Registered number
12621743
VIVA LA PROP LTD
Filleted Accounts
31 May 2023
VIVA LA PROP LTD
Registered number: 12621743
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 376,967 234,845
Current assets
Debtors 4 18,615 17,609
Cash at bank and in hand 1,305 5,740
19,920 23,349
Creditors: amounts falling due within one year 5 (40,700) (41,622)
Net current liabilities (20,780) (18,273)
Total assets less current liabilities 356,187 216,572
Creditors: amounts falling due after more than one year 6 (292,295) (291,639)
Net assets/(liabilities) 63,892 (75,067)
Capital and reserves
Called up share capital 2 2
Revaluation reserve 7 143,250 -
Profit and loss account (79,360) (75,069)
Shareholders' funds 63,892 (75,067)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Mike Turner
Director
Approved by the board on 12 October 2023
VIVA LA PROP LTD
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings Not Depreciated
Fixtures, fittings, tools and equipment over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2022 231,750 4,510 236,260
Surplus on revaluation 143,250 - 143,250
At 31 May 2023 375,000 4,510 379,510
Depreciation
At 1 June 2022 - 1,415 1,415
Charge for the year - 1,128 1,128
At 31 May 2023 - 2,543 2,543
Net book value
At 31 May 2023 375,000 1,967 376,967
At 31 May 2022 231,750 3,095 234,845
4 Debtors 2023 2022
£ £
Deferred tax asset 18,615 17,609
5 Creditors: amounts falling due within one year 2023 2022
£ £
Intercompany Loans - Sycamore - 494
Trade creditors 18,200 18,627
Intercompany Loans - 153 WSM 22,500 22,500
Accruals - 1
40,700 41,622
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 251,200 251,200
Director's loan account 41,095 40,439
292,295 291,639
7 Revaluation reserve 2023 2022
£ £
Gain on revaluation of land and buildings 143,250 -
At 31 May 2023 143,250 -
8 Controlling party
The ultimate controlling parties during the period; Mike Turner and Giovannina Riviello
Mike Turner and Giovannina Riviello each hold 50% of the issued share capital and are deemed the ultimate controlling party.
9 Other information
VIVA LA PROP LTD is a private company limited by shares and incorporated in England. Its registered office is:
9 Parkes Avenue
Locking Parklands
Weston-Super-Mare
North Somerset
BS24 7GW
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