Registered number
11941553
VOLPHYLD LIMITED
Filleted Accounts
31 July 2023
VOLPHYLD LIMITED
Registered number: 11941553
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 797,428 296,126
Current assets
Debtors 4 443 184
Cash at bank and in hand 6,622 18,151
7,065 18,335
Creditors: amounts falling due within one year 5 (1,084) (5,948)
Net current assets 5,981 12,387
Total assets less current liabilities 803,409 308,513
Creditors: amounts falling due after more than one year 6 (761,257) (302,775)
Provisions for liabilities (7,892) (291)
Net assets 34,260 5,447
Capital and reserves
Called up share capital 6 6
Revaluation reserve 8 32,728 -
Profit and loss account 1,526 5,441
Shareholders' funds 34,260 5,447
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P.J. Melling
Director
Approved by the board on 21 April 2024
VOLPHYLD LIMITED
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the rent receivable from tenants.
Investment properties
Investment properties are revalued annually and any surplus or deficit is dealt with through the non-distributable reserve. No depreciation is provided in respect of investment properties.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 August 2022 294,595 1,598 296,193
Additions 461,298 - 461,298
Surplus on revaluation 40,404 - 40,404
At 31 July 2023 796,297 1,598 797,895
Depreciation
At 1 August 2022 - 67 67
Charge for the year - 400 400
At 31 July 2023 - 467 467
Net book value
At 31 July 2023 796,297 1,131 797,428
At 31 July 2022 294,595 1,531 296,126
Freehold land and buildings: 2023 2022
£ £
Historical cost 755,893 294,595
Cumulative depreciation based on historical cost - -
755,893 294,595
4 Debtors 2023 2022
£ £
Other debtors 443 184
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 565 1,089
Other creditors 519 4,859
1,084 5,948
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loan 505,320 202,775
Other loan 255,937 100,000
761,257 302,775
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 505,320 202,775
Secured bank loans 505,320 202,775
The loan is secured on the company's investment property.
8 Revaluation reserve 2023 2022
£ £
Gain on revaluation of land and buildings 40,405 -
Deferred taxation arising on the revaluation of land and buildings (7,677) -
At 31 July 2023 32,728 -
9 Related party transactions
At the Balance Sheet date the company owed the directors £255,937 (2022 £104,364). Each director received a dividend of £2,000 on their ordinary shares.
10 Controlling party
The company is controlled by the directors.
11 Other information
VOLPHYLD LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
1, Chapel Court
West End
Ampleforth
York
YO62 4DU
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