Company registration number 01356520 (England and Wales)
VALE UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
VALE UK LIMITED
COMPANY INFORMATION
Director
Mr P P J Henerty
Company number
01356520
Registered office
Kitling Road
Prescot
Merseyside
L34 9JA
Auditor
BK Plus Audit Limited
7 Waterside Court
St. Helens
Merseyside
United Kingdom
WA9 1UA
VALE UK LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Statement of cash flows
9
Notes to the financial statements
10 - 17
VALE UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The director presents the strategic report for the year ended 30 June 2024.
Review of the business
The company has continued to trade profitably during the year and retains a good reputation within the retail sector. Despite a decrease in turnover and margin during the year the company is pleased to report another satisfactory year's trading, and we are satisfied that the current year will also be a satisfactory year for trading results.
The company has maintained a strong balance sheet with net assets of £8,908,455 (2023 £8,737,855).
The company has been successful in its strategy of expanding work with its current clients over the course of the year and expects this to continue for the foreseeable future.
Principal risks and uncertainties
The company uses cash and other liquid resources and various other items such as trade debtors and trade creditors that arise directly from its operations, to raise sufficient finance for the company's operation.
The company seeks to manage risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The company maintains a healthy bank balance and has a strong balance sheet.
The company maintains high quality staff and staff retention continues to be a strength of the business together with the successful use of apprenticeships.
Financial KPIs
Overall operating profit for the year was £795,609 (6.08%) (2023 £2,000,437) (12.27%). Profit after taxation was £748,725 (2023 £1,634,484).
Mr P P J Henerty
Director
19 March 2025
VALE UK LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
The director presents his annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company continued to be that of shop fitters and contractors.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £578,125. The director does not recommend payment of a further dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr P P J Henerty
Future developments
The business has performed well over the last few years and retains its good reputation in the industry. The director feels that the company is in a strong position to take advantage of current trading conditions and to improve performance in all areas.
Since the year end, the company has continued to trade profitably in line with expectations.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr P P J Henerty
Director
19 March 2025
VALE UK LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
VALE UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VALE UK LIMITED
- 4 -
Opinion
We have audited the financial statements of Vale UK Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
VALE UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VALE UK LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
- Enquiry of management, those charged with governance around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry oif the director and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
VALE UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VALE UK LIMITED (CONTINUED)
- 6 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Darren Leigh FCCA (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited, Statutory Auditor
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA
United Kingdom
19 March 2025
VALE UK LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2024
2023
Notes
£
£
Turnover
13,092,530
16,304,176
Cost of sales
(11,446,291)
(13,434,791)
Gross profit
1,646,239
2,869,385
Administrative expenses
(857,566)
(869,278)
Other operating income
6,936
330
Operating profit
3
795,609
2,000,437
Interest receivable and similar income
6
207,568
65,972
Profit before taxation
1,003,177
2,066,409
Tax on profit
7
(254,452)
(431,925)
Profit for the financial year
748,725
1,634,484
Retained earnings brought forward
8,732,355
8,785,996
Dividends
8
(578,125)
(1,688,125)
Retained earnings carried forward
8,902,955
8,732,355
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 10 to 17 form part of these financial statements.
VALE UK LIMITED
BALANCE SHEET
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
880,078
803,276
Current assets
Stocks
10
45,027
40,746
Debtors
11
3,853,949
3,703,135
Cash at bank and in hand
6,318,765
6,597,899
10,217,741
10,341,780
Creditors: amounts falling due within one year
12
(2,118,840)
(2,363,107)
Net current assets
8,098,901
7,978,673
Total assets less current liabilities
8,978,979
8,781,949
Provisions for liabilities
Deferred tax liability
13
70,524
44,094
(70,524)
(44,094)
Net assets
8,908,455
8,737,855
Capital and reserves
Called up share capital
15
4,625
4,625
Capital redemption reserve
16
875
875
Profit and loss reserves
17
8,902,955
8,732,355
Total equity
8,908,455
8,737,855
The notes on pages 10 to 17 form part of these financial statements.
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved and signed by the director and authorised for issue on 19 March 2025
Mr P P J Henerty
Director
Company registration number 01356520 (England and Wales)
VALE UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
18
673,287
711,222
Income taxes paid
(410,003)
(145,930)
Net cash inflow from operating activities
263,284
565,292
Investing activities
Purchase of tangible fixed assets
(186,978)
(157,735)
Proceeds from disposal of tangible fixed assets
15,117
36,357
Interest received
207,568
65,972
Net cash generated from/(used in) investing activities
35,707
(55,406)
Financing activities
Dividends paid
(578,125)
(1,688,125)
Net cash used in financing activities
(578,125)
(1,688,125)
Net decrease in cash and cash equivalents
(279,134)
(1,178,239)
Cash and cash equivalents at beginning of year
6,597,899
7,776,138
Cash and cash equivalents at end of year
6,318,765
6,597,899
The notes on pages 10 to 17 form part of these financial statements.
VALE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
1
Accounting policies
Company information
Vale UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kitling Road, Prescot, Merseyside, L34 9JA.
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.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet 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.
1.3
Turnover and other income
Construction contracts
Turnover represents revenue earned under contracts to provide goods and services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for the performance of those contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients including retentions and excluding value added tax. For incomplete contracts, an assessment is made of the extent to which revenue has been earned. this assessment takes into account the nature of the assignment, The stage of completion and the relevant contract terms. Un-billed revenue is included in debtors, under 'Gross amounts due from customers for contract work'.
Other income
Bank interest is recognised for the period in which it is due.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Long leasehold property
straight line over the life of the lease
Plant and machinery
15% reducing balance and 25% straight line
Fixtures, fittings & equipment
15% reducing balance and 25% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
VALE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 11 -
1.6
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.
1.7
Financial instruments
Basic financial assets
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other amounts receivable and payable and bank accounts. All financial assets and liabilities are measured at transaction price.
The company's exposure to price risk, credit risk, liquidity risk and cash flow risk is not considered material for the assessment of the assets, liabilities, financial position and profit or loss of the company.
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
VALE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
1.10
Employee benefits
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Long term contracts
The value of contracts in progress at the year-end is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. An assessment of each contract is made to determine the basis of recoverability.
3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Grants receivable
(6,936)
(330)
Fees payable to the company's auditor for the audit of the company's financial statements
12,450
12,500
Depreciation of owned tangible fixed assets
109,112
71,600
Profit on disposal of tangible fixed assets
(14,053)
(32,444)
VALE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Administration and support
5
5
Other departments
47
47
Total
52
52
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
3,316,470
3,255,259
Social security costs
393,690
394,277
Pension costs
75,358
108,176
3,785,518
3,757,712
5
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
423,766
486,982
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
423,766
486,982
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
207,538
65,972
Interest on taxation
30
Total income
207,568
65,972
VALE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
228,022
410,003
Deferred tax
Origination and reversal of timing differences
26,430
21,922
Total tax charge
254,452
431,925
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,003,177
2,066,409
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
250,794
423,614
Tax effect of expenses that are not deductible in determining taxable profit
(1,496)
(1,199)
Effect of change in corporation tax rate
9,510
Permanent capital allowances in excess of depreciation
5,154
Taxation charge for the year
254,452
431,925
The company has historic capital losses (arising in 2002 to 2006) of £243,525 (2023 £243,525) available for offset against future capital gains. A deferred tax asset has not been recognised on these losses because the company is not expected to make any capital gains in the foreseeable future.
8
Dividends
2024
2023
£
£
Interim paid
578,125
1,688,125
VALE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
9
Tangible fixed assets
Long leasehold property
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
762,485
348,924
191,748
335,338
1,638,495
Additions
628
50,257
136,093
186,978
Disposals
(11,868)
(79,142)
(91,010)
At 30 June 2024
762,485
349,552
230,137
392,289
1,734,463
Depreciation and impairment
At 1 July 2023
194,312
277,351
167,425
196,131
835,219
Depreciation charged in the year
8,740
12,562
10,812
76,998
109,112
Eliminated in respect of disposals
(10,804)
(79,142)
(89,946)
At 30 June 2024
203,052
289,913
167,433
193,987
854,385
Carrying amount
At 30 June 2024
559,433
59,639
62,704
198,302
880,078
At 30 June 2023
568,173
71,573
24,323
139,207
803,276
10
Stocks
2024
2023
£
£
Raw materials and consumables
45,027
40,746
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,363,853
2,064,865
Gross amounts due from customers for contract work
1,457,808
1,601,081
Other debtors
5,000
9,039
Prepayments and accrued income
27,288
28,150
3,853,949
3,703,135
VALE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,114,892
1,120,032
Corporation tax
228,022
410,003
Other taxation and social security
652,526
722,181
Other creditors
11,303
9,165
Accruals and deferred income
112,097
101,726
2,118,840
2,363,107
13
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
70,524
44,094
2024
Movements in the year:
£
Liability at 1 July 2023
44,094
Charge to profit or loss
26,430
Liability at 30 June 2024
70,524
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
75,358
108,176
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
4,625
4,625
4,625
4,625
VALE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
16
Capital redemption reserve
This records the nominal value of shares repurchased by the company.
17
Profit and loss reserves
This reserve records retained earnings and accumulated losses.
18
Cash generated from operations
2024
2023
£
£
Profit after taxation
748,725
1,634,484
Adjustments for:
Taxation charged
254,452
431,925
Investment income
(207,568)
(65,972)
Gain on disposal of tangible fixed assets
(14,053)
(32,444)
Depreciation and impairment of tangible fixed assets
109,112
71,600
Movements in working capital:
(Increase)/decrease in stocks
(4,281)
5,936
Increase in debtors
(150,814)
(529,171)
Decrease in creditors
(62,286)
(805,136)
Cash generated from operations
673,287
711,222
19
Analysis of changes in net funds
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
6,597,899
(279,134)
6,318,765
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