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COMPANY REGISTRATION NUMBER: 04569083
VC Investments Limited
Filleted Unaudited Financial Statements
31 October 2022
VC Investments Limited
Financial Statements
Year ended 31 October 2022
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
VC Investments Limited
Statement of Financial Position
31 October 2022
2022
2021
Note
$
$
$
Fixed assets
Tangible assets
5
4,003,958
5,451,150
Current assets
Debtors: due within one year
6
122,690
157,621
Debtors: due after more than one year
6
2,658,107
3,466,661
Cash at bank and in hand
649,381
825,367
------------
------------
3,430,178
4,449,649
Creditors: amounts falling due within one year
7
502,363
655,224
------------
------------
Net current assets
2,927,815
3,794,425
------------
------------
Total assets less current liabilities
6,931,773
9,245,575
Creditors: amounts falling due after more than one year
8
1,334,690
1,334,690
------------
------------
Net assets
5,597,083
7,910,885
------------
------------
Capital and reserves
Called up share capital
4,777,779
4,777,779
Profit and loss account
819,304
3,133,106
------------
------------
Shareholders funds
5,597,083
7,910,885
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 10 October 2023 , and are signed on behalf of the board by:
Mr Michael Ellis
Director
Company registration number: 04569083
VC Investments Limited
Notes to the Financial Statements
Year ended 31 October 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Gransden Park, Potton Road, Abbotsley, Cambridgeshire, PE19 6TY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in US Dollars.
Revenue recognition
The turnover represents rental income and is recognised as it falls due on an accruals basis over the rental period.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
The operational currency is Japanese Yen. For the purpose of these accounts, the Japanese balance sheet and profit and loss account are converted into US Dollars. The Japanese balance sheet is converted to US Dollars at the exchange rate at the balance sheet date. The profit and loss account is translated at the average rate for the year. Prior to the conversion detailed above, assets and liabilities in foreign currencies are translated into Japanese Yen at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Japanese Yen at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
5. Tangible assets
Investment property
Fixtures and fittings
Motor vehicles
Total
$
$
$
$
Cost / valuation
At 1 November 2021
5,239,866
245,010
244,232
5,729,108
Additions
1,925
1,925
Revaluations
( 207,270)
( 207,270)
Other movements
( 1,192,401)
( 1,192,401)
------------
---------
---------
------------
At 31 October 2022
3,840,195
245,010
246,157
4,331,362
------------
---------
---------
------------
Depreciation
At 1 November 2021
167,903
110,055
277,958
Charge for the year
15,421
34,025
49,446
------------
---------
---------
------------
At 31 October 2022
183,324
144,080
327,404
------------
---------
---------
------------
Carrying amount
At 31 October 2022
3,840,195
61,686
102,077
4,003,958
------------
---------
---------
------------
At 31 October 2021
5,239,866
77,107
134,177
5,451,150
------------
---------
---------
------------
Freehold property consists of a Japanese investment property. The land and building (held as freehold property) has been included at market value as determined by the last valuation on the 31st October 2022. Any gain or loss arising from a change in fair value is recognised in the profit and loss. On a historical cost basis, this property would have been included at an original cost of $3,450,114.
6. Debtors
Debtors falling due within one year are as follows:
2022
2021
$
$
Trade debtors
5,506
3,794
Other debtors
117,184
153,827
---------
---------
122,690
157,621
---------
---------
Debtors falling due after one year are as follows:
2022
2021
$
$
Other debtors
2,658,107
3,466,661
------------
------------
7. Creditors: amounts falling due within one year
2022
2021
$
$
Trade creditors
86,688
197,585
Other creditors
415,675
457,639
---------
---------
502,363
655,224
---------
---------
8. Creditors: amounts falling due after more than one year
2022
2021
$
$
Other creditors
1,334,690
1,334,690
------------
------------
9. Related party transactions
Included in other debtors due after more than one year is an amount of $2,658,107 (2021: $3,466,661) due from a Japanese company. The Japanese company is wholly owned by key management personnel of VC Investments Ltd. Interest of 1% was charged on this loan, amounting to $31,032 (2021: $36,523) for the year. The company has a loan outstanding of $1,334,690 (2021: $1,334,690) with key management personnel. The loan is interest free and no fixed date has been made for repayment. At the balance sheet date, the loan was still outstanding and is presented within creditors falling due after more than one year.