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Registered number: 04222660










VICTORIA PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
VICTORIA PROPERTIES LIMITED
REGISTERED NUMBER:04222660

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
984,081
584,081

  
984,081
584,081

Current assets
  

Debtors: amounts falling due within one year
 5 
20,281
2,956

Cash at bank and in hand
 6 
1,814,366
2,459,807

  
1,834,647
2,462,763

Creditors: amounts falling due within one year
 7 
(56,449)
(288,337)

Net current assets
  
 
 
1,778,198
 
 
2,174,426

Total assets less current liabilities
  
2,762,279
2,758,507

  

Net assets
  
2,762,279
2,758,507


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
2,762,179
2,758,407

  
2,762,279
2,758,507


Page 1

 
VICTORIA PROPERTIES LIMITED
REGISTERED NUMBER:04222660
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R Mason
Director
Date: 14 January 2025

The notes on pages 4 to 7 form part of these financial statements.

Page 2

 
VICTORIA PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
100
200,130
1,572,085
1,772,315


Comprehensive income for the year

Profit for the year
-
-
1,326,322
1,326,322

Deficit on revaluation of freehold property
-
(200,130)
-
(200,130)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(140,000)
(140,000)



At 1 April 2023
100
-
2,758,407
2,758,507


Comprehensive income for the year

Profit for the year
-
-
103,772
103,772


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(100,000)
(100,000)


At 31 March 2024
100
-
2,762,179
2,762,279


The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
VICTORIA PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Victoria Properties Limited is a private company limited by shares, incorporated in England and Wales. The registered office is 6th Floor, 2 London Wall Place, Barbican, London, EC2Y 5AU. The principal activity of the company during the year was the letting and management of investment property.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

In reaching their conclusion about the Company’s ability to continue as a going concern, the directors have considered the effects of the global pandemic and subsequent government measures, and do not believe that these will have a significant impact on the Company’s ability to continue in operational existence as a going concern. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
VICTORIA PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers or the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
VICTORIA PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
584,081


Additions at cost
400,000



At 31 March 2024
984,081

The 2024 valuations were made by the directors, on an open market value for existing use basis.







Page 6

 
VICTORIA PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Other debtors
-
106

Prepayments and accrued income
20,281
2,850

20,281
2,956



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,814,366
2,459,807

1,814,366
2,459,807



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
32,164
266,762

Other taxation and social security
3,125
3,301

Other creditors
504
504

Accruals and deferred income
20,656
17,770

56,449
288,337





8.


Related party transactions

During the year dividends of £100,000 (2023: £140,000) were paid to the Directors. 
During the year, support and administration services of £3,000 (2023: £nil) were charged to the company from Richard Mason, a director and shareholder of the company.
During the year, the company acquired two properties from the directors for £400,000 at market value.


9.


Controlling party

The company is under the control of the directors.

 
Page 7