VICTORIA SPACES (UK) LTD

Company Registration Number:
11823110 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2021

Period of accounts

Start date: 1 January 2021

End date: 31 December 2021

VICTORIA SPACES (UK) LTD

Contents of the Financial Statements

for the Period Ended 31 December 2021

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

VICTORIA SPACES (UK) LTD

Directors' report period ended 31 December 2021

The directors present their report with the financial statements of the company for the period ended 31 December 2021

Principal activities of the company

The Company's principal activity is investment property holding

Political and charitable donations

The Company has not made any political donations or expenditure during the year.



Directors

The directors shown below have held office during the whole of the period from
1 January 2021 to 31 December 2021

James Scott Lyon
Katharine Eirwen Hynard


The directors shown below have held office during the period of
1 January 2021 to 17 December 2021

Newman George Leech
Simon Alexander Banks
Sean Gaskell


The director shown below has held office during the period of
1 January 2021 to 21 January 2021

Tatiana Raquel Pereira Da Rocha


The directors shown below have held office during the period of
17 December 2021 to 31 December 2021

Andrew James Meyrick
Mark Reid


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
11 August 2022

And signed on behalf of the board by:
Name: Katharine Eirwen Hynard
Status: Director

VICTORIA SPACES (UK) LTD

Profit And Loss Account

for the Period Ended 31 December 2021

2021 2020


£

£
Turnover: 26,660 652,795
Cost of sales: ( 645,106 ) ( 100,756 )
Gross profit(or loss): (618,446) 552,039
Administrative expenses: ( 1,109,370 ) ( 1,147,316 )
Other operating income: 15,257,675
Operating profit(or loss): 13,529,859 (595,277)
Interest payable and similar charges: ( 1,281,109 ) ( 4,141,454 )
Profit(or loss) before tax: 12,248,750 (4,736,731)
Profit(or loss) for the financial year: 12,248,750 (4,736,731)

VICTORIA SPACES (UK) LTD

Balance sheet

As at 31 December 2021

Notes 2021 2020


£

£
Fixed assets
Tangible assets: 3 77,000,000 57,543,400
Total fixed assets: 77,000,000 57,543,400
Current assets
Debtors: 4 1,453,793 1,458,480
Cash at bank and in hand: 70,659 59,859
Total current assets: 1,524,452 1,518,339
Creditors: amounts falling due within one year: 5 ( 50,808,323 ) ( 38,942,093 )
Net current assets (liabilities): (49,283,871) (37,423,754)
Total assets less current liabilities: 27,716,129 20,119,646
Creditors: amounts falling due after more than one year: 6 ( 10,646,679 ) ( 14,788,697 )
Total net assets (liabilities): 17,069,450 5,330,949
Capital and reserves
Called up share capital: 15,489,751 16,000,000
Profit and loss account: 1,579,699 (10,669,051 )
Total Shareholders' funds: 17,069,450 5,330,949

The notes form part of these financial statements

VICTORIA SPACES (UK) LTD

Balance sheet statements

For the year ending 31 December 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 11 August 2022
and signed on behalf of the board by:

Name: Katharine Eirwen Hynard
Status: Director

The notes form part of these financial statements

VICTORIA SPACES (UK) LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Rental income from investment property, except for contingent rental income, is recognised on a straight-line basis overthe term of the lease. Incentives for lessees to enter into lease agreements are spread evenly over the lease term, even if the payments are not made on such a basis. The lease term is the non-cancellable period of the lease together with any further term for which the tenant has the option to continue the lease, where, at the inception of the lease, the directors are reasonably certain that the tenant will exercise that option. The non-cancellable period of a lease starts from the property handover date and ends on the first break date.Income arising from expenses recharged to tenants is recognised in the period in which the expenses can be contractuallyrecovered. Service charges and other such receipts are included gross of the related costs in revenue, as the Company acts as principal in this respect.

    Tangible fixed assets depreciation policy

    Freehold investment properties are initially recognised at cost, being the fair value of the consideration given, includingtransaction costs associated with the acquisition of the investment property.After initial recognition, freehold investment properties are measured at fair value, with movements in the unrealised gainsand losses recognised in the statement of comprehensive income. Fair value is based upon the market valuations of the properties as provided by an independent charted surveyors, at the date of the statement of financial position suitably adjusted to account for unamortised tenant lease incentives.Investment property under construction is transferred to completed investment property at the end of the year in which itreaches practical completion.Investment property is derecognised when it has been disposed of. Gains and losses on the disposal of investmentproperty are calculated as the difference between net disposal proceeds and the carrying value of the property in the previous full period financial statements, or, if acquired in the current period, the difference between net disposal proceeds and cost. Gains and losses on disposal are recognised in the statement of comprehensive income in the period in which the disposal occurred.Investment property is transferred to investment property held for sale when it is expected that the carrying amount will berecovered principally through sale rather than from continuing to hold the property to earn rentals or for capital appreciation purposes or both. This will be the case where the property is available for sale in its present condition and the sale is highly probable.

    Valuation information and policy

    Investment property is stated at fair value as at the date of the statement of financial position. The fair value of investmentproperty is as estimated by the directors on the basis of the valuation carried by independent valuer in December 2021which was not for financial reporting purposes. As part of directors valuation process, the directors considered thevaluations prepared by independent valuer as part of the acquisition process of the properties. The directors have alsoconsidered the uncertainties and special assumptions mentioned in the valuation report and are of the opinion that at theyear ended 31 December 2021, those uncertainties and special assumptions are relevant and remain unchanged andtherefore, it is appropriate to recognise the fair value of the properties in line with the valuation provided by Knight Frank.

    Other accounting policies

    Loans payableLoans are recognised initially at the transaction price plus any directly attributable transaction costs. Subsequent to initialrecognition, loans are measured at amortised cost using the effective interest method.Cash and cash equivalentsCash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less.Bank overdrafts that are repayable on demand and form an integral part of the Company's cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows.Share capitalOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares arerecognised as a deduction from equity, net of any tax effects.

VICTORIA SPACES (UK) LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

  • 2. Employees

    2021 2020
    Average number of employees during the period 0 0

VICTORIA SPACES (UK) LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2021 57,543,400 57,543,400
Additions 4,198,925 4,198,925
Disposals
Revaluations 15,257,675 15,257,675
Transfers
At 31 December 2021 77,000,000 77,000,000
Depreciation
At 1 January 2021
Charge for year
On disposals
Other adjustments
At 31 December 2021
Net book value
At 31 December 2021 77,000,000 77,000,000
At 31 December 2020 57,543,400 57,543,400

VICTORIA SPACES (UK) LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

4. Debtors

2021 2020
£ £
Trade debtors 6,412 77,863
Prepayments and accrued income 33,600 42,000
Other debtors 1,413,781 1,338,617
Total 1,453,793 1,458,480

VICTORIA SPACES (UK) LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

5. Creditors: amounts falling due within one year note

2021 2020
£ £
Bank loans and overdrafts 50,050,285 37,659,423
Trade creditors 758,038 1,266,821
Accruals and deferred income 15,849
Total 50,808,323 38,942,093

VICTORIA SPACES (UK) LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

6. Creditors: amounts falling due after more than one year note

2021 2020
£ £
Bank loans and overdrafts 10,646,679 14,788,697
Total 10,646,679 14,788,697