Company registration number 11190939 (England and Wales)
Vass Trading Limited
Unaudited financial statements
For the year ended 28 February 2024
PAGES FOR FILING WITH REGISTRAR
Vass Trading Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Vass Trading Limited
Balance sheet
As at 28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,289
6,421
Investment property
4
1,407,409
1,232,500
1,410,698
1,238,921
Current assets
Debtors
5
2,719
2,349
Cash at bank and in hand
10,610
35,976
13,329
38,325
Creditors: amounts falling due within one year
6
(332,286)
(294,887)
Net current liabilities
(318,957)
(256,562)
Total assets less current liabilities
1,091,741
982,359
Creditors: amounts falling due after more than one year
7
(740,684)
(662,195)
Provisions for liabilities
(86,100)
(74,442)
Net assets
264,957
245,722
Capital and reserves
Called up share capital
8
5,000
5,000
Profit and loss reserves
259,957
240,722
Total equity
264,957
245,722
Vass Trading 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 his 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
Mr S Conway-Jarrett
Director
Company registration number 11190939 (England and Wales)
VASS TRADING LIMITED
Vass Trading Limited
Notes to the financial statements
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Vass Trading 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
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on cost
Motor vehicles
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
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.
1.5
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.
VASS TRADING LIMITED
Vass Trading Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.
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.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
VASS TRADING LIMITED
Vass Trading Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 and 28 February 2024
15,608
Depreciation and impairment
At 1 March 2023
9,187
Depreciation charged in the year
3,132
At 28 February 2024
12,319
Carrying amount
At 28 February 2024
3,289
At 28 February 2023
6,421
4
Investment property
2024
£
Fair value
At 1 March 2023
1,232,500
Additions
124,909
Revaluations
50,000
At 28 February 2024
1,407,409
The fair value of the investment property portfolio was measured by the director as at the year end on an open market basis.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
585
227
Other debtors
2,134
2,122
2,719
2,349
VASS TRADING LIMITED
Vass Trading Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,654
Taxation and social security
4,083
Other creditors
329,632
290,804
332,286
294,887
Other creditors includes a loan of £307,937 (2023 £274,967) from the shareholder.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
740,684
662,195
Bank loans 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
740,684
662,195
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,000
5,000
5,000
5,000