Company No:
Contents
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) |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 4 |
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22,115,911 | 20,442,578 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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1,618,138 | 2,837,542 | |||
Creditors: amounts falling due within one year | 6 | (
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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 | (
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Provision for liabilities | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Undistributable reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of VMM Limited (registered number:
Richard Morpeth Jameson
Director |
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.
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 £.
The financial statements have been prepared on a going concern basis.
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.
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.
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.
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. |
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Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2023 |
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At 31 December 2023 |
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Accumulated depreciation | |||
At 01 January 2023 |
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At 31 December 2023 |
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Net book value | |||
At 31 December 2023 |
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At 31 December 2022 |
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Investment property | |
£ | |
Valuation | |
As at 01 January 2023 |
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Additions | 1,673,333 |
As at 31 December 2023 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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The Loan is secured via a first legal charge over the freehold interests of the company's investment properties.
2023 | 2022 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Profit and Loss Account |
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At the end of financial year | (
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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).