The Valesco Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09805008 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2019

for

The Valesco Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Jiwa

A Sadiq

SECRETARY:

Rive Accountancy Limited

REGISTERED OFFICE:

11 Bruton Street

London

W1J 6PY

REGISTERED NUMBER:

09805008 (England and Wales)

ACCOUNTANTS:

Chancellers LLP

Vicarage House

58-60 Kensington Church Street

Kensington

London

W8 4DB

FIXED ASSETS

Tangible assets

4

7,352

5,515

CURRENT ASSETS

Debtors

5

230,719

156,787

Cash at bank

1,829,248

1,280,684

2,059,967

1,437,471

CREDITORS

Amounts falling due within one year

6

498,573

780,948

NET CURRENT ASSETS

1,561,394

656,523

TOTAL ASSETS LESS CURRENT LIABILITIES

1,568,746

662,038

PROVISIONS FOR LIABILITIES

1,397

1,048

NET ASSETS

1,567,349

660,990

CAPITAL AND RESERVES

Called up share capital

117

100

Share premium

922,993

-

Retained earnings

644,239

660,890

SHAREHOLDERS' FUNDS

1,567,349

660,990

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2020 and were signed on its behalf by:

S Jiwa - Director

1.	STATUTORY INFORMATION

The Valesco Group 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.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 25% on reducing balance

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

As at 31 December 2019, the company owed £1,023 (2018 - £147).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

11,120

Additions

5,288

At 31 December 2019

16,408

DEPRECIATION

At 1 January 2019

5,605

Charge for year

3,451

At 31 December 2019

9,056

NET BOOK VALUE

At 31 December 2019

7,352

At 31 December 2018

5,515

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

(55,000

)

-

Other debtors

285,719

156,787

230,719

156,787

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

15,132

86,513

Taxation and social security

42,229

156,107

Other creditors

441,212

538,328

498,573

780,948

7.	RELATED PARTY DISCLOSURES

The company was controlled throughout the current and prior period by Mr S Jiwa, a director, by virtue of the fact that he held the majority of issued share capital in the company.

At the year end, the company owed £6,321 (2018 - £100) to Mr S Jiwa.

During the year, the company declared and paid dividends totalling £118,182 to shareholders.