REGISTERED NUMBER: 01884671 (England and Wales)

VALLEYPET LIMITED

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2025

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Statement of Changes in Equity

6

Notes to the Financial Statements

7

DIRECTORS:

J F Morse

A M Morse

SECRETARY:

J F Morse

REGISTERED OFFICE:

St Helens House

156 St Helens Road

Swansea

SA1 4DG

REGISTERED NUMBER:

01884671 (England and Wales)

ACCOUNTANTS:

Bevan Buckland LLP

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

J F Morse

A M Morse

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

J F Morse - Director

29 December 2025

TURNOVER

56,701

64,618

Cost of sales

-

1,000

GROSS PROFIT

56,701

63,618

Administrative expenses

8,200

13,253

OPERATING PROFIT

48,501

50,365

Interest payable and similar expenses

17,136

21,823

PROFIT BEFORE TAXATION

31,365

28,542

Tax on profit

7,374

4,063

PROFIT FOR THE FINANCIAL YEAR

23,991

24,479

FIXED ASSETS

Investment property

4

650,001

650,001

CURRENT ASSETS

Debtors

5

271,550

269,700

Cash at bank

252

568

271,802

270,268

CREDITORS

Amounts falling due within one year

6

77,758

64,683

NET CURRENT ASSETS

194,044

205,585

TOTAL ASSETS LESS CURRENT LIABILITIES

844,045

855,586

CREDITORS

Amounts falling due after more than one year

7

(181,660

)

(217,192

)

PROVISIONS FOR LIABILITIES

(30,916

)

(30,916

)

NET ASSETS

631,469

607,478

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Fair Value Reserve

9

319,084

319,084

Retained earnings

302,385

278,394

SHAREHOLDERS' FUNDS

631,469

607,478

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 29 December 2025 and were signed on its behalf by:

J F Morse - Director

Called up

Fair

share

Retained

Value

Total

capital

earnings

Reserve

equity

£

£

£

£

Balance at 1 April 2023

10,000

253,915

319,084

582,999

Changes in equity

Total comprehensive income

-

24,479

-

24,479

Balance at 31 March 2024

10,000

278,394

319,084

607,478

Changes in equity

Total comprehensive income

-

23,991

-

23,991

Balance at 31 March 2025

10,000

302,385

319,084

631,469

1.	STATUTORY INFORMATION

Valleypet Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

Turnover

Turnover is derived from the provision of services and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax.

Turnover is rental amounts received in relation to the property, it is recognised in the period in which the services relate and future income is recognised as deferred income.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 year 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.

Cash at bank and cash in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at transaction price.

Provision for liabilities

Provisions are recognised when the company has a present obligation (legal and constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Functional and Presentation Currency

The company's functional and presentation currency is pounds sterling.

Going Concern

The company continues to adopt the going concern basis in preparing its financial statements.

Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow associated companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into, An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

650,001

NET BOOK VALUE

At 31 March 2025

650,001

At 31 March 2024

650,001

Fair value at 31 March 2025 is represented by:

£

Valuation in 2017

(75,000

)

Cost

725,001

650,001

The value of the property has been reviewed and confirmed by the director and is correct as at the year ended 31 March 2025.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

271,550

269,700

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

36,639

19,867

Taxation and social security

7,374

6,626

Other creditors

33,745

38,190

77,758

64,683

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

181,660

217,192

8.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

218,274

237,034

The company's lenders hold the following security:

A guarantee and debenture over all monies due or to become due from the company now and in the future.

A fixed and floating charge over all its assets and undertakings.

9.

RESERVES

Fair

Value

Reserve

£

At 1 April 2024

and 31 March 2025

319,084

The reserve balance is non-distributable.

10.	RELATED PARTY DISCLOSURES

Included within debtors are the following loans to companies in which the director and shareholder John Morse has a controlling interest:-

2025

2024

Nextcolour Limited

263,288

262,788

Sorem Developments Limited

3,963

4,863

Stag Estates Limited

100

100

Oysterwharf Piazza Limited

2,350

100