Company registration number 14164850 (England and Wales)
VRS (RENNIE'S ISLE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
VRS (RENNIE'S ISLE) LIMITED
COMPANY INFORMATION
Directors
Mr R K Sehgal
(Appointed 10 June 2022)
Mrs P Sehgal
(Appointed 10 June 2022)
Company number
14164850
Registered office
c/o Union Property Services Limited
Cobalt 3.1, Silver Fox Way
Cobalt Business Park
Newcastle upon Tyne
Tyne and Wear
NE27 0QJ
Accountants
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
VRS (RENNIE'S ISLE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
VRS (RENNIE'S ISLE) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investment property
4
1,350,000
Current assets
Debtors
5
784,899
Creditors: amounts falling due within one year
6
(1,355,966)
Net current liabilities
(571,067)
Total assets less current liabilities
778,933
Creditors: amounts falling due after more than one year
7
(808,800)
Net liabilities
(29,867)
Capital and reserves
Called up share capital
9
1
Profit and loss reserves
(29,868)
Total equity
(29,867)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
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 1 March 2024 and are signed on its behalf by:
Mr R K Sehgal
Director
Company registration number 14164850 (England and Wales)
VRS (RENNIE'S ISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
VRS (Rennie's Isle) Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Union Property Services Limited, Cobalt 3.1, Silver Fox Way, Cobalt Business Park, Newcastle upon Tyne, Tyne and Wear, NE27 0QJ.
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 UK sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
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
The financial statements have been prepared on a going concern basis which, in the opinion of the directors, is the appropriate basis. The company's ability to continue trading is dependent upon the ongoing support of its truefellow group undertakings. In the event that the company is unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amount.
1.3
Turnover
Turnover represents rents receivable in accordance with the underlying property leases and exclusive of Value Added Tax where there are options to tax on properties.
Lease incentives (such as rent free periods) are spread over the entire period of the lease.
1.4
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
The methods and significant assumptions used to ascertain the fair value of £1,350,000 and fair value movement of £Nil included in the profit/loss for the period are as follows:
On 19 May 2022 the property was valued by Lambert Smith Hampton, a RICS registered valuer
1.5
Impairment of fixed assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
VRS (RENNIE'S ISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current and deferred taxation assets and liabilities are not discounted.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
1.7
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
1.8
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
1.9
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of income and retained earnings in other administrative expenses.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
VRS (RENNIE'S ISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 4 -
3
Taxation
No liability to UK corporation tax arose for the period ended 31 March 2023.
4
Investment property
2023
£
Fair value
At 10 June 2022
Additions
1,350,000
At 31 March 2023
1,350,000
5
Debtors
2023
Amounts falling due within one year:
£
Amounts owed by group undertakings
783,584
Other debtors
540
Prepayments and accrued income
775
784,899
6
Creditors: amounts falling due within one year
2023
£
Trade creditors
37,936
Amounts owed to group undertakings
1,290,622
Accruals and deferred income
27,408
1,355,966
7
Creditors: amounts falling due after more than one year
2023
£
Bank loans and overdrafts
808,800
VRS (RENNIE'S ISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 5 -
8
Loans and overdrafts
2023
£
Bank loans
808,800
Payable after one year
808,800
The bank loan is secured on the company's investment property.
9
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary of £1 each
1
1
On incorporation of the company one ordinary share of £1 each was issued and allotted
10
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
Property management fees payable
2023
£
Other related parties
3,747
Other information
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.