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Registration number: 12726512

VN Property Management Ltd

Unaudited Financial Statements

for the Period from 1 August 2022 to 31 March 2023

 

VN Property Management Ltd

(Registration number: 12726512)

Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

3

630,481

411,520

Current assets

 

Cash at bank and in hand

 

20,632

109,437

Creditors: Amounts falling due within one year

4

(149,152)

(193,544)

Net current liabilities

 

(128,520)

(84,107)

Total assets less current liabilities

 

501,961

327,413

Creditors: Amounts falling due after more than one year

4

(452,984)

(250,089)

Provisions for liabilities

(19,000)

(20,140)

Net assets

 

29,977

57,184

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

57,000

85,860

Retained earnings

(27,123)

(28,776)

Shareholders' funds

 

29,977

57,184

For the financial period ending 31 March 2023 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

VN Property Management Ltd

(Registration number: 12726512)

Balance Sheet as at 31 March 2023

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 3 November 2023 and signed on its behalf by:
 

.........................................

Michael Christopher Savage
Director

 

VN Property Management Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 31 March 2023

1

Accounting policies

VN Property Management Ltd is a private company, limited by shares, domiciled in England and Wales, company number 12726512. The registered office is at 4 Chatsworth Gardens, Edenthorpe, Doncaster, DN3 2DU.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Revenue recognition

turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

VN Property Management Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 31 March 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2022 - 2).

3

Investment properties

2023
£

At 1 August

411,520

Additions

248,961

Fair value adjustments

(30,000)

At 31 March

630,481

The properties have been valued on an open market basis by the directors as at 31 March 2023.

 

VN Property Management Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 31 March 2023

4

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Accruals and deferred income

600

2,859

Other creditors

148,552

190,685

149,152

193,544

Creditors: amounts falling due after more than one year

2023
£

2022
£

Loans and borrowings

452,984

250,089

Borrowings are secured against the properties to which they relate.

5

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current period were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on property revaluation

(28,860)

28,860