VALLEY_CIDS_TRADING_COMPA - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Valley CIDS Trading Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 13-14 The Green, Swanwick, Alfreton, Derbyshire, DE55 1BL.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The impact of the outbreak of the COVID-19 pandemic led to measures being taken in accordance with UK Government guidance including the closure of the charity shops run by the company and the consequential substantial fall in operating income for the company.  The action taken by the directors to mitigate costs together with the financial support received from the Government has meant that, at the time of approving these accounts, the company remains in a viable financial position and are meeting their financial obligations as they fall due.  The directors believe that they will be able to recommence trading from the charity shops once restrictions are lifted.

On that basis the directors consider that the going concern basis remains appropriate and the accounts have been prepared on that basis.

The turnover shown in the Profit and Loss Account represents the sale of new and donated goods from charity shops and via e-bay that are not given to its parent company under gift aid, together with agency commission on the sale of goods whose proceeds the donor passes on to the company's parent undertaking under gift aid.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount.

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

The company only has financial instruments that are classified as basic financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include cash and bank balances and amounts owed by group undertakings, are initially measured at transaction price and are subsequently carried at amortised cost less impairment.

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.

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.

Basic financial liabilities are initially recognised at transaction price and are subsequently carried at amortised cost.

Equity instruments issued by the company are recorded at the proceeds received.

The average monthly number of persons (including directors) employed by the company during the year was:

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The company is a wholly owned subsidiary of Valley CIDS, a charitable company whose registered office is 13-14 The Green, Swanwick, Alfreton, Derbyshire, DE55 1BL. The results of the company are incorporated into the consolidated accounts of Valley CIDS.