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Registered number: 11248012
Valinor Inns Ltd
Unaudited Financial Statements
For The Year Ended 29 June 2024
Harrisons Accountancy Ltd
Harrison House Sheep Walk
Langford Road
Biggleswade
Bedfordshire
SG18 9RB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11248012
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 14,000 17,500
Tangible Assets 5 79,941 97,669
93,941 115,169
CURRENT ASSETS
Stocks 6 5,065 5,065
Debtors 7 1,946 6,977
Cash at bank and in hand 80,233 76,997
87,244 89,039
Creditors: Amounts Falling Due Within One Year 8 (118,941 ) (126,685 )
NET CURRENT ASSETS (LIABILITIES) (31,697 ) (37,646 )
TOTAL ASSETS LESS CURRENT LIABILITIES 62,244 77,523
Creditors: Amounts Falling Due After More Than One Year 9 (8,518 ) (19,167 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (12,952 ) (17,782 )
NET ASSETS 40,774 40,574
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 40,674 40,474
SHAREHOLDERS' FUNDS 40,774 40,574
Page 1
Page 2
For the year ending 29 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Alasdair Clifford
Director
Ms Victoria Collins
Director
28/03/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Valinor Inns Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11248012 . The registered office is Harrison House Sheep Walk, Langford Road, Biggleswade, SG18 9RB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 25% on cost
Leasehold 10% on cost
Plant & Machinery 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on cost
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 16 (2023: 16)
16 16
4. Intangible Assets
Goodwill
£
Cost
As at 30 June 2023 35,000
As at 29 June 2024 35,000
Amortisation
As at 30 June 2023 17,500
Provided during the period 3,500
As at 29 June 2024 21,000
Net Book Value
As at 29 June 2024 14,000
As at 30 June 2023 17,500
5. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Fixtures & Fittings
£ £ £ £
Cost
As at 30 June 2023 12,446 3,930 31,999 143,720
Additions - - - 8,678
As at 29 June 2024 12,446 3,930 31,999 152,398
...CONTINUED
Page 4
Page 5
Depreciation
As at 30 June 2023 6,026 1,965 24,406 63,331
Provided during the period 3,111 393 1,898 20,353
As at 29 June 2024 9,137 2,358 26,304 83,684
Net Book Value
As at 29 June 2024 3,309 1,572 5,695 68,714
As at 30 June 2023 6,420 1,965 7,593 80,389
Computer Equipment Total
£ £
Cost
As at 30 June 2023 6,378 198,473
Additions - 8,678
As at 29 June 2024 6,378 207,151
Depreciation
As at 30 June 2023 5,076 100,804
Provided during the period 651 26,406
As at 29 June 2024 5,727 127,210
Net Book Value
As at 29 June 2024 651 79,941
As at 30 June 2023 1,302 97,669
6. Stocks
2024 2023
£ £
Stock 5,065 5,065
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 1,946 1,773
Other debtors - 5,204
1,946 6,977
Page 5
Page 6
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 12,342 17,061
Bank loans and overdrafts 10,648 10,000
Corporation tax 12,914 1,432
Other taxes and social security 1,885 4,905
VAT 12,640 14,298
Pension payable 2,371 848
Directors' loan accounts 66,141 78,141
118,941 126,685
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 8,518 19,167
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 6