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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2017 |
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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 2017 |
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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 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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VALOUR FINANCE LIMITED |
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COMPANY INFORMATION |
for the Year Ended 30th June 2017 |
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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 |
VALOUR FINANCE LIMITED (REGISTERED NUMBER: 06034431) |
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BALANCE SHEET |
30th June 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Property, plant and equipment | 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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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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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 |
(b) |
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 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement 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 2017 |
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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 |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The |
Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The |
financial statements have been prepared under the historical cost convention as modified by the revaluation |
of land and buildings. |
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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 |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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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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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 | 25% 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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VALOUR FINANCE LIMITED (REGISTERED NUMBER: 06034431) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th June 2017 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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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Operating leases |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments |
under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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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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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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 |
licences |
£ |
COST |
At 1st July 2016 |
and 30th June 2017 |
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NET BOOK VALUE |
At 30th June 2017 |
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At 30th June 2016 |
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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 2017 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1st July 2016 |
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Additions |
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At 30th June 2017 |
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DEPRECIATION |
At 1st July 2016 |
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Charge for year |
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At 30th June 2017 |
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NET BOOK VALUE |
At 30th June 2017 |
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At 30th June 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Amounts owed to participating interests | 21,744 | 43,026 |
Taxation and social security |
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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 2017 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
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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2017 | 2016 |
£ | £ |
Factoring Loan | 695,115 | - |
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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. | OFF-BALANCE SHEET ARRANGEMENTS |
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Operating lease commitments not included in the balance sheet amount to £20,582 (2016 - £47,808). |