Registered number
11377570
Valkyrx Limited
Filleted Accounts
31 May 2024
Valkyrx Limited
Registered number: 11377570
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,552 1,892
Current assets
Debtors 4 222,119 145,409
Research and development 4a 134,603 253,463
Cash at bank and in hand 27 166
356,749 399,038
Creditors: amounts falling due within one year 5 (466,626) (470,132)
Net current liabilities (109,877) (71,094)
Total assets less current liabilities (108,325) (69,202)
Creditors: amounts falling due after more than one year 6 (746,618) (646,205)
Net liabilities (854,943) (715,407)
Capital and reserves
Called up share capital 100 100
Profit and loss account (855,043) (715,507)
Shareholders' funds (854,943) (715,407)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J H Spalding
Director
Approved by the board on 12 February 2025
Valkyrx Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 18% reducing balance
Furniture and fixtures 18% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 2
3 Tangible fixed assets
Furniture and fixtures Plant and machinery etc Total
£ £ £
Cost
At 1 June 2023 1,417 890 2,307
At 31 May 2024 1,417 890 2,307
Depreciation
At 1 June 2023 255 160 415
Charge for the year 209 131 340
At 31 May 2024 464 291 755
Net book value
At 31 May 2024 953 599 1,552
At 31 May 2023 1,162 730 1,892
4 Debtors 2024 2023
£ £
Trade debtors 219,536 142,826
Prepayments 2,583 2,583
222,119 145,409
4a Research and development of new products 2024 2023
£ £
Balance brought forward 253,463 323,737
Additions 29,437 120,019
Written off to profit and loss account (148,297) (190,293)
134,603 253,463
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 444,822 457,562
Taxation and social security costs 15,835 7,870
Other creditors 5,969 4,700
466,626 470,132
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 746,618 646,205
7 Events after the reporting date
There have been no known events since the balance sheet date which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
8 Pension commitments
There are no known pension commitments which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
9 Contingent liabilities
There are no known contingent liabilities which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
10 Related party transactions
Included in other creditors is an amount of £444822 owed to Silvercrest Ltd. Mr J Spalding is a director and shareholder of Silvercrest Ltd.
11 Controlling party
The company is under the control of Mr J Spalding, being director and shareholder of the company.
12 Other information
Valkyrx Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Old Dairy Farm
Upper Stowe
Northants
NN7 4SH
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