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REGISTERED NUMBER: 07152505 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

VAINCE PROPERTIES LIMITED

VAINCE PROPERTIES LIMITED (REGISTERED NUMBER: 07152505)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


VAINCE PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Ahmed Zahir
Adil Zahir
Sarmad Nasir





REGISTERED OFFICE: 21 Greenheys Place
Woking
Surrey
GU22 7JD





REGISTERED NUMBER: 07152505 (England and Wales)





ACCOUNTANTS: Stan Lee Accountancy Ltd
T/A: The Stan Lee
Chartered Certified Accountants
Level 18, 40 Bank Street
Canary Wharf
London
E14 5NR

VAINCE PROPERTIES LIMITED (REGISTERED NUMBER: 07152505)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,341 2,861
Investment property 5 930,000 930,000
932,341 932,861

CURRENT ASSETS
Debtors 6 4,153 1,700
Cash at bank 14,030 2,250
18,183 3,950
CREDITORS
Amounts falling due within one year 7 237,382 228,072
NET CURRENT LIABILITIES (219,199 ) (224,122 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

713,142

708,739

CREDITORS
Amounts falling due after more than
one year

8

(190,794

)

(202,058

)

PROVISIONS FOR LIABILITIES 10 (89,881 ) (89,881 )
NET ASSETS 432,467 416,800

CAPITAL AND RESERVES
Called up share capital 11 100 100
Fair value reserve 12 473,060 473,060
Retained earnings 12 (40,693 ) (56,360 )
SHAREHOLDERS' FUNDS 432,467 416,800

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

VAINCE PROPERTIES LIMITED (REGISTERED NUMBER: 07152505)

BALANCE SHEET - continued
31 MAY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2024 and were signed on its behalf by:





Ahmed Zahir - Director


VAINCE PROPERTIES LIMITED (REGISTERED NUMBER: 07152505)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Vaince Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents gross rental income. The total turnover of the company for the year has been derived from the provision of property rental falling within the company's principal activities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 20% on reducing balance
Computer equipment - 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

VAINCE PROPERTIES LIMITED (REGISTERED NUMBER: 07152505)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Going concern
No material uncertainties related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern have been indentified by the director.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023
and 31 May 2024 4,500 1,103 5,603
DEPRECIATION
At 1 June 2023 2,657 85 2,742
Charge for year 368 152 520
At 31 May 2024 3,025 237 3,262
NET BOOK VALUE
At 31 May 2024 1,475 866 2,341
At 31 May 2023 1,843 1,018 2,861

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 930,000
NET BOOK VALUE
At 31 May 2024 930,000
At 31 May 2023 930,000

VAINCE PROPERTIES LIMITED (REGISTERED NUMBER: 07152505)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. INVESTMENT PROPERTY - continued

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2024 930,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 350 1,700
Other debtors 3,803 -
4,153 1,700

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 18,440 21,193
Tax 3,797 2,079
VAT 2,272 2,940
Other creditors 28,300 4,500
Net wages 800 800
Directors' current accounts 182,015 194,892
Accrued expenses 1,758 1,668
237,382 228,072

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 9) 190,794 202,058

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 190,794 202,058

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Mortgage 18,440 21,193

VAINCE PROPERTIES LIMITED (REGISTERED NUMBER: 07152505)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

9. LOANS - continued
2024 2023
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 190,794 202,058

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 89,881 89,881

Deferred
tax
£   
Balance at 1 June 2023 89,881
Balance at 31 May 2024 89,881

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

12. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 June 2023 (56,360 ) 473,060 416,700
Profit for the year 15,667 15,667
At 31 May 2024 (40,693 ) 473,060 432,367

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the current and previous years, the Company was under the control of R Zahir , by the virtue of her ownership of the majority issued share capital of the Company.

At the balance sheet date, the Company owed its directors £182,015 (2023 : £194,892). The loan carries no interest and is repayable in full at short notice on demand.