Registration number:
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Valan Investments Plc
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Brebners
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Valan Investments Plc
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Statement of Financial Position |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Valan Investments Plc
Company Information
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Directors |
V Lutikov K Lutikov A Maxwell Scott F N Read P Vaines |
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Company secretary |
F N Read |
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Registered office |
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Bankers |
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Auditor |
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Valan Investments Plc
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Principal activity
The principal activity of the company continued to be that of property investment.
The results for the year showed a pre-tax loss of £188,445. Rental income has increased from the previous years and the directors are still seeking new tenants for the commercial retail units of the property. Rental income is expected to continue to increase for the year ending 31 March 2026 and the directors hope to find a suitable tenants to occupy the remainder of the property shortly.
The company continues to manage the continual risks that property landlords face to ensure that properties are fully occupied throughout the year at market rents. The ongoing cost of living crisis and its associated inflationary increases hang over the UK economy. The directors continually monitor the potential effects of these ongoing issues on the company's activities.
Financial Key Performance Indicators
Turnover, percentage increase in turnover, and operating margin (defined as operating profit divided by turnover expressed as a percentage) are the key measure of financial performance in the company, and are as follows:
|
Unit |
2025 |
2024 |
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|
Turnover |
£ |
952,515 |
410,240 |
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(Decrease)/Increase in Turnover |
% |
132 |
63 |
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Operating Margin before fair value adjustments on investment property |
% |
65 |
(159) |
The company has maintained cash balances, although its net assets have declined during the year due to post-tax losses.
Non-financial Key Performance Indicators
Non-financial Key Performance Indicators for this company are considered to be the period of the year that investment properties are leased. The property was predominantly leased throughout the period as shown by the rise in turnover. The directors are actively seeking new tenants for its investment property.
The company seeks to ensure that responsible business practice is fully integrated into the management of all of its operations and into the culture of all parts of its business. It believes that the consistent adoption of responsible business practice is essential for operational excellence, which in turn, ensures the delivery of its core objectives of sustained real growth in profitability.
Financial Instruments
The company uses basic financial instruments, comprising of borrowings, cash and working capital balances such as trade debtors and trade creditors.
It is and has been throughout the year under review, the company policy that no trading in financial instruments shall be undertaken.
The company utilises a mortgage to finance its investment property. This mortgage is approximately 33% of the fair value of the 3 properties owned by the company and 2 fellow subsidiaries that are secured on the mortgage. This ensures that the directors manage the principal risks of the companies.
Valan Investments Plc
Strategic Report for the Year Ended 31 March 2025
Principal risks and uncertainties
The company's policy is to monitor and maintain borrowings at a level such that they continue to provide access to sufficient working capital.
In common with most other companies, the company is exposed to credit related losses in the event of non payment of invoices. The company closely monitors outstanding debts from all sources and continues to develop and maintain strong working relationships with key customers. The credit risk is minimised due to the fact that Valan only let to bluechip companies.
The company entered into no new hedging arrangements during the year and as at 31st March 2025. The company is not exposed to foreign exchange risk as no purchases are made in foreign currencies.
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company aims to mitigate liquidity risk by managing cash generation by its operations and ensuring regular monitoring of amounts outstanding for both time and credit limits in trade debtors.
Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability such as future interest payments on a variable rate debt. The company manages this risk, where significant, and does not maintain any derivatives or complex financial instruments as explained above.
Liquidity, credit, price and cashflow risks are managed by the directors on a constant basis to ensure the company maintains adequate cashflows to serve its working capital requirements.
Summary
The board continuously monitor for and respond to changes in the company's risk environment, so ensuring that Valan remains well placed to address operational, financial and business risks in a timely and appropriate manner.
Valan Investments Plc
Strategic Report for the Year Ended 31 March 2025
Future Developments
The directors have considered the current tenancy of the property and are actively seeking tenants to occupy all vacancies. Rental income is expected to continue to increase in the year ending 31 March 2026.
The company has continued to receive rental income from other areas on the property and all expenses are controllable.
With the resources that the company has, the directors believe that the company's principal activity and trading performance is expected to return to prior year results in the foreseeable future.
Approved by the Board on
.........................................
V Lutikov
Director
Valan Investments Plc
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors of the company
The directors who held office during the year were as follows:
Information included in the Strategic Report
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Group (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the Board on
.........................................
V Lutikov
Director
Valan Investments Plc
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 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 these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Valan Investments Plc
Independent Auditor's Report to the Members of Valan Investments Plc
for the Year Ended 31 March 2025
Opinion
We have audited the financial statements of Valan Investments Plc (the 'company') for the year ended 31 March 2025, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows, and Notes to the Financial Statements, 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss 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 director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Valan Investments Plc
Independent Auditor's Report to the Members of Valan Investments Plc
for the Year Ended 31 March 2025
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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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 |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where 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 and 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 Statement of Directors' Responsibilities (set out on page 6), 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.
Valan Investments Plc
Independent Auditor's Report to the Members of Valan Investments Plc
for the Year Ended 31 March 2025
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
We understood how the company is complying with relevant legislation by making enquiries of management. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.
Valan Investments Plc
Independent Auditor's Report to the Members of Valan Investments Plc
for the Year Ended 31 March 2025
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 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.
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For and on behalf of
130 Shaftesbury Avenue
W1D 5AR
Valan Investments Plc
Statement of Income and Retained Earnings for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Turnover |
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Administrative expenses |
( |
( |
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Changes in fair value of investment property |
- |
(9,900,000) |
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Other operating income |
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- |
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Operating profit/(loss) |
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( |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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(811,823) |
(776,175) |
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Loss before tax |
( |
( |
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Taxation |
- |
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Loss for the financial year |
( |
( |
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Retained earnings brought forward |
10,485,442 |
19,336,150 |
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Retained earnings carried forward |
10,296,997 |
10,485,442 |
Valan Investments Plc
Statement of Financial Position as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
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Profit and loss account |
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Total equity |
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Approved and authorised by the
.........................................
V Lutikov
Director
Company registration number: 03656273
Valan Investments Plc
Statement of Cash Flows for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
|||
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Loss for the year |
( |
( |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
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Changes in fair value of investment property |
- |
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Finance income |
( |
( |
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Finance costs |
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Income tax expense |
- |
( |
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Bank charges |
(155,505) |
(11,940) |
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( |
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Working capital adjustments |
|||
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(Increase)/decrease in trade debtors |
( |
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Increase in trade creditors |
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Net cash flow from operating activities |
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Cash flows from financing activities |
|||
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Interest paid |
( |
( |
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Proceeds from bank borrowings |
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Repayment of bank borrowings |
( |
( |
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Net cash flows from financing activities |
( |
( |
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Net (decrease)/increase in cash and cash equivalents |
( |
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Cash and cash equivalents at 1 April |
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Cash and cash equivalents at 31 March |
1,421,778 |
1,672,685 |
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Valan Investments Plc
Notes to the Financial Statements for the Year Ended 31 March 2025
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General information |
The company is limited by share capital and incorporated in England & Wales.
The principal activity of the company continued to be that of property investment.
The address of its registered office is:
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Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
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.
Going concern
The company had net assets at the balance sheet date of £10,346,997 including cash at bank of £1,421,778. Rental income is expected to continue to increase for the year ending 31 March 2026 and the directors hope to find a suitable new tenant to occupy any vacant areas of the property shortly.
The company funds its working capital requirements through loans from group undertakings and bank loans. The bank loan was renewed in August 2024. There is no indication that the group companies will require repayment of any amounts owed.
The directors have considered and monitored the current inflationary increases and cost of living crisis and the directors' view is that the impact will be manageable. With the resources that the company has, the directors believe that the company will be able to weather the crisis.
On the basis of the above and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the directors will continue to adopt the going concern basis in preparing the financial statements.
Valan Investments Plc
Notes to the Financial Statements for the Year Ended 31 March 2025
Judgements and key sources of estimation uncertainty
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. |
Other than those involving estimations there are no judgements that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements. |
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: |
Fair value assessment of Investment properties
The company estimates the fair value of investment properties using market indicators and available data of other similar properties and also determine the value of any deferred tax provision arising from a fair value adjustment to the investment property.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the rents charged to tenants of the investment properties in the ordinary course of the company’s activities on a time apportioned basis. Turnover is shown net of 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 the company's activities.
Income 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 statement of financial position 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.
Valan Investments Plc
Notes to the Financial Statements for the Year Ended 31 March 2025
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 |
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Long leasehold property |
5 years straight line |
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Fixtures, fittings & equipment |
5 years straight line |
Investment property
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.
Impairments
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance 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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Valan Investments Plc
Notes to the Financial Statements for the Year Ended 31 March 2025
Financial instruments
Classification
Recognition and measurement
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.
Impairment
All equity instruments, regardless of significance, and other financial assets that are individually significant, 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.
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Revenue |
The whole of the company's revenue is attributable to its principal activity wholly undertaken in the United Kingdom.
|
2025 |
2024 |
|
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Rental income from investment property |
|
|
|
Operating profit/(loss) |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
Valan Investments Plc
Notes to the Financial Statements for the Year Ended 31 March 2025
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Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest expense on intragroup debt |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
Management |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
166,391 |
159,226 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditor's remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
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Valan Investments Plc
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Taxation |
Tax charged/(credited) in the income statement
|
2025 |
2024 |
|
|
Deferred taxation |
||
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Arising from origination and reversal of timing differences |
- |
( |
|
Tax receipt in the income statement |
- |
( |
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Loss before tax |
( |
( |
|
Corporation tax at standard rate |
( |
( |
|
Decrease in fair value of investment properties not deductible in determining taxable profit (tax loss) |
- |
|
|
Effect of tax losses group relieved |
|
|
|
Deferred tax credit resulting from the revaluation of investment properties |
- |
( |
|
Total tax credit |
- |
( |
There were unused group losses, at the year end, of £469,142 (2024: £1,723,734). Due to the uncertainty on the timing of the utilisation of these tax losses, no deferred tax asset has been recognised on these losses.
Deferred tax
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Revaluation of investment property |
|
|
|
|
2024 |
Liability |
|
Revaluation of investment property |
|
|
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Valan Investments Plc
Notes to the Financial Statements for the Year Ended 31 March 2025
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Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Total |
|
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Cost or valuation |
|||
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At 1 April 2024 |
|
|
|
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At 31 March 2025 |
|
|
|
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Depreciation |
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At 1 April 2024 |
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Charge for the year |
- |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
- |
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At 31 March 2024 |
- |
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Investment properties |
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2025 |
2024 |
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At 1 April 2024 |
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Fair value adjustments |
- |
( |
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At 31 March 2025 |
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The investment property was acquired on 2 March 1999. The historical cost of the property was £10,759,445.
In June 2024, the property was valued by Avison Young property estate agents at £20,000,000 for the purposes of a mortgage. The valuation method used by the valuer was in accordance with RICS Valuation - Global Standards effect from 31 January 2022 using a traditional income capitalisation basis having regard to appropriate yields.
The directors have considered the fair value of the investment property at 31 March 2025 and feel that property values have not changed between this date and the date of the professional valuation and so have adopted this valuation as its fair value.
Valan Investments Plc
Notes to the Financial Statements for the Year Ended 31 March 2025
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Debtors |
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Note |
2025 |
2024 |
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Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Prepayments |
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Accrued income |
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Corporation tax asset |
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Creditors |
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Note |
2025 |
2024 |
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Due within one year |
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Loans and borrowings |
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Amounts due to related parties |
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Social security and other taxes |
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Other payables |
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Accruals and deferred income |
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||
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Due after one year |
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Loans and borrowings |
|
- |
Loans and borrowings due within one year include £nil (2024: £14,405,152 due in more than 1 year) of bank loans which are secured on the company's assets and undertakings with associated group companies and which was in the process of being renewed in 2025.
Valan Investments Plc
Notes to the Financial Statements for the Year Ended 31 March 2025
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
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Not later than one year |
|
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Later than one year and not later than five years |
|
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Operating leases - lessor
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
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Not later than one year |
|
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Later than one year and not later than five years |
|
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Later than five years |
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Total contingent rents recognised as income in the period are £Nil (2024 - £Nil).
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Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
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No. |
£ |
No. |
£ |
|
|
|
|
50,000 |
|
50,000 |
|
Reserves |
The profit and loss account includes all current and prior retained earnings and accumulated losses. Of the amount standing to the credit of the profit and loss account an amount of £8,934,442 (2024: £8,934,442) is not distributable in accordance with the Companies Act 2006.
Valan Investments Plc
Notes to the Financial Statements for the Year Ended 31 March 2025
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Related party transactions |
In accordance with FRS 102 paragraph 33.1A, exemption is taken not to disclose transactions in the year between wholly owned group undertakings.
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Parent and ultimate parent undertaking |
The company's immediate parent is
Ultimate control vests with
The trustees of Valan Settlement are EFG Trust Company Limited and EFG Nominees Limited.