Vale Furnishers Ltd - Period Ending 2016-07-31

Registration number: 02056621

Vale Furnishers Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2016
 

CRK Accounting Ltd
12A Fleet Business Park
Sandy Lane
Fleet
Hampshire
GU52 8BF

Vale Furnishers Ltd
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Vale Furnishers Ltd
(Registration number: 02056621)
Abbreviated Balance Sheet at 31 July 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					8,398,089			8,410,521
Current assets
Stocks					1,098,501			1,036,792
Debtors					915,038			1,890,975
Cash at bank and in hand					4,611,591			3,754,108
					6,625,130			6,681,875
Creditors: Amounts falling due within one year					(1,351,361)			(1,331,903)
Net current assets					5,273,769			5,349,972
Total assets less current liabilities					13,671,858			13,760,493
Provisions for liabilities					(10,150)			(38,351)
Net assets					13,661,708			13,722,142
Capital and reserves
Called up share capital		3			3,902			3,902
Capital redemption reserve					98			98
Profit and loss account					13,657,708			13,718,142
Shareholders' funds					13,661,708			13,722,142

For the year ending 31 July 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 10 April 2017 and signed on its behalf by:

.........................................
A R Chandler
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Vale Furnishers Ltd
(Registration number: 02056621)
Abbreviated Balance Sheet at 31 July 2016
......... continued

.........................................
M A Chandler
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Vale Furnishers Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Goodwill is written off in full in the year of acquisition.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful econimic life as follows:

Asset class	Depreciation method and rate
Freehold property	2% on cost
Long leasehold	2% on cost
Plant and machinery	25% reducing balance
Fixtures and fittings	25% reducing balance
Motor vehicles	25% reducing balance

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Stock

Stock is stated at the lower of cost and net realisable value. In the case of stock held for resale, cost means purchase price calculated on a "first in first out" basis. In the case of showroom display stock, stock values reflect credits received to compensate for wear and tear and supplier display contributions. Net realisable value means the estimate selling price less all costs to be incurred in marketing, selling and distribution.

Page 3

Vale Furnishers Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date will result in obligation to pay more, or a right to pay less or to receive more tax, with the exception that deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that a future reversal will occur.

Foreign currency

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 4

Vale Furnishers Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 August 2015		1			9,591,016			9,591,017
Additions		-			143,147			143,147
At 31 July 2016		1			9,734,163			9,734,164
Depreciation
At 1 August 2015		1			1,180,495			1,180,496
Charge for the year		-			155,579			155,579
At 31 July 2016		1			1,336,074			1,336,075
Net book value
At 31 July 2016		-			8,398,089			8,398,089
At 31 July 2015		-			8,410,521			8,410,521

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		3,902			3,902			3,902			3,902

Page 5