Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Drew Graham Webster 23/11/2007 Kevin Scott Webster 23/11/2007 Mr K S Webster 29 November 2024 The principal activity of the Company during the financial year was that of property management and residential lettings. SC334412 2024-03-31 SC334412 bus:Director1 2024-03-31 SC334412 bus:Director2 2024-03-31 SC334412 2023-03-31 SC334412 core:CurrentFinancialInstruments 2024-03-31 SC334412 core:CurrentFinancialInstruments 2023-03-31 SC334412 core:ShareCapital 2024-03-31 SC334412 core:ShareCapital 2023-03-31 SC334412 core:RevaluationReserve 2024-03-31 SC334412 core:RevaluationReserve 2023-03-31 SC334412 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC334412 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC334412 core:LandBuildings 2023-03-31 SC334412 core:OtherPropertyPlantEquipment 2023-03-31 SC334412 core:LandBuildings 2024-03-31 SC334412 core:OtherPropertyPlantEquipment 2024-03-31 SC334412 core:CostValuation 2023-03-31 SC334412 core:CostValuation 2024-03-31 SC334412 2022-03-31 SC334412 bus:OrdinaryShareClass1 2024-03-31 SC334412 2023-04-01 2024-03-31 SC334412 bus:FilletedAccounts 2023-04-01 2024-03-31 SC334412 bus:SmallEntities 2023-04-01 2024-03-31 SC334412 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC334412 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC334412 bus:Director1 2023-04-01 2024-03-31 SC334412 bus:Director2 2023-04-01 2024-03-31 SC334412 bus:Director3 2023-04-01 2024-03-31 SC334412 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 SC334412 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-01 2024-03-31 SC334412 2022-04-01 2023-03-31 SC334412 core:LandBuildings 2023-04-01 2024-03-31 SC334412 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC334412 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC334412 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC334412 (Scotland)

VISTA PROPERTIES & DEVELOPMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

VISTA PROPERTIES & DEVELOPMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

VISTA PROPERTIES & DEVELOPMENT LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
VISTA PROPERTIES & DEVELOPMENT LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 10,289 10,390
Investment property 4 5,638,738 5,638,738
Investments 5 1,241 1,241
5,650,268 5,650,369
Current assets
Stocks 1,799 0
Debtors 6 173,543 271,954
Cash at bank and in hand 7 513,575 399,200
688,917 671,154
Creditors: amounts falling due within one year 8 ( 3,548,267) ( 3,651,470)
Net current liabilities (2,859,350) (2,980,316)
Total assets less current liabilities 2,790,918 2,670,053
Provision for liabilities 9, 10 ( 205,080) ( 205,105)
Net assets 2,585,838 2,464,948
Capital and reserves
Called-up share capital 11 100 100
Revaluation reserve 1,154,298 1,154,298
Profit and loss account 1,431,440 1,310,550
Total shareholders' funds 2,585,838 2,464,948

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Vista Properties & Development Limited (registered number: SC334412) were approved and authorised for issue by the Board of Directors on 29 November 2024. They were signed on its behalf by:

Mr K S Webster
Director
VISTA PROPERTIES & DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
VISTA PROPERTIES & DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Vista Properties & Development Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 109 East High Street, Forfar, DD8 2EQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. In coming to this conclusion, the directors confirm that the will continue to support the company and that they will not seek repayment of their directors loan account until all other creditors are met.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover represents amounts receivable for property rental and management.

Property rental income is recognised on a straight line basis over the term of the lease. While all other income is recognised on an accruals basis.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, 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 Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Interests in subsidiaries 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors, cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 3

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2023 9,945 38,101 48,046
At 31 March 2024 9,945 38,101 48,046
Accumulated depreciation
At 01 April 2023 0 37,656 37,656
Charge for the financial year 0 101 101
At 31 March 2024 0 37,757 37,757
Net book value
At 31 March 2024 9,945 344 10,289
At 31 March 2023 9,945 445 10,390

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 5,638,738
As at 31 March 2024 5,638,738

Valuation

Investment properties were valued by the directors at open market value on 31 March 2024 at £5,638,738.

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 1,241
At 31 March 2024 1,241
Carrying value at 31 March 2024 1,241
Carrying value at 31 March 2023 1,241

6. Debtors

2024 2023
£ £
Trade debtors 2,848 2,312
Amounts owed by Group undertakings 0 100,000
Other debtors 170,695 169,642
173,543 271,954

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 513,575 399,200

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 8,196 11,678
Taxation and social security 24,060 18,303
Other creditors 3,516,011 3,621,489
3,548,267 3,651,470

9. Provision for liabilities

2024 2023
£ £
Deferred tax 205,080 205,105

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 205,105) ( 204,994)
Credited/(charged) to the Profit and Loss Account 25 ( 111)
At the end of financial year ( 205,080) ( 205,105)

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

12. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to directors 3,501,248 3,607,120

The above loan account is unsecured, interest free and the directors have confirmed that they will not seek repayment until all other creditors are met.

Other related party transactions

2024 2023
£ £
Amounts owed by related parties 163,608 162,936

The above loan account is unsecured, interest free and repayable on demand.