V10 GRS Ltd Filleted Accounts Cover
V10 GRS Ltd
Company No. 08527831
Information for Filing with The Registrar
31 May 2024
V10 GRS Ltd Balance Sheet Registrar
at
31 May 2024
Company No.
08527831
Notes
2024
2023
£
£
Fixed assets
Investment property
4
2,098,0002,168,500
2,098,0002,168,500
Current assets
Debtors
5
8001,000
Cash at bank and in hand
1,9162,710
2,7163,710
Creditors: Amount falling due within one year
6
(585,906)
(599,986)
Net current liabilities
(583,190)
(596,276)
Total assets less current liabilities
1,514,8101,572,224
Creditors: Amounts falling due after more than one year
7
(298,616)
(298,616)
Provisions for liabilities
Deferred taxation
8
(155,581)
(170,229)
Net assets
1,060,6131,103,379
Capital and reserves
Called up share capital
22
Revaluation reserve
9
838,495894,347
Profit and loss account
9
222,116209,030
Total equity
1,060,6131,103,379
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit 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 accounts.
As permitted by section 444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 31 May 2024
And signed on its behalf by:
O. Smith
Director
31 May 2024
V10 GRS Ltd Notes to the Accounts Registrar
for the year ended 31 May 2024
1
General information
Its registered number is: 08527831
Its registered office is:
Spring House
22 Herrington Grove
Hutton Mount
Brentwood, Essex
CM13 2NW
The functional and presentational currency of the company is Sterling . The monetary amounts in the accounts are rounded to the nearest pound.
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.
2
Accounting policies
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic financial instruments measured at fair value.
3
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the year was:
11
4
Investment property
Freehold Investment Property
£
Valuation
At 1 June 2023
2,168,500
Revaluation
(70,500)
At 31 May 2024
2,098,000
5
Debtors
2024
2023
£
£
Prepayments and accrued income
8001,000
8001,000
6
Creditors amounts falling due within one year:
2024
2023
£
£
Corporation tax
3,0702,545
Loans from directors
574,336596,441
Accruals and deferred income
8,5001,000
585,906599,986
7
Creditors amounts falling due after more than one year:
2024
2023
£
£
Bank loans and overdrafts
298,616298,616
298,616298,616
8
Provisions for liabilities
Deferred taxation
Accelerated Capital Allowances, Losses and Other Timing Differences
Total
£
£
At 1 June 2023
170,229
170,229
Charge to the profit and loss account for the period
(14,648)
(14,648)
At 31 May 2024
155,581
155,581
2024
2023
£
£
Revaluation of land and buildings
155,581170,229
155,581170,229
9
Reserves
Revaluation Reserve
Total other reserves
£
£
At 1 June 2022
895,942
895,942
Deferred taxation
(1,595)
(1,595)
At 31 May 2023 and 1 June 2023
894,347
894,347
Movement on revaluation reserve
(70,500)
(70,500)
Deferred taxation
14,648
14,648
At 31 May 2024
838,495838,495
Revaluation reserve - reflects the revaluation of property other than investment properties.
Profit and loss account - includes all current and prior period retained profits and losses.
10
Dividends
2024
2023
£
£
Dividends for the period:
Dividends paid in the period
-
4,500
-
4,500
Dividends by type:
Equity dividends
-4,500
-
4,500
11
Related party disclosures
At the balance sheet date £574,336 was owed to the director by the company.
Controlling party
Immediate controlling party
O. Smith controls the company
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