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Registered number: 10311298
Volante Developments Limited
Unaudited Financial Statements
For The Year Ended 31 August 2023
MLK Accountants Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10311298
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,935,658 3,226,569
2,935,658 3,226,569
CURRENT ASSETS
Debtors 5 165,000 -
Cash at bank and in hand 19,433 17,962
184,433 17,962
Creditors: Amounts Falling Due Within One Year 6 (71,217 ) (296,646 )
NET CURRENT ASSETS (LIABILITIES) 113,216 (278,684 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,048,874 2,947,885
Creditors: Amounts Falling Due After More Than One Year 7 (1,963,626 ) (1,953,185 )
NET ASSETS 1,085,248 994,700
CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Revaluation reserve 10 793,121 793,121
Profit and Loss Account 291,127 200,579
SHAREHOLDERS' FUNDS 1,085,248 994,700
Page 1
Page 2
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Lionel Virdee
Director
17/07/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Volante Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10311298 . The registered office is 3 Medcroft Avenue, Birmingham, B20 1NB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No Depreciation Policy
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 3 2
3 2
Page 3
Page 4
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 September 2022 3,129,500 160 142,995 2,731 3,275,386
Disposals (266,650 ) - - - (266,650 )
As at 31 August 2023 2,862,850 160 142,995 2,731 3,008,736
Depreciation
As at 1 September 2022 - 131 46,999 1,687 48,817
Provided during the period - - 24,000 261 24,261
As at 31 August 2023 - 131 70,999 1,948 73,078
Net Book Value
As at 31 August 2023 2,862,850 29 71,996 783 2,935,658
As at 1 September 2022 3,129,500 29 95,996 1,044 3,226,569
5. Debtors
2023 2022
£ £
Due within one year
Other debtors 165,000 -
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 11,654 11,654
Trade creditors 2 -
Other taxes and social security 414 207
Accruals and deferred income 750 750
Directors' loan accounts 58,397 284,035
71,217 296,646
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 59,786 87,603
Bank loans 1,811,349 1,815,692
Other loans (Long term liabilities - creditors > 1 year) 92,491 49,890
1,963,626 1,953,185
Page 4
Page 5
8. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 11,654 11,654
Later than one year and not later than five years 59,786 87,603
71,440 99,257
71,440 99,257
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,000 1,000
10. Reserves
Revaluation Reserve
£
As at 1 September 2022 793,121
As at 31 August 2023 793,121
Page 5