Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-012falsefalseThe principal activity of the company in the year under review was that of property investment.2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11736911 2023-04-01 2024-03-31 11736911 2022-04-01 2023-03-31 11736911 2024-03-31 11736911 2023-03-31 11736911 c:Director1 2023-04-01 2024-03-31 11736911 c:Director2 2023-04-01 2024-03-31 11736911 d:FreeholdInvestmentProperty 2024-03-31 11736911 d:FreeholdInvestmentProperty 2023-03-31 11736911 d:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 11736911 d:CurrentFinancialInstruments 2024-03-31 11736911 d:CurrentFinancialInstruments 2023-03-31 11736911 d:Non-currentFinancialInstruments 2024-03-31 11736911 d:Non-currentFinancialInstruments 2023-03-31 11736911 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 11736911 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11736911 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 11736911 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 11736911 d:ShareCapital 2024-03-31 11736911 d:ShareCapital 2023-03-31 11736911 d:RevaluationReserve 2024-03-31 11736911 d:RevaluationReserve 2023-03-31 11736911 d:RetainedEarningsAccumulatedLosses 2024-03-31 11736911 d:RetainedEarningsAccumulatedLosses 2023-03-31 11736911 c:FRS102 2023-04-01 2024-03-31 11736911 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 11736911 c:FullAccounts 2023-04-01 2024-03-31 11736911 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11736911 5 2023-04-01 2024-03-31 11736911 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 11736911










VELRAN PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
VELRAN PROPERTIES LIMITED
REGISTERED NUMBER: 11736911

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
155,000
145,000

  
155,000
145,000

Current assets
  

Debtors: amounts falling due within one year
 6 
3,023
1,854

Cash at bank and in hand
  
21,951
23,829

  
24,974
25,683

Creditors: amounts falling due within one year
  
(49,494)
(49,578)

Net current liabilities
  
 
 
(24,520)
 
 
(23,895)

Total assets less current liabilities
  
130,480
121,105

Creditors: amounts falling due after more than one year
 7 
(107,366)
(106,058)

Provisions for liabilities
  

Deferred tax
  
(5,835)
-

  
 
 
(5,835)
 
 
-

Net assets
  
17,279
15,047


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
29,396
21,296

Profit and loss account
  
(12,217)
(6,349)

  
17,279
15,047


Page 1

 
VELRAN PROPERTIES LIMITED
REGISTERED NUMBER: 11736911
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Kenneth Richard Francis
Debbie Louise Francis
Director
Director


Date: 22 November 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
VELRAN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Velran Properties Limited is a private company, limited by shares, registered in England and Wales. The company's registered office:
11 Rhodfa Brynrhos
Glanamman
Ammanford
Dyfed
SA18 1JF
The presentation currency of the financial statements is the Pound Sterling (£). 


2.


Statement of compliance

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.

3.Accounting policies

  
3.1

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

  
3.2

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 which 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 if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The following are the critical judgements that the directors have made in the process of applying the
company's accounting policies and that have the most significant effect on the amounts recognised in
the financial statements.
Impairment of assets
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective
evidence of impairment, an impairment loss is recognised in the income statement.
Provisions and contingencies
Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.

Page 3

 
VELRAN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.Accounting policies (continued)

  
3.3

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue in relation to rental income is recognised evenly over the period of the lease.

  
3.4

Investment property

Investment properties are valued at fair value and not depreciated. Any surplus or deficit arising from
revaluations is recognised in the income statement, net of deferred tax. Unrealised net gains or losses on investment properties are transferred into a separate non-distributable reserves within the balance sheet.

  
3.5

Financial instruments

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price 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.
Basic financial liabilities, including trade and other creditors, 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.

  
3.6

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.

  
3.7

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.

Page 4

 
VELRAN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.Accounting policies (continued)

 
3.8

Going concern

The company is funded by mortgages and directors' loans, in addition to retained surpluses from rental income. The directors have assessed the future expected profitability and cash flow and, in addition to their on-going support via directors' loan, assess that the company is well placed to service its debt.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting.

 
3.9

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
VELRAN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
145,000


Surplus on revaluation
10,000



At 31 March 2024
155,000

Fair value at 31 March 2024 is represented by:
                                    £
Valuation 2024                            155,000
If investment property had not been revalued it would have been included at the following historical cost:
                 2024   2023
                     £       £
Cost                   
 118,709       118,709
Investment proprety was valued on an open market basis on 31 March 2024 by the directors.




Page 6

 
VELRAN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Prepayments and accrued income
3,023
1,854

3,023
1,854



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
107,366
106,058

107,366
106,058



8.

Secured debts

The following secured debts are included within creditors:

2024
2023
        £
        £
Other loans

106,056

106,058
 

106,056

106,058
 


9.


Reserves

Revaluation reserve
£
At 1 April 2023

21,296

Revaluation in year

8,100

At 31 March 2024
29,396



10.


Related party disclosures

Included in creditors is an amount of £48,644 (2023 - £48,433) due to the directors. This balance is
unsecured, interest free and with no fixed terms of repayment.

 
Page 7