Company Registration No. 04598141 (England and Wales)
THE VALENTINE GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
THE VALENTINE GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
THE VALENTINE GROUP LIMITED
BALANCE SHEET
AS AT 31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
4
2,963,764
2,963,764
Current assets
Debtors
6
9,848,725
6,304,369
Cash at bank
264,116
492,117
10,112,841
6,796,486
Creditors: amounts falling due within one year
7
(9,944,090)
(6,641,904)
Net current assets
168,751
154,582
Net assets
3,132,515
3,118,346
Capital and reserves
Called up share capital
8
5,000
5,000
Distributable profit and loss reserves
3,127,515
3,113,346
Total equity
3,132,515
3,118,346
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 November 2021 and are signed on its behalf by:
R J Burgess
Director
Company Registration No. 04598141
THE VALENTINE GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2019
5,000
3,109,519
3,114,519
Year ended 31 March 2020:
Profit for the financial year
-
3,827
3,827
Balance at 31 March 2020
5,000
3,113,346
3,118,346
Year ended 31 March 2021:
Profit for the financial year
-
1,514,169
1,514,169
Dividends
-
(1,500,000)
(1,500,000)
Balance at 31 March 2021
5,000
3,127,515
3,132,515
Called up share capital
This represents the nominal value of the shares issued.
Profit and loss account
This reserve is distributable and represents cumulative profits and losses, net of dividends paid.
THE VALENTINE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Company information
The Valentine Group Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Global House, 1 Ashley Avenue, Epsom, Surrey, KT18 5FL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
The Valentine Group Limited
is a wholly owned subsidiary of The Valentine Group Holding Limited and the results of
The Valentine Group Limited
are included in the consolidated financial statements of The Valentine Group Holding Limited which are available from Global House, 1 Ashley Avenue, Epsom, Surrey, KT18 5FL.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents management fees receivable.
1.4
Fixed asset investments
Interests in subsidiaries
initially
recorded
at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
THE VALENTINE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
For all other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised on taxable profit for the current period. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
2
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements
12,000
12,000
3
Employees
The directors are the only employees of the company.
4
Fixed asset investments
2021
2020
£
£
Cost
Shares in group undertakings
2,963,764
2,963,764
5
Subsidiaries
Details of the company's subsidiaries at 31 March 2021 are as follows:
THE VALENTINE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
5
Subsidiaries
(Continued)
- 5 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
First Rented Housing Group Limited
Global House, 1 Ashley Avenue, Epsom, Surrey, KT18 5FL
Ordinary
100.00
-
Ashworth Assured Tenancies Limited
Global House, 1 Ashley Avenue, Epsom, Surrey, KT18 5FL
Ordinary
0
100.00
Buckingham Assured Properties Limited
Global House, 1 Ashley Avenue, Epsom, Surrey, KT18 5FL
Ordinary
0
100.00
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
9,848,725
6,304,369
7
Creditors: amounts falling due within one year
2021
2020
£
£
Amounts owed to group undertakings
9,921,413
6,623,729
Corporation tax
3,324
898
Other creditors
19,353
17,277
9,944,090
6,641,904
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' shares of 10p each
5,000
5,000
500
500
'B' shares of 10p each
45,000
45,000
4,500
4,500
50,000
50,000
5,000
5,000
A shares carry 9 votes for each share held whilst B shares carry 1 vote for each share held. Otherwise A and B shares rank pari passu in all respects.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Daniel Faust FCCA and the auditor was FLB Accountants LLP.
THE VALENTINE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
10
Related party transactions
Transactions with related parties
During the year the company paid consultancy fees of £
60,000
(2020 - £30,000) to J
C
B South, a director of the company.
Other information
The company are exempt from disclosing other related party transactions as they are with other companies that are wholly owned within The Valentine Group Holdings Limited group.
11
Parent company
The company's immediate and ultimate parent undertaking is The Valentine Group Holdings Limited.
The company is included in the consolidated financial statements that have been prepared by The Valentine Group Holdings Limited. The consolidated financial statements of the group are available to the public and may be obtained from registered office.