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Registration number: 04627618

Vinnarry Property Design Solutions Limited

Filleted and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Vinnarry Property Design Solutions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Vinnarry Property Design Solutions Limited

Company Information

Directors

Mr D C Rogers

Ms T Neath

Company secretary

Ms T Neath

Registered office

Redwoods
2 Clyst Works
Clyst Road, Topsham
Exeter
Devon
EX3 0DB

Solicitors

Tozers
Broadwalk House
Southernhay West
Exeter
EX1 1UA

Accountants

Redwoods
Chartered Certified Accountants
2 Clyst Works
Clyst Road
Topsham
Exeter
Devon
EX3 0DB

 

Vinnarry Property Design Solutions Limited

(Registration number: 04627618)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

17,863

19,611

Investment property

5

1,300,000

1,300,000

 

1,317,863

1,319,611

Current assets

 

Debtors

6

178

20,883

Cash at bank and in hand

 

1,198

16,086

 

1,376

36,969

Creditors: Amounts falling due within one year

7

(23,765)

(18,889)

Net current (liabilities)/assets

 

(22,389)

18,080

Total assets less current liabilities

 

1,295,474

1,337,691

Creditors: Amounts falling due after more than one year

7

(775,788)

(778,493)

Provisions for liabilities

(54,594)

(52,936)

Net assets

 

465,092

506,262

Capital and reserves

 

Called up share capital

8

1

1

Revaluation reserve

436,175

437,731

Retained earnings

28,916

68,530

Shareholders' funds

 

465,092

506,262

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 November 2024 and signed on its behalf by:
 

 

Vinnarry Property Design Solutions Limited

(Registration number: 04627618)
Balance Sheet as at 29 February 2024

.........................................
Ms T Neath
Company secretary and director

 

Vinnarry Property Design Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Redwoods
2 Clyst Works
Clyst Road, Topsham
Exeter
Devon
EX3 0DB

The principal place of business is:
1 Hulham Road
Exmouth
EX8 3HR

These financial statements were authorised for issue by the Board on 28 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are presented in £ sterling and rounded to the nearest £1.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The financial statements have been prepared on a going concern basis.

 

Vinnarry Property Design Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Judgements

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities, which is the renting of properties.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property improvements

straight line basis - 15 years

Fixtures and fittings

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. The value is adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Vinnarry Property Design Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Vinnarry Property Design Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Vinnarry Property Design Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in recognition of financial assets and liabilities, such as trade and other accounts receivable and payable and loans from banks/other third parties.
 Recognition and measurement
Debt instruments like loans are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payable or receivables, are measured initially and subsequently, at the uddiscounted amount of the cash or other consideration expected to be paid or received. In the case of a non current liability not at a market rate of interest, the financial liability is measured initially and subsequently at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows, discounted at the assets original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying value and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Vinnarry Property Design Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Property improvements
£

Fixtures and fittings
 £

Total
£

Cost or valuation

At 1 March 2023

23,483

5,668

29,151

Additions

-

763

763

Disposals

-

(1,359)

(1,359)

At 29 February 2024

23,483

5,072

28,555

Depreciation

At 1 March 2023

6,338

3,202

9,540

Charge for the year

1,566

762

2,328

Eliminated on disposal

-

(1,176)

(1,176)

At 29 February 2024

7,904

2,788

10,692

Carrying amount

At 29 February 2024

15,579

2,284

17,863

At 28 February 2023

17,145

2,466

19,611

5

Investment properties

2024
£

At 1 March

1,300,000

At 29 February

1,300,000

The fair values of the properties at 29th February 2024 has been arrived at on the basis of valuations carried out by the directors, who are not professionally qualified valuers. The valuations have been arrived at by comparison to sale prices achieved by similar properties.

The historic cost of the investment properties was £809,802 (2023 - £809,802) and the aggregate depreciation thereon would have been £127,017 (2023 - £118,919).

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2023
£

Prepayments

-

152

Other debtors

178

20,731

 

178

20,883

 

Vinnarry Property Design Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

6,000

6,000

Taxation and social security

 

9,591

6,234

Accruals and deferred income

 

7,412

6,655

Other creditors

 

762

-

 

23,765

18,889

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

775,788

778,493

2024
£

2023
£

Due after more than five years

After more than five years not by instalments

195,466

563,851

-

-

Creditors include loans which are secured of £768,287 (2023 - £764,993).

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.01 each

80

1

80

1

Ordinary A shares of £0.01 each

10

-

10

-

Ordinary B shares of £0.01 each

10

-

10

-

100

1

100

1

 

Vinnarry Property Design Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

775,788

778,493

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,000

6,000

Included in the loans and borrowings are the following amounts due after more than five years:

Borrowings due after five years

The loans are interest only loans which are due for repayment between 5 and 10 years from the balance sheet date. The average interest rate charged in the year was 6.62%.

The loans are secured by fixed and floating charges over the company's investment properties and all other items of plant and machinery.

10

Related party transactions

Key management personnel

Mr D C Rogers - director
The company has provided a loan facility to the director which has been drawn upon during the year.

Ms T Neath - director
The company has provided a loan facility to the director which has been drawn upon during the year.

 

Vinnarry Property Design Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Mr D C Rogers

Loan account

6,557

19,337

(26,000)

(106)

Ms T Neath

Loan account

6,558

19,336

(26,000)

(106)

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr D C Rogers

Loan account

(5,594)

34,559

(22,408)

6,557

Ms T Neath

Loan account

(5,594)

34,560

(22,408)

6,558

 

Vinnarry Property Design Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Other transactions with directors

Rogeco Ltd
(subsidiary)
During the previous year, the company received a final dividend of £43,381. This company ceased trading in that year and was struck off the company register in January 2023.

Mr D C Rogers and Ms T Neath
(directors)
The above directors have made use of the loan facilities provided by the company. Interest has been charged on these loans of £51 (2023 : £173). At the balance sheet date, the amount owing to the directors by the company was £212 (2023 : £13,115 owing by the directors to the company).