Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-302023-04-302022-05-01falseOther letting and operating of own or leased real estate11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12329841 2022-05-01 2023-04-30 12329841 2021-05-01 2022-04-30 12329841 2023-04-30 12329841 2022-04-30 12329841 c:Director1 2022-05-01 2023-04-30 12329841 d:FreeholdInvestmentProperty 2022-05-01 2023-04-30 12329841 d:FreeholdInvestmentProperty 2023-04-30 12329841 d:FreeholdInvestmentProperty 2022-04-30 12329841 d:CurrentFinancialInstruments 2023-04-30 12329841 d:CurrentFinancialInstruments 2022-04-30 12329841 d:Non-currentFinancialInstruments 2023-04-30 12329841 d:Non-currentFinancialInstruments 2022-04-30 12329841 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 12329841 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 12329841 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 12329841 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-30 12329841 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-04-30 12329841 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-04-30 12329841 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-04-30 12329841 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-04-30 12329841 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-04-30 12329841 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-04-30 12329841 d:ShareCapital 2023-04-30 12329841 d:ShareCapital 2022-04-30 12329841 d:RetainedEarningsAccumulatedLosses 2023-04-30 12329841 d:RetainedEarningsAccumulatedLosses 2022-04-30 12329841 c:OrdinaryShareClass1 2022-05-01 2023-04-30 12329841 c:OrdinaryShareClass1 2023-04-30 12329841 c:OrdinaryShareClass1 2022-04-30 12329841 c:OrdinaryShareClass2 2022-05-01 2023-04-30 12329841 c:OrdinaryShareClass2 2023-04-30 12329841 c:OrdinaryShareClass2 2022-04-30 12329841 c:FRS102 2022-05-01 2023-04-30 12329841 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 12329841 c:FullAccounts 2022-05-01 2023-04-30 12329841 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 12329841 e:PoundSterling 2022-05-01 2023-04-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12329841









V & L PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

 
V & L PROPERTIES LIMITED
REGISTERED NUMBER: 12329841

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
7,335,163
7,112,981

Current assets
  

Debtors: amounts falling due within one year
 5 
139,409
35,163

Cash at bank and in hand
 6 
37,449
31,582

  
176,858
66,745

Creditors: amounts falling due within one year
 7 
(395,470)
(232,800)

Net current liabilities
  
 
 
(218,612)
 
 
(166,055)

Total assets less current liabilities
  
7,116,551
6,946,926

Creditors: amounts falling due after more than one year
 8 
(3,573,430)
(3,418,500)

  

Net assets
  
3,543,121
3,528,426


Capital and reserves
  

Called up share capital 
 10 
3,356,870
3,356,870

Profit and loss account
  
186,251
171,556

  
3,543,121
3,528,426


The director considers 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 director acknowledges his 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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
V & L PROPERTIES LIMITED
REGISTERED NUMBER: 12329841
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 March 2024.




V Khatri
Director

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

Page 2

 
V & L PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

V & L Properties Limited ("the company") is a company limited by shares, incorporated in England and Wales. Its registered office is 74 Leytonstone Road, Stratford, London, E15 1SQ. 
The principal activity of the company during the period was that of investment property business.

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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rental income
Rental income from operating leases is recognised on a straight line basis over the term of the lease.

 
2.3

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

 
2.5

Taxation

Tax is recognised in the Statement of comprehensive income 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 reporting date in the countries where the Company operates and generates income.

Page 3

 
V & L PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers 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 the Statement of comprehensive income.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

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. 

 
2.9

Creditors

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

 
2.10

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, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cashflows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 4

 
V & L PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 May 2022
7,112,981


Additions at cost
222,182



At 30 April 2023
7,335,163

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







5.


Debtors

2023
2022
£
£


Other debtors
134,708
30,600

Prepayments and accrued income
4,701
4,563

139,409
35,163



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
37,449
31,582

37,449
31,582


Page 5

 
V & L PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
8,787
8,787

Corporation tax
9,658
9,493

Other creditors
369,825
209,720

Accruals and deferred income
7,200
4,800

395,470
232,800



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
3,573,430
3,418,500

3,573,430
3,418,500


The following liabilities were secured:

2023
2022
£
£



Bank loan
3,573,430
3,418,500

3,573,430
3,418,500

Details of security provided:

Bank loans totalling £3,573,430 (2022 - £3,418,500) are secured on the investment properties of the company.

Page 6

 
V & L PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
8,787
8,787

Amounts falling due 1-2 years

Bank loans
8,787
8,787

Amounts falling due 2-5 years

Bank loans
16,024
24,845

Amounts falling due after more than 5 years

Bank loans
3,548,619
3,384,868

3,582,217
3,427,287



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3,189,027 (2022 - 3,189,027) Ordinary A shares shares of £1.00 each
3,189,027
3,189,027
167,843 (2022 - 167,843) Ordinary B shares shares of £1.00 each
167,843
167,843

3,356,870

3,356,870

As expressly stated in the company's Articles of Association, the ordinary A shares only hold voting rights.



11.


Related party transactions

Included within other creditors, due within one year is an amount of £81,490 (2022 - £156,530) owed to the director of the company.
Included within creditors, due within one year is an amount of £288,334 
(2022 - £53,190) owed by the company under common control.
Included within debtors, due within one year is an amount of £134,708 
(2022 - £30,600) owed from the companies under common control.

 
Page 7