VALENTIA PROPERTY HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
Company Registration Number: 11944639
VALENTIA PROPERTY HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 8
VALENTIA PROPERTY HOLDINGS LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024
DIRECTOR
Dr M Peagram
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Radcliffe House
Foxcombe Road
Boars Hill
Oxford
England
OX1 5DL
COMPANY REGISTRATION NUMBER
11944639 England and Wales
VALENTIA PROPERTY HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
Notes 2024 2023
£ £
FIXED ASSETS
Investments 5 7,477,294 7,477,294
CURRENT ASSETS
Debtors 6 126,847 -
Cash at bank and in hand 47,048 36,118
173,895 36,118
CREDITORS: Amounts falling due within one year 7 80,933 163,915
NET CURRENT ASSETS / (LIABILITIES) 92,962 (127,797)
TOTAL ASSETS LESS CURRENT LIABILITIES 7,570,256 7,349,497
CREDITORS: Amounts falling due after more than one year 8 3,195,000 3,000,000
Provisions for liabilities and charges 520,351 520,351
NET ASSETS 3,854,905 3,829,146
CAPITAL AND RESERVES
Called up share capital 99 99
Distributable profit and loss account 545,977 520,218
Non distributable profit and loss account 3,308,829 3,308,829
SHAREHOLDERS' FUNDS 3,854,905 3,829,146
VALENTIA PROPERTY HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
Dr M Peagram
Director
Date approved by the board: 1 October 2024
VALENTIA PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1 GENERAL INFORMATION
Valentia Property Holdings Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Radcliffe House
Foxcombe Road
Boars Hill
Oxford
England
OX1 5DL
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Going concern
The accounts have been drawn up on the going concern basis. The company owes its bank £3,195,000 which could be required for repayment without notice. The company is therefore dependent upon the continued support of the bank. The director does not consider the support of the bank likely to be withdrawn.
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of rental income and consultancy services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.
Subsequently, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise.
VALENTIA PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Short term debtors are measured at transaction price, 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 subsequently at amortised cost.
Leases
Payments received under operating leases are recognised as income over the lease term on a straight-line basis.
VALENTIA PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 taxable profits.
Deferred tax is measured using 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.
Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset.
Current and deferred tax assets and liabilities are not discounted.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The director has made key assumptions in determining the property valuation is a key judgement and estimates have had to be made by the director in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 3 2
VALENTIA PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
5 FIXED ASSET INVESTMENTS
Investment Property
£
Cost
Cost of assets 3,648,114
Revaluation 3,829,180
At 31 March 2024 7,477,294
Net book value
At 31 March 2024 7,477,294
In the opinion of the director, all investment property has been stated at fair value.
6 DEBTORS
2024 2023
£ £
Trade debtors 4,300 -
Other debtors 122,547 -
126,847 -
7 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Trade creditors - 4,802
Taxation and social security 6,638 7,163
Accruals and deferred income 74,295 69,511
Other creditors - 82,439
80,933 163,915
8 CREDITORS: Amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 3,195,000 3,000,000
Analysis of creditors falling due after more than five years:
2024 2023
Aggregate of non-instalment debts that fall due for repayment after five years: £ £
Bank loans and overdrafts 3,195,000 3,000,000
VALENTIA PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
9 SECURED DEBTS
The company has a loan with EFG Private Bank Limited, which has a fixed charge over investment
properties with a carrying value of £4,359,860 and a floating charge over all the property or
undertakings of the company. Interest is being charged on this loan at base rate, plus 1.95%.
10 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year
Balance at 1 April 2023 Amounts advanced Amounts repaid Amounts written off or waived Balance at 31 March 2024
£ £ £ £ £
Dr M Peagram - 129,112 6,869 - 122,243
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
11 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
M J Peagram
Director 2024 2023
£ £
Director loan account Loan balance due to director - 70,439
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