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REGISTERED NUMBER: SC050690 (Scotland)















Financial Statements For The Year Ended 31 May 2024

for

Volbis Limited

Volbis Limited (Registered number: SC050690)






Contents of the Financial Statements
For The Year Ended 31 May 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Volbis Limited

Company Information
For The Year Ended 31 May 2024







DIRECTORS: J B Stirling
Mrs M H Stirling





SECRETARY: A J B Stirling





REGISTERED OFFICE: Regent Court
70 West Regent Street
Glasgow
G2 2QZ





REGISTERED NUMBER: SC050690 (Scotland)





ACCOUNTANTS: Robb Ferguson Chartered Accountants
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

Volbis Limited (Registered number: SC050690)

Statement of Financial Position
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,186 1,394
Investments 5 - 158,203
Investment property 6 3,628,000 3,628,000
3,629,186 3,787,597

CURRENT ASSETS
Debtors 7 12,091 30,151
Cash at bank 43,029 22,519
55,120 52,670
CREDITORS
Amounts falling due within one year 8 167,337 144,836
NET CURRENT LIABILITIES (112,217 ) (92,166 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,516,969

3,695,431

CREDITORS
Amounts falling due after more than one year 9 (208,362 ) (399,449 )

PROVISIONS FOR LIABILITIES (329,821 ) (329,453 )
NET ASSETS 2,978,786 2,966,529

CAPITAL AND RESERVES
Called up share capital 3,869 3,869
Share premium 18,191 18,191
Revaluation reserve 1,857,724 1,857,724
Retained earnings 1,099,002 1,086,745
2,978,786 2,966,529

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

Volbis Limited (Registered number: SC050690)

Statement of Financial Position - continued
31 May 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 January 2025 and were signed on its behalf by:





J B Stirling - Director


Volbis Limited (Registered number: SC050690)

Notes to the Financial Statements
For The Year Ended 31 May 2024

1. STATUTORY INFORMATION

Volbis Limited 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the rental amounts received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

Investment property
Investment property is shown at most recent valuation which is measured at fair value based on market value as suitable for residential and commercial property. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Volbis Limited (Registered number: SC050690)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the employee's personal pension plans are charged to the profit or loss in the period to which they relate.

Investments
Investments are included at fair value. Profit or losses arising from disposal of investments are treated as part of the result from ordinary activities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 June 2023
and 31 May 2024 6,002
DEPRECIATION
At 1 June 2023 4,608
Charge for year 208
At 31 May 2024 4,816
NET BOOK VALUE
At 31 May 2024 1,186
At 31 May 2023 1,394

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 June 2023 158,203
Disposals (161,138 )
Revaluations 2,935
At 31 May 2024 -
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 158,203


Volbis Limited (Registered number: SC050690)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 3,628,000
NET BOOK VALUE
At 31 May 2024 3,628,000
At 31 May 2023 3,628,000

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2005 1,500,300
Valuation in 2011 1,205,910
Valuation in 2016 99,250
Valuation in 2018 83,750
Valuation in 2019 184,750
Valuation in 2020 197,000
Valuation in 2021 263,050
Valuation in 2022 73,046
Valuation in 2023 20,944
3,628,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,635,799 1,635,799

Investment property was valued on an open market basis on 31 May 2023 by the directors, having taken advice from the property managers.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,805 -
Other debtors 10,286 30,151
12,091 30,151

Volbis Limited (Registered number: SC050690)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 6,002 5,768
Tax 3,685 -
Social security and other taxes 1,841 1,847
Other creditors 145,357 121,040
Accrued expenses 10,452 16,181
167,337 144,836

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 179,318 367,081
Bank loans due 2-5 years 29,044 32,368
208,362 399,449

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 177,329 364,848

Brown Shipley & Co Ltd hold a standard security over flat 8/3 Glenfinlas Street, 17 and 27 William Street and 136 West Princes Street properties owned by the company.

Brown Shipley & Co Ltd hold a Memorandum of Deposit over the fixed asset investments.