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Company registration number: 12659850
Vatternfields (UK) Limited
Unaudited filleted financial statements
30 June 2023
Vatternfields (UK) Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Vatternfields (UK) Limited
Directors and other information
Directors Akinwole Omoboroiowo II
Oreoluwa Omoboriowo
Nkeonyediliya Chibuzo Omoboriowo Resigned 20.04.2023
Oluwatobi Omoboriowo
R P M Gillies Appointed 26.07.2023
Company number 12659850
Registered office 4th Floor
58-59 Great Marlborough Street
London
W1F 7JY
Accountants BG Partnership
58-59 Great Marlborough Street
London
W1F 7JY
Vatternfields (UK) Limited
Statement of financial position
30 June 2023
30/06/23 30/06/22
Note £ £ £ £
Fixed assets
Investments 5 134,418 48,985
_______ _______
134,418 48,985
Current assets
Debtors 6 1,216 -
Cash at bank and in hand 712,798 515,535
_______ _______
714,014 515,535
Creditors: amounts falling due
within one year 7 ( 979,048) ( 611,544)
_______ _______
Net current liabilities ( 265,034) ( 96,009)
_______ _______
Total assets less current liabilities ( 130,616) ( 47,024)
_______ _______
Net liabilities ( 130,616) ( 47,024)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 130,716) ( 47,124)
_______ _______
Shareholders deficit ( 130,616) ( 47,024)
_______ _______
For the year ending 30 June 2023 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 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.
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
R P M Gillies
Director
Company registration number: 12659850
Vatternfields (UK) Limited
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 4th Floor, 58-59 Great Marlborough Street, London, W1F 7JY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: Nil).
5. Investments
Shares in group undertakings and participating interests
£
Cost
At 1 July 2022 48,985
Additions 85,433
_______
At 30 June 2023 134,418
_______
Impairment
At 1 July 2022 and 30 June 2023 -
_______
Carrying amount
At 30 June 2023 134,418
_______
At 30 June 2022 48,985
_______
Investments held at valuation
In respect of investments held at valuation, the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Shares in group undertakings and participating interests
£
At 30 June 2023
Aggregate cost 134,419
Aggregate depreciation -
_______
Carrying amount 134,419
_______
At 30 June 2022
Aggregate cost 48,985
Aggregate depreciation -
_______
Carrying amount 48,985
_______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Vatternfields Estates Limited 58-59 Great Marlborough Street London W1F 7JY Ordinary 100
6. Debtors
30/06/23 30/06/22
£ £
Other debtors 1,216 -
_______ _______
7. Creditors: amounts falling due within one year
30/06/23 30/06/22
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 606,319 606,319
Other creditors 372,729 5,225
_______ _______
979,048 611,544
_______ _______
8. Related party transactions
At the balance sheet date the company owed £366,329 to a director