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COMPANY REGISTRATION NUMBER: 12511017
Viribus Property Holdings Ltd
Unaudited financial statements
30 June 2023
Viribus Property Holdings Ltd
Statement of financial position
30 June 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
3,309,908
1,606,538
Investments
6
685,132
-----------
-----------
3,995,040
1,606,538
Current assets
Debtors
7
54,278
7,232
Cash at bank and in hand
3,676
46,096
-------
-------
57,954
53,328
Creditors: Amounts falling due within one year
8
( 3,747,582)
( 753,515)
-----------
---------
Net current liabilities
( 3,689,628)
( 700,187)
-----------
-----------
Total assets less current liabilities
305,412
906,351
Creditors: Amounts falling due after more than one year
9
( 862,929)
Provisions
Taxation including deferred tax
( 221,260)
---------
---------
Net assets
84,152
43,422
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
84,052
43,322
-------
-------
Shareholders funds
84,152
43,422
-------
-------
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 30 June 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 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 .
Viribus Property Holdings Ltd
Statement of financial position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 20 November 2023 , and are signed on behalf of the board by:
Mr C L Payne
Director
Company registration number: 12511017
Viribus Property Holdings Ltd
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Gables, Old Market Street, Thetford, Norfolk, IP24 2EN.
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 sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 2 (2022: 2 ).
5. Tangible assets
Freehold property
£
Cost
At 1 July 2022
1,606,538
Additions
1,703,370
-----------
At 30 June 2023
3,309,908
-----------
Depreciation
At 1 July 2022 and 30 June 2023
-----------
Carrying amount
At 30 June 2023
3,309,908
-----------
At 30 June 2022
1,606,538
-----------
6. Investments
Shares in group undertakings
£
Cost
At 1 July 2022
Additions
2,446,731
Disposals
( 164,001)
Revaluations
( 1,597,598)
-----------
At 30 June 2023
685,132
-----------
Impairment
At 1 July 2022 and 30 June 2023
-----------
Carrying amount
At 30 June 2023
685,132
-----------
At 30 June 2022
-----------
7. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
52,271
Other debtors
2,007
7,232
-------
------
54,278
7,232
-------
------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
350,000
35,928
Amounts owed to group undertakings and undertakings in which the company has a participating interest
699,185
Social security and other taxes
5,683
7,937
Other creditors
2,692,714
709,650
-----------
---------
3,747,582
753,515
-----------
---------
The mortgages are secured by a fixed charge over the freehold properties.
9. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
862,929
----
---------
Included within creditors: amounts falling due after more than one year is an amount of £nil (2022: £693,367 in respect of liabilities payable or repayable by installments which fall due for payment after more than five years from reporting date. The mortgages are secured by a fixed charge over the freehold properties.