Registered number
02557904
Vale Insurance Services Limited
Unaudited Filleted Accounts
31 January 2025
Vale Insurance Services Limited
Registered number: 02557904
Balance Sheet
as at 31 January 2025
Notes 2025 2024
£ £
Fixed assets
Intangible assets 3 87,012 145,710
Tangible assets 4 106,290 119,945
193,302 265,655
Current assets
Debtors 5 2,471,821 2,514,617
Cash at bank and in hand 573,248 409,443
3,045,069 2,924,060
Creditors: amounts falling due within one year 6 (561,618) (571,388)
Net current assets 2,483,451 2,352,672
Total assets less current liabilities 2,676,753 2,618,327
Creditors: amounts falling due after more than one year 7 (462,180) (627,744)
Provisions for liabilities (333) -
Net assets 2,214,240 1,990,583
Capital and reserves
Called up share capital 3,750 3,750
Profit and loss account 2,210,490 1,986,833
Shareholders' funds 2,214,240 1,990,583
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
F G Hartley
Director
Approved by the board on 23 April 2025
Vale Insurance Services Limited
Notes to the Accounts
for the year ended 31 January 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements over 15 years
Office equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 17 17
3 Intangible fixed assets
Goodwill Databases Total
£ £ £
Cost
At 1 February 2024 147,555 1,916,295 2,063,850
Additions 116,016 - 116,016
At 31 January 2025 263,571 1,916,295 2,179,866
Amortisation
At 1 February 2024 147,555 1,770,585 1,918,140
Provided during the year 29,004 145,710 174,714
At 31 January 2025 176,559 1,916,295 2,092,854
Net book value
At 31 January 2025 87,012 - 87,012
At 31 January 2024 - 145,710 145,710
The goodwill and databases are being written off in equal annual instalments over their estimated economic life of 4 years.
4 Tangible fixed assets
Leasehold Improvements Plant and machinery Total
£ £ £
Cost
At 1 February 2024 218,152 181,068 399,220
Additions - 8,302 8,302
Disposals - (101,563) (101,563)
At 31 January 2025 218,152 87,807 305,959
Depreciation
At 1 February 2024 116,928 162,347 279,275
Charge for the year 14,616 7,341 21,957
On disposals - (101,563) (101,563)
At 31 January 2025 131,544 68,125 199,669
Net book value
At 31 January 2025 86,608 19,682 106,290
At 31 January 2024 101,224 18,721 119,945
5 Debtors 2025 2024
£ £
Trade debtors 5,984 38,429
Deferred tax asset - 10,697
Other debtors 2,465,837 2,465,491
2,471,821 2,514,617
Amounts due after more than one year included above 2,455,196 2,453,478
6 Creditors: amounts falling due within one year 2025 2024
£ £
Trade creditors 195,916 205,802
Taxation and social security costs 193,679 154,032
Other creditors 172,023 211,554
561,618 571,388
7 Creditors: amounts falling due after one year 2025 2024
£ £
Other creditors 462,180 627,744
8 Loans 2025 2024
£ £
Creditors include:
Instalments falling due for payment after more than five years - 40,197
9 Related party transactions
The company is owed £2,455,196 (2024 - £2,453,478) by GARV Properties Ltd, a company owned and controlled by Mr F G Hartley, director. This loan is interest-free and repayable on demand. It has been classifed in other debtors in these accounts.
10 Controlling party
The company is controlled by Mr F G Hartley, director and his wife, Mrs A Hartley, as between them they own the entire share capital.
11 Other information
Vale Insurance Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
22 - 24 Market Street
Altrincham
Cheshire
WA14 1PF
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