Valu2 Innovations PLC
Valu2 Innovations PLC
Registered number: 13608005
Strategic Report, Directors' Report and
Financial Statements
For the Period
7 September 2021
to
31 December 2022
Chartered Certified Accountants & Registered Auditors
Hill Crest
Castle Cary Road
West Lydford
Somerset
TA11 6DS
Valu2 Innovations PLC
Financial Statements
For the Period
7 September 2021
to
31 December 2022
Financial Statements
Valu2 Innovations PLC
Strategic Report
For the Period
7 September 2021
to
31 December 2022
Strategic Report
The directors present their strategic report for the period ended
31 December 2022
.
Business Review
Principal Activity
The company's principal activity is that of developing a financial product ready for market.
Review of the Business
The business is developing in line with the directors projections
Principal Risks and Uncertainties
The principal risk is a shift in expected market for its product, when brought to market and, if the parent were to withdrawl financial support.
On behalf of the board
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Director
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30 June 2023
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Valu2 Innovations PLC
Company No. 13608005
Directors' Report For the Period
7 September 2021
to
31 December 2022
Directors' Report
The directors present their report and the financial statements for the period ended
31 December 2022
.
Directors
The directors who held office during the period were as follows:
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Appointed |
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Appointed |
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Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
- select suitable accounting policies and then apply them consistently;
- state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
- so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
- they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, Sloggetts Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
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Director
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Independent Auditor's Report
to the Members of
Valu2 Innovations PLC
Independent Auditor's Report
Qualified opinion
We have audited the financial statements of
Valu2 Innovations PLC
for the period ended
31 December 2022
which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Basis for Qualified Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK , and the provisions available for small entities, in the circumstances set out in note to the financial statements and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material Uncertainty related to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have identified material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Independent Auditor's Report (continued)
to the Members of
Valu2 Innovations PLC
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records or returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit, or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
- We have been unable to verify the expenditure incurred before the company opened its own bank aaccount which was paid by and charged by the parent undertaking because there are insufficient accounting records presented to us.
- We have yet to receive the bank letter to ensure that the statement balance is correct and free of any charges over the company assets.
- We have been unable to verify that the parent company and its connected parties will conntinue to support the company for the next twelve months.
- We have been unable to verify the amounts due to the parent undertaking and associated companies.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Independent Auditor's Report (continued)
to the Members of
Valu2 Innovations PLC
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of our planning process:
- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are most susceptible to the risk of irregularity and fraud, and whether there was any known, alledged or suspectedfraud. the company did not inform us of any known suspected or alledged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined the following were the most relelevant : FRS 102, Companies Act 2006, and UK employment law.
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
- Using our knowledhge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstaement due to irregularities including fraud and tailored our procedures according to the risk assessment.the key procedures we undertook to detect irregularities, including fraud, during the course of our audit work included :
- identifying and testing journal entries and the overall accounting reciords, in particular, those that were significant and unusual.
- reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- reviewing and challenging the assumptions and judgments used by management in their significant accounting estimates, in particular in relation to intangible amortisation.
- assessing the extent of compliance, or lack of it, with the relevant laws and regulations, in particular those that are central to the entities ability to continue in operation.
- attempting to obtain third party cconfirmation of naterial banmk balances
- documenting and attempting to verify all significant related party transactions and balances
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of fraud and irregularities rests with the directors.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
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for and on behalf of
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Castle Cary Road
West Lydford
Somerton
Somerset
TA11 6DS
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Valu2 Innovations PLC
Profit and Loss Account
For the Period
7 September 2021
to
31 December 2022
Profit and Loss Account
| 31 December 2022 | ||
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| Notes | £ | |
| Administrative expenses |
( |
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| OPERATING LOSS |
( |
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| Interest payable and similar charges | 7 |
( |
| LOSS FOR THE FINANCIAL PERIOD |
( |
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The notes on pages 10 to 12 form part of these financial statements.
Valu2 Innovations PLC
Statement of Comprehensive Income
For the Period
7 September 2021
to
31 December 2022
Statement of Comprehensive Income
| 31 December 2022 | ||
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| £ | ||
| LOSS FOR THE FINANCIAL PERIOD |
( |
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| OTHER COMPREHENSIVE INCOME FOR THE PERIOD | - | |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
( |
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Valu2 Innovations PLC
Balance Sheet
As at
31 December 2022
Balance Sheet
Registered number:
13608005
| 31 December 2022 | |||
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| Notes | £ | £ | |
| FIXED ASSETS | |||
| Intangible Assets | 9 |
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| CURRENT ASSETS | |||
| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 10 |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
( |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
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| NET LIABILITIES |
( |
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| CAPITAL AND RESERVES | |||
| Called up share capital | 11 |
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| Profit and Loss Account |
( |
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| SHAREHOLDERS' FUNDS | (201,067) | ||
On behalf of the board
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Director
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The notes on pages 10 to 12 form part of these financial statements.
Valu2 Innovations PLC
Statement of Changes in Equity
For the Period
7 September 2021
to
31 December 2022
Statement of Changes in Equity
| Share Capital | Profit and Loss Account | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Loss for the period and total comprehensive income | - |
( |
(251,069) |
| Arising on shares issued during the period |
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- | 50,002 |
| As at
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( |
(201,067) |
Valu2 Innovations PLC
Notes to the Financial Statements
For the Period
7 September 2021
to
31 December 2022
Notes to the Financial Statements
1.
General Information
Valu2 Innovations PLC
is a private company, limited by shares, incorporated in England & Wales, registered number
13608005
. The registered office is 9 Seagrave Road, London, SW6 1RP.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006
2.2.
Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are the investment in a website and trade mark costs. They have not been amortised to the profit and loss account as they have not yet been brought into use.
2.3.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the period was as follows:
| 31 December 2022 | |
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| £ | |
| Audit Services | |
| Audit of the company's financial statements |
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4.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 31 December 2022 | |
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| £ | |
| Wages and salaries |
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| Other pension costs |
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5.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 31 December 2022 | |
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6.
Directors' remuneration
| 31 December 2022 | |
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| £ | |
| Emoluments |
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| Company contributions to money purchase pension schemes |
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Valu2 Innovations PLC
Notes to the Financial Statements (continued)
For the Period
7 September 2021
to
31 December 2022
7.
Interest Payable and Similar Charges
| 31 December 2022 | |
|---|---|
| £ | |
| Bank loans and overdrafts |
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| 240 | |
8.
Tax on Profit
| £ | |
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| Current tax | |
| UK Corporation Tax |
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| 31 December 2022 | |
| £ | |
| Profit before tax | (251,069) |
| Breakdown of tax charge is: | |
| Tax on profit at 0% (UK standard rate) |
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| Total tax charge for the period | - |
9.
Intangible Assets
| Intellectual Property | |||
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| £ | |||
| Cost | |||
| As at
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| Additions |
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| As at
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| Net Book Value | |||
| As at
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| As at
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10.
Creditors: Amounts Falling Due Within One Year
| 31 December 2022 | |
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| £ | |
| Amounts owed to participating interests |
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| Taxation and social security | 4,856 |
| Accruals and deferred income |
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Valu2 Innovations PLC
Notes to the Financial Statements (continued)
For the Period
7 September 2021
to
31 December 2022
12.
Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the period the charge to profit or loss in respect of defined contribution schemes was £5,700.
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
13.
Related Party Disclosures
The company is controled by Middle East Investment Corporation Fzco.
This company owes companies within the group for goods and services and cash loans and this is is shown within the creditors note