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Registered number: 5707009
Vascroft Homes Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Hanberry and Co
Chartered Certified Accountants
20 Peterborough Road
Harrow
Middlesex
HA1 2BQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 5707009
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,670,000 3,391,667
3,670,000 3,391,667
CURRENT ASSETS
Debtors 5 3,805 12,604
Cash at bank and in hand 65,823 120,294
69,628 132,898
Creditors: Amounts Falling Due Within One Year 6 (191,080 ) (312,747 )
NET CURRENT ASSETS (LIABILITIES) (121,452 ) (179,849 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,548,548 3,211,818
Creditors: Amounts Falling Due After More Than One Year 7 (272,163 ) (271,954 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (436,563 ) (240,717 )
NET ASSETS 2,839,822 2,699,147
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Revaluation reserve 9 2,061,598 1,385,541
Profit and Loss Account 777,224 1,312,606
SHAREHOLDERS' FUNDS 2,839,822 2,699,147
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Chandni Vora
Director
11/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Vascroft Homes Limited is a private company, limited by shares, incorporated in England & Wales, registered number 5707009 . The registered office is Vascroft Estate, 861 Coronation Road, London, NW10 7PT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation provided
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 2 2
2 2
Page 3
Page 4
4. Tangible Assets
Land & Property
Freehold
£
Cost or Valuation
As at 1 May 2023 3,391,667
Revaluation 278,333
As at 30 April 2024 3,670,000
Net Book Value
As at 30 April 2024 3,670,000
As at 1 May 2023 3,391,667
Cost or valuation as at 30 April 2024 represented by:
Land & Property
Freehold
£
At cost 3,670,000
3,670,000
The company's investment properties were valued by local firms of Estate Agents in September 2021. The valuations were based on their knowledge of the property market and sale of similar properties in the surrounding areas. The directors are not aware of any material changes in value since the date of this valuation. The cost of these properties was £1,663,801.
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 281 827
Prepayments and accrued income 2,700 9,585
Other debtors 824 2,192
3,805 12,604
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 19,235 25,642
Other creditors 4,600 -
Accruals and deferred income 10,420 9,880
Directors' loan accounts 156,825 277,225
191,080 312,747
Page 4
Page 5
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 272,163 271,954
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
9. Reserves
Revaluation Reserve
£
As at 1 May 2023 1,385,541
Transfer to profit and loss 676,057
As at 30 April 2024 2,061,598
Page 5