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Registration number: NI073404

Valley Low (NI) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Valley Low (NI) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Valley Low (NI) Limited

Company Information

Directors

Mr David Kelly

Mrs Jana Vachalikova

Registered office

Unit 2
21 Botanic Avenue
Belfast
BT71 1JJ

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants, Registered Auditors and Tax Advisors5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

Valley Low (NI) Limited

(Registration number: NI073404)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

862

1,054

Current assets

 

Stocks

5

15,297

8,335

Debtors

6

99,581

50,425

Cash at bank and in hand

 

163,270

151,285

 

278,148

210,045

Creditors: Amounts falling due within one year

7

(204,977)

(137,460)

Net current assets

 

73,171

72,585

Total assets less current liabilities

 

74,033

73,639

Provisions for liabilities

(215)

(200)

Net assets

 

73,818

73,439

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

73,718

73,339

Shareholders' funds

 

73,818

73,439

For the financial year ending 31 August 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 31 July 2025 and signed on its behalf by:
 

.........................................
Mr David Kelly
Director

   
     
 

Valley Low (NI) Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
Unit 2
21 Botanic Avenue
Belfast
BT71 1JJ
N. Ireland

These financial statements were authorised for issue by the Board on 31 July 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.

Going concern

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Valley Low (NI) Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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:

Asset class

Depreciation method and rate

Office equipment

12.5% Reducing balance basis

Fixtures & Fittings

20% Reducing balance basis

Plant & machinery

25% Reducing balance basis

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.

 

Valley Low (NI) Limited

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Valley Low (NI) Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

1,622

3,924

5,546

At 31 August 2024

1,622

3,924

5,546

Depreciation

At 1 September 2023

1,169

3,323

4,492

Charge for the year

72

120

192

At 31 August 2024

1,241

3,443

4,684

Carrying amount

At 31 August 2024

381

481

862

At 31 August 2023

453

601

1,054

5

Stocks

2024
£

2023
£

Other inventories

15,297

8,335

6

Debtors

Current

2024
£

2023
£

Trade debtors

98,677

49,506

Other debtors

904

919

 

99,581

50,425

7

Creditors

Creditors: amounts falling due within one year

 

Valley Low (NI) Limited

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

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

30

25

Trade creditors

 

45,959

2,987

Taxation and social security

 

138

583

Accruals and deferred income

 

2,083

1,953

Other creditors

 

156,767

131,912

 

204,977

137,460

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

100

100

100

100

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

30

25

10

Related party transactions

 

Valley Low (NI) Limited

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

Transactions with directors

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

Mr David Kelly

Directors Loan repayable on demand

94,235

-

15,000

109,235

2023

At 1 September 2022
£

Repayments by director
£

At 31 August 2023
£

Mr David Kelly

Directors Loan repayable on demand

79,235

15,000

94,235

 

Valley Low (NI) Limited

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

Summary of transactions with all entities with joint control or significant interest

Related party transactions have occurred in the year between the company and a related company with the same shareholders and directors. The company sells to and purchases goods from the other company which is incorporated in Republic of Ireland. The balance owed by / (to) the related party at 31st August 2024 was (£47,499). At 31st August 2023 (£37,499).