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REGISTERED NUMBER: SC129054 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Valallan Limited

Valallan Limited (Registered number: SC129054)






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


Valallan 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: SC129054 (Scotland)





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

Valallan Limited (Registered number: SC129054)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 156 208
Investment property 5 1,724,091 1,724,091
1,724,247 1,724,299

CURRENT ASSETS
Debtors 6 1,590,242 1,575,842
Cash at bank 58,818 105,824
1,649,060 1,681,666
CREDITORS
Amounts falling due within one year 7 34,669 81,381
NET CURRENT ASSETS 1,614,391 1,600,285
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,338,638

3,324,584

CREDITORS
Amounts falling due after more than one
year

8

(781,574

)

(779,950

)

PROVISIONS FOR LIABILITIES (201,200 ) (201,200 )
NET ASSETS 2,355,864 2,343,434

CAPITAL AND RESERVES
Called up share capital 160,000 160,000
Fair value reserve 10 1,357,262 1,357,262
Retained earnings 838,602 826,172
SHAREHOLDERS' FUNDS 2,355,864 2,343,434

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.

Valallan Limited (Registered number: SC129054)

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


Valallan Limited (Registered number: SC129054)

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

1. STATUTORY INFORMATION

Valallan 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.

Turnover
Turnover represents the total rents 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.
Plant and machinery etc - 20% on cost

Investment property
Investment properties are included in the balance sheet at their open market 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.

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.

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 ) .

Valallan Limited (Registered number: SC129054)

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 17,643
DEPRECIATION
At 1 April 2023 17,435
Charge for year 52
At 31 March 2024 17,487
NET BOOK VALUE
At 31 March 2024 156
At 31 March 2023 208

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,724,091
NET BOOK VALUE
At 31 March 2024 1,724,091
At 31 March 2023 1,724,091

The properties were not valued by a professional valuer but by the director who is a Advocate and specialise's in property transactions and is suitably qualified

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Amounts owed by group undertakings 1,548,381 1,533,981
Other debtors 41,861 41,861
1,590,242 1,575,842

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 24,417 50,500
Taxation and social security (981 ) 20,975
Other creditors 11,233 9,906
34,669 81,381

Valallan Limited (Registered number: SC129054)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 781,574 148,307
Other creditors - 631,643
781,574 779,950

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 805,991 198,807

The loan is secured by way of a bond and floating charge over the assets of the company.

10. RESERVES
Fair
value
reserve
£   
At 1 April 2023
and 31 March 2024 1,357,262

11. CONTINGENT LIABILITIES

There were no contingent liabilities at 31 March 2024 (2023 - nil).

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 3,537 121,889
Amounts repaid - (118,352 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,537 3,537

Mr Steele has a loan due to the company of £3,537 (2023 - £3,537). No interest has been charged on the loan.

13. RELATED PARTY DISCLOSURES

At 31 March 2024 the balance due by Valteith Limited was £1,523,894 (2023 - £1,509,494).

At 31 March 2024 the company was due £24,386 (2023:£24,386) from Valern Limited.

Both these companies are controlled by Mr Steele.

Valallan Limited (Registered number: SC129054)

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

14. ULTIMATE CONTROLLING PARTY

The company is under the control of G M R Steele.