VALLANCE DISCOUNT CARPETS LTD.


Directors	VALLANCE, Jonathan
	VALLANCE, Laurence Norman
	VALLANCE, Maureen Sheila


Registered Address	49-61 Clarkston Road
	Cathcart
	Glasgow
	G44 3BQ


Registered Number	SC378580 (Scotland)

Statement of Financial Position
31 March 2026

	Notes	2026		2025
		£	£	£	£
Fixed assets
Intangible assets	3		44,167		54,167
Tangible assets	4		237,274		240,398
			281,441		294,565
Current assets
Stocks	5	20,199		17,605
Debtors	6	232,301		126,951
Cash at bank and on hand		815,357		739,951
		1,067,857		884,507
Creditors amounts falling due within one year	7	(245,320)		(185,371)
Net current assets (liabilities)			822,537		699,136
Total assets less current liabilities			1,103,978		993,701
Provisions for liabilities			(1,818)		(2,599)
Net assets			1,102,160		991,102
Capital and reserves
Called up share capital			3		3
Profit and loss account			1,102,157		991,099
Shareholders' funds			1,102,160		991,102

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 27 October 2026, and are signed on its behalf by:

VALLANCE, Jonathan
Director
Registered Company No. SC378580

VALLANCE DISCOUNT CARPETS LTD.

Notes to the Financial Statements
for the year ended 31 March 2026

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Judgements and key sources of estimation uncertainty
	In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

	Turnover policy
	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/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

	Defined contribution pension plan
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.

	Goodwill
	Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life up to a maximum of 20 years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Where estimated residual value at the balance sheet date is considered to be equivalent to cost, no depreciation will be charged. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.  Where estimated residual value at the balance sheet date is considered to be equivalent to cost, no depreciation will be charged.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Land and buildings	-	50
Plant and machinery	25	-
Fixtures and fittings	25	-
Vehicles	25	-
Office Equipment	-	3

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

2.	Average number of employees


		2026		2025
	Average number of employees during the year	8		8

3.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 April 25	200,000	200,000
At 31 March 26	200,000	200,000
Amortisation and impairment
At 01 April 25	145,833	145,833
Charge for year	10,000	10,000
At 31 March 26	155,833	155,833
Net book value
At 31 March 26	44,167	44,167
At 31 March 25	54,167	54,167

4.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 01 April 25	230,000	955	15,833	1,648	5,438	253,874
At 31 March 26	230,000	955	15,833	1,648	5,438	253,874
Depreciation and impairment
At 01 April 25	-	815	6,926	1,219	4,516	13,476
Charge for year	-	35	2,227	107	755	3,124
At 31 March 26	-	850	9,153	1,326	5,271	16,600
Net book value
At 31 March 26	230,000	105	6,680	322	167	237,274
At 31 March 25	230,000	140	8,907	429	922	240,398

5.	Stocks

	2026	2025
	£	£
Raw materials and consumables	20,199	17,605
Total	20,199	17,605

6.	Debtors: amounts due within one year

	2026	2025
	£	£
Trade debtors / trade receivables	98,585	46,170
Other debtors	133,716	80,781
Total	232,301	126,951

7.	Creditors: amounts due within one year

	2026	2025
	£	£
Trade creditors / trade payables	90,070	77,949
Taxation and social security	149,748	102,132
Other creditors	333	-
Accrued liabilities and deferred income	5,169	5,290
Total	245,320	185,371

8.	Directors advances, credits and guarantees

	Brought forward	Amount advanced	Amount repaid	Carried forward
	£	£	£	£
VALLANCE, Jonathan	58,524	0	58,524	0
	58,524	0	58,524	0

9.	Related party transactions
	At the balance sheet date, the company was owed £111,598 (2025: £nil) from a company controlled by the directors. The balance is interest free, unsecured and repayable on demand. The company operates from property owned by a company controlled by the directors. No rent has been charged during the year.