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COMPANY REGISTRATION NUMBER: 09527620
Valabi Ltd
Filleted Unaudited Financial Statements
29 April 2024
Valabi Ltd
Statement of Financial Position
29 April 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
4
2,317,431
2,721,664
Current assets
Cash at bank and in hand
21
1,585,865
Creditors: amounts falling due within one year
5
438,291
497,833
---------
------------
Net current (liabilities)/assets
( 438,270)
1,088,032
------------
------------
Total assets less current liabilities
1,879,161
3,809,696
Creditors: amounts falling due after more than one year
6
1,501,029
3,468,000
------------
------------
Net assets
378,132
341,696
------------
------------
Capital and reserves
Called up share capital
150
150
Profit and loss account
377,982
341,546
---------
---------
Shareholders funds
378,132
341,696
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Valabi Ltd
Statement of Financial Position (continued)
29 April 2024
These financial statements were approved by the board of directors and authorised for issue on 24 February 2025 , and are signed on behalf of the board by:
V M Ford Wong
Director
Company registration number: 09527620
Valabi Ltd
Notes to the Financial Statements
Year ended 29 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 1, First floor, 1 Duchess Street, London, W1W 6AN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover represents income earned on investments held. Dividends are recognised in the period in which they are received. Interest is recognised on an accruals basis.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost/valuation
At 1 May 2023
1
2,721,663
2,721,664
Additions
627,129
627,129
Disposals
( 1)
( 1,178,998)
( 1,178,999)
Revaluations
147,637
147,637
----
------------
------------
At 29 April 2024
2,317,431
2,317,431
----
------------
------------
Impairment
At 1 May 2023 and 29 April 2024
----
------------
------------
Carrying amount
At 29 April 2024
2,317,431
2,317,431
----
------------
------------
At 30 April 2023
1
2,721,663
2,721,664
----
------------
------------
Fixed and floating charges are held over the company's investment portfolio.
The company owned 100% of the issued share capital of Valabi Properties Limited.
Valabi Properties Limited was dissolved on 27 June 2023.
Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
5. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
438,291
497,833
---------
---------
6. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,501,029
3,468,000
------------
------------
7. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
2,317,431
2,721,663
------------
------------
8. Director's advances, credits and guarantees
At the year end, the company owed the director £431,007 (2023: £491,007). The loan was interest free and repayable on demand.
9. Controlling party
The company was under the control of V M Ford Wong throughout the current period and previous period.