Company Registration No. 13989021 (England and Wales)
VVS PROPERTY LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
VVS PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
VVS PROPERTY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
2023
Notes
£
£
Fixed assets
Investment properties
4
1,850,829
Current assets
-
Creditors: amounts falling due within one year
5
(837,541)
Net current liabilities
(837,541)
Total assets less current liabilities
1,013,288
Creditors: amounts falling due after more than one year
6
(1,075,100)
Net liabilities
(61,812)
Capital and reserves
Called up share capital
7
1
Profit and loss reserves
(61,813)
Total equity
(61,812)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on
19 January 2024
2024-01-19
.
..............................
N Simeone
Director
Company Registration No. 13989021
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VVS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
Company information

VVS Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Johnston Carmichael Birchin Court, 20 Birchin Lane, London, United Kingdom, EC3V 9DU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has access to adequate resources to continue in operational existence for the foreseeable future. The company is reliant on support from its parent entity and this support has been confirmed by the director for a period of at least 12 months from the date of the signing of these financial statements. Thus the director has adopted the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

The financial statements for the current period cover the period from incorporation on 19 March 2022 to 31 March 2023.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the profit and loss account.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

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VVS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including certain creditors, bank loans and loans from fellow group companies, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Fair value of investment property

Investment property is carried at fair value which is based on open market value. This requires the director to exercise due care in consideration of the fair value as there is inherent uncertainty in this assessment.

 

The carrying values of the group's investment property is outlined at note 4.

- 3 -
VVS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
3
Employees

The average monthly number of persons employed by the company during the period was:

2023
Number
Total
-
0
4
Investment property
2023
£
Fair value
At 19 March 2022
-
0
Additions
1,850,829
At 31 March 2023
1,850,829

Investment property comprises land and buildings held for rental purposes. The fair value of investment property as at 31 March 2023 is estimated by the director.

5
Creditors: amounts falling due within one year
2023
£
Amounts owed to group undertakings
837,541

Amounts owed to group undertakings are interest free, unsecured and repayable on demand.

6
Creditors: amounts falling due after more than one year
2023
£
Bank loans and overdrafts
1,075,100

Bank loans and overdrafts outlined above are in respect of a bank loan which is secured by a first fixed charge over the assets of the company.

7
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
1
1

The company issued 1 Ordinary share of £1 at par value on incorporation.

- 4 -
VVS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Jeffrey Marjoribanks and the auditor was Johnston Carmichael LLP.
9
Related party transactions

The company has taken advantage of the exemption available in FRS 102 Section 1A whereby it has not disclosed transactions with its immediate parent company.

10
Parent company

The company's immediate and ultimate parent company is VVS Investments Limited, which is controlled by Nico Simeone, director, by virtue of his interest in its issued share capital. VVS investments Limited is the largest and smallest group of companies in which VVS Property Limited is included in the consolidated accounts.

 

Group accounts for the above entities can be obtained from Companies House, 4th Floor, Edinburgh Quay, 139 Fountainbridge, Edinburgh EH3 9FF.

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