Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-06-01falseNo description of principal activity33truetrue 05830805 2023-06-01 2024-05-31 05830805 2022-06-01 2023-05-31 05830805 2024-05-31 05830805 2023-05-31 05830805 c:Director2 2023-06-01 2024-05-31 05830805 d:PlantMachinery 2023-06-01 2024-05-31 05830805 d:PlantMachinery 2024-05-31 05830805 d:PlantMachinery 2023-05-31 05830805 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 05830805 d:MotorVehicles 2023-06-01 2024-05-31 05830805 d:MotorVehicles 2024-05-31 05830805 d:MotorVehicles 2023-05-31 05830805 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 05830805 d:FurnitureFittings 2023-06-01 2024-05-31 05830805 d:FurnitureFittings 2024-05-31 05830805 d:FurnitureFittings 2023-05-31 05830805 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 05830805 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 05830805 d:CurrentFinancialInstruments 2024-05-31 05830805 d:CurrentFinancialInstruments 2023-05-31 05830805 d:Non-currentFinancialInstruments 2024-05-31 05830805 d:Non-currentFinancialInstruments 2023-05-31 05830805 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 05830805 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 05830805 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 05830805 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 05830805 d:ShareCapital 2024-05-31 05830805 d:ShareCapital 2023-05-31 05830805 d:RetainedEarningsAccumulatedLosses 2024-05-31 05830805 d:RetainedEarningsAccumulatedLosses 2023-05-31 05830805 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-05-31 05830805 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-05-31 05830805 c:FRS102 2023-06-01 2024-05-31 05830805 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 05830805 c:FullAccounts 2023-06-01 2024-05-31 05830805 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05830805 d:HirePurchaseContracts d:WithinOneYear 2024-05-31 05830805 d:HirePurchaseContracts d:WithinOneYear 2023-05-31 05830805 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-05-31 05830805 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-05-31 05830805 2 2023-06-01 2024-05-31 05830805 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 05830805









VALUE ENGINEERING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
VALUE ENGINEERING LIMITED
REGISTERED NUMBER: 05830805

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
74,769
85,240

  
74,769
85,240

Current assets
  

Stocks
  
262,304
128,046

Debtors: amounts falling due within one year
 5 
66,328
100,331

Cash at bank and in hand
 6 
245,538
95,627

  
574,170
324,004

Creditors: amounts falling due within one year
 7 
(603,640)
(281,425)

Net current (liabilities)/assets
  
 
 
(29,470)
 
 
42,579

Total assets less current liabilities
  
45,299
127,819

Creditors: amounts falling due after more than one year
 8 
-
(13,098)

  

Net assets
  
45,299
114,721


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
45,297
114,719

  
45,299
114,721


Page 1

 
VALUE ENGINEERING LIMITED
REGISTERED NUMBER: 05830805
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 January 2025.





................................................
Sekena Williams
Director


The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
VALUE ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

The Company is a private company limited by shares, incorporated in England and Wales. The principal activity throughout the year was that of food process engineering services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
VALUE ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.8

Development costs

The research and development costs incurred during the year are included in the Statement of Income and Retained Earnings.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
VALUE ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
reducing balance
Motor vehicles
-
15%
reducing balance
Fixtures and fittings
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
VALUE ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.14

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Derecognition of financial instruments

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 6

 
VALUE ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 June 2023
83,499
35,000
21,345
139,844


Additions
-
4,995
583
5,578



At 31 May 2024

83,499
39,995
21,928
145,422



Depreciation


At 1 June 2023
28,009
5,250
21,345
54,604


Charge for the year on owned assets
5,918
10,073
58
16,049



At 31 May 2024

33,927
15,323
21,403
70,653



Net book value



At 31 May 2024
49,572
24,672
525
74,769



At 31 May 2023
55,490
29,750
-
85,240

Page 7

 
VALUE ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Debtors

2024
2023
£
£


Trade debtors
54,955
62,861

Other debtors
10,618
36,792

Prepayments and accrued income
755
678

66,328
100,331



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
245,538
95,627

245,538
95,627



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
7,279
33,675

Corporation tax
38,947
13,091

Other taxation and social security
87,465
25,571

Obligations under finance lease and hire purchase contracts
-
6,833

Accruals and deferred income
469,949
202,255

603,640
281,425



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
13,098

-
13,098


Page 8

 
VALUE ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
-
6,833

Between 1-5 years
-
13,098

-
19,931


10.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
245,538
95,627




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


11.


Controlling party

The Company is controlled by the directors, Stuart and Sekena Williams, by virtue of their shareholding as described in the Directors' report.

 
Page 9