Registration number:
VGL Investments Limited
for the Year Ended 31 December 2023
VGL Investments Limited
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
VGL Investments Limited
Company Information
Directors |
Mr Stefano Fiorini Mr Simone Billi Ms Saveria Veronica Ciani |
Registered office |
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Auditors |
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VGL Investments Limited
(Registration number: 08038128)
Abridged Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
570,105 |
570,105 |
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Retained earnings |
29,966 |
(40,470) |
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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
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VGL Investments Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
VGL Investments Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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- |
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At 31 December 2023 |
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- |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
- |
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Investments |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Provision |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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2023 |
2022 |
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Fixed asset group loan |
18,375,069 |
16,925,927 |
Fixed asset investment participating loan |
313,174 |
43,174 |
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VGL Investments Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2023
Fixed asset group loan
€ |
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Cost or valuation |
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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
€ |
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Cost or valuation |
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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 |
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2023 |
2022 |
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Subsidiary undertakings |
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75-77 Brook Street, London, United Kingdom, W1K 4HX England and Wales |
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75-77 Brook Street, London, United Kingdom, W1K 4HX England and Wales |
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75-77 Brook Street, London, United Kingdom, W1K 4HX England and Wales |
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75-77 Brook Street, London, United Kingdom, W1K 4HX England and Wales |
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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 |
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88 Mayflower Court, The Penthouse No. 8, St. Aloysius street Msida MSD 1465 Malta |
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Subsidiary undertakings |
Pegaso Ltd The principal activity of Pegaso Ltd is |
Twin Plus One Ltd The principal activity of Twin Plus One Ltd is |
Esseti Re Limited The principal activity of Esseti Re Limited is |
AM Real Estate Management Limited The principal activity of AM Real Estate Management Limited is |
Givilu Holding Ltd The principal activity of Givilu Holding Ltd is |
Debtors |
Debtors includes €Nil (2022 - €Nil) due after more than one year.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
€ |
No. |
€ |
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570,105 |
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570,105 |
VGL Investments Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2023
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
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Remuneration |
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Contributions paid to money purchase schemes |
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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 |
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Advanced |
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Impairment |
( |
- |
( |
At end of period |
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2022 |
Subsidiary |
Associates |
Total |
At start of period |
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Advanced |
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- |
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Repaid |
( |
- |
( |
Impairment |
( |
- |
( |
At end of period |
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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.