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Registration number: 08038128

VGL Investments Limited

Filleted Abridged Financial Statements

for the Year Ended 31 December 2023

 

VGL Investments Limited

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Abridged Financial Statements

3 to 9

 

VGL Investments Limited

Company Information

Directors

Mr Stefano Fiorini

Mr Simone Billi

Ms Saveria Veronica Ciani

Registered office

75-77 Brook Street
London
W1K 4HX

Auditors

DTL Auditors Ltd
5th Floor, North Side
7/10 Chandos Street
London
W1G 9DQ

 

VGL Investments Limited

(Registration number: 08038128)
Abridged Balance Sheet as at 31 December 2023

Note

2023

2022

Fixed assets

 

Tangible assets

4

64,192

6,604

Investments

5

19,175,290

17,447,618

 

19,239,482

17,454,222

Current assets

 

Debtors

6

52

11,814

Cash at bank and in hand

 

1,906,072

1,881,093

 

1,906,124

1,892,907

Prepayments and accrued income

 

13,493

49,671

Creditors: Amounts falling due within one year

(15,117)

(25,396)

Net current assets

 

1,904,500

1,917,182

Total assets less current liabilities

 

21,143,982

19,371,404

Creditors: Amounts falling due after more than one year

(20,543,911)

(18,841,769)

Net assets

 

600,071

529,635

Capital and reserves

 

Called up share capital

7

570,105

570,105

Retained earnings

29,966

(40,470)

Shareholders' funds

 

600,071

529,635

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 April 2024 and signed on its behalf by:
 

.........................................
Ms Saveria Veronica Ciani
Director

   
     
 

VGL Investments Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
75-77 Brook Street
London
W1K 4HX

These financial statements were authorised for issue by the Board on 15 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The accounts have been prepared on the going concern basis. The directors are of the opinion that the shareholders of the company will continue to support it, and provide adequate funding when necessary to enable it to meet its obligations for the foreseeable future, being for a period of at least twelve months from the date of approval of the financial statements.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 15 April 2024 was John Tiltman, who signed for and on behalf of DTL Auditors Ltd.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

VGL Investments Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated
depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and
installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

VGL Investments Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

No adjustment is made if the amortised cost of the borrowings is not materially different from the value initially recognised.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

 

VGL Investments Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 €

Motor vehicles
 €

Total

Cost or valuation

At 1 January 2023

6,360

6,604

12,964

Additions

27,239

30,349

57,588

At 31 December 2023

33,599

36,953

70,552

Depreciation

At 1 January 2023

6,360

-

6,360

At 31 December 2023

6,360

-

6,360

Carrying amount

At 31 December 2023

27,239

36,953

64,192

At 31 December 2022

-

6,604

6,604

5

Investments

Total

Cost or valuation

At 1 January 2023

478,517

Additions

8,530

At 31 December 2023

487,047

Provision

Carrying amount

At 31 December 2023

487,047

At 31 December 2022

478,517

2023

2022

Fixed asset group loan

18,375,069

16,925,927

Fixed asset investment participating loan

313,174

43,174

18,688,243

16,969,101

 

VGL Investments Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

Fixed asset group loan

Cost or valuation

At 1 January 2023

16,925,927

Additions

3,797,000

Written off

(2,347,858)

At 31 December 2023

18,375,069

Fixed asset investment participating loan

Cost or valuation

At 1 January 2023

43,174

Additions

270,000

At 31 December 2023

313,174

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Pegaso Ltd

75-77 Brook Street, London, United Kingdom, W1K 4HX

England and Wales

Ordinary shares

100%

100%

Twin Plus One Ltd

75-77 Brook Street, London, United Kingdom, W1K 4HX

England and Wales

50%

50%

Esseti Re Limited

75-77 Brook Street, London, United Kingdom, W1K 4HX

England and Wales

Ordinary shares

100%

100%

AM Real Estate Management Limited

75-77 Brook Street, London, United Kingdom, W1K 4HX

England and Wales

Ordinary shares

100%

100%

 

VGL Investments Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Givilu Holding Ltd

88 Mayflower Court, The Penthouse No. 8, St. Aloysius street Msida MSD 1465

Malta

Ordinary

100%

0%

Subsidiary undertakings

Pegaso Ltd

The principal activity of Pegaso Ltd is that of management of motor yachts..

Twin Plus One Ltd

The principal activity of Twin Plus One Ltd is that of provision of services to the yachting industry.

Esseti Re Limited

The principal activity of Esseti Re Limited is that of letting and operating of own or leased real estate.

AM Real Estate Management Limited

The principal activity of AM Real Estate Management Limited is that of management of real estate..

Givilu Holding Ltd

The principal activity of Givilu Holding Ltd is that of a holding company..

6

Debtors

Debtors includes €Nil (2022 - €Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

No.

Ordianry shares of £1 each

500,000

570,105

500,000

570,105

         
 

VGL Investments Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

8

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023

2022

Remuneration

92,369

81,690

Contributions paid to money purchase schemes

2,615

2,246

94,984

83,936

Income and receivables from related parties

During the year the company received an income of €113,833 (2022: €116,563) from an associated company.The income was at market value based on a service agreement.

Summary of transactions with parent


 

Loans to related parties

2023

Subsidiary

Associates

Total

At start of period

16,925,927

43,174

16,969,101

Advanced

3,797,000

270,000

4,067,000

Impairment

(2,347,858)

-

(2,347,858)

At end of period

18,375,069

313,174

18,688,243

2022

Subsidiary

Associates

Total

At start of period

16,485,356

43,174

16,528,530

Advanced

3,049,231

-

3,049,231

Repaid

(228,040)

-

(228,040)

Impairment

(2,380,620)

-

(2,380,620)

At end of period

16,925,927

43,174

16,969,101

9 Other disclosure:

The UK group headed by VGL does not produce consolidated accounts as it, and its subsidiaries, are included inthe consolidation of the overall group by the overall parent company.