REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
VC TKY Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
VC TKY Limited |
VC TKY Limited (Registered number: 13716369) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 6 |
VC TKY Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
VC TKY Limited (Registered number: 13716369) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Profit and loss account | ( |
) |
SHAREHOLDERS' FUNDS |
1,773,513 | 1,831,187 |
VC TKY Limited (Registered number: 13716369) |
Balance Sheet - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
VC TKY Limited (Registered number: 13716369) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | GENERAL INFORMATION |
VC TKY Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
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. |
The company's functional and presentational currency is pound sterling. |
The Company is a qualifying entity for the purpose of FRS 102 and has elected to take exemption from |
disclosure of statement of cash flows. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND KEY ACCOUNTING ESTIMATES |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
GOING CONCERN |
The Directors have expressed their willingness to continue to support the company financially for at least the next twelve months from the sign off date and have no intention of recalling their loans until the company is financially able to do so. |
The development being undertaken by 3K Mayfair Limited, a related company is expected to achieve practical completion by 31 December 2024. The development is comprised of eight apartments with two of them having been sold off plan and a further two units currently being handled by the legal team to finalise the sales transactions anticipated in October 2024. There are multiple viewings taking place on the remaining units and the directors expect further sales to take place between now and practical completion. All sales have been completed at values in line with the latest valuation completed by Jones Lang LaSalle. |
REVENUE RECOGNITION |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.Turnover is recognised when a contract to provide financial services have been entered and approved by both parties. |
INVESTMENTS IN SUBSIDIARIES |
Investments in subsidiary undertakings are recognised at cost. |
VC TKY Limited (Registered number: 13716369) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | AUDITORS' REMUNERATION |
2024 | 2023 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
2,850 |
2,310 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
VC TKY Limited (Registered number: 13716369) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | FIXED ASSET INVESTMENTS - continued |
The company had invested in 3KY Mayfair Limited , and at the time of approval of these accounts, the entity had not yet started to trade. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Amount owed by group undertakings mostly relate to 3KY Mayfair loan notes |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors- interest |
Other loans | 4,725,000 | 4,725,000 |
Amount owed to group undertakings | 863,224 | 758,348 |
Corporation tax |
Accruals and deferred income |
Other creditors includes payments received in advance for shares issued post year end |
Amount owed to group undertakings mostly relates to intercompany balance with parent company, Valpre Capital UK Limited |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
CALLED UP SHARE CAPITAL | £100 | 1,800,000 | 1,800,000 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | PARENT COMPANY |
The company's immediate parent is Valpre Capital UK Limited. |
The accounts for this company is available upon request from the Companies House website www.companieshouse.gov.uk. Their registered office is 13 Montpelier Avenue, Bexley,England, DA5 3AP. |