Company registration number 12019788 (England and Wales)
Vass Properties Limited
Unaudited financial statements
For the year ended 28 February 2024
PAGES FOR FILING WITH REGISTRAR
Vass Properties Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
Vass Properties Limited
Balance sheet
As at 28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
1,010,000
677,500
Current assets
Debtors
4
700
400
Cash at bank and in hand
9,737
79,241
10,437
79,641
Creditors: amounts falling due within one year
5
(327,404)
(304,776)
Net current liabilities
(316,967)
(225,135)
Total assets less current liabilities
693,033
452,365
Creditors: amounts falling due after more than one year
6
(597,003)
(362,106)
Provisions for liabilities
(16,410)
(16,960)
Net assets
79,620
73,299
Capital and reserves
Called up share capital
7
2,500
2,500
Profit and loss reserves
8
77,120
70,799
Total equity
79,620
73,299
Vass Properties Limited
Balance sheet (continued)
As at 28 February 2024
- 2 -

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 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.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 20 August 2024
2024-08-20
Mrs V Conway-Jarrett
Director
Company registration number 12019788 (England and Wales)
VASS PROPERTIES LIMITED
Vass Properties Limited
Notes to the financial statements
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Vass Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Holloway Farm, Holloway Lane, Staffs, ST5 5EP, Maer.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for rent.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

VASS PROPERTIES LIMITED
Vass Properties Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 March 2023
677,500
Additions
360,161
Disposals
(25,000)
Revaluations
(2,661)
At 28 February 2024
1,010,000

The fair value of the investment property portfolio was measured by the director as at the year end on an open market basis.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
700
-
0
Other debtors
-
0
400
700
400
VASS PROPERTIES LIMITED
Vass Properties Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
960
1,317
Other creditors
321,994
300,517
Accruals
4,450
2,942
327,404
304,776

Other creditors includes a loan of £318,364 (2023 - £297,717) from the shareholder.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
597,003
362,106

Bank loan and overdrafts represent mortgages secured by fixed charges over the respective investment properties.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable other than by instalments
597,003
362,106
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,500
2,500
2,500
2,500
8
Profit and loss reserves

Profit and loss reserves include non-distributable profits of £78,683 (2023 - £70,799).

2024-02-282023-03-01false20 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMrs V Conway-JarrettMr S Conway-Jarrettfalsefalse120197882023-03-012024-02-28120197882024-02-28120197882023-02-2812019788core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-2812019788core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2812019788core:Non-currentFinancialInstrumentscore:AfterOneYear2024-02-2812019788core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-2812019788core:CurrentFinancialInstruments2024-02-2812019788core:CurrentFinancialInstruments2023-02-2812019788core:ShareCapital2024-02-2812019788core:ShareCapital2023-02-2812019788core:RetainedEarningsAccumulatedLosses2024-02-2812019788core:RetainedEarningsAccumulatedLosses2023-02-2812019788core:ShareCapitalOrdinaryShares2024-02-2812019788core:ShareCapitalOrdinaryShares2023-02-2812019788bus:Director12023-03-012024-02-28120197882022-03-012023-02-28120197882023-02-2812019788core:WithinOneYear2024-02-2812019788core:WithinOneYear2023-02-2812019788core:Non-currentFinancialInstruments2024-02-2812019788core:Non-currentFinancialInstruments2023-02-2812019788bus:PrivateLimitedCompanyLtd2023-03-012024-02-2812019788bus:SmallCompaniesRegimeForAccounts2023-03-012024-02-2812019788bus:FRS1022023-03-012024-02-2812019788bus:AuditExemptWithAccountantsReport2023-03-012024-02-2812019788bus:CompanySecretary12023-03-012024-02-2812019788bus:FullAccounts2023-03-012024-02-28xbrli:purexbrli:sharesiso4217:GBP