0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 11,519 11,519 2,575,000 650,000 3,225,000 3,225,000 2,575,000 xbrli:pure xbrli:shares iso4217:GBP 743523 2023-05-01 2024-04-30 743523 2024-04-30 743523 2023-04-30 743523 2022-05-01 2023-04-30 743523 2023-04-30 743523 2022-04-30 743523 core:FurnitureFittings 2023-05-01 2024-04-30 743523 bus:Director1 2023-05-01 2024-04-30 743523 core:FurnitureFittings 2024-04-30 743523 core:WithinOneYear 2024-04-30 743523 core:WithinOneYear 2023-04-30 743523 core:ShareCapital 2024-04-30 743523 core:ShareCapital 2023-04-30 743523 core:RetainedEarningsAccumulatedLosses 2024-04-30 743523 core:RetainedEarningsAccumulatedLosses 2023-04-30 743523 core:CostValuation core:Non-currentFinancialInstruments 2023-04-30 743523 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-04-30 743523 core:CostValuation core:Non-currentFinancialInstruments 2024-04-30 743523 core:Non-currentFinancialInstruments 2024-04-30 743523 core:Non-currentFinancialInstruments 2023-04-30 743523 bus:SmallEntities 2023-05-01 2024-04-30 743523 bus:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 743523 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 743523 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 743523 bus:FullAccounts 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: 743523
Viscolate Investments Limited
Filleted Unaudited Financial Statements
30 April 2024
Viscolate Investments Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
5
3,225,000
2,575,000
Current assets
Debtors
6
3,830
4,060
Cash at bank and in hand
52,133
44,692
--------
--------
55,963
48,752
Creditors: amounts falling due within one year
7
( 33,871)
( 25,718)
--------
--------
Net current assets
22,092
23,034
------------
------------
Total assets less current liabilities
3,247,092
2,598,034
Provisions
Taxation including deferred tax
( 755,000)
( 503,250)
------------
------------
Net assets
2,492,092
2,094,784
------------
------------
Viscolate Investments Limited
Statement of Financial Position (continued)
30 April 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
250
150
Profit and loss account
2,491,842
2,094,634
------------
------------
Shareholders funds
2,492,092
2,094,784
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 August 2024 , and are signed on behalf of the board by:
Mr M. J. Graves
Director
Company registration number: 743523
Viscolate Investments Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Church Farm Oast, Church Road, Ryarsh, West Malling, Kent, ME19 5LB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and Fittings
-
25% straight line
Investments
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 May 2023 and 30 April 2024
11,519
11,519
--------
--------
Depreciation
At 1 May 2023 and 30 April 2024
11,519
11,519
--------
--------
Carrying amount
At 30 April 2024
--------
--------
At 30 April 2023
--------
--------
5. Investments
Other investments other than loans
£
Cost
At 1 May 2023
2,575,000
Revaluations
650,000
------------
At 30 April 2024
3,225,000
------------
Impairment
At 1 May 2023 and 30 April 2024
------------
Carrying amount
At 30 April 2024
3,225,000
------------
At 30 April 2023
2,575,000
------------
The property values were adjusted to cost price as at 1 April 2015, then a fair value adjustment made in the accounts. The directors valuation of £3,225,000 has been based on the property agent's valuation at the balance sheet date.
6. Debtors
2024
2023
£
£
Other debtors
3,830
4,060
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
20,252
12,099
Other creditors
13,619
13,619
--------
--------
33,871
25,718
--------
--------
8. Related party transactions
The company was under the control of Mr M J Graves throughout the current and previous year. Mr M J Graves is the managing director and majority shareholder. During the year, the Company made payments for Property Management Services to a business in which Mrs K.L. Graves is the sole propietor The amounts paid during the period totalled £6,000 (2023: £6,000). At the year end, a Limited company controlled by M J Graves and Mrs K L Graves held monies on its client account on behalf of the Company in respect deposits held of £8,495 (2023: £8,495).