Registered number
14880785
VJ&C PROPERTIES LIMITED
Unaudited Filleted Accounts
31 March 2024
VJ&C PROPERTIES LIMITED
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of VJ&C PROPERTIES LIMITED for the period ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of VJ&C PROPERTIES LIMITED for the period ended 31 March 2024 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Fordhams & Co Limited
Studio 6
6 Hornsey Street
London
N7 8GR
1 August 2024
VJ&C PROPERTIES LIMITED
Registered number: 14880785
Balance Sheet
as at 31 March 2024
Notes 2024
£
Fixed assets
Intangible assets 3 10,800
Tangible assets 4 1,759
Investments 5 11,367,725
11,380,284
Current assets
Debtors 6 1,590
Cash at bank and in hand 493,326
494,916
Creditors: amounts falling due within one year 7 (715,155)
Net current liabilities (220,239)
Total assets less current liabilities 11,160,045
Creditors: amounts falling due after more than one year 8 (2,596,000)
Net assets 8,564,045
Capital and reserves
Called up share capital 100
Share premium 8,557,000
Profit and loss account 6,945
Shareholders' funds 8,564,045
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Joanne Cella
Director
Approved by the board on 1 August 2024
VJ&C PROPERTIES LIMITED
Notes to the Accounts
for the period from 19 May 2023 to 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is recognised by reference to the commencemnet of the tenancy agreement when tenants moved in the properties.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Intangible over 10 years
Fixtures, fittings, tools and equipment 20% reducing balance
Investments
Properties investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024
Number
Average number of persons employed by the company 1
3 Intangible fixed assets £
Goodwill:
Cost
Additions 12,000
At 31 March 2024 12,000
Amortisation
Provided during the period 1,200
At 31 March 2024 1,200
Net book value
At 31 March 2024 10,800
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 2,199
At 31 March 2024 2,199
Depreciation
Charge for the period 440
At 31 March 2024 440
Net book value
At 31 March 2024 1,759
5 Investments
Properties
investments
£
Cost
Additions 11,367,725
At 31 March 2024 11,367,725
6 Debtors 2024
£
Other debtors 1,590
7 Creditors: amounts falling due within one year 2024
£
Bank loans and overdrafts 204,000
Taxation and social security costs 1,498
Other creditors 509,657
715,155
8 Creditors: amounts falling due after one year 2024
£
Bank loans 2,596,000
9 Loans 2024
£
Creditors include:
Secured bank loans 2,800,000
The bank loan is secured against the investment properties.
10 Other information
VJ&C PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Studio 6
6 Hornsey Street
London
N7 8GR
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