Company registration number 01271707 (England and Wales)
VIDHAM PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
VIDHAM PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
VIDHAM PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
30 April 2024
31 October 2022
Notes
£
£
£
£
Fixed assets
Investment property
3
595,000
1,485,000
Current assets
Debtors
4
65,833
16,740
Cash at bank and in hand
3,915
48
69,748
16,788
Creditors: amounts falling due within one year
5
(91,418)
(53,609)
Net current liabilities
(21,670)
(36,821)
Total assets less current liabilities
573,330
1,448,179
Creditors: amounts falling due after more than one year
6
(490,565)
(1,228,924)
Provisions for liabilities
(27,361)
(65,258)
Net assets
55,404
153,997
Capital and reserves
Called up share capital
2,100
2,100
Non-distributable profits reserve
7
(17,896)
380,907
Distributable profit and loss reserves
71,200
(229,010)
Total equity
55,404
153,997
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Period ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
VIDHAM PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 September 2024 and are signed on its behalf by:
..............................................
Mr Graham Dodds
Director
Company registration number 01271707 (England and Wales)
VIDHAM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Vidham Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 61-63 High Bridge, Newcastle Upon Tyne, Tyne & Wear, United Kingdom, NE1 6BX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. On the basis that the company continues to dispose of the investment properties the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
VIDHAM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
VIDHAM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Rental Income
Gross rents received and receivable from properties are included in the profit and loss account on the basis that credit is taken when the rents fall due for payment. Provision is made for any rents due but not considered to be recoverable.
2
Employees
2024
2022
Number
Number
Total
4
4
3
Investment property
2024
£
Fair value
At 1 November 2022
1,485,000
Disposals
(840,000)
Revaluations
(50,000)
At 30 April 2024
595,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
1,846
Other debtors
65,833
14,894
65,833
16,740
VIDHAM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans
4,000
4,000
Taxation and social security
63,939
27,747
Other creditors
23,479
21,862
91,418
53,609
6
Creditors: amounts falling due after more than one year
2024
2022
£
£
Bank loans and overdrafts
490,565
1,228,924
The company has a number of individual bank loans each of which is secured by a fixed charge over individual rental properties owned by the company. All of the directors have given a personal guarantee in respect of these loans which amount in total to £ 705,158 (2022: £1,217,924).
The company has an unsecured loan of £11,025 (2022: £15,000).
7
Non-distributable profits reserve
2024
2022
£
£
At the beginning of the Period
380,907
260,907
Non distributable profits reserve
(398,803)
120,000
At the end of the Period
(17,896)
380,907
Investment properties are measured at the balance sheet date at fair value and the surplus or deficit on revaluation is recognised in the profit and loss account in accordance with the companies accounting policies.
However, any surplus credited to the profit and loss account is not distributable as a dividend until the property is sold. The non distributable fair valuation movement which arises from measuring Investment property at fair value and is initially included within the profit and loss account has been transferred to a non distributable reserve which is disclosed separately on the Balance Sheet.
VIDHAM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 7 -
8
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr David Dodds - Movement in DLA
-
6,696
17,307
24,003
Mr Graham Dodds - Movement in DLA
-
5,157
17,308
22,465
Mrs Jane Dodds -
-
640
-
640
Mrs Susan Dodds -
-
2,401
-
2,401
14,894
34,615
49,509