Registration number:
Valgrove Limited
for the Year Ended 31 May 2025
Valgrove Limited
Contents
|
Company Information |
|
|
Balance Sheet |
|
|
Notes to the Unaudited Financial Statements |
Valgrove Limited
Company Information
|
Directors |
Mr Barry Hearsey Mr Gary O'Gara |
|
Company secretary |
Mrs Catherine Ivy Hearsey |
|
Registered office |
|
Valgrove Limited
(Registration number: 01802033)
Balance Sheet as at 31 May 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current liabilities |
( |
( |
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Retained earnings |
|
|
|
|
Shareholders' funds |
|
|
For the financial year ending 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
|
• |
|
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Valgrove Limited
(Registration number: 01802033)
Balance Sheet as at 31 May 2025
Approved and authorised by the
Mr Barry Hearsey
Director
Mr Gary O'Gara
Director
Valgrove Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025
|
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
United Kingdom
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
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.
Valgrove Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Note: Land and buildings comprises the Exchange works site and associated buidings. Land is not
depreciated. The associated buildings are depreciated over their estimated useful lives.
|
Asset class |
Depreciation method and rate |
|
Office equipment |
25% Reducing balance |
|
Fixtures & fittings |
20% Reducing balance |
|
Plant and machinery |
15% Reducing balance |
|
Long leasehold |
60 years straight line |
|
Leased motor vehicles |
5 years straight line |
|
Freehold Property |
50 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Valgrove Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Valgrove Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025
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.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Valgrove Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025
|
Intangible assets |
|
Goodwill |
Other intangible assets |
Total |
|
|
Cost or valuation |
|||
|
At 1 June 2024 |
|
|
|
|
At 31 May 2025 |
|
|
|
|
Amortisation |
|||
|
At 1 June 2024 |
|
|
|
|
Amortisation charge |
- |
|
|
|
At 31 May 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 May 2025 |
- |
|
|
|
At 31 May 2024 |
- |
|
|
|
Tangible assets |
|
Land and buildings |
Long leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
||
|
Cost or valuation |
|||||||
|
At 1 June 2024 |
|
|
|
|
|
|
|
|
Additions |
- |
- |
- |
|
|
- |
|
|
At 31 May 2025 |
|
|
|
|
|
|
|
|
Depreciation |
|||||||
|
At 1 June 2024 |
|
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
|
At 31 May 2025 |
|
|
|
|
|
|
|
|
Carrying amount |
|||||||
|
At 31 May 2025 |
|
|
- |
|
|
|
|
|
At 31 May 2024 |
|
|
|
|
|
|
|
Valgrove Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025
|
Total |
|||||||
|
Cost or valuation |
|||||||
|
At 1 June 2024 |
|
||||||
|
Additions |
|
||||||
|
At 31 May 2025 |
|
||||||
|
Depreciation |
|||||||
|
At 1 June 2024 |
|
||||||
|
Charge for the year |
|
||||||
|
At 31 May 2025 |
|
||||||
|
Carrying amount |
|||||||
|
At 31 May 2025 |
|
||||||
|
At 31 May 2024 |
|
||||||
Included within the net book value of land and buildings above is £226,094 (2024 - £227,612) in respect of freehold land and buildings and £43,736 (2024 - £44,698) in respect of long leasehold land and buildings.
|
Debtors |
|
Current |
2025 |
2024 |
|
Trade debtors |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
The carrying amount of trade debtors pledged as security for liabilities amounted to £469,793 (2024 - £633,819).
The security consists of factored debts of which £260,560 (2024 - £445,026) has been advanced.
Valgrove Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Taxation and social security |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Other creditors |
|
|
|
|
|
|
Creditors include net obligations under finance lease and hire purchase contracts which are secured of £113,900 (2024 - £88,473).
Loans and borrowings includes advances from a debt factoring company of £260,560 (2024 - £445,026), secured against the relevant factored debts.
Creditors: amounts falling due after more than one year
|
Note |
2025 |
2024 |
|
|
Due after one year |
|||
|
Loans and borrowings |
|
|
Creditors due after more than one year include net obligations under finance lease and hire purchase contracts which are secured of £108,772 (2024 - £183,009).
Valgrove Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025
|
Loans and borrowings |
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
Other borrowings |
- |
|
|
|
|
|
Current loans and borrowings
|
2025 |
2024 |
|
|
Hire purchase contracts |
|
|
|
Other borrowings |
|
|
|
|
|
|