REGISTERED NUMBER: |
Financial Statements |
for the Year Ended |
30 September 2021 |
for |
V.S. Properties Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended |
30 September 2021 |
for |
V.S. Properties Limited |
V.S. Properties Limited (Registered number: 00931094) |
Contents of the Financial Statements |
for the Year Ended 30 September 2021 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
V.S. Properties Limited |
Company Information |
for the Year Ended 30 September 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
28 Church Road |
Stanmore |
Middlesex |
HA7 4XR |
V.S. Properties Limited (Registered number: 00931094) |
Statement of Financial Position |
30 September 2021 |
2021 | 2020 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | 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. |
V.S. Properties Limited (Registered number: 00931094) |
Statement of Financial Position - continued |
30 September 2021 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
V.S. Properties Limited (Registered number: 00931094) |
Notes to the Financial Statements |
for the Year Ended 30 September 2021 |
1. | STATUTORY INFORMATION |
V.S. Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about V.S. Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover represents net invoiced income from the provision of hotel accommodation and related services, excluding value added tax. |
Tangible fixed assets |
Fixtures, fittings & equipment | - |
The land element of the freehold property is not depreciated. The building element is depreciated to its estimated residual value over a period of 50 years. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less impairment. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
V.S. Properties Limited (Registered number: 00931094) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures, |
Freehold | fittings |
property | & equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2020 |
Additions |
At 30 September 2021 |
DEPRECIATION |
At 1 October 2020 |
Charge for year |
At 30 September 2021 |
NET BOOK VALUE |
At 30 September 2021 |
At 30 September 2020 |
Included in cost or valuation of land and buildings is freehold land of £ 3,000,000 (2020 - £ 3,000,000 ) which is not depreciated. |
In the opinion of the directors, the market value of the property is significantly in excess of the value stated in the balance sheet. |
Cost or valuation at 30 September 2021 is represented by: |
Fixtures, |
Freehold | fittings |
property | & equipment | Totals |
£ | £ | £ |
Valuation in 2007 | 3,238,135 | - | 3,238,135 |
Cost | 930,939 | 983,705 | 1,914,644 |
4,169,074 | 983,705 | 5,152,779 |
If freehold land and buildings had not been revalued it would have been included at the following historical cost: |
2021 | 2020 |
£ | £ |
Cost | 930,939 | 930,939 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2020 | 2,742 |
Revaluations | 243 |
At 30 September 2021 | 2,985 |
NET BOOK VALUE |
At 30 September 2021 | 2,985 |
At 30 September 2020 | 2,742 |
V.S. Properties Limited (Registered number: 00931094) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
5. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 30 September 2021 is represented by: |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2021 | - | 243 | 243 |
Cost | 100 | 2,642 | 2,742 |
100 | 2,885 | 2,985 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tax |
Prepayments & accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security & other taxes |
Value added tax | 1,911 | 8,462 |
Other creditors |
Accruals & deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
Bank loans falling due after more than five years repayable by instalments amount to £1,300,058 (2020: £1,028,790) and that repayable other than by instalments amount to £nil (2020: £840,521). |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2021 | 2020 |
£ | £ |
Bank loans | 3,284,036 | 3,134,016 |
The bank loans and overdraft are secured on the investment properties. |
V.S. Properties Limited (Registered number: 00931094) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
10. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 October 2020 | 3,572,550 |
Profit for the year |
Transfer from revaluation |
reserve | 7,619 | (7,619 | ) | - |
At 30 September 2021 | 3,688,733 |