Valan Wax Products Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03109111 (England and Wales)

Valan Wax Products Limited

Unaudited Financial Statements

for the Year Ended 31 December 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

8

DIRECTOR:

M P Dahlstrom

SECRETARY:

B Bruijn

REGISTERED OFFICE:

Unit 48E

1 Pipers Road

Park Farm Industrial Estate

Redditch

Worcestershire

B98 0HU

REGISTERED NUMBER:

03109111 (England and Wales)

ACCOUNTANTS:

Dyke Ruscoe & Hayes Ltd

Chartered Certified Accountants

38 Teme Street

Tenbury Wells

Worcestershire

WR15 8AA

FIXED ASSETS

Tangible assets

4

1,195,494

1,246,647

CURRENT ASSETS

Stocks

68,778

48,187

Debtors

5

81,849

122,241

Prepayments and accrued income

11,086

9,861

Cash at bank

1

15,326

161,714

195,615

CREDITORS

Amounts falling due within one year

6

790,211

1,447,720

NET CURRENT LIABILITIES

(628,497

)

(1,252,105

)

TOTAL ASSETS LESS CURRENT LIABILITIES

566,997

(5,458

)

ACCRUALS AND DEFERRED INCOME

20,269

11,050

NET ASSETS/(LIABILITIES)

546,728

(16,508

)

CAPITAL AND RESERVES

Called up share capital

2,000

1,000

Share premium

1,899,000

900,000

Retained earnings

(1,354,272

)

(917,508

)

SHAREHOLDERS' FUNDS

546,728

(16,508

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 14 September 2021 and were signed by:

M P Dahlstrom - Director

1.	STATUTORY INFORMATION

Valan Wax Products 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.

No profit and loss account is filed.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

10% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2020

1,416,963

484

28,000

5,807

1,451,254

Additions

98,798

-

-

-

98,798

At 31 December 2020

1,515,761

484

28,000

5,807

1,550,052

DEPRECIATION

At 1 January 2020

201,587

40

480

2,500

204,607

Charge for year

143,299

49

5,600

1,003

149,951

At 31 December 2020

344,886

89

6,080

3,503

354,558

NET BOOK VALUE

At 31 December 2020

1,170,875

395

21,920

2,304

1,195,494

At 31 December 2019

1,215,376

444

27,520

3,307

1,246,647

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2020

and 31 December 2020

28,000

DEPRECIATION

At 1 January 2020

480

Charge for year

5,600

At 31 December 2020

6,080

NET BOOK VALUE

At 31 December 2020

21,920

At 31 December 2019

27,520

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

52,361

104,241

Other debtors

-

18,000

VAT

29,488

-

81,849

122,241

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

350

-

Hire purchase contracts

21,482

24,223

Trade creditors

45,588

44,411

Amounts owed to group undertakings

717,351

1,371,761

Social security and other taxes

4,497

4,974

VAT

-

2,351

Other creditors

943

-

790,211

1,447,720

7.	ULTIMATE CONTROLLING PARTY

The controlling party is Paramelt BV.

8.	GOING CONCERN

Section 1A of FRS 102 does not require entities to provide going concern disclosures but does encourage them to disclose material uncertainties that might affect the entity's ability to continue as a going concern.

In the opinion of the directors the company is expected to remain a going concern for at least 12 months from the date of signing of these financial statements.

In arriving at this opinion, the directors have assumed that the current pandemic will continue indefinitely and have based their forecasts on the financial resources available to the company, its liabilities and when they fall due and on the levels of government support announced to date.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Valan Wax Products Limited for the year ended 31 December 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Valan Wax Products Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Valan Wax Products Limited and state those matters that we have agreed to state to the director of Valan Wax Products Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Valan Wax Products Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Valan Wax Products Limited. You consider that Valan Wax Products Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Valan Wax Products Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Dyke Ruscoe & Hayes Ltd

Chartered Certified Accountants

38 Teme Street

Tenbury Wells

Worcestershire

WR15 8AA

14 September 2021