Company Registration No. 13926678 (England and Wales)
VBSL LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
VBSL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
VBSL LIMITED
BALANCE SHEET
AS AT
18 AUGUST 2023
18 August 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investments
3
440
Current assets
Debtors
4
100
Creditors: amounts falling due within one year
5
(440)
Net current liabilities
(340)
Total assets less current liabilities
100
Capital and reserves
Called up share capital
6
100
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 by the board of directors and authorised for issue on 8 February 2024 and are signed on its behalf by:
R J Howard
Director
Company Registration No. 13926678
VBSL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 AUGUST 2023
- 2 -
1
Accounting policies
Company information
VBSL Limited is a private company limited by shares incorporated in England and Wales. The registered office is Henrietta House, Henrietta Place, London, W1G 0NB.
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director has carried out their assessment of going concern, having taken into account the level of substantial funding received during the year. Based on this, and the committed support of the shareholders and group companies, the director expects the company to have sufficient resources to continue trading and meet its liabilities for at least 12 months from the date of approval of these financial statements. Therefore the director has continued to adopt the going concern basis in these financial statements.
1.3
Reporting period
These financial statements for the 18 month period ended 18 August 2023 are the first financial statements of VBSL Limited.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
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.
VBSL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 18 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors 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.
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 creditors 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.
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
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
3
Fixed asset investments
2023
£
Shares in group undertakings and participating interests
440
The group undertakings relate to the 100% subsidary company, Venables Sherrott Lockhart and Partners Limited.
VBSL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 18 AUGUST 2023
3
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 18 February 2022
-
Additions
440
At 18 August 2023
440
Carrying amount
At 18 August 2023
440
4
Debtors
2023
Amounts falling due within one year:
£
Other debtors
100
5
Creditors: amounts falling due within one year
2023
£
Amounts owed to group undertakings
440
6
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
of £1 each
100
100
7
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 Simon Mott-Cowan.
The auditor was HW Fisher LLP.
VBSL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 18 AUGUST 2023
- 5 -
8
Parent company
CBRE Limited became the immediate parent company on 15 March 2022. The immediate parent's registered office address is is Henrietta House, Henrietta Place, London, England, W1G 0NB.
On this same date, CBRE Group Inc became the ultimate parent company. The registered office of CBRE Group Inc is 2100 McKinney Avenue, Suite 1250, Dallas, TX 75201, USA