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REGISTERED NUMBER: 08690545 (England and Wales)















V & C (SW) Properties Limited

Unaudited Financial Statements

for the Year Ended 31 January 2023






V & C (SW) Properties Limited (Registered number: 08690545)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


V & C (SW) Properties Limited

Company Information
for the Year Ended 31 January 2023







DIRECTORS: J L McCormick
V P McCormick
P Owen





REGISTERED OFFICE: 17 Saron Close
Penyrheol
Swansea
SA4 4FB





REGISTERED NUMBER: 08690545 (England and Wales)





ACCOUNTANTS: O'Brien and Partners
Accountants & Business Advisors
Highdale House
7 Centre Court
Treforest Industrial Estate
Pontypridd
Rhondda Cynon Taff
CF37 5YR

V & C (SW) Properties Limited (Registered number: 08690545)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 107,998 91,286

CURRENT ASSETS
Stocks 3,440,112 1,781,703
Debtors 5 24,801 10,087
Cash at bank 151,063 50,124
3,615,976 1,841,914
CREDITORS
Amounts falling due within one year 6 724,794 218,685
NET CURRENT ASSETS 2,891,182 1,623,229
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,999,180

1,714,515

CREDITORS
Amounts falling due after more than one year 7 (2,758,351 ) (1,564,744 )

PROVISIONS FOR LIABILITIES (17,344 ) (17,344 )
NET ASSETS 223,485 132,427

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 10 222,485 131,427
SHAREHOLDERS' FUNDS 223,485 132,427

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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.

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 25 October 2023 and were signed on its behalf by:





P Owen - Director


V & C (SW) Properties Limited (Registered number: 08690545)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

V & C (SW) 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

V & C (SW) Properties Limited (Registered number: 08690545)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 February 2022 156,913 4,532 20,673 182,118
Additions 1,370 - 52,753 54,123
Disposals (15,000 ) - - (15,000 )
At 31 January 2023 143,283 4,532 73,426 221,241
DEPRECIATION
At 1 February 2022 80,053 1,872 8,907 90,832
Charge for year 15,038 618 16,130 31,786
Eliminated on disposal (9,375 ) - - (9,375 )
At 31 January 2023 85,716 2,490 25,037 113,243
NET BOOK VALUE
At 31 January 2023 57,567 2,042 48,389 107,998
At 31 January 2022 76,860 2,660 11,766 91,286

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 February 2022 82,850 20,673 103,523
Additions - 52,753 52,753
At 31 January 2023 82,850 73,426 156,276
DEPRECIATION
At 1 February 2022 34,548 8,907 43,455
Charge for year 9,181 16,130 25,311
At 31 January 2023 43,729 25,037 68,766
NET BOOK VALUE
At 31 January 2023 39,121 48,389 87,510
At 31 January 2022 48,302 11,766 60,068

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Other debtors 2,025 2,025
VAT 22,776 8,062
24,801 10,087

V & C (SW) Properties Limited (Registered number: 08690545)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts 62,653 58,407
Hire purchase contracts (see note 8) 35,547 34,374
Trade creditors 87,683 80,261
Amounts owed to group undertakings 502,000 5,490
Tax 17,670 20,052
Social security and other taxes 6,772 4,186
Other creditors 12,469 15,915
724,794 218,685

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans - 2-5 years 143,924 210,668
Other loans - 2-5 years 1,453,913 319,644
Hire purchase contracts (see note 8) 42,152 30,134
Directors' loan accounts 1,118,362 1,004,298
2,758,351 1,564,744

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.1.23 31.1.22
£    £   
Net obligations repayable:
Within one year 35,547 34,374
Between one and five years 42,152 30,134
77,699 64,508

9. SECURED DEBTS

The following secured debts are included within creditors:

31.1.23 31.1.22
£    £   
Bank loans 206,577 269,075

10. RESERVES
Retained
earnings
£   

At 1 February 2022 131,427
Profit for the year 99,058
Dividends (8,000 )
At 31 January 2023 222,485