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REGISTERED NUMBER: SC114428 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Valern Limited

Valern Limited (Registered number: SC114428)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Valern Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: G M R Steele



REGISTERED OFFICE: Craigcrook Castle
95 Craigcrook Road
EDINBURGH
EH4 3PE



REGISTERED NUMBER: SC114428 (Scotland)



ACCOUNTANTS: J S Accounting Services Limited
13-15 Morningside Drive
EDINBURGH
EH10 5LZ



SOLICITORS: HBJ Gately Wareing (Scotland) LLP
19 Canning Street
EDINBURGH
EH3 8EH

Valern Limited (Registered number: SC114428)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1 1
Investments 5 588,966 585,858
Investment property 6 1,432,480 1,432,480
2,021,447 2,018,339

CURRENT ASSETS
Debtors 7 1,884,656 1,805,269
Cash at bank 77,862 206,864
1,962,518 2,012,133
CREDITORS
Amounts falling due within one year 8 18,118 85,297
NET CURRENT ASSETS 1,944,400 1,926,836
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,965,847

3,945,175

CREDITORS
Amounts falling due after more than one
year

9

(174,846

)

(180,150

)

PROVISIONS FOR LIABILITIES (208,942 ) (208,942 )
NET ASSETS 3,582,059 3,556,083

CAPITAL AND RESERVES
Called up share capital 150 150
Share premium 279,825 279,825
Fair value reserve 11 1,754,691 1,754,691
Capital redemption reserve 25 25
Retained earnings 1,547,368 1,521,392
SHAREHOLDERS' FUNDS 3,582,059 3,556,083

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Valern Limited (Registered number: SC114428)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 March 2025 and were signed by:





G M R Steele - Director


Valern Limited (Registered number: SC114428)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Valern Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the total rental income receivable during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures, fittings & equipment 20% Straight line

Tangible fixed assets include investment properties valued by the director at a fair value.

Investment properties are included in the balance sheet at their fair value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities(effective April 2008), it is a departure from the general requirement of the Companies act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount of this might otherwise have been charged cannot be separately identified or quantified.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investments
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Fixed asset investments are valued based on the net asset position of the company in which the investment is made with reference to the percentage holding of the shareholding in each company.

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.


Valern Limited (Registered number: SC114428)

Notes to the Financial Statements - continued
for the Year Ended 31 March 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 136,321
DEPRECIATION
At 1 April 2023
and 31 March 2024 136,320
NET BOOK VALUE
At 31 March 2024 1
At 31 March 2023 1

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST OR VALUATION
At 1 April 2023 585,858
Revaluation 3,108
At 31 March 2024 588,966
NET BOOK VALUE
At 31 March 2024 588,966
At 31 March 2023 585,858

Valern Limited (Registered number: SC114428)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 March 2024 is represented by:

Shares in
group
undertakings
£   
Valuation in 2024 588,966

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,432,480
NET BOOK VALUE
At 31 March 2024 1,432,480
At 31 March 2023 1,432,480

The valuations of investment properties were made as at 31 March 2024 by the director on an fair value basis.

7. DEBTORS
31.3.24 31.3.23
£    £   
Amounts falling due within one year:
Other debtors 148,006 98,006

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,736,650 1,707,263

Aggregate amounts 1,884,656 1,805,269

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Taxation and social security 9,719 59,486
Other creditors 8,399 25,811
18,118 85,297

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 174,846 180,150

Valern Limited (Registered number: SC114428)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 174,846 180,150

The company has granted a Bond and Floating charge over the whole of the assets of the company,to its bankers, Royal Bank of Scotland plc.

11. RESERVES
Fair
value
reserve
£   
At 1 April 2023
and 31 March 2024 1,754,691

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
G M R Steele
Balance outstanding at start of year - 351,648
Amounts repaid - (351,648 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

13. RELATED PARTY DISCLOSURES

At the year end a balance of £24,346 (2023 - £24,346) was due to Valallan Limited. There was a balance of £1,761,036 (2023 -£1,731,648) due from Valteith Limited. Both these companies are controlled by G M R Steele.

14. ULTIMATE CONTROLLING PARTY

The parent undertaking is Valteith Limited. No consolidated accounts are prepared for the group. The ultimate controlling party is G M R Steele.