The Validation Centre (TVC) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 04596823 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 DECEMBER 2023 TO 31 DECEMBER 2024

FOR

THE VALIDATION CENTRE (TVC) LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Intangible assets

4

-

345

Tangible assets

5

96,397

114,180

96,397

114,525

CURRENT ASSETS

Stocks

363,029

629,742

Debtors

6

884,416

626,043

Cash at bank and in hand

40,574

85,064

1,288,019

1,340,849

CREDITORS

Amounts falling due within one year

7

483,931

627,925

NET CURRENT ASSETS

804,088

712,924

TOTAL ASSETS LESS CURRENT
LIABILITIES

900,485

827,449

PROVISIONS FOR LIABILITIES

23,990

25,464

NET ASSETS

876,495

801,985

CAPITAL AND RESERVES

Called up share capital

8

100

Retained earnings

876,395

801,885

SHAREHOLDERS' FUNDS

876,495

801,985

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

Mr C J Cathles - Director

1.	STATUTORY INFORMATION

The Validation Centre (TVC) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

04596823

Registered office:

Ingram House

Meridian Way

Norwich

Norfolk

NR7 0TA

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added tax.

The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; and (d) it is probable that future economic benefits will flow to the entity.

Intangible assets

Goodwill, being the amount paid in connection with the acquisition of a business, was fully written down in the year ended 30 November 2008.

Other intangible assets are initially measured at cost. After initial recognition, other intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Other intangible assets are being amortised evenly over their estimated useful life of five years.

Tangible assets

Tangible assets are recorded at cost less accumulated depreciation. Cost includes the original purchase price of the asset plus costs attributable to bringing the asset to its working condition for its intended use. Depreciation on assets is charged from the time when tangible assets are brought into use and is calculated so as to write off the cost of fixed assets, less their estimated residual values, over the expected useful economic lives of the assets concerned. The principal annual rates used for this purpose are as follows:

Plant and machinery etc

- 25% on reducing balance

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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

Transactions denominated in foreign currencies are translated and recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the balance sheet date. Gains and losses on retranslation are recognised in profit or loss for the year.

Hire purchase and leasing commitments

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

Employee benefits

Short term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received.

The obligations for contributions to defined contribution pension schemes are recognised as an expense in the period they are incurred. Amounts not paid at the balance sheet date are included in other creditors.

Government grants

Government grants are recognised when there is reasonable assurance that the grant conditions will be met and the grant will be received. These grants are recognised within other operating income on a systematic basis over the periods in which the related costs towards which they are intended to compensate are recognised as expenses.

3.

EMPLOYEES

The average number of employees during the period was 23 (2023 - 20 ) .

4.	INTANGIBLE ASSETS

Other

intangible

Goodwill

assets

Totals

£

COST

At 1 December 2023

and 31 December 2024

2,000

33,718

35,718

AMORTISATION

At 1 December 2023

2,000

33,373

35,373

Charge for period

-

345

At 31 December 2024

2,000

33,718

35,718

NET BOOK VALUE

At 31 December 2024

-

At 30 November 2023

-

345

5.	TANGIBLE ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2023

713,196

Additions

25,771

At 31 December 2024

738,967

DEPRECIATION

At 1 December 2023

599,016

Charge for period

43,554

At 31 December 2024

642,570

NET BOOK VALUE

At 31 December 2024

96,397

At 30 November 2023

114,180

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

817,461

586,377

Other debtors

66,955

39,666

884,416

626,043

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

97

Trade creditors

341,358

416,268

Taxation and social security

90,071

88,608

Other creditors

52,405

122,952

483,931

627,925

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

40

Ordinary A

£1

40

10

Ordinary B

£1

10

40

Ordinary C

£1

40

10

Ordinary D

£1

10

100

9.	OTHER FINANCIAL COMMITMENTS

The total amount of commitments, guarantees and contingencies is £298,235 (2023 - £104,450).

10.	RELATED PARTY DISCLOSURES

During the year dividends amounting to £Nil (2023 - £2,971) and £9,136 (2023 - £22,949) were paid to Mr K Hastings and Mr C Cathles respectively.

During the year dividends amounting to £Nil (2023 - £Nil) and £4,535 (2023 - £4,060) were paid to Mrs J Hastings and Mrs J Cathles, shareholders and wives of Mr K Hastings and Mr C Cathles.

WB Alloy Welding Products Limited

During the year, the company made sales of £1,155,772 (2023 - £769,617) and purchases of £70,270 (2023 - £74) to and from WB Alloy Welding Products Limited. At the period end, the company was owed £596,255 (2023 - £334,255) by WB Alloy Welding Products Limited and owed £84,047 (2023 - £88) to WB Alloy Welding Products Limited, a company with common directors, Mr P H Houston and Mrs K M Murphy.