Company Registration No. 09047249 (England and Wales)
Vaso Spring Limited
Annual Report and Unaudited Financial Statements
For the year ended 31 May 2024
Vaso Spring Limited
Company Information
Director
K Gregory
Secretary
Praxis Secretaries (UK) Limited
Company number
09047249
Registered office
5th Floor
2 Copthall Avenue
London
United Kingdom
EC2R 7DA
VASO SPRING LIMITED
Vaso Spring Limited
CONTENTS
Page
Director's report
1
Income statement
2
Statement of Financial Position
3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
VASO SPRING LIMITED
Vaso Spring Limited
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

The Director presents her annual report and unaudited financial statements of Vaso Spring Limited (the “Company”) for the year ended 31 May 2024.

Principal activities

The principal activity of the company continued to be that of investing holding company.

Results and dividends

The Income Statement for the year is set out on page 2.

Dividends paid for the year under review amounted to €NIL (2023: €NIL).

Director

The Director who held office during the year and through to the date of signing of the financial statements was as follows:

K Gregory
Going Concern

After making all reasonable enquiries the directors believe that it is appropriate to continue to adopt the going concern basis in the preparation of the financial statements. In forming their assessment, the directors have considered the impact of the ongoing global events on the Company and its counterparties and its ability to continue to pay its liabilities as they fall due.

Company Secretary
The Company Secretary who held office throughout the year and to the date of this report was Praxis Secretaries (UK) Limited .
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
K Gregory
Director
27 November 2024
VASO SPRING LIMITED
Vaso Spring Limited
INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
2024
2023
Notes
Turnover
-
-
Administrative expenses
(21,906)
(23,554)
Operating loss
(21,906)
(23,554)
Investment income
3
58,485
58,485
Interest payable and similar expenses
(60,000)
(60,000)
Other gains and losses
56,059
-
Profit/(loss) before taxation
32,638
(25,069)
Tax on profit/(loss)
-
0
-
0
Profit/(loss) for the financial year
32,638
(25,069)

The income statement has been prepared on the basis that all operations are continuing operations.

VASO SPRING LIMITED
Vaso Spring Limited
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024
31 May 2024
- 3 -
2024
2023
Notes
Non-current assets
Investments
4
4,340,521
4,509,985
Current assets
Debtors
5
520,071
470,773
Cash at bank and in hand
9,700
12,123
529,771
482,896
Creditors: amounts falling due within one year
6
(611,330)
(599,658)
Net current liabilities
(81,559)
(116,762)
Total assets less current liabilities
4,258,962
4,393,223
Creditors: amounts falling due after more than one year
7
(4,232,046)
(4,398,945)
Net assets/(liabilities)
26,916
(5,722)
Capital and reserves
Called up share capital
8
136
136
Profit and loss reserves
26,780
(5,858)
Total equity
26,916
(5,722)

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The Director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the Company to obtain an audit of its financial statements for the year in question in accordance with section 47 6 of the Companies Act 2006 and the Director acknowledges their responsibilities for complying with the requirements of this Act with respect to accounting records and the preparation of accounts.

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

The financial statements were approved and signed by the director and authorised for issue on 27 November 2024
K Gregory
Director
Company registration number 09047249 (England and Wales)
VASO SPRING LIMITED
Vaso Spring Limited
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
Share capital
Profit and loss reserves
Total
Balance at 1 June 2022
136
19,211
19,347
Year ended 31 May 2023:
Loss and total comprehensive income
-
(25,069)
(25,069)
Balance at 31 May 2023
136
(5,858)
(5,722)
Year ended 31 May 2024:
Profit and total comprehensive income
-
32,638
32,638
Balance at 31 May 2024
136
26,780
26,916
VASO SPRING LIMITED
Vaso Spring Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
1
Accounting policies
Company information

Vaso Spring Limited (the "Company") is a private company limited by shares incorporated in England and Wales on 19/05/2014, registration number 09047249. The registered office is 5th Floor, 2 Copthall Avenue, London, United Kingdom, EC2R 7DA.

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 UK 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 euros, 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
Investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the Company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the Company holds a long-term interest and where the Company has significant influence. The Company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the Company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.3
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.

1.4
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.

VASO SPRING LIMITED
Vaso Spring Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
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.

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.

1.5
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.

1.6
Taxation

The Company has exposure to the following potential tax liabilities:

Current tax

The company is subject to corporation tax in the UK. 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.

VASO SPRING LIMITED
Vaso Spring Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 7 -
1.7
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 non-current 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.

1.8
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.

2
Employees

The average number of employees during the year were:

2024
2023
Number
Number
Total
1
1
3
Investment income
2024
2023
Investment income includes the following:
Interest receivable from group companies
58,485
58,485
4
Fixed asset investments
2024
2023
Shares in group undertakings and participating interests
31,671
31,183
Loans to group undertakings and participating interests
4,308,850
4,478,802
4,340,521
4,509,985

Included within loans to group undertakings are two amounts of €2,999,000 (2023; €2,999,000) and €450,000 (2023: €450,000) in respect of loans given to a related party. The two loans amounting to €2,999,000 and €450,000 attract an annual interest of 1.5% and 3% respectively and are repayable on demand.

 

Also included within loans to group undertakings is an amount of €859,850 ( 2023; €1,029,802) in respect of a loan given to a related party. The loan is interest free, unsecured and repayable on demand.

VASO SPRING LIMITED
Vaso Spring Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MAY 2024
4
Fixed asset investments
(Continued)
- 8 -
Movements in investments
Shares in subsidiaries
Loans to subsidiaries
Total
Cost or valuation
At 1 June 2023
31,183
4,478,802
4,509,985
Foreign exchange gains/loss
488
(169,952)
(169,464)
At 31 May 2024
31,671
4,308,850
4,340,521
Carrying amount
At 31 May 2024
31,671
4,308,850
4,340,521
At 31 May 2023
31,183
4,478,802
4,509,985
5
Debtors
2024
2023
Amounts falling due within one year:
Other debtors
518,428
469,155
Prepayments and accrued income
1,643
1,618
520,071
470,773

The other debtors relates to the total interest receivable on the loans given to a related party. The two loans amounting to €2,999,000 and €450,000 attract an annual interest of 1.5% and 3% respectively.

6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
36
-
0
Trade creditors
11,624
644
Other creditors
591,192
589,942
Accruals and deferred income
8,478
9,072
611,330
599,658

Included in other creditors is an amount €472,192 (2023: 481,656) relating to the total interest payable on the loans from a related party. The two loans amounting to €3,000,000 and €500,000 used to attract an annual interest of 1.5% and 3% respectively.

 

Also included in other creditors is an amount 119,000 (2023; 108,286) relating to a loan from the shareholder. The loan is interest free, unsecured and repayable on demand.

VASO SPRING LIMITED
Vaso Spring Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
7
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
4,232,046
4,398,945

Included within creditors: amounts falling due after more than one year is an amount of €3,500,000 (2023; €3,500,000) in respect of a loan from a related party. The loan has the following terms:

 

€3,500,000 repayable on 07th July 2034, interest free and unsecured.

 

 

Also included within creditors: amounts falling due after more than one year is an amount of €732,046 ( 2023; €898,945) in respect of a loan from a related party. The loan is interest free, unsecured and repayable on demand.

 

 

8
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
Issued and fully paid
Ordinary Shares of €1.36 each
100
100
136
136
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