VRP Worksop Limited 05533613 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Property rental Digita Accounts Production Advanced 6.30.9574.0 true true true 05533613 2022-04-01 2023-03-31 05533613 2023-03-31 05533613 core:RetainedEarningsAccumulatedLosses 2023-03-31 05533613 core:ShareCapital 2023-03-31 05533613 core:CurrentFinancialInstruments 2023-03-31 05533613 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05533613 core:Non-currentFinancialInstruments 2023-03-31 05533613 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05533613 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 05533613 bus:SmallEntities 2022-04-01 2023-03-31 05533613 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05533613 bus:FullAccounts 2022-04-01 2023-03-31 05533613 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05533613 bus:RegisteredOffice 2022-04-01 2023-03-31 05533613 bus:Director1 2022-04-01 2023-03-31 05533613 bus:Director2 2022-04-01 2023-03-31 05533613 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05533613 core:LandBuildings 2022-04-01 2023-03-31 05533613 countries:EnglandWales 2022-04-01 2023-03-31 05533613 2022-03-31 05533613 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 05533613 2021-04-01 2022-03-31 05533613 2022-03-31 05533613 core:RetainedEarningsAccumulatedLosses 2022-03-31 05533613 core:ShareCapital 2022-03-31 05533613 core:CurrentFinancialInstruments 2022-03-31 05533613 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 05533613 core:Non-currentFinancialInstruments 2022-03-31 05533613 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 05533613 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 05533613

VRP Worksop Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

VRP Worksop Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

VRP Worksop Limited

(Registration number: 05533613)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

750,000

750,000

Current assets

 

Debtors

5

3,667

3,767

Cash at bank and in hand

 

37,010

34,896

 

40,677

38,663

Creditors: Amounts falling due within one year

6

(173,755)

(71,743)

Net current liabilities

 

(133,078)

(33,080)

Total assets less current liabilities

 

616,922

716,920

Creditors: Amounts falling due after more than one year

6

(478,778)

(1,276,410)

Net assets/(liabilities)

 

138,144

(559,490)

Capital and reserves

 

Called up share capital

900

900

Retained earnings

137,244

(560,390)

Shareholders' funds/(deficit)

 

138,144

(559,490)

For the financial year 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 year 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.

Approved and authorised by the Board on 13 November 2023 and signed on its behalf by:
 

K N King
Director

D N S Pigott
Director

 
     
 

VRP Worksop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated and domiciled in England and Wales.

The address of its registered office is:
Freshford House
Redcliffe Way
Bristol
BS1 6NL

These financial statements were authorised for issue by the Board on 13 November 2023.

2

Accounting policies

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 financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The company's balance sheet at 31 March 2023 shows a net asset position of £138,144 (2022: net liabilities of £559,490). The directors have made arrangements so that the company is able to meet its liabilities on a day to day basis. The directors have also confirmed that they shall not withdraw any funds from the company for at least the next twelve months. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future despite the potential future impact from events such as the cost of living and energy crisis. Therefore, the directors believe it is appropriate to prepare the financial statements on a going concern basis.

 

VRP Worksop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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;
- specific criteria have been met for each of the company's activities; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Finance income and costs policy

Finance income and costs are recognised using the effective interest method.

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Nil

Investment property

In accordance with the requirement of FRS 102 Section 1A, investment properties owned by the company are stated at their open market value at the balance sheet date and any aggregate surplus or deficit is recognised through the profit and loss account. No depreciation is charged on these assets.

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.

 

VRP Worksop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

3

Staff numbers

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

 

VRP Worksop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Freehold land and buildings
£

Total
£

Cost or valuation

At 1 April 2022

750,000

750,000

At 31 March 2023

750,000

750,000

Depreciation

Carrying amount

At 31 March 2023

750,000

750,000

At 31 March 2022

750,000

750,000

Included within the net book value of land and buildings above is £750,000 (2022 - £750,000) in respect of freehold land and buildings.
 

Revaluation


The directors, who are Chartered Surveyors, do not believe that the value of the land and buildings would be materially different from the cost value.

Had this class of asset been measuredon a historical cost basis, the carrying amount would have been £1,063,692 (2022 - £1,063,692).

 

5

Debtors

2023
£

2022
£

Prepayments

3,667

3,767

3,667

3,767

6

Creditors

Due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

7

50,000

50,000

Social security and other taxes

 

3,880

3,562

Accruals and deferred income

 

18,357

18,181

Corporation tax liability

 

101,518

-

 

173,755

71,743

 

VRP Worksop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

478,778

915,194

Other non-current financial liabilities

 

-

361,216

 

478,778

1,276,410

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

152,113

202,113

Other borrowings

326,665

713,081

478,778

915,194

2023
£

2022
£

Current loans and borrowings

Bank borrowings

50,000

50,000

Security is given on the bank loan in the form of a legal charge and debenture over the assets of the company.

No security has been given on the other borrowings.