Valued Assets Ltd - Period Ending 2017-03-31

Registration number: 04681799

Valued Assets Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

J S Weeks & Co
41 St John's Street
Devizes
Wiltshire
SN10 1BL

Valued Assets Ltd

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 9

Valued Assets Ltd

Company Information

Directors

Mr C Brooks Mrs V Brooks

Company secretary

Mr C Brooks

Registered office

16 Lynfield Park Weston Bath East Somerset BA1 4ER

Accountants

J S Weeks & Co 41 St John's Street Devizes Wiltshire SN10 1BL

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Valued Assets Ltd
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Valued Assets Ltd for the year ended 31 March 2017 as set out on pages 3 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 Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Valued Assets Ltd, 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 Valued Assets Ltd and state those matters that we have agreed to state to the Board of Directors of Valued Assets Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Valued Assets Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Valued Assets Ltd 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 Valued Assets Ltd. You consider that Valued Assets Ltd 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 Valued Assets Ltd. 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.

......................................

J S Weeks & Co
41 St John's Street
Devizes
Wiltshire
SN10 1BL

21 December 2017

Page 2

Valued Assets Ltd

(Registration number: 04681799)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	11	15
Current assets
Debtors	5	1,269	395
Cash at bank and in hand		2,644	690
		3,913	1,085
Creditors: Amounts falling due within one year	6	(8,538)	(7,091)
Net current liabilities		(4,625)	(6,006)
Net liabilities		(4,614)	(5,991)
Capital and reserves
Called up share capital		2	2
Profit and loss account		(4,616)	(5,993)
Total equity		(4,614)	(5,991)

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 3

Valued Assets Ltd

(Registration number: 04681799)
Balance Sheet as at 31 March 2017

Approved and authorised by the Board on 21 December 2017 and signed on its behalf by:
 

.........................................

Mr C Brooks

Director

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 4

Valued Assets Ltd

Statement of Changes in Equity for the Year Ended 31 March 2017

	Share capital £	Profit and loss account £	Total £
At 1 April 2016	2	(5,993)	(5,991)
Profit for the year	-	1,377	1,377
Total comprehensive income	-	1,377	1,377
At 31 March 2017	2	(4,616)	(4,614)

	Share capital £	Profit and loss account £	Total £
At 1 April 2015	2	(1,847)	(1,845)
Loss for the year	-	(4,146)	(4,146)
Total comprehensive income	-	(4,146)	(4,146)
At 31 March 2016	2	(5,993)	(5,991)

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 5

Valued Assets Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
16 Lynfield Park
Weston
Bath
East Somerset
BA1 4ER

These financial statements were authorised for issue by the Board on 21 December 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance

Page 6

Valued Assets Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2016 - 1).

Page 7

Valued Assets Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

4	Tangible assets

	Plant and machinery £	Total £
Cost or valuation
At 1 April 2016	1,190	1,190
At 31 March 2017	1,190	1,190
Depreciation
At 1 April 2016	1,175	1,175
Charge for the year	4	4
At 31 March 2017	1,179	1,179
Carrying amount
At 31 March 2017	11	11
At 31 March 2016	15	15

5

Debtors

	2017 £	2016 £
Trade debtors	1,269	395
Total current trade and other debtors	1,269	395

6

Creditors

	Note	2017 £	2016 £
Due within one year
Other creditors		8,538	7,091

Page 8

Valued Assets Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

7	Related party transactions

Transactions with directors

Directors' remuneration

The directors' remuneration for the year was as follows:

	2017 £	2016 £
Remuneration	-	5,784

8	Transition to FRS 102

No reclassifications or remeasurements were required on transition to FRS102.

Page 9