Valiant Furniture Ltd 12619697 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is Manufacture of Other Furniture Digita Accounts Production Advanced 6.30.9574.0 true 12619697 2023-06-01 2024-05-31 12619697 2024-05-31 12619697 bus:OrdinaryShareClass1 2024-05-31 12619697 core:CurrentFinancialInstruments 2024-05-31 12619697 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 12619697 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 12619697 core:MotorVehicles 2024-05-31 12619697 core:OfficeEquipment 2024-05-31 12619697 core:PlantMachinery 2024-05-31 12619697 bus:SmallEntities 2023-06-01 2024-05-31 12619697 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 12619697 bus:FilletedAccounts 2023-06-01 2024-05-31 12619697 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 12619697 bus:RegisteredOffice 2023-06-01 2024-05-31 12619697 bus:Director1 2023-06-01 2024-05-31 12619697 bus:Director2 2023-06-01 2024-05-31 12619697 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 12619697 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 12619697 bus:Agent1 2023-06-01 2024-05-31 12619697 core:MotorVehicles 2023-06-01 2024-05-31 12619697 core:OfficeEquipment 2023-06-01 2024-05-31 12619697 core:PlantMachinery 2023-06-01 2024-05-31 12619697 countries:EnglandWales 2023-06-01 2024-05-31 12619697 2023-05-31 12619697 core:MotorVehicles 2023-05-31 12619697 core:OfficeEquipment 2023-05-31 12619697 core:PlantMachinery 2023-05-31 12619697 2022-06-01 2023-05-31 12619697 2023-05-31 12619697 bus:OrdinaryShareClass1 2023-05-31 12619697 core:CurrentFinancialInstruments 2023-05-31 12619697 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 12619697 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 12619697 core:MotorVehicles 2023-05-31 12619697 core:OfficeEquipment 2023-05-31 12619697 core:PlantMachinery 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12619697

Valiant Furniture Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Valiant Furniture Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Valiant Furniture Ltd

Company Information

Directors

Mr Samuel Urmston

Mrs Elizabeth Urmston

Registered office

9 Riverside
Waters Meeting Road
Bolton
BL1 8TU

Accountants

HML Davies Limited
Chartered Certified Accountants9 Riverside
Waters Meeting Road
Bolton
BL1 8TU

 

Valiant Furniture Ltd

(Registration number: 12619697)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

194,684

173,366

Current assets

 

Stocks

5

697,000

335,000

Debtors

6

249,623

251,538

Cash at bank and in hand

 

3,309

22,207

 

949,932

608,745

Creditors: Amounts falling due within one year

7

(960,934)

(659,133)

Net current liabilities

 

(11,002)

(50,388)

Total assets less current liabilities

 

183,682

122,978

Creditors: Amounts falling due after more than one year

7

(109,642)

(53,106)

Net assets

 

74,040

69,872

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

74,038

69,870

Shareholders' funds

 

74,040

69,872

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 May 2025 and signed on its behalf by:
 

.........................................
Mr Samuel Urmston
Director

 

Valiant Furniture Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
9 Riverside
Waters Meeting Road
Bolton
BL1 8TU

These financial statements were authorised for issue by the Board on 28 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Valiant Furniture Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Office equipment

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Valiant Furniture Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Valiant Furniture Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2023 - 25).

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

230,071

6,707

-

236,778

Additions

32,000

-

34,991

66,991

Disposals

(16,000)

-

-

(16,000)

At 31 May 2024

246,071

6,707

34,991

287,769

Depreciation

At 1 June 2023

61,490

1,922

-

63,412

Charge for the year

26,325

717

8,747

35,789

Eliminated on disposal

(6,116)

-

-

(6,116)

At 31 May 2024

81,699

2,639

8,747

93,085

Carrying amount

At 31 May 2024

164,372

4,068

26,244

194,684

At 31 May 2023

168,581

4,785

-

173,366

5

Stocks

2024
£

2023
£

Other inventories

697,000

335,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

246,812

241,594

Prepayments

2,811

9,944

 

249,623

251,538

 

Valiant Furniture Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

243,092

228,359

Trade creditors

 

215,081

238,506

Taxation and social security

 

43,009

60,234

Accruals and deferred income

 

6,714

11,075

Other creditors

 

453,038

120,959

 

960,934

659,133

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

109,642

53,106

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2