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REGISTERED NUMBER: SC126951 (Scotland)















Financial Statements For The Year Ended 31 May 2024

for

Volbis (1990) Limited

Volbis (1990) Limited (Registered number: SC126951)






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 (1990) Limited

Company Information
For The Year Ended 31 May 2024







DIRECTORS: J B Stirling
Mrs M H Stirling





SECRETARY: Dr J A Stirling





REGISTERED OFFICE: c/o Robb Ferguson
Regent Court, 70 West Regent Street
Glasgow
G2 2QZ





REGISTERED NUMBER: SC126951 (Scotland)





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

Volbis (1990) Limited (Registered number: SC126951)

Statement of Financial Position
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 894,800 894,800

CURRENT ASSETS
Debtors 5 8,061 9,173

CREDITORS
Amounts falling due within one year 6 20,706 33,786
NET CURRENT LIABILITIES (12,645 ) (24,613 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

882,155

870,187

PROVISIONS FOR LIABILITIES 104,918 103,766
NET ASSETS 777,237 766,421

CAPITAL AND RESERVES
Called up share capital 193 193
Revaluation reserve 775,278 775,278
Retained earnings 1,766 (9,050 )
777,237 766,421

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 (1990) Limited (Registered number: SC126951)

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 Statement of Comprehensive Income 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 (1990) Limited (Registered number: SC126951)

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

1. STATUTORY INFORMATION

Volbis (1990) 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.

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.

3. EMPLOYEES AND DIRECTORS

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

Volbis (1990) Limited (Registered number: SC126951)

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 894,800
NET BOOK VALUE
At 31 May 2024 894,800
At 31 May 2023 894,800

Fair value at 31 May 2024 is represented by:
£   
Valuation in 1990 183,500
Valuation in 2005 515,000
Valuation in 2009 129,950
Valuation in 2011 (18,700 )
Valuation in 2016 44,750
Valuation in 2019 3,500
Valuation in 2021 10,000
Valuation in 2022 24,350
Valuation in 2023 2,450
894,800

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

2024 2023
£    £   
Cost 15,727 15,727

Investment property was valued on an open market basis on 31 May 2024 by the directors, having taken advice from the property managers.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Prepayments and accrued income 8,061 9,173

Volbis (1990) Limited (Registered number: SC126951)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tax 1,233 -
Social security and other taxes 422 422
Other creditors 14,847 28,801
Accrued expenses & deferred
income 4,204 4,563
20,706 33,786