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REGISTERED NUMBER: 00931094 (England and Wales)









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: V Mehra
Mrs A Mehra





SECRETARY: V Mehra





REGISTERED OFFICE: 28 Church Road
Stanmore
Middlesex
HA7 4XR





REGISTERED NUMBER: 00931094 (England and Wales)





ACCOUNTANTS: Parker Cavendish
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 4,022,228 4,057,349
Investments 5 2,985 2,742
4,025,213 4,060,091

CURRENT ASSETS
Debtors 6 3,823,694 3,590,977
Cash at bank and in hand 98,699 6,391
3,922,393 3,597,368
CREDITORS
Amounts falling due within one year 7 (952,384 ) (595,167 )
NET CURRENT ASSETS 2,970,009 3,002,201
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,995,222

7,062,292

CREDITORS
Amounts falling due after more than one
year

8

(2,744,489

)

(2,927,742

)

PROVISIONS FOR LIABILITIES (561,000 ) (561,000 )
NET ASSETS 3,689,733 3,573,550

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve 10 2,581,897 2,589,516
Retained earnings 10 1,106,836 983,034
SHAREHOLDERS' FUNDS 3,689,733 3,573,550

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 30 August 2022 and were signed on its behalf by:





V Mehra - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures, fittings & equipment - 10% - 25% on cost

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 3 (2020 - 6 ) .

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 4,169,074 981,591 5,150,665
Additions - 2,114 2,114
At 30 September 2021 4,169,074 983,705 5,152,779
DEPRECIATION
At 1 October 2020 176,882 916,434 1,093,316
Charge for year 15,381 21,854 37,235
At 30 September 2021 192,263 938,288 1,130,551
NET BOOK VALUE
At 30 September 2021 3,976,811 45,417 4,022,228
At 30 September 2020 3,992,192 65,157 4,057,349

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 100 2,642 2,742
Revaluations - 243 243
At 30 September 2021 100 2,885 2,985
NET BOOK VALUE
At 30 September 2021 100 2,885 2,985
At 30 September 2020 100 2,642 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 8,678 10,380
Amounts owed by group undertakings 3,567,000 3,567,000
Other debtors 207,791 3,107
Tax 12,046 -
Prepayments & accrued income 28,179 10,490
3,823,694 3,590,977

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 586,213 299,838
Trade creditors 36,832 6,433
Tax 33,576 -
Social security & other taxes 2,204 3,104
Value added tax 1,911 8,462
Other creditors 265,212 260,179
Accruals & deferred income 26,436 17,151
952,384 595,167

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Bank loans 2,744,489 2,927,742

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 983,034 2,589,516 3,572,550
Profit for the year 116,183 116,183
Transfer from revaluation
reserve 7,619 (7,619 ) -
At 30 September 2021 1,106,836 2,581,897 3,688,733