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Registration number: 05889183

Ventcourt Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Ventcourt Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

Ventcourt Properties Limited

Company Information

Director

Dr Jamshed Bomanji

Registered office

9 Berners Place
London
W1T 3AD

Accountants

Mehta & Tengra
9 Berners Place
London
W1T 3AD

 

Ventcourt Properties Limited

(Registration number: 05889183)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

6,799

7,219

Investment property

6

2,067,650

2,067,650

 

2,074,449

2,074,869

Current assets

 

Debtors

7

4,212

4,212

Cash at bank and in hand

 

150,129

151,467

 

154,341

155,679

Creditors: Amounts falling due within one year

8

(1,255,102)

(1,266,173)

Net current liabilities

 

(1,100,761)

(1,110,494)

Total assets less current liabilities

 

973,688

964,375

Creditors: Amounts falling due after more than one year

8

(344,793)

(353,056)

Provisions for liabilities

(91,664)

(91,768)

Net assets

 

537,231

519,551

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

284,910

284,910

Other reserves

79,352

79,352

Retained earnings

172,869

155,189

Shareholders' funds

 

537,231

519,551

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Ventcourt Properties Limited

(Registration number: 05889183)
Balance Sheet as at 31 March 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 October 2024
 

.........................................
Dr Jamshed Bomanji
Director

 

Ventcourt Properties Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Revaluation reserve
£

Other reserves
£

Retained earnings
£

Total
£

At 1 April 2023

100

284,910

79,352

155,189

519,551

Profit for the year

-

-

-

17,680

17,680

At 31 March 2024

100

284,910

79,352

172,869

537,231

Share capital
£

Revaluation reserve
£

Other reserves
£

Retained earnings
£

Total
£

At 1 April 2022

100

284,910

79,352

123,200

487,562

Profit for the year

-

-

-

31,989

31,989

At 31 March 2023

100

284,910

79,352

155,189

519,551

 

Ventcourt Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
9 Berners Place
London
W1T 3AD
United Kingdom

These financial statements were authorised for issue by the director on 10 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and 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 income 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.

 

Ventcourt Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixture and fittings

10% on reducing balance

Office Equipment

33% on reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually 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. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

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

 

Ventcourt Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

4,888

7,594

UK corporation tax adjustment to prior periods

(2)

(215)

4,886

7,379

Deferred taxation

Arising from changes in tax rates and laws

(104)

(200)

Tax expense in the income statement

4,782

7,179

Deferred tax

 

Ventcourt Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

14,991

-

14,991

Additions

-

450

450

At 31 March 2024

14,991

450

15,441

Depreciation

At 1 April 2023

7,772

-

7,772

Charge for the year

722

148

870

At 31 March 2024

8,494

148

8,642

Carrying amount

At 31 March 2024

6,497

302

6,799

At 31 March 2023

7,219

-

7,219

6

Investment properties

2024
£

At 1 April

2,067,650

At 31 March

2,067,650

One of the investment property is jointly owned. The cost to the company represents its share being 66% of the total cost of the property.
In the opinion of director the current market values are similar to the stated amount.

7

Debtors

Current

2024
£

2023
£

Other debtors

4,212

4,212

 

4,212

4,212

 

Ventcourt Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

1,035,086

1,037,972

Accruals and deferred income

 

2,160

5,940

Directors loan account

 

194,345

196,407

Other creditors

 

11,651

11,288

Rent deposit

 

6,971

6,972

Corporation tax

 

4,889

7,594

 

1,255,102

1,266,173

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

344,793

353,056

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

37,316

45,579

Other borrowings

307,477

307,477

344,793

353,056

 

Ventcourt Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Parent and ultimate parent undertaking

The company's immediate parent is Imaging & Therapy Limited, incorporated in United Kingdom.

 The ultimate controlling party is Dr Jamshed Bomanji.