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Company No: 03643624 (England and Wales)

VICTOR GRANGE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH THE REGISTRAR

VICTOR GRANGE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023

Contents

VICTOR GRANGE LIMITED

BALANCE SHEET

AS AT 31 OCTOBER 2023
VICTOR GRANGE LIMITED

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 74,956 83,676
Investment property 4 802,434 457,500
877,390 541,176
Current assets
Debtors 5 4,617 578
Cash at bank and in hand 6 15,305 328,037
19,922 328,615
Creditors: amounts falling due within one year 7 ( 166,105) ( 82,752)
Net current (liabilities)/assets (146,183) 245,863
Total assets less current liabilities 731,207 787,039
Creditors: amounts falling due after more than one year 8 ( 108,000) ( 112,000)
Provision for liabilities 9, 10 ( 371) ( 376)
Net assets 622,836 674,663
Capital and reserves
Called-up share capital 11 2 2
Revaluation reserve 186,727 244,227
Profit and loss account 436,107 430,434
Total shareholder's funds 622,836 674,663

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Victor Grange Limited (registered number: 03643624) were approved and authorised for issue by the Director on 31 July 2024. They were signed on its behalf by:

Roy Leslie Howard Bagnall
Director
VICTOR GRANGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
VICTOR GRANGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Victor Grange Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England. The address of the Company's registered office is 6 Veasy Park, Wembury, Plymouth, PL9 0ES, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. Repayment of the parent company loan shall not be sought until all other outstanding creditor balances have been cleared.

Turnover

Turnover represents amounts receivable for rental income net of VAT. Revenue is recognised on an accrual basis.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 10 % reducing balance
10 years straight line
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price.

Basic financial liabilities
Basic financial liabilities, including 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 November 2022 91,840 22,046 113,886
At 31 October 2023 91,840 22,046 113,886
Accumulated depreciation
At 01 November 2022 10,142 20,068 30,210
Charge for the financial year 8,226 494 8,720
At 31 October 2023 18,368 20,562 38,930
Net book value
At 31 October 2023 73,472 1,484 74,956
At 31 October 2022 81,698 1,978 83,676

4. Investment property

Investment property
£
Valuation
As at 01 November 2022 457,500
Additions 402,434
Fair value movement (57,500)
As at 31 October 2023 802,434

Valuation

The fair value of the investment property has been arrived at on the basis of a valuation by the director. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.

5. Debtors

2023 2022
£ £
Other debtors 4,617 578

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 15,305 328,037

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 52,000 0
Amounts owed to Group undertakings 91,871 77,232
Corporation tax 3,375 164
Other taxation and social security 2,951 0
Other creditors 15,908 5,356
166,105 82,752

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 108,000 112,000

Bank borrowings are secured by a fixed charge over the investment property.

9. Provision for liabilities

2023 2022
£ £
Deferred tax 371 376

10. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 376) 0
Credited/(charged) to the Profit and Loss Account 5 ( 376)
At the end of financial year ( 371) ( 376)

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

12. Ultimate controlling party

Parent Company:

Grange Holdings Limited
6 Veasey Park, Wembury, Plymouth, England, PL9 0ES