Registered number
10514416
VERSAILLE PROPERTIES LIMITED
Filleted Accounts
31 December 2023
VERSAILLE PROPERTIES LIMITED
Registered number: 10514416
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Current assets
Stocks 37,500 37,500
Cash at bank and in hand 100 100
37,600 37,600
Creditors: amounts falling due within one year 3 (48,940) (47,140)
Net current liabilities (11,340) (9,540)
Net liabilities (11,340) (9,540)
Capital and reserves
Called up share capital 100 100
Profit and loss account (11,440) (9,640)
Shareholder's funds (11,340) (9,540)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.
N Taj
Director
Approved by the board on 18 September 2024
VERSAILLE PROPERTIES LIMITED
Notes to the Accounts
for the year ended 31 December 2023
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).
Going Concern
The accounts have been prepared on the going concern basis although the company made a loss of £1,800 (2022: £1,485) and its liabilities exceeded its assets by £11,340 (2022: £9,540). The company's director has indicated that she will provide financial support to ensure the company can continue to trade for the foreseeable future and that she has the means to do so. On this basis, the director consider it appropriate to continue to prepare the accounts on the going concern basis.
Turnover
Turnover represents the fair value of the rent received or receivable measured on accruals basis and in accordance with the relevant tenancy agreements.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Creditors: amounts falling due within one year 2023 2022
£ £
Director's loan 48,540 46,740
Other creditors 400 400
48,940 47,140
4 Related party transactions
At the year end, the company owed £46,740 (2022: £46,740) to a member of key management personnel. The loan is repayable on demand and the rate of interest charged is 0%. The loan is presented within creditors: amounts falling due within one year.
5 Other information
VERSAILLE PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
127 Hoe Street
London
E17 4RX
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