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Registration number: 09707343

Vanguard Property Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Vanguard Property Ltd

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Vanguard Property Ltd

Company Information

Directors

Mr Christopher James Foglietta

Mr Liam Foglietta

Registered office

1 Market Hill
Calne
Wiltshire
SN11 0BT

Accountants

RiverView Portfolio Limited
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

Vanguard Property Ltd

Directors' Report for the Year Ended 31 July 2023

The directors present their report and the financial statements for the year ended 31 July 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Christopher James Foglietta

Mr Liam Foglietta

Mr Joseph Foglietta (ceased 19 December 2023)

Small companies provision statement

This report has 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.

Approved by the Board on 11 March 2024 and signed on its behalf by:

.........................................
Mr Christopher James Foglietta
Director

.........................................
Mr Liam Foglietta
Director

 
     
 

Vanguard Property Ltd

(Registration number: 09707343)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

343

346

Investment property

5

471,670

467,000

 

472,013

467,346

Current assets

 

Debtors

6

6,699

5,058

Cash at bank and in hand

 

19,555

3,651

 

26,254

8,709

Creditors: Amounts falling due within one year

7

(13,010)

(10,323)

Net current assets/(liabilities)

 

13,244

(1,614)

Total assets less current liabilities

 

485,257

465,732

Creditors: Amounts falling due after more than one year

7

(419,382)

(419,272)

Provisions for liabilities

(24,507)

(23,620)

Net assets

 

41,368

22,840

Capital and reserves

 

Called up share capital

1,500

1,500

Revaluation reserve

104,478

100,695

Retained earnings

(64,610)

(79,355)

Shareholders' funds

 

41,368

22,840

For the financial year ending 31 July 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 11 March 2024 and signed on its behalf by:
 

 

Vanguard Property Ltd

(Registration number: 09707343)
Balance Sheet as at 31 July 2023 (continued)

.........................................
Mr Christopher James Foglietta
Director

.........................................
Mr Liam Foglietta
Director

 
     
 

Vanguard Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
1 Market Hill
Calne
Wiltshire
SN11 0BT
England

These financial statements were authorised for issue by the Board on 11 March 2024.

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.

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

Fixture and fittings

25% Reducing balance

Computer equipment

25% Reducing balance

Investment property

The fair value of the property has been arrived at on the basis of a valuation carried out at that date by the director of the company, who is not a professionally qualified valuer. The valuation was arrived at by reference to the market evidence of transaction prices for similar properties in its location the property is situated.

 

Vanguard Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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.

Trade creditors

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

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 0 (2022 - 0).

 

Vanguard Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

2,291

2,291

Additions

111

111

At 31 July 2023

2,402

2,402

Depreciation

At 1 August 2022

1,945

1,945

Charge for the year

114

114

At 31 July 2023

2,059

2,059

Carrying amount

At 31 July 2023

343

343

At 31 July 2022

346

346

5

Investment properties

2023
£

At 1 August

467,000

Fair value adjustments

4,670

At 31 July

471,670

The fair value of the property has been arrived at on the basis of a valuation carried out at that date by the director of the company, who is not a professionally qualified valuer. The valuation was arrived at by reference to the market evidence of transaction prices for similar properties in its location the property is situated.

6

Debtors

Current

2023
£

2022
£

Trade debtors

3,510

2,610

Prepayments

1,589

848

Other debtors

1,600

1,600

 

6,699

5,058

 

Vanguard Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

(235)

13

Accruals and deferred income

3,941

2,744

Other creditors

9,304

7,566

13,010

10,323

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

419,382

419,272

8

Reserves

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

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

3,783

3,783

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

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

30,223

30,223

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

419,382

419,272

 

Vanguard Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

9

Loans and borrowings (continued)