Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31Vista Estates Ltd is principally engaged in property investment and development036585652022-04-01false33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03658565 2022-04-01 2023-03-31 03658565 2021-04-01 2022-03-31 03658565 2023-03-31 03658565 2022-03-31 03658565 c:Director3 2022-04-01 2023-03-31 03658565 d:FurnitureFittings 2022-04-01 2023-03-31 03658565 d:FurnitureFittings 2023-03-31 03658565 d:FurnitureFittings 2022-03-31 03658565 d:FreeholdInvestmentProperty 2023-03-31 03658565 d:FreeholdInvestmentProperty 2022-03-31 03658565 d:CurrentFinancialInstruments 2023-03-31 03658565 d:CurrentFinancialInstruments 2022-03-31 03658565 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03658565 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 03658565 d:ShareCapital 2023-03-31 03658565 d:ShareCapital 2022-03-31 03658565 d:RevaluationReserve 2023-03-31 03658565 d:RevaluationReserve 2022-03-31 03658565 d:RetainedEarningsAccumulatedLosses 2023-03-31 03658565 d:RetainedEarningsAccumulatedLosses 2022-03-31 03658565 c:OrdinaryShareClass1 2022-04-01 2023-03-31 03658565 c:OrdinaryShareClass1 2023-03-31 03658565 c:FRS102 2022-04-01 2023-03-31 03658565 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 03658565 c:FullAccounts 2022-04-01 2023-03-31 03658565 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 03658565














VISTA ESTATES LTD

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
VISTA ESTATES LTD
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 7


 
VISTA ESTATES LTD
REGISTERED NUMBER:03658565

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
350,000
350,000

  
350,000
350,000

Current assets
  

Debtors: amounts falling due within one year
 6 
669,993
605,250

Cash at bank and in hand
 7 
15,949
4,067

  
685,942
609,317

Creditors: amounts falling due within one year
 8 
(895,872)
(824,850)

Net current liabilities
  
 
 
(209,930)
 
 
(215,533)

Total assets less current liabilities
  
140,070
134,467

  

Net assets
  
140,070
134,467


Capital and reserves
  

Called up share capital 
 9 
100
100

Non-distributable profit and loss reserve
  
(387,846)
(387,846)

Profit and loss account
  
527,816
522,213

  
140,070
134,467


1

 
VISTA ESTATES LTD
REGISTERED NUMBER:03658565
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
G A Lee
Director

Date: 18 December 2023

The notes on pages 3 to 7 form part of these financial statements.

2

 
VISTA ESTATES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Vista Estates Ltd is principally engaged in property investment and development

The company is a private company, limited by shares and is registered in England and Wales. The address of its registered office and principal place of business is Grove Lodge, 287 Regents Park Road, London, N3 3JY. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company's functional and presentational currency is pound sterling.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover represents amounts receivable for rental income of investment property.

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3

 
VISTA ESTATES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
30% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, amounts owed to and from related parties.

4

 
VISTA ESTATES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 April 2022
500



At 31 March 2023

500



Depreciation


At 1 April 2022
500



At 31 March 2023

500



Net book value



At 31 March 2023
-



At 31 March 2022
-


5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
350,000



At 31 March 2023
350,000

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



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

2023
2022
£
£


Historic cost
737,846
737,846

5

 
VISTA ESTATES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Trade debtors
4,334
12,076

Amounts owed by group undertakings
663,745
590,316

Other debtors
1,121
1,147

Prepayments and accrued income
793
1,711

669,993
605,250



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
15,949
4,067



8.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
6,870
7,657

Amounts owed to group undertakings
60,549
59,565

Other taxation and social security
110
161

Other creditors
827,232
753,217

Accruals and deferred income
1,111
4,250

895,872
824,850


At 31 March 2023, the contingent liability, for which the company is jointly and severally liable, in respect of the intercompany unlimited cross guarantees amounted to £5,023,966 (2022 - £5,218,682).
There are cross guarantees between the following companies, of which G A Lee is a director:
 
Kerrington Property Services Limited, Eldington Holdings Limited, Kerrington Growth Limited, Kerrington (Grove Lodge) Limited, Kerrington Limited, Vista Estates Ltd, Fletcher Gate Limited and Hilby Limited.

6

 
VISTA ESTATES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 ordinary shares of £1 each
100
100

There is one class of share. There are no restrictions on the distribution of dividends and the repayment of capital.


10.


Related party transactions

No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35.

At the year end, the company was owed £471,058 (2022 - £471,058) by Eldington Holdings Limited, the ultimate parent company. The loan is interest free and repayable on demand. 

 
7