Acorah Software Products - Accounts Production 16.4.675 false true 31 December 2023 1 January 2023 false 8 August 2025 true true 1 January 2024 31 December 2024 31 December 2024 14347036 Mr James Lyon Mr Paul Brown Mr Gavin Sims Mr Stephen Lyon Mr Peter Alexander Mr Jonathan Alexander true true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 14347036 2023-12-31 14347036 2024-12-31 14347036 2024-01-01 2024-12-31 14347036 frs-core:CurrentFinancialInstruments 2024-12-31 14347036 frs-core:Non-currentFinancialInstruments 2024-12-31 14347036 frs-core:ComputerEquipment 2024-12-31 14347036 frs-core:ComputerEquipment 2024-01-01 2024-12-31 14347036 frs-core:ComputerEquipment 2023-12-31 14347036 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 14347036 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 14347036 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 14347036 frs-core:FurnitureFittings 2024-12-31 14347036 frs-core:FurnitureFittings 2024-01-01 2024-12-31 14347036 frs-core:FurnitureFittings 2023-12-31 14347036 frs-core:NetGoodwill 2024-12-31 14347036 frs-core:NetGoodwill 2024-01-01 2024-12-31 14347036 frs-core:NetGoodwill 2023-12-31 14347036 frs-core:MotorVehicles 2024-12-31 14347036 frs-core:MotorVehicles 2024-01-01 2024-12-31 14347036 frs-core:MotorVehicles 2023-12-31 14347036 frs-core:PlantMachinery 2024-12-31 14347036 frs-core:PlantMachinery 2024-01-01 2024-12-31 14347036 frs-core:PlantMachinery 2023-12-31 14347036 frs-core:ShareCapital 2024-12-31 14347036 frs-core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 14347036 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 14347036 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 14347036 frs-bus:FullAccounts 2024-01-01 2024-12-31 14347036 frs-bus:MediumEntities 2024-01-01 2024-12-31 14347036 frs-bus:Audited 2024-01-01 2024-12-31 14347036 frs-bus:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 14347036 frs-bus:Medium-sizedCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 14347036 frs-bus:OrdinaryShareClass1 2024-01-01 2024-12-31 14347036 frs-bus:OrdinaryShareClass1 2024-12-31 14347036 frs-bus:PreferenceShareClass1 2024-01-01 2024-12-31 14347036 frs-bus:PreferenceShareClass1 2024-12-31 14347036 1 2024-01-01 2024-12-31 14347036 frs-core:DeferredTaxation 2024-01-01 2024-12-31 14347036 frs-core:DeferredTaxation 2023-12-31 14347036 frs-core:DeferredTaxation 2024-12-31 14347036 frs-bus:Director1 2024-01-01 2024-12-31 14347036 frs-bus:Director2 2024-01-01 2024-12-31 14347036 frs-bus:Director3 2024-01-01 2024-12-31 14347036 frs-bus:Director4 2024-01-01 2024-12-31 14347036 frs-bus:Director5 2024-01-01 2024-12-31 14347036 frs-bus:Director6 2024-01-01 2024-12-31 14347036 1 2024-01-01 2024-12-31 14347036 2 2024-01-01 2024-12-31 14347036 frs-countries:EnglandWales 2024-01-01 2024-12-31 14347036 2022-12-31 14347036 2023-12-31 14347036 2023-01-01 2023-12-31 14347036 frs-core:CurrentFinancialInstruments 2023-12-31 14347036 frs-core:Non-currentFinancialInstruments 2023-12-31 14347036 frs-core:MotorVehicles 2023-01-01 2023-12-31 14347036 frs-core:ShareCapital 2022-12-31 14347036 frs-core:ShareCapital 2023-12-31 14347036 frs-core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 14347036 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2022-12-31 14347036 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 14347036 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31 14347036 frs-bus:PreferenceShareClass1 2023-01-01 2023-12-31 14347036 1 2023-01-01 2023-12-31 14347036 2 2023-01-01 2023-12-31
Registered number: 14347036
Valley Provincial Ltd
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2024
Montacs
Contents
Page
Strategic Report 1—2
Directors' Report 3—4
Independent Auditor's Report 5—7
Profit and Loss Account 8
Balance Sheet 9
Statement of Changes in Equity 10
Notes to the Financial Statements 11—19
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2024.
Principal Activity
The company is principally engaged in the strategy, construction and maintenance of inspired landscaping.
Review of the Business
From a background in interior planting for commercial environments since 1976, the company expanded into exterior landscaping from 1993, then in 2012 established a specialist division designing and installing recreational facilities for the education sector. Since 2016, the main growth area has been the construction of roof gardens, podiums and terraces, a sector which has become the largest contributor to the company’s revenue as the trend for urban greening gathers momentum.
Following professional advice, the business incorporated on 30th November 2022 under the same ownership and control as the previous LLP and with all the same assets and resources.
In 2024, the company achieved an 10.4% increase in revenue. The Directors are pleased with the results and are on track to exceed this level of growth in 2025.
The company works for a broad cross-section of market sectors including property development, property management, storage, healthcare and construction, many of which are Tier 1 businesses.
It has also acted as key contractor across a number of projects ranging from £100k to £3.5m in value, and seeks to complete larger value projects in this capacity in the future.
One strategic achievement for 2024 was the successful application for ISO 45001 certification which was awarded in September.  This builds on the company’s long-standing credentials as having ISO 9001 and ISO 14001 certifications and demonstrates its progression as a leading provider in commercial landscaping.
The company is committed to growth whilst benefiting both the environment and the community. It has invested in green deposits/bonds which help to fund projects such as energy efficiency, renewable energy, green transport, sustainable food, agriculture and forestry, waste management and greenhouse gas emission reduction, and supports the UK’s transition to a lower carbon economy.
Page 1
Page 2
Principal Risks and Uncertainties
The nature of the construction industry carries well-known risks, principal ones being: 
a) Credit risks  A focus on proactive and timely credit control, sending reminders shortly before payments are due, helps to flag up any issues as early as possible; in some cases, contractual notices have been issued to underpin a robust credit control strategy. Sales activity is focussed on developing strong working partnerships with both known and new organisations that have a good track record of creditworthiness. 
b) Cashflow risks due to project overrun and slippage. The company has three diverse revenue streams: landscape projects, grounds maintenance and interior planting, each with its own client base, helping to spread cashflow risk. Moreover, the balance between project and maintenance works means the business’ cashflow is more manageable. Shareholders have habitually retained their capital in the business and have thus been able to maintain a positive cashflow despite fluctuations. 
c) Availability of skilled labour. The company’s long-standing practice of paying tradesmen and subcontractors quickly helps to retain good quality workmanship. 
d) Delayed supply of materials. The company pays increasing attention to the financial stability and production capacity of suppliers before placing orders for time-critical materials. Paying creditors on time has also proved beneficial in mitigating this risk. 
The strategic combination of experienced management and key staff, continuing investment in trade-specific expertise, accreditations, staff training, improving environmental and CSR credentials, and implementing safe working practices, is enabling the company to operate at the forefront of the industry and mitigate risks as they are identified.    
Key Performance Indicators 
2024
2023
£
£
Turnover 
13,367,541
12,109,009
Gross Profit
6,543,041
6,316,456
GPM%
48.95%
52.16%
EBITDA
2,008,933
2,523,588
Bank and Cash 
1,111,077
1,335,067
Current Ratio
1.48
1.26
Debtor Days
41 days
53 days
The company sees Turnover and Gross Profit Margins as their key performance indicators (KPIs). These KPIs allow the company to monitor the growth of the business and its ability to deliver services profitably.
Going Concern
Global uncertainties, shifting customer expectations, and changing tax rules are having an impact on economic conditions generally and tending to delay projects going ahead.  However, with a Current Ratio now regularly running at 1.5:1 or better, secured sales orders for 2025 now topping £18M, and a significant pipeline of projects in the consultation phase, the directors consider the company’s assets and prospects are sufficiently robust to perform as a resilient going concern over the next twelve months and beyond. 
Sales activity for growth plans beyond 2024 is focussed on developing strong working partnerships with both known and new organisations, especially in the property development and property management sectors with projects in and around London, including projects for which the company would act as key contractor.
On behalf of the board
Mr Jonathan Alexander
Director
08/08/2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2024.
Dividends
The value of dividends paid amounted to £750,000 .
The directors recommended a final dividend of £750,000 .
Directors
The directors who held office during the year were as follows:
Mr James Lyon
Mr Paul Brown
Mr Gavin Sims
Mr Stephen Lyon
Mr Peter Alexander
Mr Jonathan Alexander
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Disclosure of information in the strategic report
As permitted by paragraph 1A of Schedule 7 to the Large and Medium-sized Companies (accounts and reports) Regulations 2008 certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the Strategic Report on pages 2 and 3. These matters relate to business review, future developments and principal risks and uncertainties.
Page 3
Page 4
Independent Auditors
The auditors, Riverside Accountancy Lancaster Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Jonathan Alexander
Director
08/08/2025
Page 4
Page 5
Independent Auditor's Report
Opinion
We have audited the financial statements of Valley Provincial Ltd for the year ended 31 December 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes of Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Page 5
Page 6
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Review of nominal postings for legal and professional fees ensured we identified any regulatory compliance issues and laws that company must follow in the year and to the date of signing the financial statements 
The assessment of fraud was consider as low due to the segregation of duties seen, the low levels of cash handled and the regular reporting required of the company to its parent. A review of journal entries and consideration of their appropriateness was carried out through the audit 
During the audit we speak to management, test the systems and speak to various members of the finance function to understand the entity its processes and the nature of trade to assist in determining if the financial statements are true and fair.  
Challenging assumptions made by management in making their significant accounting estimates. 
Reviewing financial statement disclosure and testing to supporting documentation to assess compliance with applicable laws and regulations 
Review, test and scrutinise the work in progress, accrued and deferred income to ensure revenue is recognised in line with the accounting standards
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Page 6
Page 7
Lyndsay Nicholson FCA (Senior Statutory Auditor)
for and on behalf of Riverside Accountancy Lancaster Limited , Statutory Auditor
08/08/2025
Riverside Accountancy Lancaster Limited
Suite 2, 2 Mannin Way
Lancaster Business Park
Caton Road
Lancaster
LA1 3SU
Page 7
Page 8
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 3 13,367,541 12,109,009
Cost of sales (6,824,500 ) (5,792,553 )
GROSS PROFIT 6,543,041 6,316,456
Administrative expenses (5,004,102 ) (4,240,302 )
Other operating income 1,980 1,980
OPERATING PROFIT 5 1,540,919 2,078,134
Profit on disposal of fixed assets 45,188 12,369
Other interest receivable and similar income 9 26,544 2,434
Interest payable and similar charges 10 (26,480 ) (15,643 )
PROFIT BEFORE TAXATION 1,586,171 2,077,294
Tax on Profit 11 (337,484 ) (555,952 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 1,248,687 1,521,342
The notes on pages 11 to 19 form part of these financial statements.
Page 8
Page 9
Balance Sheet
Registered number: 14347036
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 12 2,127,036 2,396,569
Tangible Assets 13 771,072 717,263
2,898,108 3,113,832
CURRENT ASSETS
Stocks 14 272,434 158,938
Debtors 15 3,389,544 3,462,151
Cash at bank and in hand 1,111,077 1,335,067
4,773,055 4,956,156
Creditors: Amounts Falling Due Within One Year 16 (3,221,387 ) (3,943,555 )
NET CURRENT ASSETS (LIABILITIES) 1,551,668 1,012,601
TOTAL ASSETS LESS CURRENT LIABILITIES 4,449,776 4,126,433
Creditors: Amounts Falling Due After More Than One Year 17 (103,924 ) (330,616 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 18 (85,544 ) (34,196 )
NET ASSETS 4,260,308 3,761,621
CAPITAL AND RESERVES
Called up share capital 20 2,900,100 2,900,100
Profit and Loss Account 1,360,208 861,521
SHAREHOLDERS' FUNDS 4,260,308 3,761,621
On behalf of the board
Mr Jonathan Alexander
Director
08/08/2025
The notes on pages 11 to 19 form part of these financial statements.
Page 9
Page 10
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2023 2,900,100 140,179 3,040,279
Profit for the year and total comprehensive income - 1,521,342 1,521,342
Dividends paid - (800,000) (800,000)
As at 31 December 2023 and 1 January 2024 2,900,100 861,521 3,761,621
Profit for the year and total comprehensive income - 1,248,687 1,248,687
Dividends paid - (750,000) (750,000)
As at 31 December 2024 2,900,100 1,360,208 4,260,308
Page 10
Page 11
Notes to the Financial Statements
1. General Information
Valley Provincial Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14347036 . The registered office is Chalcraft Nurseries Shirehall Road, Hawley, Dartford, Kent, DA2 7SE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
The financial statements are prepared in sterling, whcih is the functional currency of the entity.
2.2. Financial Reporting Standard 102 - Reduced Disclosure Exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
  • the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d).
2.3. Significant judgements and estimations
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.
Significant judgements
There have been no critical judgements made by the directors in the process of applying the company's accounting policies that have a significant effect on the amounts recognised in the statutory financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. 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:
(i) Recoverability of debtors
The company establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the ageing of the debtors, past experience of recoverability, and the credit profile of individual groups of customers.
(ii) Determining the residual values and useful economic lives of property plant and equipment and intangible assets
The company depreciates tangible and intangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. 
Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to asses the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition, expected at the end of its useful economic life. Where possible this is done with reference to external market prices.
(iii) Impairment of intangible assets
Intangible assets are tested for impairment where there is an indication that the asset may be impaired. Existence of impairment indicators is assessed at each reporting date, and the directors deemed there to be no indicators at the end of the year.
Page 11
Page 12
2.4. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.5. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.6. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are website costs. It is amortised to profit and loss account over its estimated economic life of 3 years.
2.7. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% straight line & 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% straight line & 15% reducing balance
Computer Equipment 25% straight line
2.8. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.9. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.10. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
Page 12
Page 13
2.11. Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
2.12. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.13. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.14. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.15. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
Page 13
Page 14
3. Turnover
The turnover of the company is attributable to the principle activity of the company. During the year sales of £13,367,541 were carried out in the UK.
4. Other Operating Income
2024 2023
£ £
Grant income 1,980 1,980
1,980 1,980
5. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Bad debts 19,610 (2,123)
Depreciation of tangible fixed assets 199,167 175,868
Amortisation of intangible fixed assets 268,847 269,586
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 16,932 13,660
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 3,743,134 3,281,306
Social security costs 269,982 216,164
Other pension costs 29,632 28,110
4,042,748 3,525,580
8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 26 36
Directors 6 6
Operational 30 22
62 64
Page 14
Page 15
9. Interest Receivable and Similar Income
2024 2023
£ £
Other interest receivable 26,544 2,434
10. Interest Payable and Similar Charges
2024 2023
£ £
Finance charges payable under finance leases and hire purchase contracts 26,480 15,643
11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 23.5% 347,853 529,392
Deferred Tax
Deferred taxation 51,349 26,560
Origination and reversal of timing differences (61,718 ) -
(10,369) 26,560
Total tax charge for the period 337,484 555,952
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 1,586,171 2,077,294
Tax on profit at 25% (UK standard rate) 396,542 488,593
Goodwill/depreciation not allowed for tax 105,706 101,861
Expenses not deductible for tax purposes 3,510 2,175
Capital allowances (90,655 ) (63,237 )
Short term timing differences (10,369 ) 26,560
Research and Development tax credit (67,250 ) -
Total tax charge for the period 337,484 555,952
Page 15
Page 16
12. Intangible Assets
Goodwill Development Costs Total
£ £ £
Cost
As at 1 January 2024 2,682,560 7,555 2,690,115
As at 31 December 2024 2,682,560 7,555 2,690,115
Amortisation
As at 1 January 2024 288,052 5,494 293,546
Provided during the period 268,846 687 269,533
As at 31 December 2024 556,898 6,181 563,079
Net Book Value
As at 31 December 2024 2,125,662 1,374 2,127,036
As at 1 January 2024 2,394,508 2,061 2,396,569
13. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2024 326,697 543,360 24,295 54,098 948,450
Additions 59,520 276,628 19,933 16,574 372,655
Disposals (1,217 ) (69,849 ) - - (71,066 )
As at 31 December 2024 385,000 750,139 44,228 70,672 1,250,039
Depreciation
As at 1 January 2024 95,866 116,619 6,715 11,987 231,187
Provided during the period 110,914 139,811 3,922 15,136 269,783
Disposals (709 ) (21,294 ) - - (22,003 )
As at 31 December 2024 206,071 235,136 10,637 27,123 478,967
Net Book Value
As at 31 December 2024 178,929 515,003 33,591 43,549 771,072
As at 1 January 2024 230,831 426,741 17,580 42,111 717,263
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 340,083 338,345
14. Stocks
2024 2023
£ £
Stock 18,644 22,691
Work in progress 253,790 136,247
272,434 158,938
Page 16
Page 17
15. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,518,953 1,753,490
Amounts owed by connected Parties 22,328 22,328
Other debtors 1,481,007 1,384,253
VAT 178,200 133,365
Amounts owed by group undertakings 189,056 168,715
3,389,544 3,462,151
16. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,262,022 899,684
Corporation tax 210,353 393,874
Other taxes and social security 116,174 29,433
Other creditors 383,438 543,368
Accruals and deferred income 152,967 15,160
Amounts owed to connected parties 8,300 8,300
Amounts owed to group undertakings 1,088,133 2,053,736
3,221,387 3,943,555
Included in other creditors are finance leases (£65,175) and hire purchase (£89,044)
17. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 103,924 110,101
Amounts owed to group undertakings - 220,515
103,924 330,616
Included in other creditors are finance leases (£19,974) and Hire Purchase (£83,949)
18. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 85,544 34,196
19. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2024 34,196 34,196
Additions 51,348 51,348
Balance at 31 December 2024 85,544 85,544
Page 17
Page 18
20. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
Preference Shares
2024 2023
Allotted, called up and fully paid £ £
2,900,000 Preference Shares of £ 1.00 each 2,900,000 2,900,000
21. Financial Instruments
The company has the following financial instruments:
2024 2023
£ £
Financial assets
Financial assets measured at fair value through profit and loss 1,908,531 2,078,708
Financial liabilities
Financial liabilities measured at fair value through profit and loss 2,741,893 3,150,927
22. Capital Commitments
2024 2023
£ £
At the end of the period 109,000 -
At the end of the period, the company had capital commitments contracted for but not provided in these financial statements
23. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £29,632 (2023: £28,110).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
24. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 750,000 800,000
25. Reserves
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
Page 18
Page 19
26. Related Party Disclosures
The company is a wholly owned subsidiary of Valley Provincial Holdings Ltd and as such has taken advantage of the
exemption permitted by Section 33 'Related Party Disclosures' not to provide disclosures of transactions entered into with other wholly owned members of the Group.
Within Debtors there is an amount owed by Valley Provincial LLP of £22,328 and in Creditors there is an amount owed to Valley Provincial LLP of £8,300
27. Controlling Parties
The company's ultimate controlling party is Valley Provincial Holdings Limited by virtue of their interest in the share capital of the company.
28. Operating Lease
                                                                2024
                                              2023
Due < 1 year 
Due 2-5 years
   Due <1 year 
Due 2-5 years
Office
Printer
4,000
4,333
4,000
8,333
 There is no formal lease in place for the offices which are owned by the directors, therefore no lease commitment.
Page 19