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Registration number: 04490672

Valeries Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Valeries Property Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 6

 

Valeries Property Limited

Company Information

Directors

Mr V Scalzo

Mr R G Scalzo

Company secretary

Mr V Scalzo

Registered office

24 Florence Court
Florence Way
Knaphill
Surrey
GU21 2TN

Registered number

04490672

Accountants

Ripe LLP
Chartered Accountants9a Burroughs Gardens
London
NW4 4AU

 

Valeries Property Limited

(Registration number: 04490672)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

600,000

600,000

Current assets

 

Cash at bank and in hand

 

2,412

10,332

Creditors: Amounts falling due within one year

5

(678,622)

(700,722)

Net current liabilities

 

(676,210)

(690,390)

Total assets less current liabilities

 

(76,210)

(90,390)

Provisions for liabilities

(1,179)

(1,179)

Net liabilities

 

(77,389)

(91,569)

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

(77,489)

(91,669)

Shareholders' deficit

 

(77,389)

(91,569)

 

Valeries Property Limited

(Registration number: 04490672)
Balance Sheet as at 31 August 2024

For the financial year ending 31 August 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 and 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 23 January 2025 and signed on its behalf by:
 


Mr V Scalzo
Company secretary and director

 

Valeries Property Limited

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

1

General information

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

The address of its registered office is:
24 Florence Court
Florence Way
Knaphill
Surrey
GU21 2TN

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are presented in Sterling (£) and figures are shown to the nearest whole pound.

Going concern

The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through the support of its directors.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

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.

 

Valeries Property Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises 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.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers 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.

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 creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

3

Staff numbers

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

 

Valeries Property Limited

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

4

Investment properties

2024
£

At 1 September

600,000

At 31 August

600,000

The director deemed £600,000 to be an accurate fair value of the properties at the year end based on the market value of the surrounding properties.

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

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

1,800

1,600

Other creditors

676,822

699,122

678,622

700,722

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

7

Related party transactions

At the balance sheet date the company owed:

a) £535,407 (2023: £539,208) to Mr V Scalzo, a director and shareholder of the company.

b) £141,415 (2023: £141,414) to Mr R Scalzo, a director and shareholder of the company.