REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 26 FEBRUARY 2024 |
FOR |
VALESHORE INVESTMENTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 26 FEBRUARY 2024 |
FOR |
VALESHORE INVESTMENTS LIMITED |
VALESHORE INVESTMENTS LIMITED (REGISTERED NUMBER: 09463618) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 26 FEBRUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
VALESHORE INVESTMENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 26 FEBRUARY 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Appledram Barns |
Birdham Road |
Chichester |
West Sussex |
PO20 7EQ |
VALESHORE INVESTMENTS LIMITED (REGISTERED NUMBER: 09463618) |
BALANCE SHEET |
26 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Retained earnings |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
VALESHORE INVESTMENTS LIMITED (REGISTERED NUMBER: 09463618) |
BALANCE SHEET - continued |
26 FEBRUARY 2024 |
The financial statements were approved by the director and authorised for issue on |
VALESHORE INVESTMENTS LIMITED (REGISTERED NUMBER: 09463618) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 26 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Valeshore Investments Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The financial statements are rounded to the nearest whole £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rent receivable. |
Rent receivable is recognised in the period for which the rental relates. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Investment property |
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss. |
The fair value of the investment property has been assessed by the director at the year end. The valuation was made on an open market value basis. |
Impairment |
At each balance sheet date, the company reviews the carrying amount of its investment properties to determine whether there is any indication that any properties have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Impairment losses are recognised in profit or loss. |
Financial instruments |
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
VALESHORE INVESTMENTS LIMITED (REGISTERED NUMBER: 09463618) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 26 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase contracts and operating lease commitments |
Assets held under hire purchase contracts and finance leases are recgonised as assets at the lower of the assets' fair value at the date of inception and the present value of the minimum contract payments. The related liability is included in the balance sheet as a hire purchase or finance lease obligation. Contract payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed. |
Disclosure of long or short period |
The financial information reported in the financial statements for this accounting period have been included for the year ended 29 February 2024 (2023: year ended 28 February 2023), this is in line with accepted accounting practice to prepare financial statements up to a date within seven days of the company's accounting reference date. |
Going concern |
The financial statements have been prepared on a going concern basis despite showing net current liabilities. Included within creditors falling due within one year is a loan with the director of £948,734 (2023: £1,221,971) which is repayable on demand, the director does not intend to request repayment of this loan within twelve months of signing these financial statements. |
The director believes that the company has adequate resources to continue trading as a going concern and has committed to support the company for at least twelve months from the date of signing these financial statements. The financial statements do not include any adjustment that would result if the going concern assumption was found to be inappropriate. |
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. |
Fair valuation reserve |
Within capital and reserves exists a non-distributable reserve. This reserve is made up of the fair value gain on investment properties, net of deferred tax. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
VALESHORE INVESTMENTS LIMITED (REGISTERED NUMBER: 09463618) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 26 FEBRUARY 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 27 February 2023 |
and 26 February 2024 |
DEPRECIATION |
At 27 February 2023 |
Charge for year |
At 26 February 2024 |
NET BOOK VALUE |
At 26 February 2024 |
At 26 February 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 27 February 2023 |
Additions |
Fair value revaluation | 33,649 |
At 26 February 2024 |
NET BOOK VALUE |
At 26 February 2024 |
At 26 February 2023 |
Fair value at 26 February 2024 is represented by: |
£ |
Valuation in 2021 | 2,641,754 |
Valuation in 2022 | 394,173 |
Valuation in 2023 | 520,222 |
Valuation in 2024 | 33,649 |
Cost | 1,490,202 |
5,080,000 |
The fair value of the investment property has been assessed by the director at the year end. The valuation was made on an open market value basis. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
VALESHORE INVESTMENTS LIMITED (REGISTERED NUMBER: 09463618) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 26 FEBRUARY 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans < 1 year | - | 140,000 |
Bank loans > 1 year | 473,699 | - |
Included within bank loans is a loan for £473,699 (2023: £140,000). The liability is secured by way of a charge over one of the investment properties held by the company. |
10. | OTHER FINANCIAL COMMITMENTS |
At the balance sheet date, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £Nil (2023: £6,515). |