2 2 Valley News Limited 7563989 false 2023-09-29 2024-09-28 2024-09-28 The principal activity of the company is operating a general convenience store. Digita Accounts Production Advanced 6.30.9574.0 true 7563989 2023-09-29 2024-09-28 7563989 2024-09-28 7563989 core:RetainedEarningsAccumulatedLosses 2024-09-28 7563989 core:ShareCapital 2024-09-28 7563989 core:CurrentFinancialInstruments 2024-09-28 7563989 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-28 7563989 core:FurnitureFittingsToolsEquipment 2024-09-28 7563989 core:MotorVehicles 2024-09-28 7563989 bus:SmallEntities 2023-09-29 2024-09-28 7563989 bus:AuditExemptWithAccountantsReport 2023-09-29 2024-09-28 7563989 bus:FilletedAccounts 2023-09-29 2024-09-28 7563989 bus:SmallCompaniesRegimeForAccounts 2023-09-29 2024-09-28 7563989 bus:RegisteredOffice 2023-09-29 2024-09-28 7563989 bus:Director1 2023-09-29 2024-09-28 7563989 bus:Director2 2023-09-29 2024-09-28 7563989 bus:PrivateLimitedCompanyLtd 2023-09-29 2024-09-28 7563989 bus:Agent1 2023-09-29 2024-09-28 7563989 core:FurnitureFittingsToolsEquipment 2023-09-29 2024-09-28 7563989 core:MotorVehicles 2023-09-29 2024-09-28 7563989 countries:AllCountries 2023-09-29 2024-09-28 7563989 2023-09-28 7563989 core:FurnitureFittingsToolsEquipment 2023-09-28 7563989 core:MotorVehicles 2023-09-28 7563989 2022-09-29 2023-09-28 7563989 2023-09-28 7563989 core:RetainedEarningsAccumulatedLosses 2023-09-28 7563989 core:ShareCapital 2023-09-28 7563989 core:CurrentFinancialInstruments 2023-09-28 7563989 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-28 xbrli:pure iso4217:GBP

Registration number: 7563989

Valley News Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 September 2024

 

Valley News Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 6

 

Valley News Limited

Company Information

Directors

Mr Tulsi Gurung

Mrs Dhanmaya Gurung

Registered office

1 Forum House
Empire Way
Wembley
Middlesex
HA9 0AB

Accountants

PKP & Company Limited
Chartered Certified Accountants1 Forum House
Empire Way
Wembley
HA9 0AB

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Valley News Limited
for the Year Ended 28 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Valley News Limited for the year ended 28 September 2024 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Valley News Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Valley News Limited and state those matters that we have agreed to state to the Board of Directors of Valley News Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Valley News Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Valley News Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Valley News Limited. You consider that Valley News Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Valley News Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

PKP & Company Limited
Chartered Certified Accountants
1 Forum House
Empire Way
Wembley
HA9 0AB

14 February 2025

 

Valley News Limited

(Registration number: 7563989)
Balance Sheet as at 28 September 2024

Note

2024
£

2023
£

Current assets

 

Stocks

5

12,000

10,000

Debtors

6

4,952

4,843

Cash at bank and in hand

 

6,343

3,098

 

23,295

17,941

Creditors: Amounts falling due within one year

7

(31,689)

(29,336)

Net liabilities

 

(8,394)

(11,395)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(8,494)

(11,495)

Shareholders' deficit

 

(8,394)

(11,395)

For the financial year ending 28 September 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 in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 14 February 2025 and signed on its behalf by:
 

.........................................
Mr Tulsi Gurung
Director

 

Valley News Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 September 2024

1

General information

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

The address of its registered office is:
1 Forum House
Empire Way
Wembley
Middlesex
HA9 0AB

These financial statements were authorised for issue by the Board on 14 February 2025.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

15% straight line

Motor vehicle

15% straight line

 

Valley News Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 September 2024

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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

3

Staff numbers

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

 

Valley News Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 September 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 29 September 2023

949

4,000

4,949

At 28 September 2024

949

4,000

4,949

Depreciation

At 29 September 2023

949

4,000

4,949

At 28 September 2024

949

4,000

4,949

Carrying amount

At 28 September 2024

-

-

-

5

Stocks

2024
£

2023
£

Other inventories

12,000

10,000

6

Debtors

Current

2024
£

2023
£

Prepayments

3,750

3,750

Other debtors

1,202

1,093

 

4,952

4,843

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

9,363

9,645

Accruals and deferred income

750

750

Other creditors

21,576

18,941

31,689

29,336