| Valet Pro Limited |
| Accountants' Report |
|
|
| Accountants' report to the director of |
| Valet Pro Limited |
|
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Valet Pro Limited for the year ended 28 February 2023 set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Management Accountants (CIMA), we are subject to its ethical and other professional requirements which are detailed at cima.com. This report is made solely to the Board of Directors of Valet Pro Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Valet Pro Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Management Accountants as detailed at cima.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Valet Pro Limited and its Board of Directors as a body for our work or for this report. |
| It is your duty to ensure that Valet Pro Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Valet Pro Limited. You consider that Valet Pro 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 accounts of Valet Pro 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 accounts. |
|
| Mark R Hill BSc (Econ) Dip ACMA |
| Simple Accounting Limited |
| Chartered Management Accountants |
| 95 Bridge Lanes |
| Hebden Bridge |
| HX7 6AT |
|
| 26 September 2023 |
|
| Valet Pro Limited |
| Registered number: |
05350876 |
| Balance Sheet |
| as at 28 February 2023 |
|
| Notes |
|
|
2023 |
|
|
2022 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
14,422 |
|
|
28,246 |
|
| Current assets |
| Stocks |
4 |
|
228,074 |
|
|
208,346 |
| Debtors |
5 |
|
197,814 |
|
|
295,653 |
| Cash at bank and in hand |
|
|
135,423 |
|
|
232,728 |
|
|
|
561,311 |
|
|
736,727 |
|
|
|
|
|
|
|
| Creditors: amounts falling due within one year |
6 |
|
(128,239) |
|
|
(193,886) |
|
| Net current assets |
|
|
|
433,072 |
|
|
542,841 |
|
| Total assets less current liabilities |
|
|
|
447,494 |
|
|
571,087 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(198,866) |
|
|
(286,020) |
|
| Net assets |
|
|
|
248,628 |
|
|
285,067 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
900 |
|
|
900 |
| Profit and loss account |
|
|
|
247,728 |
|
|
284,167 |
|
| Shareholders' funds |
|
|
|
248,628 |
|
|
285,067 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| G Spink |
| Director |
| Approved by the board on 26 September 2023 |
|
| Valet Pro Limited |
| Notes to the Accounts |
| for the year ended 28 February 2023 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
|
|
Tangible fixed assets |
|
Assets are depreciated at rates calculated write off the cost less residual value over expected useful life using the Reducing Balance Method (RBM).
|
|
|
Asset class depreciation method and rate : |
|
Building Improvements |
100% RBM |
|
Plant and Equipment |
50% RBM |
|
|
Stocks |
|
Stock and work in progress is valued at the lower of cost and estimated net realisable value. Net
realisable value is the price at which the stock can be released in the normal course of business,
less any further costs. We use the average cost method.
|
|
|
Deferred tax |
|
The company has a policy of depreciating assets in line with HMRC rates of tax relief. There is therefore no material timing difference on capital allowances. There is therefore no need for a deferred taxation provision. |
|
|
Foreign currency |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
| 2 |
Employees |
2023 |
|
2022 |
| Number |
Number |
|
|
Average number of persons employed by the company |
14 |
|
23 |
|
|
|
|
|
|
|
|
|
|
|
Staff costs |
2023 |
|
2022 |
| £ |
£ |
|
|
|
Wages and NI contributions |
402,824 |
|
585,376 |
|
Employer pension contributions |
20,488 |
|
30,180 |
|
Temporary staff |
- |
|
1,484 |
|
|
|
|
|
|
|
423,312 |
|
617,040 |
|
|
|
|
|
|
|
|
|
| 3 |
Tangible Fixed Assets |
|
|
Furniture fitting and equipment |
|
Plant and machinery etc |
|
Building improve-ments |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 March 2022 |
171,000 |
|
140,989 |
|
115,270 |
|
427,259 |
|
Additions |
286 |
|
- |
|
11,959 |
|
12,245 |
|
At 28 February 2023 |
171,286 |
|
140,989 |
|
127,229 |
|
439,504 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 March 2022 |
152,929 |
|
130,814 |
|
115,270 |
|
399,013 |
|
Charge for the year |
9,030 |
|
5,080 |
|
11,959 |
|
26,069 |
|
At 28 February 2023 |
161,959 |
|
135,894 |
|
127,229 |
|
425,082 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 28 February 2023 |
9,327 |
|
5,095 |
|
- |
|
14,422 |
|
At 28 February 2022 |
18,071 |
|
10,175 |
|
- |
|
28,246 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Stock |
2023 |
|
2022 |
| £ |
£ |
|
|
Stock |
228,074 |
|
208,346 |
|
|
|
|
|
|
228,074 |
|
208,346 |
|
|
|
|
|
|
|
|
|
|
There is a £100,000 provision for a possible devaluation of company's stock. |
|
|
| 5 |
Debtors |
2023 |
|
2022 |
| £ |
£ |
|
|
Trade Debtors |
130,941 |
|
217,112 |
|
Supplier Deposits |
|
|
|
|
- |
|
48,195 |
|
Prepayments |
66,873 |
|
30,346 |
|
|
|
|
|
|
197,814 |
|
295,653 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
| £ |
£ |
|
|
Trade Creditors |
125,429 |
|
205,504 |
|
Corporation Tax |
(1,108) |
|
- |
|
VAT |
(8,120) |
|
(38,542) |
|
Deposits From Customers |
- |
|
14,887 |
|
Accruals |
12,038 |
|
12,037 |
|
|
|
|
|
|
128,239 |
|
193,886 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
| £ |
£ |
|
|
Bounce Back Loan |
|
33,569 |
|
49,568 |
|
Director Loan account |
(1,824) |
|
24,129 |
|
Other loans |
167,121 |
|
212,323 |
|
|
|
|
|
|
198,866 |
|
286,020 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Contingent liabilities |
|
|
There is a £10,000 provision for a legal claim. |
|
|
| 9 |
Controlling Party |
|
|
The company is controlled by the director and the secretary who each own 50% of the called up share capital. |
