Company Registration No. 07340864 (England and Wales)
VALUELIGHTS GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
VALUELIGHTS GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
VALUELIGHTS GROUP LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
46,969
27,144
Debtors
3
183,384
323,907
Cash at bank and in hand
1,128
590
231,481
351,641
Creditors: amounts falling due within one year
4
(1,155,745)
(307,587)
Net current (liabilities)/assets
(924,264)
44,054
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(924,364)
43,954
Total equity
(924,264)
44,054
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
C Hulme
Director
Company registration number 07340864 (England and Wales)
VALUELIGHTS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
ValueLights Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Omega Drive, Irlam, Manchester, United Kingdom, M44 5GR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At 30 June 202true4, the company was in a net liability position. The directors have received confirmation that continuing financial support will be provided by the company's ultimate parent entity to enable it to settle its liabilities as they fall due for the foreseeable future and on that basis consider it appropriate to prepare the financial statements on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
VALUELIGHTS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
71,911
55,129
Other debtors
111,473
268,778
183,384
323,907
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
VALUELIGHTS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
9,141
1,384
Amounts owed to group undertakings
964,009
285,681
Other creditors
182,595
20,522
1,155,745
307,587
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
5
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Christopher Johnson FCA
Statutory Auditor:
PM+M Solutions for Business LLP
Date of audit report:
23 August 2024
6
Ultimate controlling party
The immediate parent company is ValueLights Holdings Limited, a company registered in England and Wales.
Mr S Caunce is the ultimate controlling party by virtue of his majority shareholding in the ultimate parent company, Burning Sky Limited, a company incorporated in England and Wales.
The smallest group into which the entity is consolidated is ValueLights Holdings Limited. Consolidated financial statements can be obtained from the Registered Office at, The Light Hub, 4 Omega Drive, Irlam, Manchester, M44 5GR.
The largest group into which the entity is consolidated is Burning Sky Limited. Consolidated financial statements can be obtained from the Registered Office at, Croston Hall Grape Lane, Croston, Leyland, England, PR26 9HB.