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Registered Number: 13213430
England and Wales

 

 

 

VMP2 PROPERTIES LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 March 2023

End date: 29 February 2024
Director ODARO AUGUSTINE-OHWO
Registered Number 13213430
Registered Office SUITE 2A BLACKTHORN HOUSE
ST. PAULS SQUARE
BIRMINGHAM
B3 1RL
1
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 29 February 2024
Principal activities
The companys principal activity during the year was of Buy To Let Properties.
Director
The director who served the company throughout the year was as follows:
ODARO AUGUSTINE-OHWO
Statement of director's responsibilities
The director is responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business


The director is responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

On behalf of the board.


----------------------------------
ODARO AUGUSTINE-OHWO
Director

Date approved: 25 November 2024
2
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of VMP2 PROPERTIES LIMITED for the period ended 29 February 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of VMP2 PROPERTIES LIMITED in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of VMP2 PROPERTIES LIMITED and state those matters that we have agreed to state to the director of VMP2 PROPERTIES LIMITED in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that VMP2 PROPERTIES 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 VMP2 PROPERTIES LIMITED. You consider that VMP2 PROPERTIES LIMITED is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of VMP2 PROPERTIES 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.



....................................................
Companies999
Suite2A Blackthorn House
St Pauls Square
Birmingham
B3 1RL
25 November 2024
3
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 667,982    450,000 
667,982    450,000 
Current assets      
Debtors 4 1,009    174 
Cash at bank and in hand 2,406    10,497 
3,415    10,671 
Creditors: amount falling due within one year 5 (2,147)   (1,632)
Net current assets 1,268    9,039 
 
Total assets less current liabilities 669,250    459,039 
Creditors: amount falling due after more than one year 6 (582,976)   (386,251)
Provisions for liabilities 7 (15,105)  
Net assets 71,169    72,788 
 

Capital and reserves
     
Called up share capital 100    100 
Reserves 8 79,501    68,501 
Profit and loss account (8,432)   4,187 
Shareholders' funds 71,169    72,788 
 


For the year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 25 November 2024 and were signed by:


-------------------------------
ODARO AUGUSTINE-OHWO
Director
4
General Information
VMP2 PROPERTIES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 13213430, registration address SUITE 2A BLACKTHORN HOUSE, ST. PAULS SQUARE, BIRMINGHAM, B3 1RL.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation for the period 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 taxation
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 period 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 future taxable profits.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer Equipment 33 Straight Line
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
The valuation of investment properties includes freehold properties valued at £667,642 (2023 - £449,000). These properties are not subject to depreciation. The freehold buildings were appraised on an open market basis as of 12th November 2024 using Zoopla as a reference.

Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 0 (2023 : 0).
3.

Tangible fixed assets

Cost or valuation Computer Equipment   Investment properties   Total
  £   £   £
At 01 March 2023 1,000    449,000    450,000 
Additions   207,642    207,642 
Disposals    
Revaluations   11,000    11,000 
At 29 February 2024 1,000    667,642    668,642 
Depreciation
At 01 March 2023    
Charge for year 660      660 
On disposals    
At 29 February 2024 660      660 
Net book values
Closing balance as at 29 February 2024 340    667,642    667,982 
Opening balance as at 01 March 2023 1,000    449,000    450,000 


4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 835   
Prepayments & Accrued Income 84    84 
Other Debtors 90    90 
1,009    174 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Corporation Tax 1,306    791 
Accrued Expenses 840    840 
Other Creditors 1    1 
2,147    1,632 

6.

Creditors: amount falling due after more than one year

2024
£
  2023
£
10 Radbourne Close Mortgage 135,995    135,995 
31 Beastow Street Mortgage 139,995    139,995 
6 Knighton Close Mortgage 149,980   
Directors' Loan Accounts 157,006    110,261 
582,976    386,251 

7.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 15,105   
15,105   

8.

Reserves

2024
£
  2023
£
Revaluation Reserve b/fwd 68,501   
Revaluation of Fixed Assets 11,000    68,501 
79,501    68,501 

5