Company registration number 11877184 (England and Wales)
VICTORIA ROAD (HAVERING) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
VICTORIA ROAD (HAVERING) LIMITED
COMPANY INFORMATION
Directors
Mr P Seaton
Mr L Adams
Company number
11877184
Registered office
15 Theed Street
London
SE1 8ST
Auditor
Gravita Audit II Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
VICTORIA ROAD (HAVERING) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
VICTORIA ROAD (HAVERING) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
10,540,406
7,697,618
Current assets
Debtors
4
781,181
671,590
Cash at bank and in hand
4,424
1,756
785,605
673,346
Creditors: amounts falling due within one year
5
(7,319,513)
(2,805,822)
Net current liabilities
(6,533,908)
(2,132,476)
Total assets less current liabilities
4,006,498
5,565,142
Creditors: amounts falling due after more than one year
6
(4,201,637)
(3,709,415)
Provisions for liabilities
(141,466)
(578,416)
Net (liabilities)/assets
(336,605)
1,277,311
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(336,705)
1,277,211
Total equity
(336,605)
1,277,311
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 17 January 2025 and are signed on its behalf by:
Mr P Seaton
Director
Company registration number 11877184 (England and Wales)
VICTORIA ROAD (HAVERING) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
100
898,627
898,727
Year ended 31 March 2023:
Profit and total comprehensive income
-
378,584
378,584
Balance at 31 March 2023
100
1,277,211
1,277,311
Year ended 31 March 2024:
Loss and total comprehensive income
-
(1,613,916)
(1,613,916)
Balance at 31 March 2024
100
(336,705)
(336,605)
VICTORIA ROAD (HAVERING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Victoria Road (Havering) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Theed Street, London, SE1 8ST.
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 £.
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
During the reporting period the company recognised losses of £1,true613,916 (2023: profits of £378,584) and at the period end had net liabilities of £336,605 (2023: net assets of £1,277,311). The directors have obtained support from its parent company, with them offering support for a period of no less than 12 months from the date the financial statements are to be approved. The directors continue to adopt the going concern basis of accounting in preparing these financial statements.
1.3
Investment properties
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.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
VICTORIA ROAD (HAVERING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2021
Number
Number
Total
VICTORIA ROAD (HAVERING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Investment property
2024
£
Fair value
At 1 April 2023
7,697,618
Additions
4,590,583
Revaluations
(1,747,795)
At 31 March 2024
10,540,406
The value of investment property has been arrived at on the basis of reference to market evidence of transaction prices for similar properties, based on the residual value method. The directors consider this valuation to be appropriate as at 31 March 2024.
The investment property was disposed post period end.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
579
579
Corporation tax recoverable
192,436
164,814
Other debtors
588,166
506,197
781,181
671,590
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
9,372
Amounts owed to group undertakings
43,271
43,271
Corporation tax
95,928
164,814
Other creditors
7,180,314
2,588,365
7,319,513
2,805,822
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
4,201,637
3,709,415
VICTORIA ROAD (HAVERING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Security
Securities in favour of HSBC Bank include:
1. Debenture including Fixed Charge over all present freehold and leasehold property: First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future, and First Floating Charge over all assets and undertakings both present and future dated 16 August 2019.
2. Composite Company Unlimited Multilateral Guarantee dated 26 July 2012 given by The Passion Property Group Limited, Lindenhurst Limited, Hill View Lettings Limited, Space Investments Limited, Chantry Court Hatfield Limited and Victoria Road (Havering) Limited.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
1,743,584
1,266,584
Non distributable profits in the year
(1,310,845)
477,000
At the end of the year
432,739
1,743,584
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Luke Metson
Statutory Auditor:
Gravita Audit II Limited
Date of audit report:
17 January 2025
VICTORIA ROAD (HAVERING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
11
Events after the reporting date
The investment property was disposed post period end.
12
Directors' transactions
At the reporting date the company was owed £581,685 (2023: £499,841) by a related party. The amount being interest bearing at HMRC approved rates and repayable upon demand.
13
Parent company
The immediate parent company is The Passion Property Group Limited, a company registered in England and Wales, and the ultimate parent company is BATS Holdings Limited, a company registered in England and Wales. The registered offices are 1st Floor, 15 Theed Street, London, SE1 8ST.
BATS Holdings Limited and its subsidiary companies form a small group and therefore exempt from the requirement to prepare consolidated financial statements.