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REGISTERED NUMBER: 13354288 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

VOLUNTARY SECTOR CENTRES 1 LTD

VOLUNTARY SECTOR CENTRES 1 LTD (REGISTERED NUMBER: 13354288)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VOLUNTARY SECTOR CENTRES 1 LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: R A Fleming





REGISTERED OFFICE: 45 Queen Street
Deal
Kent
CT14 6EY





REGISTERED NUMBER: 13354288 (England and Wales)





AUDITORS: McCabe Ford Williams
Chartered Accountants and Statutory Auditors
Charlton House
Dour Street
Dover
Kent
CT16 1BL

VOLUNTARY SECTOR CENTRES 1 LTD (REGISTERED NUMBER: 13354288)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 1,028,769 1,046,005

CURRENT ASSETS
Cash at bank 4,578 5,094

CREDITORS
Amounts falling due within one year 5 848,490 848,250
NET CURRENT LIABILITIES (843,912 ) (843,156 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

184,857

202,849

PROVISIONS FOR LIABILITIES 6 46,692 51,001
NET ASSETS 138,165 151,848

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 7 140,077 153,004
Retained earnings (2,012 ) (1,256 )
138,165 151,848

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 director and authorised for issue on 21 December 2024 and were signed by:





R A Fleming - Director


VOLUNTARY SECTOR CENTRES 1 LTD (REGISTERED NUMBER: 13354288)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Voluntary Sector Centres 1 Ltd is a private company, limited by shares , registered in England and Wales. 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.

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 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.

Fixed asset investments
Fixed Asset Investments are initially recorded at cost and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

VOLUNTARY SECTOR CENTRES 1 LTD (REGISTERED NUMBER: 13354288)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 May 2023 1,046,005
Revaluations (17,236 )
At 30 April 2024 1,028,769
NET BOOK VALUE
At 30 April 2024 1,028,769
At 30 April 2023 1,046,005

Cost or valuation at 30 April 2024 is represented by:

Other
investments
£   
Valuation in 2023 204,005
Valuation in 2024 (17,236 )
Cost 842,000
1,028,769

During a previous year, an investment in Mansion Garden Estates Ltd (MGE)(Company number 08698236) to the value of £182,000 was transferred into the company from Voluntary Sector Centres (Registered Charity 1105259) at its market value.

Subsequently , a further batch of shares in MGE were subscribed to the value of £660,000.

Voluntary Sector Centres Charity is the sole shareholder of Voluntary Sector Centres 1 Ltd and the Ultimate Controlling Party.

The Director is also a director and non controlling shareholder in MGE.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 847,830 847,590
Accrued expenses 660 660
848,490 848,250

The intercompany loan creditor represents amounts lent to the Company by its parent in order to fund the Investments made. This loan is interest free and repayable on demand.

6. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 46,692 51,001

VOLUNTARY SECTOR CENTRES 1 LTD (REGISTERED NUMBER: 13354288)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

6. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 May 2023 51,001
Provided during year (4,309 )
Balance at 30 April 2024 46,692

7. RESERVES
Fair
value
reserve
£   
At 1 May 2023 153,004
Investment fair value
adjustment (12,927 )

At 30 April 2024 140,077

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Sheather BSc FCA (Senior Statutory Auditor)
for and on behalf of McCabe Ford Williams