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Company registration number: 6507871
The Valley Corbridge Limited
Pages for filing with Registrar
30 June 2024
The Valley Corbridge Limited
Contents
Statement of financial position
Notes to the financial statements
The Valley Corbridge Limited
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 6 65,000 81,250
Tangible assets 7 10,109 13,279
_______ _______
75,109 94,529
Current assets
Stocks 15,250 15,250
Debtors 8 251,882 211,017
Cash at bank and in hand 103,936 77,795
_______ _______
371,068 304,062
Creditors: amounts falling due
within one year 9 ( 187,101) ( 153,829)
_______ _______
Net current assets 183,967 150,233
_______ _______
Total assets less current liabilities 259,076 244,762
Creditors: amounts falling due
after more than one year 10 ( 14,997) ( 28,141)
_______ _______
Net assets 244,079 216,621
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 243,979 216,521
_______ _______
Shareholders funds 244,079 216,621
_______ _______
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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:
Mr Syed Nadir Aziz
Director
Company registration number: 6507871
The Valley Corbridge Limited
Notes to the financial statements
Year ended 30 June 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 The Station House, Station Road, Corbridge, Northumberland, NE45 5AY.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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:
Fittings fixtures and equipment - 20 %
Motor vehicles - 25 %
Website - over 3 years
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
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 15 (2023: 14 ).
5. Directors remuneration
The director's aggregate remuneration in respect of qualifying services was:
2024 2023
£ £
Remuneration 6,328 5,200
_______ _______
6. Intangible assets
Goodwill Total
£ £
Cost
At 1 July 2023 and 30 June 2024 325,000 325,000
_______ _______
Amortisation
At 1 July 2023 243,750 243,750
Charge for the year 16,250 16,250
_______ _______
At 30 June 2024 260,000 260,000
_______ _______
Carrying amount
At 30 June 2024 65,000 65,000
_______ _______
At 30 June 2023 81,250 81,250
_______ _______
7. Tangible assets
Fixtures, fittings and equipment Motor vehicles Website Total
£ £ £ £
Cost
At 1 July 2023 and 30 June 2024 4,915 28,080 3,500 36,495
_______ _______ _______ _______
Depreciation
At 1 July 2023 1,937 17,779 3,500 23,216
Charge for the year 595 2,575 - 3,170
_______ _______ _______ _______
At 30 June 2024 2,532 20,354 3,500 26,386
_______ _______ _______ _______
Carrying amount
At 30 June 2024 2,383 7,726 - 10,109
_______ _______ _______ _______
At 30 June 2023 2,978 10,301 - 13,279
_______ _______ _______ _______
8. Debtors
2024 2023
£ £
Other debtors 251,882 211,017
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 9,537 9,756
Trade creditors 26,400 27,204
Amounts owed to group undertakings 10,963 10,963
Corporation tax 69,003 31,816
Social security and other taxes 28,092 29,263
Other creditors 43,106 44,827
_______ _______
187,101 153,829
_______ _______
10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 11,170 20,487
Other creditors 3,827 7,654
_______ _______
14,997 28,141
_______ _______
11. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Syed Nadir Aziz 105,536 64,769 ( 37,000) 133,305
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Syed Nadir Aziz 50,530 72,006 ( 17,000) 105,536
_______ _______ _______ _______
12. 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 Junction 397 Limited - - ( 20,000) ( 20,000)
The Valley in the City Limited - - 9,037 9,037
_______ _______ _______ _______
The Valley Junction 397 Limited, a company controlled by Mr S N Aziz, is owed £20,000 by the company as at 30 June 2024 (2023 £20,000). The Valley in the City Limited, a company controlled by Mr S N Aziz, owes £9,037 by the company as at 30 June 2024 (2023 £8,037).
13. Controlling party
The company is controlled by Mr S N Aziz who is the majority shareholder and sole director.