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Company registration number: 07643673
Villemore Estates Limited
Unaudited filleted financial statements
31 December 2023
Villemore Estates Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Villemore Estates Limited
Directors and other information
Director Mr A Yianni
Secretary Alpha Omega Secretaries Ltd
Company number 07643673
Registered office 1 Kings Avenue
London
N21 3NA
Accountants Alpha Omega Group Limited
1 Kings Avenue
Winchmore Hill
London
N21 3NA
Villemore Estates Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 3,525,000 3,290,000
_______ _______
3,525,000 3,290,000
Current assets
Debtors 6 1,100 -
Cash at bank and in hand 340,489 555,388
_______ _______
341,589 555,388
Creditors: amounts falling due
within one year 7 ( 46,725) ( 266,162)
_______ _______
Net current assets 294,864 289,226
_______ _______
Total assets less current liabilities 3,819,864 3,579,226
Creditors: amounts falling due
after more than one year 8 ( 1,232,537) ( 1,344,414)
Provisions for liabilities ( 407,540) ( 265,080)
_______ _______
Net assets 2,179,787 1,969,732
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 2,179,786 1,969,731
_______ _______
Shareholders funds 2,179,787 1,969,732
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have 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 their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 August 2024 , and are signed on behalf of the board by:
Mr A Yianni
Director
Company registration number: 07643673
Villemore Estates Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 1 Kings Avenue, London, N21 3NA. The principal activity of the company is that of property investment.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The financial statements have been prepared under the historical cost convention.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the presentation and functional currency of the entity. The following accounting policies have been applied consistently throughout the year.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis.Revisions to accounting estimates are recognised in the period in which the estimates is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.There were no judgements and estimates that had significant effect on the amounts recognised in the financial statements.
Turnover
Turnover is measured at the fair value of the consideration rent receivable, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rent receivable can be reliably estimated, revenue from the rent receivable is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 January 2023 3,290,000 3,290,000
Revaluation 235,000 235,000
_______ _______
At 31 December 2023 3,525,000 3,525,000
_______ _______
Depreciation
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 3,525,000 3,525,000
_______ _______
At 31 December 2022 3,290,000 3,290,000
_______ _______
The land and buildings freehold properties have been revalued during the year by the director. The historic cost of the properties is £1,631,158 (2022 - £1,631,158).
6. Debtors
2023 2022
£ £
Trade debtors 1,100 -
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts - 26,522
Trade creditors 252 4,193
Corporation tax 44,193 58,227
Other creditors 2,280 177,220
_______ _______
46,725 266,162
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts - 111,877
Other creditors 1,232,537 1,232,537
_______ _______
1,232,537 1,344,414
_______ _______
In 2020, the company refinanced its existing loan of £200,000 with Barclays Bank. This is a 5 year capital repayment loan with interest charged at 2.75% per annum. The balance of the loan as at the year-end was £NIL (2022: £138,399). The loan facilities was secured by a first legal charge over the property at 28 Arcadian Gardens, London and 6-7 Wandworth Parade, London, both owned by the company.
9. Related party transactions
As at the year end, there was a balance of £1,232,537 (2022 - 1,232,537) due to Mono Properties Limited, a company registered in England and is under common control.As at the year end the company owed the director Mr A Yianni £NIL (2022: £175,000). No interest is charged on the director's loan balance.
10. Controlling party
The ultimate controlling party of the company is the director, Mr A Yianni.