
Mr J A McCarthy
Director
Company registration number 13331293 (England and Wales)
VALLEY HEARING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Valley Hearing Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 48 Pengam Street, Glan Y Nant, Blackwood, Wales, NP12 3XJ.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
3 year straight line
Fixtures and fittings
3 year straight line
Computers
3 year straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Financial instruments
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

VALLEY HEARING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation
Current tax

Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
7,380
3,839
1,710
12,929
Depreciation and impairment
At 1 July 2023
3,594
2,206
1,178
6,978
Depreciation charged in the year
2,400
1,258
485
4,143
At 30 June 2024
5,994
3,464
1,663
11,121
Carrying amount
At 30 June 2024
1,386
375
47
1,808
At 30 June 2023
3,786
1,633
532
5,951
VALLEY HEARING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,935
5,069
Other debtors
3,847
2,700
5,782
7,769
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
27,924
25,329
Other creditors
8,667
2,236
36,591
27,565
6
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
7,483
-
0
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