Company registration number 03966040 (England and Wales)
VICTORIAN ESTATES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
VICTORIAN ESTATES LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
VICTORIAN ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
6
15,047,909
15,047,909
Current assets
Debtors
8
1,820,759
1,465,321
Cash at bank and in hand
54,479
235,571
1,875,238
1,700,892
Creditors: amounts falling due within one year
9
(10,392,150)
(10,476,432)
Net current liabilities
(8,516,912)
(8,775,540)
Total assets less current liabilities
6,530,997
6,272,369
Creditors: amounts falling due after more than one year
10
(3,500,000)
(3,500,000)
Provisions for liabilities
(187,388)
(142,415)
Net assets
2,843,609
2,629,954
Capital and reserves
Called up share capital
2
2
Hedging reserve
355,306
390,756
Profit and loss reserves
11
2,488,301
2,239,196
Total equity
2,843,609
2,629,954

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 13 November 2024 and are signed on its behalf by:
Mr Abraham Klein
Mr Joshua Sternlicht
Director
Director
Company registration number 03966040 (England and Wales)
VICTORIAN ESTATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Hedging reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
2
37,572
1,970,871
2,008,445
Year ended 31 March 2023:
Profit for the year
-
-
268,325
268,325
Other comprehensive income:
Cash flow hedge surplust
-
353,184
-
353,184
Total comprehensive income for the year
-
0
353,184
268,325
621,509
Balance at 31 March 2023
2
390,756
2,239,196
2,629,954
Year ended 31 March 2024:
Profit for the year
-
-
249,105
249,105
Other comprehensive income:
Cash flow hedge deficit
-
(35,450)
-
(35,450)
Total comprehensive income for the year
-
0
(35,450)
249,105
213,655
Balance at 31 March 2024
2
355,306
2,488,301
2,843,609
VICTORIAN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Victorian Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.

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
Turnover

Turnover is recognised at the fair value of the consideration receivable in respect of services provided in the normal course of business. The turnover of the company is represented by rents and charges receivable in respect of the company's investment portfolio. Rental income is accounted for on an accruals basis with increases arising from rent reviews being taken into account when such reviews have been settled with tenants.

1.3
Investment property

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.

1.4
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.

1.5
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 statement of financial position 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.

VICTORIAN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.8
Hedge accounting

The company designates certain hedging instruments, including derivatives, embedded derivatives and non-derivatives, as either fair value hedges or cash flow hedges. At the inception of the hedge relationship, the company documents the relationship between the hedging instrument and the hedged item along with risk management objectives and strategy for undertaking various hedge transactions. At the inception of the hedge and on an ongoing basis, the company documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

For derivatives that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of the hedge is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss.

 

Any gain or loss previously recognised in other comprehensive income is reclassified to profit or loss when the hedge relationship ends. This occurs when the hedging instrument expires or no longer meets the hedging criteria, the forecast transaction is no longer highly probable, the hedged debt instrument is derecognised, or the hedging instrument is terminated.

VICTORIAN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.9
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 income statement 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.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.12

Acquisitions and disposals of property

Acquisitions and disposals of property are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.

VICTORIAN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
7
7
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
98,026
62,940
Deferred tax
Fair value adjustments to investment property
44,973
-
0
Total tax charge
142,999
62,940
5
Amended accounts

These accounts replace the original accounts, are now the statutory accounts and are prepared as they were at the date of the original accounts.

6
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
15,047,909

Investment property comprises of a residential portfolio. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31st March, 2024 by the Company's directors who are considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis.

VICTORIAN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Investment property
(Continued)
- 7 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
14,298,357
14,298,357
Accumulated depreciation
-
-
Carrying amount
14,298,357
14,298,357
7
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through other comprehensive income
355,306
390,756
Hedging arrangements

The company has entered into an interest rate swap to hedge against fluctuations in the variable rate of interest for the duration of the bank loan to which it relates. The company has designated this derivative as a cash flow hedge with movements in fair value being reflected in other comprehensive income.

The fair value of the swap is calculated on a mark to market basis at the year-end date and included in a hedge reserve.

As at the 31st March 2024, the fair value of the swap had a positive value of £355,306 which is included in other debtors.

8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
183,939
155,078
Amounts owed by group undertakings
32,982
155,654
Other debtors
1,603,838
1,154,589
1,820,759
1,465,321
9
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
10,277,345
10,301,873
Corporation tax
66,557
123,985
Other taxation and social security
855
860
Other creditors
47,393
49,714
10,392,150
10,476,432
VICTORIAN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,500,000
3,500,000

Bank loans represent a mortgage advance that incurs interest at a fixed rate, through the mechanism of an interest rate swap and is secured by way of a fixed legal charge over the company's property portfolio coupled with a debenture over the remaining assets and undertakings of the company.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable other than by instalments
-
3,500,000
11
Profit and loss reserves

Of the profit and loss account reserves, £1,926,137 is distributable, the remaining £562,164 not being distributable as it is not realised.

12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Moshe Broner-Cohen
Statutory Auditor:
Cohen Arnold
Date of audit report:
13 November 2024
13
Parent company

The parent of the smallest and only group for which consolidated financial statements are drawn up, of which the entity is a member, is Tabletop London Limited, its registered office being New Burlington House, 1075 Finchley Road, London NW11 0PU.

 

Largest group
Tabletop London Limited
Smallest group
Tabletop London Limited
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