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REGISTERED NUMBER: SC635680 (Scotland)
















Unaudited Financial Statements

for the Year Ended 31 July 2024

for

Viberta Properties Ltd.

Viberta Properties Ltd. (Registered number: SC635680)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Viberta Properties Ltd.

Company Information
for the Year Ended 31 July 2024







DIRECTORS: Mr N Clitheroe
Mrs D Clitheroe





REGISTERED OFFICE: Westburn Business Centre
Mcnee Road
Prestwick
KA9 2PB





REGISTERED NUMBER: SC635680 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

Viberta Properties Ltd. (Registered number: SC635680)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,072 5,003
Investment property 5 422,096 420,546
427,168 425,549

CURRENT ASSETS
Debtors 6 862 2,309
Cash at bank 9,390 25,495
10,252 27,804
CREDITORS
Amounts falling due within one year 7 224,331 244,271
NET CURRENT LIABILITIES (214,079 ) (216,467 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

213,089

209,082

CREDITORS
Amounts falling due after more than one
year

8

219,448

219,448
NET LIABILITIES (6,359 ) (10,366 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (6,459 ) (10,466 )
SHAREHOLDERS' FUNDS (6,359 ) (10,366 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Viberta Properties Ltd. (Registered number: SC635680)

Balance Sheet - continued
31 July 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2024 and were signed on its behalf by:





Mr N Clitheroe - Director


Viberta Properties Ltd. (Registered number: SC635680)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Viberta Properties Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors manage cash flow on a regular basis to ensure sufficient funds are available to meet commitments as they fall due. Having made the appropriate enquiries the directors are satisfied that with their ongoing support this will continue to be the case over the next 12 months and beyond and as such have prepared the accounts on a going concern basis.

Turnover/revenue recognition
Sales comprise the fair value of rents received or receivable on the company's investment properties. Sales are presented, net of value-added tax, rebates and discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment, Fixtures and Fittings - 20% on reducing balance

Tangible fixed assets are stated at cost less depreciation.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amount of its tangible and intangible fixed 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 amount of the impairment loss (if any).Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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 the reporting end date. Any surplus or deficit on revaluation is recognised in profit or loss.

Viberta Properties Ltd. (Registered number: SC635680)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Viberta Properties Ltd. (Registered number: SC635680)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

4. TANGIBLE FIXED ASSETS
Equipment,
Fixtures
and
Fittings
£   
COST
At 1 August 2023 9,235
Additions 1,212
At 31 July 2024 10,447
DEPRECIATION
At 1 August 2023 4,232
Charge for year 1,143
At 31 July 2024 5,375
NET BOOK VALUE
At 31 July 2024 5,072
At 31 July 2023 5,003

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 420,546
Additions 1,550
At 31 July 2024 422,096
NET BOOK VALUE
At 31 July 2024 422,096
At 31 July 2023 420,546

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 862 2,309

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to associates 223,000 123,000
Other creditors 1,331 121,271
224,331 244,271

Viberta Properties Ltd. (Registered number: SC635680)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 219,448 219,448

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due after 5 years 219,448 219,448

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 219,448 219,448

The bank loans are secured by way of standard securities over three of the company's investment properties.

10. RELATED PARTY DISCLOSURES

Viberta Ltd is a company controlled by both directors and is therefore a related party. At the year end, the balance due to Viberta Ltd was £123,000 (2023: £123,000). This loan is unsecured, interest free and has no fixed repayment terms.

Viberta Investment Ltd is a company controlled by both directors and is therefore a related party. During the year, Viberta Investment Ltd advanced £100,000 to the company. At the year end, the balance due to Viberta Investment Ltd was £100,000 (2023: £Nil). This loan is unsecured, interest free and has no fixed repayment terms.


Directors' Loan Account
The company operates a loan account with the directors, During the year, the company repaid £120,000 to the directors. At the year end, the balance due to the directors was £32 (2023: £120,032)This loan is unsecured, interest free and has no fixed repayment terms.

11. ULTIMATE CONTROLLING PARTY

The company is under the control of the directors due to their 100% shareholding in the company.