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Company registration number: 11840371
V.M. North Properties Limited
Pages for filing with Registrar
28 February 2024
V.M. North Properties Limited
Contents
Statement of financial position
Notes to the financial statements
V.M. North Properties Limited
Statement of financial position
28 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 725,360 725,360
_______ _______
725,360 725,360
Current assets
Debtors 5 19,135 1,175
Cash at bank and in hand 71 489
_______ _______
19,206 1,664
Creditors: amounts falling due
within one year 6 ( 110,011) ( 94,119)
_______ _______
Net current liabilities ( 90,805) ( 92,455)
_______ _______
Total assets less current liabilities 634,555 632,905
Creditors: amounts falling due
after more than one year 7 ( 573,748) ( 576,748)
_______ _______
Net assets 60,807 56,157
_______ _______
Capital and reserves
Called up share capital 75 75
Revaluation reserve 77,202 77,202
Profit and loss account ( 16,470) ( 21,120)
_______ _______
Shareholders funds 60,807 56,157
_______ _______
For the year ending 28 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
Mrs Vipul Kirtika Sehgal
Director
Company registration number: 11840371
V.M. North Properties Limited
Notes to the financial statements
Year ended 28 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 100-102 Newton Road, High Heaton, Newcastle upon Tyne, NE7 7HN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the total of rental income receivable during the year, net of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property Total
£ £
Cost
At 1 March 2023 and 28 February 2024 725,360 725,360
_______ _______
Depreciation
At 1 March 2023 and 28 February 2024 - -
_______ _______
Carrying amount
At 28 February 2024 725,360 725,360
_______ _______
At 28 February 2023 725,360 725,360
_______ _______
Freehold land and buildings were revalued by the directors on an open market basis on 28 February 2022.
5. Debtors
2024 2023
£ £
Other debtors 19,135 1,175
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 3,000 3,000
Corporation tax 24,692 14,400
Other creditors 82,319 76,719
_______ _______
110,011 94,119
_______ _______
7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 3,748 6,748
Other creditors 570,000 570,000
_______ _______
573,748 576,748
_______ _______
8. Directors advances, credits and guarantees
Within other creditors due within one year are amounts due to the directors of £74,256 (2023: £74, 256). These are provided interest free and repayable on demand.
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Legend Enterprises (North East) Ltd 60,000 60,000 18,135 175
_______ _______ _______ _______
The companies are related due to common control.