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Registration number: 04002712

Global VIPS Investments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Global VIPS Investments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Global VIPS Investments Limited

Company Information

Director

Lord H S Ahmad

Registered office

Flat 495
Russell Court
Woburn Place
London
WC1H 0NL

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Global VIPS Investments Limited

(Registration number: 04002712)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

80,135

-

Investment property

5

823,680

823,680

Investments

6

200

200

 

904,015

823,880

Current assets

 

Debtors

7

293,210

288,210

Cash at bank and in hand

 

8,928

1,578

 

302,138

289,788

Creditors: Amounts falling due within one year

8

(335,291)

(252,196)

Net current (liabilities)/assets

 

(33,153)

37,592

Total assets less current liabilities

 

870,862

861,472

Creditors: Amounts falling due after more than one year

8

(537,177)

(538,261)

Provisions for liabilities

(43,511)

(43,511)

Net assets

 

290,174

279,700

Capital and reserves

 

Called up share capital

10

120

120

Retained earnings

290,054

279,580

Shareholders' funds

 

290,174

279,700

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Global VIPS Investments Limited

(Registration number: 04002712)
Balance Sheet as at 31 May 2024 (continued)

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

The financial statements were approved and authorised for issue by the director on 5 August 2024
 

.........................................
Lord H S Ahmad
Director

   
     
 

Global VIPS Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Flat 495
Russell Court
Woburn Place
London
WC1H 0NL
United Kingdom

These financial statements were authorised for issue by the director on 5 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Global VIPS Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Global VIPS Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Global VIPS Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments 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 and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, 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 of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

 

Global VIPS Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

3

Staff numbers

The average monthly number of persons employed by the company (including the director) during the year, was 1 (2023: 1).

4

Tangible assets

Motor vehicles
 £

Total
£

Cost

Additions

80,135

80,135

At 31 May 2024

80,135

80,135

Depreciation

Carrying amount

At 31 May 2024

80,135

80,135

5

Investment properties

2024
£

At 1 June

823,680

At 31 May

823,680

The Investment properties were revalued on 31.05.2023 by the Director who is internal to the company. The basis of this valuation was on an open market value

 

Global VIPS Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

6

Investments

2024
£

2023
£

Investments in subsidiaries

200

200

Subsidiaries

£

Cost or valuation

At 1 June 2023

200

Provision

Carrying amount

At 31 May 2024

200

At 31 May 2023

200

7

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings

11

288,210

288,210

Other debtors

 

5,000

-

 

293,210

288,210

 

Global VIPS Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

73,995

880

Taxation and social security

 

1,617

537

Accruals and deferred income

 

1,680

1,800

Other creditors

 

253,527

245,507

Directors current account

 

4,472

3,472

 

335,291

252,196

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

537,177

538,261

The bank loan is secured by a charge on the investment property

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

880

880

HP and finance lease liabilities

73,115

-

73,995

880

Bank loan of £880 (2023: £880) consists of a government-backed Bounce Back Loan repayble term of 6 years from July 2021. The interest rate applicable to the loan is 2.5% with the first 12 months interest being covered by the government.

 

Global VIPS Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

9

Loans and borrowings (continued)

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

537,177

538,261

Bank loans of £535,813 (2023: £535,813) are secured by a charge on the investment property.

Bank loan of £1,3643 (2023: £2,448) consists of a government-backed Bounce Back Loan repayble term of 6 years from July 2021. The interest rate applicable to the loan is 2.5% with the first 12 months interest being covered by the government.

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Global VIPS Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

11

Related party transactions


Loans to subsidiaries

LHSA One Investments Limited

At the balance sheet date, the company was owed £65,900 (2023 £65,900) from its subsidiary LHSA One Investments Limited, a company incorporated in the England and Wales.. The loan is interest free and repayable on demand.

LHSA Investments Limited

At the balance sheet date,, the company was owed £222,310 (2023 £222,310) from its subsidiary LHSA Investments Limited, a company incorporated in the England and Wales. The loan is interest free and repayable on demand.

Other creditors

Other creditors include loans from following companies where Lord Hadi Sadrudin Ahmad is also the sole director and shareholder -

During the year, the company received an interest free loan which is repayable on demand of £8,020 from Global Vips Limited. The balance payable at the year end within other creditors is £203,528 (2023 : £195,805).

The balance payable to Trendy Investments Limited £50,000 (2023: £50,000)