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.
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 for the current period cover the period from incorporation on 19 March 2022 to 31 March 2023.
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.
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.
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, 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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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.
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.
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.
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.
The average monthly number of persons employed by the company during the period was:
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.
Amounts owed to group undertakings are interest free, unsecured and repayable on demand.
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.
The company issued 1 Ordinary share of £1 at par value on incorporation.
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 company has taken advantage of the exemption available in FRS 102 Section 1A whereby it has not disclosed transactions with its immediate 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.