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Company registration number: 04708274
Viabond Limited
Unaudited filleted financial statements
31 March 2024
Viabond Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Viabond Limited
Directors and other information
Directors Mr M W Seaman-Hill
Mr J J Hill
Mr T W Shadbolt
Mr M A Shadbolt
Secretary Mr J J Hill
Company number 04708274
Registered office First Floor Offices
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Accountants Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Bankers HSBC
1 Market place
Hitchin
Hertfordshire
SG5 1DR
Viabond Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Viabond Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Viabond Limited for the year ended 31 March 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Viabond Limited, as a body, in accordance with the terms of our engagement letter dated 18 May 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Viabond Limited and state those matters that we have agreed to state to the board of directors of Viabond Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Viabond Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Viabond Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Viabond Limited. You consider that Viabond Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Viabond Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
21 November 2024
Viabond Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 150,000 150,000
_______ _______
150,000 150,000
Current assets
Debtors 5 12,583 7,479
Cash at bank and in hand 31,246 28,024
_______ _______
43,829 35,503
Creditors: amounts falling due
within one year 6 ( 51,087) ( 49,404)
_______ _______
Net current liabilities ( 7,258) ( 13,901)
_______ _______
Total assets less current liabilities 142,742 136,099
_______ _______
Net assets 142,742 136,099
_______ _______
Capital and reserves
Called up share capital 100 100
Fair value reserve 12,928 12,928
Profit and loss account 129,714 123,071
_______ _______
Shareholders funds 142,742 136,099
_______ _______
For the 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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 November 2024 , and are signed on behalf of the board by:
Mr J J Hill Mr T W Shadbolt
Director Director
Company registration number: 04708274
Viabond Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is First Floor Offices, 99 Bancroft, Hitchin, Hertfordshire, SG5 1NQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
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.
Turnover
Turnover represents the rents of property which are included on an accruals basis excluding value added tax.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Long leasehold investment property
£
Valuation
At 1 April 2023 and 31 March 2024 150,000
_______
Carrying amount
At 31 March 2024 150,000
_______
At 31 March 2023 150,000
_______
Investment property
The fair value of the long leasehold investment property has been arrived at on the basis of a valuation carried out by the directors of the company . The valuation was made on an open market value basis for existing use on 31 March 2024.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Long leasehold investment property Total
£ £
At 31 March 2024
Aggregate cost 137,072 137,072
Aggregate depreciation - -
_______ _______
Carrying amount 137,072 137,072
_______ _______
At 31 March 2023
Aggregate cost 137,072 137,072
Aggregate depreciation - -
_______ _______
Carrying amount 137,072 137,072
_______ _______
5. Debtors
2024 2023
£ £
Rent arrears 3,500 7,000
Other debtors 9,083 479
_______ _______
12,583 7,479
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Amounts owed to group undertaking 45,008 45,008
Corporation tax 1,558 776
Social security and other taxes 583 -
Other creditors 3,938 3,620
_______ _______
51,087 49,404
_______ _______
7. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 1 1
Later than 1 year and not later than 5 years 4 4
Later than 5 years 73 74
_______ _______
78 79
_______ _______
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Messrs John Shilcock - Rent collection fees - 1,200 - 1,100
John Shilcock Limited - Rent collection fees 1,200 - 1,517 -
Messrs John Shilcock - Management fees - ( 1,200) - -
Walnut Tree Holdings Limited - Professional fees 1,200 1,200 1,200 1,200
_______ _______ _______ _______
At 31 March 2024 £ 9,083 (2023 -) was owed to the company by John Shilcock Limited , a company in which certain directors have an interest. The amount owed represents net rents collected by John Shilcock Limited as managing agents, retained to cover future expenses . The amount is unsecured, interest free and repayable on demand.
9. Controlling party
In the opinion of the directors the parent undertaking of the company is Hitchin Arcade Limited, a company incorporated in England and Wales, registered number 00639050, registered office First Floor Offices, 99 Bancroft, Hitchin, Hertfordshire. SG5 1NQ.