Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-3033false2023-02-01falseNo description of principal activity31truetrue 7118927 2023-02-01 2024-04-30 7118927 2022-02-01 2023-01-31 7118927 2024-04-30 7118927 2023-01-31 7118927 1 2023-02-01 2024-04-30 7118927 d:Director1 2023-02-01 2024-04-30 7118927 c:FurnitureFittings 2023-02-01 2024-04-30 7118927 c:FurnitureFittings 2024-04-30 7118927 c:FurnitureFittings 2023-01-31 7118927 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-02-01 2024-04-30 7118927 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-04-30 7118927 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-31 7118927 c:Goodwill 2023-02-01 2024-04-30 7118927 c:Goodwill 2024-04-30 7118927 c:Goodwill 2023-01-31 7118927 c:CopyrightsPatentsTrademarksServiceOperatingRights 2023-02-01 2024-04-30 7118927 c:CopyrightsPatentsTrademarksServiceOperatingRights 2024-04-30 7118927 c:CopyrightsPatentsTrademarksServiceOperatingRights 2023-01-31 7118927 c:OtherResidualIntangibleAssets 2023-02-01 2024-04-30 7118927 c:CurrentFinancialInstruments 2024-04-30 7118927 c:CurrentFinancialInstruments 2023-01-31 7118927 c:CurrentFinancialInstruments 6 2024-04-30 7118927 c:CurrentFinancialInstruments 6 2023-01-31 7118927 c:Non-currentFinancialInstruments 2024-04-30 7118927 c:Non-currentFinancialInstruments 2023-01-31 7118927 c:CurrentFinancialInstruments c:WithinOneYear 2024-04-30 7118927 c:CurrentFinancialInstruments c:WithinOneYear 2023-01-31 7118927 c:Non-currentFinancialInstruments c:AfterOneYear 2024-04-30 7118927 c:Non-currentFinancialInstruments c:AfterOneYear 2023-01-31 7118927 c:ShareCapital 2024-04-30 7118927 c:ShareCapital 2023-01-31 7118927 c:SharePremium 2024-04-30 7118927 c:SharePremium 2023-01-31 7118927 c:CapitalRedemptionReserve 2024-04-30 7118927 c:CapitalRedemptionReserve 2023-01-31 7118927 c:RetainedEarningsAccumulatedLosses 2024-04-30 7118927 c:RetainedEarningsAccumulatedLosses 2023-01-31 7118927 d:FRS102 2023-02-01 2024-04-30 7118927 d:Audited 2023-02-01 2024-04-30 7118927 d:FullAccounts 2023-02-01 2024-04-30 7118927 d:PrivateLimitedCompanyLtd 2023-02-01 2024-04-30 7118927 d:SmallCompaniesRegimeForAccounts 2023-02-01 2024-04-30 7118927 4 2023-02-01 2024-04-30 7118927 c:Goodwill c:OwnedIntangibleAssets 2023-02-01 2024-04-30 7118927 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2023-02-01 2024-04-30 7118927 c:CopyrightsPatentsTrademarksServiceOperatingRights c:OwnedIntangibleAssets 2023-02-01 2024-04-30 7118927 f:PoundSterling 2023-02-01 2024-04-30 iso4217:GBP xbrli:pure
Company registration number: 7118927







FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 APRIL 2024


VALOREM CAPITAL ONE LIMITED






































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VALOREM CAPITAL ONE LIMITED
REGISTERED NUMBER:7118927



STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

30 April
31 January
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
68,493
119,654

Tangible assets
 6 
41,876
62,615

Investments
 7 
1
49,000

  
110,370
231,269

Current assets
  

Stocks
  
2,024,169
1,762,131

Debtors: amounts falling due within one year
 8 
3,207,782
2,671,231

Bank and cash balances
  
891,733
1,321,275

  
6,123,684
5,754,637

Creditors: amounts falling due within one year
 9 
(2,208,934)
(1,308,502)

Net current assets
  
 
 
3,914,750
 
 
4,446,135

Total assets less current liabilities
  
4,025,120
4,677,404

Creditors: amounts falling due after more than one year
 10 
(232,874)
(441,852)

  

Net assets
  
3,792,246
4,235,552


Capital and reserves
  

Called up share capital 
  
2,626
2,626

Share premium account
  
271,111
271,111

Capital redemption reserve
  
2,535
2,535

Profit and loss account
  
3,515,974
3,959,280

  
3,792,246
4,235,552


Page 1

 


VALOREM CAPITAL ONE LIMITED
REGISTERED NUMBER:7118927


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2025.




D B Fisher
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 


VALOREM CAPITAL ONE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

1.


General information

Valorem Capital One Limited is a private company limited by shares, incorporated in England & Wales under the Companies Act, registration number 7118927.
The address of the registered office is 4th Floor, 95 Gresham St, City of London, London EC2V 7AB
The address of the principal place of business is Unit 1, Quadrant Court, Crossways Business Park, Greenhithe, Kent, DA9 9AY.
The accounting period is 15 months as the year end has been changed from 31 January 2024 to 30 April 2024.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 


VALOREM CAPITAL ONE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised when the Company has transferred the significant risks and rewards of ownership to the buyer.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 4

 


VALOREM CAPITAL ONE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
20
years
Trademarks
-
10
years
Other intangible fixed assets
-
3
years

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Fixtures and fittings
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

Page 5

 


VALOREM CAPITAL ONE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

  
2.13

Financial instruments

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Key source of estimation uncertainty 
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual income. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Stock provisions
Stocks are reported on the statement of financial position at the lower of cost or net realisable value, with appropriate allowances made for obsolete and slow-moving items. The directors have applied their industry expertise, experience, and knowledge of historic trends of the business to determine the necessary provisions. 
Bad debt provisions
In calculation of the year end bad debt provisions management have made the provision based on their knowledge of the Company's customers and the customer's ability to repay its debts.

Page 6

 


VALOREM CAPITAL ONE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

4.


Employees

The average monthly number of employees, including directors, during the period was 33 (2023 - 31).


5.


Intangible assets






Development expenditure
Trademarks
Goodwill
Total

£
£
£
£



Cost


At 1 February 2023
294,756
17,484
172,160
484,400



At 30 April 2024

294,756
17,484
172,160
484,400



Amortisation


At 1 February 2023
236,754
17,484
110,508
364,746


Charge for the period on owned assets
40,401
-
10,760
51,161



At 30 April 2024

277,155
17,484
121,268
415,907



Net book value



At 30 April 2024
17,601
-
50,892
68,493



At 31 January 2023
58,002
-
61,652
119,654



Page 7

 


VALOREM CAPITAL ONE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

6.


Tangible fixed assets







Fixtures and fittings

£



Cost or valuation


At 1 February 2023
236,661


Additions
14,188



At 30 April 2024

250,849



Depreciation


At 1 February 2023
174,046


Charge for the period on owned assets
34,927



At 30 April 2024

208,973



Net book value



At 30 April 2024
41,876



At 31 January 2023
62,615

Page 8

 


VALOREM CAPITAL ONE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

7.


Fixed asset investments








Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 February 2023
-
49,000
49,000


Additions
1
-
1


Transfer between classes
49,000
(49,000)
-



At 30 April 2024

49,001
-
49,001



Impairment


Charge for the period
49,000
-
49,000



At 30 April 2024

49,000
-
49,000



Net book value



At 30 April 2024
1
-
1



At 31 January 2023
-
49,000
49,000

Page 9

 


VALOREM CAPITAL ONE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

8.


Debtors

30 April
31 January
2024
2023
£
£


Trade debtors
537,188
957,561

Amounts owed by group undertakings
1,789,404
1,323,845

Other debtors
690,750
368,838

Prepayments and accrued income
33,102
20,987

Tax recoverable
157,338
-

3,207,782
2,671,231


The Company enters into foreign currency contracts to mitigate the exchange rate risk for certain foreign currency debtors. Details of the contracts outstanding at 30 April 2024 can be found in the creditors note.


9.


Creditors: Amounts falling due within one year

30 April
31 January
2024
2023
£
£

Bank loans
165,786
164,014

Trade creditors
606,066
497,984

Amounts owed to group undertakings
988,423
6,040

Corporation tax
-
172,747

Other taxation and social security
47,401
34,688

Other creditors
59,572
42,462

Accruals and deferred income
236,279
183,138

Financial instruments
105,407
207,429

2,208,934
1,308,502


Bank loans of £250,000 (2023 - £401,393) are secured on a fixed and floating charge over all assets of the company and a personal guarantee given by D A Crisp, a former director.
The Company enters into foreign currency contracts to mitigate the exchange rate risk for certain foreign currency debtors. Details of the contracts outstanding at 30 April 2024 are as follows:
Contract       Buy                           Sell                        Maturity
1                   £1,085,069               $1,500,000            31/12/2024
The forward currency contracts are measured at fair value using quoted forward exchange rates.

Page 10

 


VALOREM CAPITAL ONE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

10.


Creditors: Amounts falling due after more than one year

30 April
31 January
2024
2023
£
£

Bank loans
232,874
441,852

232,874
441,852



11.


Contingent liabilities

The Company has provided a guarantee of $306,000 (2023 - $306,000) in respect of sale or return goods supplied to a customer.


12.


Related party transactions

During the period the Company was charged £NIL (2023 - £9,370) by Crisp Finance Limited, a company owned by D A Crisp, a former director, in respect of a personal guarantee which represents 3% of the liability secured. 
At the date of approval of these accounts, the current directors are unable to confirm whether any additional related party transactions occurred during the reporting period that may require disclosure involving the former director, David Crisp, either directly or indirectly through any person or entity connected to David Crisp who meet the definition of a related party under Section 33 of FRS 102.


13.


Post balance sheet events

On 20 June 2024 the Company entered into a new lease which was for a period of 5 years with annual rent of £312,500 being payable.
On 20 March 2025 the Company entered into a loan agreement with a director whereby the director loaned the Company £1,000,000.


14.


Controlling party

The parent undertaking is Valorem Holdings Limited, a company registered in England and Wales. 
The results of the Company are included in Valorem Holdings Limited consolidated financial statements, and this is the largest and smallest group for which consolidated financial statements are drawn up. The registered office of Valorem Holdings is 4th Floor, 95 Gresham Street, London, EC2V 7AB.

Page 11

 


VALOREM CAPITAL ONE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

15.


Auditors' information

The auditors' report on the financial statements for the period ended 30 April 2024 was qualified.

The qualification in the audit report was as follows:

The corresponding figures were unaudited, and thus we were unable to satisfy ourselves concerning the inventory quantities held at 31 January 2023  which are included in the balance sheet at £1,762,131. Consequently we were unable to determine whether any adjustment to this amount at 31 January 2023 was necessary or whether there was any consequential effect on the cost of sales for the year ended 30 April 2024.
Additionally, arising from the matters disclosed in Note 12, we were unable to obtain sufficient appropriate audit evidence about whether related party relationships and transactions have been appropriately identified, accounted for and disclosed in the financial statements in accordance with Section 33 of FRS 102.

The audit report was signed on 17 April 2025 by Andrew Wooding FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 12