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Registered number: 09919967
Victoria Properties (Aberdeen) Ltd
Financial Statements
For The Year Ended 31 December 2023
Adams & Moore Ltd
Adams & Moore House
Instone Road
Dartford
DA1 2AG
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 09919967
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investment Properties 3 1,354,912 1,354,912
1,354,912 1,354,912
CURRENT ASSETS
Debtors 4 15,587 7,205
Cash at bank and in hand 129,276 129,926
144,863 137,131
Creditors: Amounts Falling Due Within One Year 5 (298,982 ) (319,288 )
NET CURRENT ASSETS (LIABILITIES) (154,119 ) (182,157 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,200,793 1,172,755
Creditors: Amounts Falling Due After More Than One Year 6 (1,139,804 ) (1,141,780 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (9,692 ) (9,692 )
NET ASSETS 51,297 21,283
CAPITAL AND RESERVES
Called up share capital 7 1 1
Profit and Loss Account 51,296 21,282
SHAREHOLDERS' FUNDS 51,297 21,283
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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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Mr James Robertson
Director
25/09/2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. 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.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
1.3. 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.
1.4. Financial Instruments
The company has elected to apply the provisions of section 11 'Basic Financial Instruments' and Section 12 'Other Financial Intruments Issues' of FRS 102 to all of its financial instruments.
Financial Instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.5. 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 years 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 assets reflect 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.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2022: 1)
1 1
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4. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,706 1,295
Other debtors 4,790 549
Safe Deposit 9,091 5,361
15,587 7,205
5. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Corporation tax 5,694 -
Accruals and deferred income 1,500 1,500
Director's loan account 291,788 317,788
298,982 319,288
6. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 1,139,804 1,141,780
1,139,804 1,141,780
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
8. Related Party Transactions
Included in other creditors is an amount of £291,788 (2022: £317,788) due to the director, Mr James Robertson.
9. Ultimate Controlling Party
The company's ultimate controlling party is Mr James Robertson by virtue of his ownership of 100% of the issued share capital in the company.
10. General Information
Victoria Properties (Aberdeen) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09919967 . The registered office is Adams & Moore House, Instone Road, Dartford, United Kingdom, DA1 2AG.
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