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Company No: 09775324 (England and Wales)

VHP INVESTMENTS LTD

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

VHP INVESTMENTS LTD

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

VHP INVESTMENTS LTD

STATEMENT OF FINANCIAL POSITION

As at 30 September 2023
VHP INVESTMENTS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Tangible assets 4 54,083 67,604
Investment property 5 3,182,882 3,569,160
Investments 6 2,143,769 3,985,316
5,380,734 7,622,080
Current assets
Debtors 7 2,450 0
Cash at bank and in hand 8 880,191 552
882,641 552
Creditors: amounts falling due within one year 9 ( 66,756) ( 322,841)
Net current assets/(liabilities) 815,885 (322,289)
Total assets less current liabilities 6,196,619 7,299,791
Creditors: amounts falling due after more than one year 10 ( 2,508,662) ( 3,698,865)
Provision for liabilities ( 10,396) ( 19,670)
Net assets 3,677,561 3,581,256
Capital and reserves
Called-up share capital 11 3,300,000 3,300,000
Revaluation reserve 280,848 430,848
Profit and loss account 96,713 ( 149,592 )
Total shareholders' funds 3,677,561 3,581,256

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of VHP Investments Ltd (registered number: 09775324) were approved and authorised for issue by the Board of Directors on 30 August 2024. They were signed on its behalf by:

C A Burhop
Director
VHP INVESTMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
VHP INVESTMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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

VHP Investments Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Half Acre, High Street, Newton Poppleford, EX10 0ED, United Kingdom. The registered number of the company is 09775324.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items 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 directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have 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.

Prior year adjustment

The accounts have been restated to incorporate the impact of a misclassification of fixed asset investment movement in fair value. Previously this was treated as a direct adjustment to the revaluation reserve and has now been adjusted to correctly present as other operating income in the Statement of Income and Retained Earnings. See note 2 for full details

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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 Statement of Financial Position 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 deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, 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:

Vehicles 20 % reducing balance
Office equipment 3 years straight line

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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 external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Prior year adjustment

The accounts have been restated to incorporate the impact of a misclassification of fixed asset investment movement in fair value. Previously this was treated as a direct adjustment to the revaluation reserve and has now been adjusted to correctly present as other operating income in the Statement of Income and Retained Earnings.

As previously reported Adjustment As restated
Year ended 30 September 2022 £ £ £
Other operating income/(loss) 0 (600,136) (600,136)
Profit/(loss) for the financial year 148,910 (600,136) (451,226)
Retained (deficit)/earnings at the beginning of financial year 16,182 285,452 301,634
Retained earnings/(deficit) at the end of financial year 165,092 (314,684) (149,592)
Revaluation reserve 116,164 314,684 430,848

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

4. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 October 2022 68,675 1,404 70,079
At 30 September 2023 68,675 1,404 70,079
Accumulated depreciation
At 01 October 2022 1,071 1,404 2,475
Charge for the financial year 13,521 0 13,521
At 30 September 2023 14,592 1,404 15,996
Net book value
At 30 September 2023 54,083 0 54,083
At 30 September 2022 67,604 0 67,604

5. Investment property

Investment property
£
Valuation
As at 01 October 2022 3,569,160
Additions 616,791
Fair value movement (150,000)
Disposals (853,069)
As at 30 September 2023 3,182,882

Valuation

A valuation of the investment property was undertaken by the directors at the balance sheet date following a full market valuation in the previous year.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 2,902,033 3,138,312

6. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 October 2022 3,985,316 3,985,316
Additions 24,203 24,203
Disposals ( 2,052,127) ( 2,052,127)
Movement in fair value 186,377 186,377
At 30 September 2023 2,143,769 2,143,769
Carrying value at 30 September 2023 2,143,769 2,143,769
Carrying value at 30 September 2022 3,985,316 3,985,316

7. Debtors

2023 2022
£ £
Accrued income 2,450 0

8. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 880,191 552
Less: Bank overdrafts 0 ( 9,800)
880,191 (9,248)

9. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 40,632 301,464
Deferred income 0 2,466
Taxation and social security 18,770 2,686
Obligations under finance leases and hire purchase contracts 6,624 16,225
Other creditors 730 0
66,756 322,841

There are no amounts included above in respect of which any security has been given by the small entity.

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

2023 2022
£ £
Bank loans 281,453 1,326,836
Amounts owed to directors 2,189,579 2,339,579
Obligations under finance leases and hire purchase contracts 37,630 32,450
2,508,662 3,698,865

There are no amounts included above in respect of which any security has been given by the small entity.

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
270,000 B ordinary shares of £ 1.00 each 270,000 270,000
30,000 Ordinary shares of £ 1.00 each 30,000 30,000
300,000 300,000
3,000,000 Redeemable preference shares of £ 1.00 each 3,000,000 3,000,000
3,300,000 3,300,000

12. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to the directors 2,189,579 2,339,579

Interest of £Nil (2022: £12,500) was charged on the above loan during the year. There are no fixed repayment terms.