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Company registration number: 03135981
Vigeland Properties Limited
Unaudited filleted financial statements
31 March 2023
Vigeland Properties Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Vigeland Properties Limited
Directors and other information
Director G. C. H. Wilson
Company number 03135981
Registered office Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Vigeland Properties Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Vigeland Properties Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vigeland Properties Limited for the year ended 31 March 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Vigeland Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Vigeland Properties Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vigeland Properties Limited and its director as a body for our work or for this report.
It is your duty to ensure that Vigeland Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Vigeland Properties Limited. You consider that Vigeland Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Vigeland Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
23 April 2024
Vigeland Properties Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1 62
_________ _________
1 62
Current assets
Debtors 6 7,365,667 9,862,080
Cash at bank and in hand 138,257 91,127
_________ _________
7,503,924 9,953,207
Creditors: amounts falling due
within one year 7 ( 7,008,871) ( 9,548,604)
_________ _________
Net current assets 495,053 404,603
_________ _________
Total assets less current liabilities 495,054 404,665
_________ _________
Net assets 495,054 404,665
_________ _________
Capital and reserves
Called up share capital 2 2
Profit and loss account 495,052 404,663
_________ _________
Shareholders funds 495,054 404,665
_________ _________
For the 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 23 April 2024 , and are signed on behalf of the board by:
G. C. H. Wilson
Director
Company registration number: 03135981
Vigeland Properties Limited
Notes to the financial statements
Year ended 31 March 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 Vaughan Chambers, Vaughan Road, Harpenden, Hertfordshire, AL5 4EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity. The accounts have been prepared on the going concern basis which assumes the continued support of the company's banks and lenders.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents management charges receivable during the year.Expenses incurred as agent in connection with renting out and maintaining managed properties and the corresponding recharge of these costs to the beneficial owner of the property are not included in these accounts.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, 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 are subsequently stated at cost less any accumulated depreciation and any accumulated 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
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised retrospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2022 and 31 March 2023 36,679 36,679
_________ _________
Depreciation
At 1 April 2022 36,617 36,617
Charge for the year 61 61
_________ _________
At 31 March 2023 36,678 36,678
_________ _________
Carrying amount
At 31 March 2023 1 1
_________ _________
At 31 March 2022 62 62
_________ _________
6. Debtors
2023 2022
£ £
Trade debtors 7,151,436 9,647,744
Other debtors 214,231 214,336
_________ _________
7,365,667 9,862,080
_________ _________
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 6,926,234 9,426,234
Trade creditors 13,816 70,334
Corporation tax 27,643 15,652
Other creditors 41,178 36,384
_________ _________
7,008,871 9,548,604
_________ _________
The loans and overdrafts are secured by fixed and floating charges over the assets of the company.