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Registration number: 07503259

Valluga Investments Limited

Unaudited Financial Statements

31 March 2024

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Valluga Investments Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Valluga Investments Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Valluga Investments Limited for the year ended 31 March 2024 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Valluga Investments Limited, as a body, in accordance with the terms of our engagement letter dated 13 September 2022. Our work has been undertaken solely to prepare for your approval the accounts of Valluga Investments Limited and state those matters that we have agreed to state to the Board of Directors of Valluga Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Valluga Investments Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Valluga Investments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Valluga Investments Limited. You consider that Valluga Investments 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 accounts of Valluga Investments 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

3 December 2024

 

Valluga Investments Limited

(Registration number: 07503259)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

64

85

Investment property

5

3,726,112

3,726,112

Investments

6

1,436,370

1,436,370

 

5,162,546

5,162,567

Current assets

 

Debtors

7

580,632

578,084

Cash at bank and in hand

 

2,624

720

 

583,256

578,804

Creditors: Amounts falling due within one year

8

(392,422)

(455,641)

Net current assets

 

190,834

123,163

Total assets less current liabilities

 

5,353,380

5,285,730

Creditors: Amounts falling due after more than one year

8

(4,098,203)

(4,182,503)

Net assets

 

1,255,177

1,103,227

Capital and reserves

 

Allotted, called up and fully paid share capital

3

3

Profit and loss account

1,255,174

1,103,224

Total equity

 

1,255,177

1,103,227

 

Valluga Investments Limited

(Registration number: 07503259)
Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 December 2024 and signed on its behalf by:
 

.........................................

C Lindsay

Director

 

Valluga Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The principal place of business is:
Carradale
Paving Brow
Brampton
CA8 1QT
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Valluga Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

25% reducing balance basis

Furniture, fittings and office equipment

3 years straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

 

Valluga Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Plant and equipment
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 April 2023

542

8,926

9,468

At 31 March 2024

542

8,926

9,468

Depreciation

At 1 April 2023

457

8,926

9,383

Charge for the year

21

-

21

At 31 March 2024

478

8,926

9,404

Carrying amount

At 31 March 2024

64

-

64

At 31 March 2023

85

-

85

 

Valluga Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Investment properties

£

At 1 April 2023

3,726,112

At 31 March 2024

3,726,112

The directors of the company are of the opinion that cost is a reasonable estimate of the fair value of the investment properties.

There has been no valuation of investment property by an independent valuer.

6

Investments

2024
£

2023
£

Investments in associates

1,436,370

1,436,370

Associates

£

Cost

At 1 April 2023

1,436,370

At 31 March 2024

1,436,370

Carrying amount

At 31 March 2024

1,436,370

At 31 March 2023

1,436,370

7

Debtors

2024
£

2023
£

Trade debtors

10,435

6,463

Amounts owed by group undertakings and undertakings in which the company has a participating interest

204,801

185,383

Other debtors

365,396

386,238

580,632

578,084

 

Valluga Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

241,115

329,624

Trade creditors

 

4,466

-

Taxation and social security

 

11,120

14,990

Corporation tax liability

 

50,301

32,429

Other creditors

 

85,420

78,598

 

392,422

455,641

Due after one year

 

Loans and borrowings

9

4,098,203

4,182,503

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

134,600

224,109

Other borrowings

106,515

105,515

241,115

329,624

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

134,600

224,109

Bank borrowings are secured by fixed and floating charges over the company's assets.

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

1,258,617

1,393,217

Other borrowings

2,839,586

2,789,286

4,098,203

4,182,503

 

Valluga Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

1,258,617

1,393,217

Bank borrowings are secured by fixed and floating charges over the company's assets.