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REGISTERED NUMBER: SC723948 (Scotland)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

VMY LTD

VMY LTD (REGISTERED NUMBER: SC723948)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


VMY LTD

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTOR: A Young





REGISTERED OFFICE: 4 Cameron Court
Rutherglen
Glasgow
G73 2PN





REGISTERED NUMBER: SC723948 (Scotland)





ACCOUNTANTS: Kean Jarman & Company
Chartered Accountants
27 Ingram Street
Glasgow
G1 1HA

VMY LTD (REGISTERED NUMBER: SC723948)

BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 212,986 212,986

CURRENT ASSETS
Debtors 5 2,500 2,125
Cash at bank 2,519 6,216
5,019 8,341
CREDITORS
Amounts falling due within one year 6 53,853 72,184
NET CURRENT LIABILITIES (48,834 ) (63,843 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

164,152

149,143

CREDITORS
Amounts falling due after more than one
year

7

147,524

147,776
NET ASSETS 16,628 1,367

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 16,627 1,366
SHAREHOLDERS' FUNDS 16,628 1,367

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

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

The director acknowledges his 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.

VMY LTD (REGISTERED NUMBER: SC723948)

BALANCE SHEET - continued
31 March 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 November 2024 and were signed by:





A Young - Director


VMY LTD (REGISTERED NUMBER: SC723948)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

VMY Ltd is a private company, limited by shares , registered in Scotland. 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.

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 Income Statement, 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.

Turnover
Turnover represents the net rents receivable. Turnover is recognised when rent becomes due under the lease agreements.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 212,986
NET BOOK VALUE
At 31 March 2024 212,986
At 31 March 2023 212,986

VMY LTD (REGISTERED NUMBER: SC723948)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

4. INVESTMENT PROPERTY - continued

The director is of the opinion that the fair value of the investment properties at the year end is not considered to be significantly different from the carrying value held at historic cost of £212,986.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 2,500 2,125

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Tax 3,814 789
Other creditors 2,500 3,856
Directors' current accounts 46,039 66,039
Accrued expenses 1,500 1,500
53,853 72,184

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans more 5 yr by instal 147,524 147,776

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 147,524 147,776

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 147,524 147,776

The Mortgage Works have a standard security over the investment properties owned by the company.

9. RELATED PARTY DISCLOSURES

The company Director was owed £46,039 (£66,039-2023) at the year end. £66,039 was the maximum amount outstanding during the year.

10. ULTIMATE CONTROLLING PARTY

The controlling party is A Young.