Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30truetrue2023-02-0126falseNo description of principal activity21false 11492744 2023-02-01 2024-04-30 11492744 2022-02-01 2023-01-31 11492744 2024-04-30 11492744 2023-01-31 11492744 c:Director3 2023-02-01 2024-04-30 11492744 d:PlantMachinery 2023-02-01 2024-04-30 11492744 d:PlantMachinery 2024-04-30 11492744 d:PlantMachinery 2023-01-31 11492744 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-02-01 2024-04-30 11492744 d:FurnitureFittings 2023-02-01 2024-04-30 11492744 d:FurnitureFittings 2024-04-30 11492744 d:FurnitureFittings 2023-01-31 11492744 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-02-01 2024-04-30 11492744 d:OwnedOrFreeholdAssets 2023-02-01 2024-04-30 11492744 d:CurrentFinancialInstruments 2024-04-30 11492744 d:CurrentFinancialInstruments 2023-01-31 11492744 d:Non-currentFinancialInstruments 2024-04-30 11492744 d:Non-currentFinancialInstruments 2023-01-31 11492744 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 11492744 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 11492744 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 11492744 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 11492744 d:ShareCapital 2024-04-30 11492744 d:ShareCapital 2023-01-31 11492744 d:RetainedEarningsAccumulatedLosses 2024-04-30 11492744 d:RetainedEarningsAccumulatedLosses 2023-01-31 11492744 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-04-30 11492744 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-31 11492744 c:FRS102 2023-02-01 2024-04-30 11492744 c:Audited 2023-02-01 2024-04-30 11492744 c:FullAccounts 2023-02-01 2024-04-30 11492744 c:PrivateLimitedCompanyLtd 2023-02-01 2024-04-30 11492744 d:WithinOneYear 2024-04-30 11492744 d:WithinOneYear 2023-01-31 11492744 d:BetweenOneFiveYears 2024-04-30 11492744 d:BetweenOneFiveYears 2023-01-31 11492744 d:HirePurchaseContracts d:WithinOneYear 2024-04-30 11492744 d:HirePurchaseContracts d:WithinOneYear 2023-01-31 11492744 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-04-30 11492744 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-01-31 11492744 c:SmallCompaniesRegimeForAccounts 2023-02-01 2024-04-30 11492744 4 2023-02-01 2024-04-30 11492744 6 2023-02-01 2024-04-30 11492744 e:PoundSterling 2023-02-01 2024-04-30 iso4217:GBP xbrli:pure
Company registration number: 11492744







FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 APRIL 2024


VALOREM DISTRIBUTION LIMITED






































img39c7.png                        

 


VALOREM DISTRIBUTION LIMITED
REGISTERED NUMBER:11492744



STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

30 April
31 January
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
171,580
211,260

Investments
 5 
1
1

  
171,581
211,261

Current assets
  

Stocks
  
371,411
343,593

Debtors: amounts falling due within one year
 6 
995,130
436,478

Cash at bank and in hand
  
25,959
74,862

  
1,392,500
854,933

Creditors: amounts falling due within one year
 7 
(1,610,786)
(917,408)

Net current liabilities
  
 
 
(218,286)
 
 
(62,475)

Total assets less current liabilities
  
(46,705)
148,786

Creditors: amounts falling due after more than one year
 8 
(18,803)
-

Provisions for liabilities
  

Other provisions
 10 
(144,000)
(144,000)

  
 
 
(144,000)
 
 
(144,000)

Net (liabilities)/assets
  
(209,508)
4,786


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(209,509)
4,785

  
(209,508)
4,786


Page 1

 


VALOREM DISTRIBUTION LIMITED
REGISTERED NUMBER:11492744


    
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 9 form part of these financial statements.

Page 2

 


VALOREM DISTRIBUTION LIMITED
 


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

1.


General information

Valorem Distribution Limited is a private company limited by shares, incorporated in England & Wales under the Companies Act 2006, registration number 11492744. 
The address of the registered office 4th Floor, 95 Gresham Street, London, EC2V 7AB. 
The address of the principal place of business is Unit 16, 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

Going concern

The financial statements have been prepared on a going concern basis on the assumption that the company will continue to trade in the forseeable future. The company directors having made appropriate enquiries consider that adequate resources exist for the company to continue in operational existence for the forseeable future. The company has received confirmation from one of its fellow subsidiary entity of continued support to meet its liabilities as they fall due and has received similar confirmation from its ultimate parent company. Therefore, the directors are of the opinion that it is appropriate to adopt the going concern basis in preparing the financial statements.

 
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 DISTRIBUTION 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.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

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.

 
2.8

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.

 
2.9

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.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
Fixtures and fittings
-
33%

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.

Page 4

 


VALOREM DISTRIBUTION LIMITED
 


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

2.Accounting policies (continued)

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the period was 26 (2023 - 21).

Page 5

 


VALOREM DISTRIBUTION LIMITED
 


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

4.


Tangible fixed assets







Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 February 2023
99,197
184,034
283,231


Additions
53,762
36,140
89,902



At 30 April 2024

152,959
220,174
373,133



Depreciation


At 1 February 2023
21,097
50,874
71,971


Charge for the period on owned assets
47,801
81,781
129,582



At 30 April 2024

68,898
132,655
201,553



Net book value



At 30 April 2024
84,061
87,519
171,580



At 31 January 2023
78,100
133,160
211,260


5.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 February 2023
1



At 30 April 2024
1




Page 6

 


VALOREM DISTRIBUTION LIMITED
 


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

6.


Debtors

30 April
31 January
2024
2023
£
£


Trade debtors
477,593
314,774

Amounts owed by group undertakings
150,369
2,759

Other debtors
12,254
67,903

Prepayments and accrued income
354,914
51,042

995,130
436,478



7.


Creditors: Amounts falling due within one year

30 April
31 January
2024
2023
£
£

Trade creditors
404,434
56,331

Amounts owed to group undertakings
813,161
816,763

Other taxation and social security
34,698
10,401

Obligations under finance lease and hire purchase contracts
3,182
-

Other creditors
3,094
1,727

Accruals and deferred income
352,217
32,186

1,610,786
917,408



8.


Creditors: Amounts falling due after more than one year

30 April
31 January
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
18,803
-

18,803
-


Page 7

 


VALOREM DISTRIBUTION LIMITED
 


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

9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

30 April
31 January
2024
2023
£
£


Within one year
4,629
-

Between 1-5 years
17,356
-

21,985
-


10.


Provisions






Dilapidations provision

£





At 1 February 2023
144,000



At 30 April 2024
144,000


11.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

30 April
31 January
2024
2023
£
£


Not later than 1 year
132,977
199,465

Later than 1 year and not later than 5 years
-
182,843

132,977
382,308


12.


Related party transactions

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.

Page 8

 


VALOREM DISTRIBUTION LIMITED
 


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

13.


Controlling party

The parent undertaking is Valorem Holdings Limited, a company registered in England and Wales. The registered office of Valorem Holdings Limited is 4th Floor, 95 Gresham Street, London, EC2V 7AB. The smallest and largest consolidation to which the Company is included is of Valorem Holdings Limited, these can be found on Companies House.


14.


Auditor's information

The auditor's 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 £343,593. 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 9