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Company registration number: 3402822
The Valley Junction 397 Limited
Pages for filing with Registrar
31 July 2024
The Valley Junction 397 Limited
Contents
Statement of financial position
Notes to the financial statements
The Valley Junction 397 Limited
Statement of financial position
31 July 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 453,430 461,680
_______ _______
453,430 461,680
Current assets
Stocks 8,000 8,000
Debtors 7 122,157 126,306
Cash at bank and in hand 31,705 24,683
_______ _______
161,862 158,989
Creditors: amounts falling due
within one year 8 ( 69,578) ( 65,939)
_______ _______
Net current assets 92,284 93,050
_______ _______
Total assets less current liabilities 545,714 554,730
Creditors: amounts falling due
after more than one year 9 ( 51,463) ( 74,201)
Provisions for liabilities ( 4,178) ( 4,542)
_______ _______
Net assets 490,073 475,987
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 489,973 475,887
_______ _______
Shareholders funds 490,073 475,987
_______ _______
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
Syed Nadir Aziz
Director
Company registration number: 3402822
The Valley Junction 397 Limited
Notes to the financial statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is West 2, Asama Court, Newcastle Business Park, Newcastle upon Tyne, NE4 7YD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold premises and expenditure - 4 % straight line
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 13 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 August 2023 and 31 July 2024 5,000 5,000
_______ _______
Amortisation
At 1 August 2023 and 31 July 2024 5,000 5,000
_______ _______
Carrying amount
At 31 July 2024 - -
_______ _______
At 31 July 2023 - -
_______ _______
6. Tangible assets
Freehold property Short leasehold property Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 August 2023 315,930 169,890 168,246 654,066
Additions - - 1,495 1,495
_______ _______ _______ _______
At 31 July 2024 315,930 169,890 169,741 655,561
_______ _______ _______ _______
Depreciation
At 1 August 2023 - 42,305 150,081 192,386
Charge for the year - 6,796 2,949 9,745
_______ _______ _______ _______
At 31 July 2024 - 49,101 153,030 202,131
_______ _______ _______ _______
Carrying amount
At 31 July 2024 315,930 120,789 16,711 453,430
_______ _______ _______ _______
At 31 July 2023 315,930 127,585 18,165 461,680
_______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors - 1,860
Other debtors 122,157 124,446
_______ _______
122,157 126,306
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 21,971 21,203
Trade creditors 13,349 14,081
Corporation tax 5,398 6,295
Social security and other taxes 13,016 16,233
Other creditors 15,844 8,127
_______ _______
69,578 65,939
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 9,170 19,160
Other creditors 42,293 55,041
_______ _______
51,463 74,201
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Syed Nadir Aziz - - -
Syed Zahedur Rahman 1,940 - 1,940
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Syed Nadir Aziz 34 ( 34) -
Syed Zahedur Rahman - 1,940 1,940
_______ _______ _______
34 1,906 1,940
_______ _______ _______
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
The Valley in the City Limited - - 88,800 88,800
The Valley Corbridge Limited - - 20,000 20,000
_______ _______ _______ _______
Balances The Valley in the City Limited, a company controlled by Mr S N Aziz, had a balance owed to The Valley Junction 397 Limited of £88,800 as at 31 July 2024 (2023:£88,800). The Valley Corbridge Limited, a company controlled by Mr S N Aziz, had a balance owed to The Valley Junction 397 Limited of £20,000 as at 31 July 2024 (2023:£20,000).
12. Controlling party
The company is controlled by Mr S N Aziz who is the majority shareholder.