Company Registration No. 05723901 (England and Wales)
VESEY PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE ENDED ENDED 23 AUGUST 2021
PAGES FOR FILING WITH REGISTRAR
VESEY PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
VESEY PROPERTY LIMITED
BALANCE SHEET
AS AT
23 AUGUST 2021
23 August 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
4
800,000
800,000
Current assets
Debtors
5
273,242
276,692
Cash at bank and in hand
9,080
16,728
282,322
293,420
Creditors: amounts falling due within one year
6
(29,861)
(40,054)
Net current assets
252,461
253,366
Total assets less current liabilities
1,052,461
1,053,366
Creditors: amounts falling due after more than one year
7
(734,771)
(734,771)
Net assets
317,690
318,595
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
317,688
318,593
Total equity
317,690
318,595

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial ended ended 23 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the ended in question in accordance with section 476.

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 and signed by the director and authorised for issue on 17 June 2022
Mr V Singh
Director
Company Registration No. 05723901
VESEY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE ENDED ENDED 23 AUGUST 2021
- 2 -
1
Accounting policies
Company information

Vesey Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is 27 Mortimer Street, London, W1T 3BL.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of consideration received for services provided in the normal course of business.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash at bank and in hand

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

VESEY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE ENDED ENDED 23 AUGUST 2021
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the ended was 1 (2020 - 1).

 

 

 

2021
2020
Number
Number
Total
1
1
4
Investment property
2021
£
Fair value
At 24 August 2020 and 23 August 2021
800,000
VESEY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE ENDED ENDED 23 AUGUST 2021
4
Investment property
(Continued)
- 4 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
273,242
276,692
6
Creditors: amounts falling due within one year
2021
2020
£
£
Other creditors
29,861
40,054
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
734,771
734,771
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