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REGISTERED NUMBER: 10070775 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

VELVET HOMES LIMITED

VELVET HOMES LIMITED (REGISTERED NUMBER: 10070775)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


VELVET HOMES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTOR: P J Cloherty





REGISTERED OFFICE: 30-34 North Street
Hailsham
East Sussex
BN27 1DW





REGISTERED NUMBER: 10070775 (England and Wales)





ACCOUNTANTS: Watson Associates (Professional Services) Limited
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

VELVET HOMES LIMITED (REGISTERED NUMBER: 10070775)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £   
FIXED ASSETS
Investments 4 100 100
Investment property 5 4,449,213 4,248,396
4,449,313 4,248,496

CURRENT ASSETS
Debtors 6 207,853 159,813

CREDITORS
Amounts falling due within one year 7 (648,803 ) (657,622 )
NET CURRENT LIABILITIES (440,950 ) (497,809 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,008,363

3,750,687

CREDITORS
Amounts falling due after more than one
year

8

(2,507,494

)

(2,430,808

)

PROVISIONS FOR LIABILITIES (313,842 ) (275,687 )
NET ASSETS 1,187,027 1,044,192

CAPITAL AND RESERVES
Called up share capital 9 100 100
Non-distributable reserves 1,332,500 1,169,838
Retained earnings (145,573 ) (125,746 )
SHAREHOLDERS' FUNDS 1,187,027 1,044,192

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

VELVET HOMES LIMITED (REGISTERED NUMBER: 10070775)

BALANCE SHEET - continued
31 DECEMBER 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 September 2022 and were signed by:





P J Cloherty - Director


VELVET HOMES LIMITED (REGISTERED NUMBER: 10070775)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

Velvet Homes 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.

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.

Critical accounting judgements and key sources of estimation uncertainty
No significant judgements have had to be made by management in preparing these financial statements.

There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 balance sheet date.


VELVET HOMES LIMITED (REGISTERED NUMBER: 10070775)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2021
and 31 December 2021 100
NET BOOK VALUE
At 31 December 2021 100
At 31 December 2020 100

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2021 4,248,396
Revaluations 200,817
At 31 December 2021 4,449,213
NET BOOK VALUE
At 31 December 2021 4,449,213
At 31 December 2020 4,248,396

Fair value at 31 December 2021 is represented by:
£   
Valuation in 2016 194,175
Valuation in 2018 480,405
Valuation in 2019 619,380
Valuation in 2020 157,563
Valuation in 2021 200,817
Cost 2,796,873
4,449,213

VELVET HOMES LIMITED (REGISTERED NUMBER: 10070775)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

5. INVESTMENT PROPERTY - continued

If Investment Property had not been revalued it would have been included at the following historical cost:

2021 2020
£    £   
Cost 2,660,222 2,660,222

Investment property was valued on an open market basis on 31 December 2021 by the Director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Other debtors 207,853 159,813

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 4,675 6,749
Other creditors 644,128 650,873
648,803 657,622

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans 2,507,494 2,430,808

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 2,507,494 2,430,808

9. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
100 Ordinary 1 100 100

VELVET HOMES LIMITED (REGISTERED NUMBER: 10070775)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

10. RELATED PARTY DISCLOSURES

PJC Property Consultants Limited, a company controlled by the Director P Cloherty owes £58,550 (2020:£59,050) by the company at the year end. No interest is payable on this loan and there are no formal repayment terms.

PPC Properties Limited, a company controlled by the Director P Cloherty is owed £104,289 (2020 £4,289) by the company at the year end. No interest is payable on this loan and there are no formal repayment terms.

PPC Portland Limited, a company controlled by the Director P Cloherty owes £52,850 (2020:£43,405) by the company at the year end. No interest is payable on this loan and there are no formal repayment terms.

Phoenix Homes SE Limited, a company controlled by the Director P Cloherty is owed £99,854 (2020:£74,313) to the company at the year end. No interest is payable on this loan and there are no formal repayment terms.