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Company No: 03503300 (England and Wales)

VMM LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

VMM LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

VMM LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
VMM LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Richard Morpeth Jameson
Stephen Parish
SECRETARY Richard Morpeth Jameson
REGISTERED OFFICE 57/59 Beak Street
London
W1F 9SJ
United Kingdom
COMPANY NUMBER 03503300 (England and Wales)
VMM LIMITED

BALANCE SHEET

As at 31 December 2023
VMM LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investment property 4 22,115,911 20,442,578
22,115,911 20,442,578
Current assets
Debtors 5 978,607 1,197,834
Cash at bank and in hand 639,531 1,639,708
1,618,138 2,837,542
Creditors: amounts falling due within one year 6 ( 1,187,242) ( 1,051,981)
Net current assets 430,896 1,785,561
Total assets less current liabilities 22,546,807 22,228,139
Creditors: amounts falling due after more than one year 7 ( 2,000,000) ( 2,000,000)
Provision for liabilities 8 ( 3,892,635) ( 3,892,635)
Net assets 16,654,172 16,335,504
Capital and reserves
Called-up share capital 99 99
Undistributable reserve 13,303,647 13,271,803
Profit and loss account 3,350,426 3,063,602
Total shareholders' funds 16,654,172 16,335,504

For the financial 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.

Directors' responsibilities:

The financial statements of VMM Limited (registered number: 03503300) were approved and authorised for issue by the Board of Directors on 26 September 2024. They were signed on its behalf by:

Richard Morpeth Jameson
Director
VMM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
VMM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
57/59 Beak Street
London
W1F 9SJ

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention modified to include certain items at fair value as set out below.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Taxation

Current tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company.
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 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.

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.

Revenue recognition

The company is a property investment company and therefore turnover represents the provision of rental charges, commissions and recharged expenses.

Rental income is measured as the contractually fixed fee, excluding discounts and VAT and is recognised on on a straight line basis over the lease term.

Commissions are recognised in the period in which the work is carried out and recharged expenses at the time when the invoice is raised for the related expense.

Tangible fixed assets

Tangible assets are stated 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 is charged so as to write off the cost of assets over their estimated useful lives as follows:

Plant and machinery etc. 3 years straight line
Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined periodically by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. In the intervening years the properties are included at directors' valuation. Changes in fair value are recognised in profit or loss.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Dividends

Interim dividend distributions to the company’s shareholders are recognised in the reporting period in which they are paid. Final dividends are recognised as a liability in the financial statements in the reporting period in which the dividends are approved by the members.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year 0 0

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 22,304 22,304
At 31 December 2023 22,304 22,304
Accumulated depreciation
At 01 January 2023 22,304 22,304
At 31 December 2023 22,304 22,304
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 20,442,578
Additions 1,673,333
As at 31 December 2023 22,115,911

5. Debtors

2023 2022
£ £
Trade debtors 48 258,376
Other debtors 978,559 939,458
978,607 1,197,834

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 49,677 53,544
Taxation and social security 119,889 128,027
Other creditors 1,017,676 870,410
1,187,242 1,051,981

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 2,000,000 2,000,000

A loan from Natwest bank is denominated with a nominal interest rate of 2.55% above Bank of England base rate. The carrying amount at year end is £2,000,000 (2022 - £2,000,000).

The Loan is secured via a first legal charge over the freehold interests of the company's investment properties.

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 3,892,635) ( 3,860,791)
Charged to the Profit and Loss Account 0 ( 31,844)
At the end of financial year ( 3,892,635) ( 3,892,635)

9. Related party transactions

Other related party transactions

2023 2022
£ £
Recharges 86,867 43,953

The company was recharged employment costs by GSSI Operations Limited, a company under common control.
During the year, the company was recharged costs of £86,867 (2022 - £43,953). At the year end the amount owed to GSSI Operations Limited was £273,955 (2022 - £187,088).