Valve Center Limited - Accounts to registrar (filleted) - small 23.1.2
Valve Center Limited - Accounts to registrar (filleted) - small 23.1.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2022 |
| FOR |
| VALVE CENTER LIMITED |
| VALVE CENTER LIMITED (REGISTERED NUMBER: 03387998) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 May 2022 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| VALVE CENTER LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 May 2022 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Douglas Bank House |
| Wigan Lane |
| Wigan |
| Lancashire |
| WN1 2TB |
| VALVE CENTER LIMITED (REGISTERED NUMBER: 03387998) |
| STATEMENT OF FINANCIAL POSITION |
| 31 May 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| 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. |
| VALVE CENTER LIMITED (REGISTERED NUMBER: 03387998) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31 May 2022 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| VALVE CENTER LIMITED (REGISTERED NUMBER: 03387998) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 May 2022 |
| 1. | STATUTORY INFORMATION |
| Valve Center Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 principle accounting policies adopted in the preparation of the financial statements are set out below. |
| Turnover |
| Turnover is recognised at the fair value of the consideration received or receivable for goods provided and is shown net of VAT. |
| Turnover is recognised when the goods have been dispatched to customers and an invoices is raised. this is the point at which the risks and rewards of ownership have been transferred to the customer. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Government grants |
| Grant income received in respect of the Coronavirus Job Retention Scheme is recognised in the accounting period in which the underlying furloughed staff costs relate to. |
| Stocks |
| Stock and work in progress are valued at the lower of cost and selling price, after making due allowances for obsolete and slow moving items. The cost of work in progress is orders complete and ready to be dispatched but that have not been invoiced before the reporting date. |
| Financial instruments |
| The company has elected to apply the provision of FRS 102 Section 11 'Basic Financial Instruments' to all of its financial instruments. |
| The following assets and liabilities are classified as financial instruments, bank accounts, trade debtors, Directors' loan accounts, trade creditors and accruals. |
| Financial instruments that are payable or receivable within one year, typically bank accounts, trade debtors, Directors' loan accounts, trade creditors and accruals are measured initially and subsequently at the undiscounted amount of the cash or other consideration that is expected to be paid or received. |
| 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 statement of financial position date. |
| VALVE CENTER LIMITED (REGISTERED NUMBER: 03387998) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 May 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Leasing commitments |
| Rentals payable under operating leases are charged to the Income Statements as incurred. |
| 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 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 June 2021 |
| and 31 May 2022 |
| DEPRECIATION |
| At 1 June 2021 |
| Charge for year |
| At 31 May 2022 |
| NET BOOK VALUE |
| At 31 May 2022 |
| At 31 May 2021 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Other debtors |
| VALVE CENTER LIMITED (REGISTERED NUMBER: 03387998) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 May 2022 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade creditors |
| Amounts owed to associates | 309,368 | 269,117 |
| Taxation and social security |
| Other creditors |
| 7. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 May 2022 and 31 May 2021: |
| 2022 | 2021 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |