Company registration number 14194929 (England and Wales)
VICLIN PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
VICLIN PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
VICLIN PROPERTY LIMITED (REGISTERED NUMBER: 14194929)
BALANCE SHEET
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,229
1,639
Investment property
4
1,253,319
1,253,319
1,254,548
1,254,958
Current assets
Debtors
5
2
2
Cash at bank and in hand
8,829
3,265
8,831
3,267
Creditors: amounts falling due within one year
6
(335,777)
(355,520)
Net current liabilities
(326,946)
(352,253)
Total assets less current liabilities
927,602
902,705
Creditors: amounts falling due after more than one year
7
(901,984)
(901,933)
Net assets
25,618
772
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
25,616
770
Total equity
25,618
772
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
VICLIN PROPERTY LIMITED (REGISTERED NUMBER: 14194929)
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
V I Aigbogun
Director
VICLIN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Viclin Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is 57 Hythe Street, Dartford, Kent, DA1 1BG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental income provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Rental income is recognised over the term of the lease in the period that the rent relates to.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% Reducing Balance
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, 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. Changes in fair value are recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
VICLIN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 July 2023 and 30 June 2024
1,967
Depreciation and impairment
At 1 July 2023
328
Depreciation charged in the year
410
At 30 June 2024
738
Carrying amount
At 30 June 2024
1,229
At 30 June 2023
1,639
4
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
1,253,319
The fair value of the investment property has been arrived at on the basis that the property was acquired in the prior period at open market value and the directors consider the fair value of the property in the current market to be £1,253,319.
VICLIN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2
2
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
294
Taxation and social security
6,714
257
Other creditors
328,769
355,263
335,777
355,520
Included in other creditors is a balance of £206,585 (2023: £212,478) due to the company's directors.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
901,984
901,933
The bank loan above relates to an interest only mortgage and is secured over the investment property that is held by the company.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
901,984
901,933
8
Related party transactions
At the balance sheet date, the company owed £120,335 (2023: £132,535) to a companies with common directors. The loans are interest free and payable on demand.
9
Directors' transactions
Included in other creditors is a balance of £206,585 (2023: £212,478) due to the company's directors.
10
Prior period adjustment
The prior year adjustment relates to an adjustment amounting to £50,155 made to other creditors and directors loan account. There is no impact on the profit and loss account.
VICLIN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Prior period adjustment
(Continued)
- 6 -
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2023
£
Total adjustments
-
Profit as previously reported
770
Profit as adjusted
770