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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2019 |
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VALOUR FINANCE LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2019 |
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FOR |
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VALOUR FINANCE LIMITED |
VALOUR FINANCE LIMITED (REGISTERED NUMBER: 06034431) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30th June 2019 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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VALOUR FINANCE LIMITED |
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COMPANY INFORMATION |
for the Year Ended 30th June 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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1 City Road East |
Manchester |
M15 4PN |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
VALOUR FINANCE LIMITED |
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The following reproduces the text of the report prepared for the director in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a |
Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
Report of the Director are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Valour Finance Limited for the year ended 30th June 2019 which comprise the Profit and Loss |
Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records |
and from information and explanations you have given us. |
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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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the director of Valour Finance Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Valour Finance Limited and state those matters that we have agreed to state to the director of Valour Finance Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Valour Finance Limited and its director for our work or for this report. |
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It is your duty to ensure that Valour Finance Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Valour Finance Limited. You consider that Valour Finance Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Valour Finance 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 financial statements. |
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1 City Road East |
Manchester |
M15 4PN |
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VALOUR FINANCE LIMITED (REGISTERED NUMBER: 06034431) |
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BALANCE SHEET |
30th June 2019 |
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2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Revaluation reserve | 11 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges her responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
VALOUR FINANCE LIMITED (REGISTERED NUMBER: 06034431) |
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BALANCE SHEET - continued |
30th June 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved and authorised for issue by the director on
signed by: |
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VALOUR FINANCE LIMITED (REGISTERED NUMBER: 06034431) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30th June 2019 |
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1. | STATUTORY INFORMATION |
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Valour Finance Limited is a private company limited by share capital, incorporated in England and Wales, |
registration number 06034431. The address of the registered office is The Colony HQ, Altrincham Road, |
Wilmslow, SK9 4LY and principal place of business is 1st Floor Highbank House, Exchange Street, Stockport SK3 |
0ET. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover represents the total invoice, excluding value added tax, of sales made during the year and derives |
from the provision of goods falling within the company's ordinary activities. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Patents and licence are not currently incurring any impairment against them. |
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Tangible fixed assets |
Depreciation on tangible fixed assets is charged to the profit or loss so as to write off their value, over their |
estimated useful lives, using the following methods: |
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Plant and machinery | 20% on reducing balance |
Fixtures & fittings | 25% on cost |
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At each reporting date, the Group reviews the carrying amounts of its tangible fixed assets to determine |
whether there is any indication that any items have suffered an impairment loss. If any such indication exists, |
the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
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If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of |
the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
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Financial instruments |
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of |
the financial instrument. The company holds basic financial instruments, which comprise cash at bank and in |
hand, trade and other debtors, borrowings, and trade and other creditors. |
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VALOUR FINANCE LIMITED (REGISTERED NUMBER: 06034431) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th June 2019 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's |
pension scheme are charged to profit or loss in the period to which they relate. |
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Trade and other debtors / creditors |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade |
and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent |
to initial recognition they are measured at amortised cost using the effective interest method, less any |
impairment losses in the case of trade debtors. |
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Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Patents |
and | Computer |
licences | software | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1st July 2018 |
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Additions |
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At 30th June 2019 |
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AMORTISATION |
Amortisation for year |
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At 30th June 2019 |
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NET BOOK VALUE |
At 30th June 2019 |
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At 30th June 2018 |
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VALOUR FINANCE LIMITED (REGISTERED NUMBER: 06034431) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th June 2019 |
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4. | INTANGIBLE FIXED ASSETS - continued |
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Cost or valuation at 30th June 2019 is represented by: |
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Patents |
and | Computer |
licences | software | Totals |
£ | £ | £ |
Valuation in 2018 | - | 772,864 | 772,864 |
Cost | 340 | 440,775 | 441,115 |
340 | 1,213,639 | 1,213,979 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1st July 2018 |
and 30th June 2019 |
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DEPRECIATION |
At 1st July 2018 |
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Charge for year |
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At 30th June 2019 |
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NET BOOK VALUE |
At 30th June 2019 |
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At 30th June 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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VALOUR FINANCE LIMITED (REGISTERED NUMBER: 06034431) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th June 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Amounts owed to participating interests | 75,152 | 70,660 |
Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Amounts owed to group undertakings |
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Other creditors |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Factoring Loan | 4,135,893 | 3,280,259 |
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On the 15th February 2017 Conister Bank Limited created a fixed and floating charge over the companies assets |
as security for the loan facility above in relation to the factoring of the companies debt. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 8,500 | 1 |
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Ordinary A | £1 | 1,500 | - |
10,000 | 1 |
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11. | RESERVES |
Revaluation |
reserve |
£ |
At 1st July 2018 |
and 30th June 2019 |
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VALOUR FINANCE LIMITED (REGISTERED NUMBER: 06034431) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th June 2019 |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party of this company and the group is Valour Group (UK) PLC. The registered office is |
The Colony HQ, Altrincham Road, Wilmslow, SK9 4LY. |