Caseware UK (AP4) 2023.0.135 2023.0.135 22023-05-01falseNo description of principal activity2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01413763 2023-05-01 2024-04-30 01413763 2022-05-01 2023-04-30 01413763 2024-04-30 01413763 2023-04-30 01413763 c:Director3 2023-05-01 2024-04-30 01413763 d:FurnitureFittings 2023-05-01 2024-04-30 01413763 d:FurnitureFittings 2024-04-30 01413763 d:FurnitureFittings 2023-04-30 01413763 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01413763 d:FreeholdInvestmentProperty 2024-04-30 01413763 d:FreeholdInvestmentProperty 2023-04-30 01413763 d:FreeholdInvestmentProperty 2 2023-05-01 2024-04-30 01413763 d:CurrentFinancialInstruments 2024-04-30 01413763 d:CurrentFinancialInstruments 2023-04-30 01413763 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 01413763 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 01413763 d:ShareCapital 2024-04-30 01413763 d:ShareCapital 2023-04-30 01413763 d:RevaluationReserve 2024-04-30 01413763 d:RevaluationReserve 2023-04-30 01413763 d:RetainedEarningsAccumulatedLosses 2024-04-30 01413763 d:RetainedEarningsAccumulatedLosses 2023-04-30 01413763 c:OrdinaryShareClass1 2023-05-01 2024-04-30 01413763 c:OrdinaryShareClass1 2024-04-30 01413763 c:OrdinaryShareClass1 2023-04-30 01413763 c:FRS102 2023-05-01 2024-04-30 01413763 c:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 01413763 c:FullAccounts 2023-05-01 2024-04-30 01413763 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 01413763 d:OtherDeferredTax 2024-04-30 01413763 d:OtherDeferredTax 2023-04-30 01413763 f:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01413763










V M Lines (Properties) Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 30 April 2024

 
V M Lines (Properties) Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of V M Lines (Properties) Limited for the year ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of V M Lines (Properties) Limited for the year ended 30 April 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of V M Lines (Properties) Limited, as a body, in accordance with the terms of our engagement letter dated 15 August 2024Our work has been undertaken solely to prepare for your approval the financial statements of V M Lines (Properties) Limited and state those matters that we have agreed to state to the Board of directors of V M Lines (Properties) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than V M Lines (Properties) Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that V M Lines (Properties) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of V M Lines (Properties) Limited. You consider that V M Lines (Properties) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of V M Lines (Properties) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
25 November 2024
Page 1

 
V M Lines (Properties) Limited
Registered number: 01413763

Balance sheet
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 3 
304
406

Investment property
 4 
2,288,600
2,265,000

  
2,288,904
2,265,406

Current assets
  

Debtors: amounts falling due within one year
 5 
1,700
1,700

Cash at bank and in hand
  
73,617
87,714

  
75,317
89,414

Creditors: amounts falling due within one year
 6 
(34,775)
(66,782)

Net current assets
  
 
 
40,542
 
 
22,632

Total assets less current liabilities
  
2,329,446
2,288,038

Provisions for liabilities
  

Deferred tax
  
(355,586)
(349,686)

  
 
 
(355,586)
 
 
(349,686)

Net assets
  
1,973,860
1,938,352


Capital and reserves
  

Called up share capital 
 8 
1,000
1,000

Revaluation reserve
  
1,365,174
1,347,474

Profit and loss account
  
607,686
589,878

  
1,973,860
1,938,352

Page 2

 
V M Lines (Properties) Limited
Registered number: 01413763

Balance sheet (continued)
As at 30 April 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
G S Lees
Director
Date: 15 November 2024

The notes on pages 4 to 8 form part of these financial statements.
Page 3

 
V M Lines (Properties) Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

1.


General information

The company is a private company limited by share capital incorporated in England within the United Kingdom. Its principal place of business is: Beechover Court, Forest Road, Colgate, Horsham, West Sussex RH12 4SY and its registered office is: Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
V M Lines (Properties) Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
V M Lines (Properties) Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 6

 
V M Lines (Properties) Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

3.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 May 2023
1,461



At 30 April 2024

1,461



Depreciation


At 1 May 2023
1,055


Charge for the year on owned assets
102



At 30 April 2024

1,157



Net book value



At 30 April 2024
304



At 30 April 2023
406


4.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
2,265,000


Surplus on revaluation
23,600



At 30 April 2024
2,288,600

The 2024 valuations were made by the directors, who are internal to the company, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
567,840
567,840

567,840
567,840

Page 7

 
V M Lines (Properties) Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

5.


Debtors

2024
2023
£
£


Other debtors
1,700
1,700

1,700
1,700



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
12,172
8,098

Other creditors
19,103
21,722

Accruals and deferred income
3,500
36,962

34,775
66,782



7.


Deferred taxation




2024


£






At beginning of year
(349,686)


Charged to profit or loss
(5,900)



At end of year
(355,586)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Capital gains
355,586
349,686

355,586
349,686


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1 each
1,000
1,000



Page 8