Victorum Developments Limited 13267372 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of property development. Digita Accounts Production Advanced 6.30.9574.0 true 13267372 2022-04-01 2023-03-31 13267372 2023-03-31 13267372 core:CurrentFinancialInstruments 2023-03-31 13267372 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13267372 core:Non-currentFinancialInstruments 2023-03-31 13267372 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 13267372 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 13267372 bus:SmallEntities 2022-04-01 2023-03-31 13267372 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 13267372 bus:FullAccounts 2022-04-01 2023-03-31 13267372 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 13267372 bus:RegisteredOffice 2022-04-01 2023-03-31 13267372 bus:Director3 2022-04-01 2023-03-31 13267372 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 13267372 core:ConstructionInProgressAssetsUnderConstruction 2022-04-01 2023-03-31 13267372 countries:EnglandWales 2022-04-01 2023-03-31 13267372 2022-03-31 13267372 core:ConstructionInProgressAssetsUnderConstruction 2022-03-31 13267372 2021-03-15 2022-03-31 13267372 2022-03-31 13267372 core:CurrentFinancialInstruments 2022-03-31 13267372 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 13267372 core:Non-currentFinancialInstruments 2022-03-31 13267372 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 13267372 core:ConstructionInProgressAssetsUnderConstruction 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 13267372

Victorum Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Victorum Developments Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Victorum Developments Limited

(Registration number: 13267372)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

358,341

183,093

Current assets

 

Stocks

5

350,068

183,093

Debtors

6

8,273

1,422

Cash at bank and in hand

 

58,860

351

 

417,201

184,866

Creditors: Amounts falling due within one year

7

(514,166)

(369,803)

Net current liabilities

 

(96,965)

(184,937)

Total assets less current liabilities

 

261,376

(1,844)

Creditors: Amounts falling due after more than one year

7

(267,461)

-

Net liabilities

 

(6,085)

(1,844)

Capital and reserves

 

Called up share capital

9

9

Retained earnings

(6,094)

(1,853)

Shareholders' deficit

 

(6,085)

(1,844)

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.

Director's 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 director acknowledges his 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 director on 22 December 2023
 

 

Victorum Developments Limited

(Registration number: 13267372)
Balance Sheet as at 31 March 2023

.........................................
Mr P J Rabanne
Director

 

Victorum Developments 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 in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

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

Properties under construction

Not depreciated

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.

Debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

Victorum Developments Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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 the director) during the year, was 1 (2022 - 2).

4

Tangible assets

Properties under construction
 £

Total
£

Cost or valuation

At 1 April 2022

183,093

183,093

Additions

175,248

175,248

At 31 March 2023

358,341

358,341

Depreciation

Carrying amount

At 31 March 2023

358,341

358,341

At 31 March 2022

183,093

183,093

 

Victorum Developments Limited

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

5

Stocks

2023
£

2022
£

Work in progress

350,068

183,093

6

Debtors

Current

2023
£

2022
£

Other debtors

8,273

1,422

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

21,624

87

Other creditors

492,542

369,716

514,166

369,803

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

267,461

-

Creditors include loans which are secured, by way of a fixed and floating charge over the company's assets, of £267,461 (2022 - £nil).

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

267,461

-

 

Victorum Developments Limited

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

9

Related party transactions

Other transactions with the director

During the year Mr P J Rabanne (director) had a loan account with the company. At the balance sheet date the amount due to Mr P J Rabanne was £232,081 (2022 - £113,677).

During the year the company maintained loan accounts with connected companies. The companies are connected through the significant interests of the former directors. At the balance sheet date the amount owed to connected companies and former directors was £258,261 (2022 - £254,948). These loans are interest free, repayable on demand and shown within other creditors.