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Company No: 09321713 (England and Wales)

VISTAURO DEVELOPMENTS LTD

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

VISTAURO DEVELOPMENTS LTD

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

VISTAURO DEVELOPMENTS LTD

STATEMENT OF FINANCIAL POSITION

As at 30 November 2023
VISTAURO DEVELOPMENTS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 1,600,000 1,600,000
1,600,000 1,600,000
Current assets
Debtors 4 7,448 619
Cash at bank and in hand 3,092 38,521
10,540 39,140
Creditors: amounts falling due within one year 5 ( 772,989) ( 435,835)
Net current liabilities (762,449) (396,695)
Total assets less current liabilities 837,551 1,203,305
Creditors: amounts falling due after more than one year 6 ( 691,269) ( 1,036,233)
Provision for liabilities 7 ( 48,557) ( 48,307)
Net assets 97,725 118,765
Capital and reserves
Called-up share capital 8 100 100
Revaluation reserve 145,671 144,921
Profit and loss account ( 48,046 ) ( 26,256 )
Total shareholder's funds 97,725 118,765

For the financial year ending 30 November 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 financial statements of Vistauro Developments Ltd (registered number: 09321713) were approved and authorised for issue by the Director. They were signed on its behalf by:

D S Bardiger
Director

05 March 2024

VISTAURO DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
VISTAURO DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Vistauro Developments Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 12 Devonshire Road, London, W4 2HD, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 December 2022 1,600,000
Fair value movement 1,000
Disposals (1,000)
As at 30 November 2023 1,600,000

Valuation

The 2023 valuations was made by the director, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 1,405,772 1,406,772

4. Debtors

2023 2022
£ £
Prepayments 7,448 619

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 5,943 5,896
Amounts owed to director 757,105 424,705
Accruals and deferred income 5,596 5,234
Other creditors 4,345 0
772,989 435,835

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 691,269 1,036,233

A bank loan with a carrying value of £660,980 (2022: £1,000,000) is secured on the investment properties by way of a fixed and floating charge.

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 48,307) 0
Charged to the Profit and Loss Account ( 250) ( 48,307)
0 0
At the end of financial year ( 48,557) ( 48,307)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Revaluation of investment property ( 48,557) ( 48,307)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Included within creditors is a balance owed to the director. This balance is unsecured and interest free with no fixed repayment terms. 757,105 424,705

Other related party transactions

2023 2022
£ £
Included within other creditors is a balance owed to a company under common control. This balance is unsecured and interest free with no fixed repayment terms. 4,345 0