2023-01-012023-12-312023-12-31false13331829VALARY DTL 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VALARY DTL LIMITED

Registered Number
13331829
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

VALARY DTL LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

NATHWANI, Rajiv Dhirendra

Registered Address

Delta By Marriott C/O Valary Management
Stratford Road
Warwick
CV34 6RE

Registered Number

13331829 (England and Wales)
VALARY DTL LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets313,817,527145,536
Investments5-10,844,345
13,817,52710,989,881
Current assets
Stocks16,69617,403
Debtors61,289,881529,089
Cash at bank and on hand26,227108,672
1,332,804655,164
Creditors amounts falling due within one year7(3,462,453)(2,375,137)
Net current assets (liabilities)(2,129,649)(1,719,973)
Total assets less current liabilities11,687,8789,269,908
Creditors amounts falling due after one year8(9,585,176)(9,813,548)
Net assets2,102,702(543,640)
Capital and reserves
Called up share capital100100
Revaluation reserve2,800,000-
Profit and loss account(697,398)(543,740)
Shareholders' funds2,102,702(543,640)
The financial statements were approved and authorised for issue by the Director on 8 January 2025, and are signed on its behalf by:
NATHWANI, Rajiv Dhirendra
Director
Registered Company No. 13331829
VALARY DTL LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
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. The principal accounting policies adopted are set out below.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Revenue 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. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities, and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Stocks and work in progress
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 labor costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 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. Basic financial liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.Average number of employees

20232022
Average number of employees during the year4743
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 23154,812
Additions10,896,094
Revaluations2,800,000
At 31 December 2313,850,906
Depreciation and impairment
At 01 January 239,276
Charge for year24,103
At 31 December 2333,378
Net book value
At 31 December 2313,817,527
At 31 December 22145,536
4.Impairment of tangible fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
5.Fixed asset investments

Total

£
Cost or valuation
At 01 January 2310,844,345
Disposals(10,844,345)
Net book value
At 31 December 23-
At 31 December 2210,844,345
6.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables187,535187,545
Other debtors1,083,934252,470
Prepayments and accrued income18,41289,074
Total1,289,881529,089
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables1,113,9871,069,519
Taxation and social security1,353,320735,113
Other creditors632,004173,060
Accrued liabilities and deferred income363,142397,445
Total3,462,4532,375,137
8.Creditors: amounts due after one year

2023

2022

££
Other creditors9,585,1769,813,548
Total9,585,1769,813,548
9.Related party transactions
At the period end, included in other debtors, is a balance of £634,224 (2022: £137,455) due from The Derbyshire Hotel Derby Limited, a company in which R D Nathwani is a director. During the period, interest of £Nil was received on this balance. At the period end, included in other debtors, is a balance of £208,142 (2022: £11,700) due from Valary Warwick Limited, a company in which R D Nathwani is a director. During the period, interest of £Nil was received on this balance. At the period end, included in other creditors, is a balance of £70,011 (2022: £43,990) due to Serani Hotels Ltd, a company in which R D Nathwani is a director and shareholder. During the period, interest of £Nil was paid on this balance. At the period end, included in other creditors, is a balance of £27,093 (2022: £88,582) due to Valary Management Ltd, a company in which R D Nathwani is a director and shareholder. During the period, interest of £Nil was paid on this balance. During the period, management charges of £122,000 (2022: £74,000) were charged from Valary Management Ltd, a company in which R D Nathwani is a director and shareholder. At the period end, included in trade creditors, is a balance of £Nil (2022: £Nil) due to Valary Management Ltd.