Registration number:
Vinnarry Property Design Solutions Limited
for the Year Ended 29 February 2024
Vinnarry Property Design Solutions Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Vinnarry Property Design Solutions Limited
Company Information
Directors |
Mr D C Rogers Ms T Neath |
Company secretary |
Ms T Neath |
Registered office |
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Solicitors |
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Accountants |
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Vinnarry Property Design Solutions Limited
(Registration number: 04627618)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Revaluation reserve |
436,175 |
437,731 |
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Retained earnings |
28,916 |
68,530 |
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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:
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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
Vinnarry Property Design Solutions Limited
(Registration number: 04627618)
Balance Sheet as at 29 February 2024
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Vinnarry Property Design Solutions Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is:
1 Hulham Road
Exmouth
EX8 3HR
These financial statements were authorised for issue by the
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
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
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
Recognition and measurement
Impairment
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Vinnarry Property Design Solutions Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Tangible assets |
Property improvements |
Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 March 2023 |
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Additions |
- |
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Disposals |
- |
( |
( |
At 29 February 2024 |
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Depreciation |
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At 1 March 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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Investment properties |
2024 |
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At 1 March |
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At 29 February |
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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.
Debtors |
Current |
2024 |
2023 |
Prepayments |
- |
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Other debtors |
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Vinnarry Property Design Solutions Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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- |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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2024 |
2023 |
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Due after more than five years |
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After more than five years not by instalments |
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- |
- |
Creditors include loans which are secured of £768,287 (2023 - £764,993).
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
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- |
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- |
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- |
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- |
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Vinnarry Property Design Solutions Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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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.
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 |
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Loan account |
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( |
( |
Ms T Neath |
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Loan account |
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( |
( |
2023 |
At 1 March 2022 |
Advances to director |
Repayments by director |
At 28 February 2023 |
Mr D C Rogers |
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Loan account |
( |
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( |
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Ms T Neath |
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Loan account |
( |
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( |
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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).