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Company No: 13623299 (England and Wales)

VIGORNIA FIC LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

VIGORNIA FIC LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

VIGORNIA FIC LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
VIGORNIA FIC LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 1,264,755 1,139,755
1,264,755 1,139,755
Current assets
Debtors 4 29,705 0
Cash at bank and in hand 9,627 108,006
39,332 108,006
Creditors: amounts falling due within one year 5 ( 653,980) ( 732,380)
Net current liabilities (614,648) (624,374)
Total assets less current liabilities 650,107 515,381
Creditors: amounts falling due after more than one year 6 ( 517,340) ( 510,000)
Provision for liabilities ( 31,250) 0
Net assets 101,517 5,381
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 9 101,417 5,281
Total shareholders' funds 101,517 5,381

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Vigornia FIC Limited (registered number: 13623299) were approved and authorised for issue by the Board of Directors on 21 February 2025. They were signed on its behalf by:

G A Harris
Director
VIGORNIA FIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
VIGORNIA FIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Vigornia FIC Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Clevedon Lodge, Barbourne Crescent, Worcester, WR1 3JF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 October 2023 1,139,755
Fair value movement 125,000
As at 30 September 2024 1,264,755

Valuation

These assumptions were arrived at taking account of information and advice from external property consultants, in-house property experts, publicly available data and judgement. A significant level of uncertainty exists in relation to these assumptions and any changes in these assumptions could have a material impact on the carrying value of Investment Property in the financial statements. The 2024 valuations were made by the directors, on an open market value for existing use basis.

4. Debtors

2024 2023
£ £
Amounts owed by directors 28,760 0
Prepayments 945 0
29,705 0

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to directors 0 726,398
Accruals 3,420 2,750
Taxation and social security 560 3,232
Other creditors 650,000 0
653,980 732,380

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other loans (secured) 517,340 510,000

The loans are secured by way of a legal charge held over each investment property owned by the company.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10 A Shares ordinary shares of £ 1.00 each 10 10
10 B Shares ordinary shares of £ 1.00 each 10 10
40 D Shares ordinary shares of £ 1.00 each 40 40
40 C Shares ordinary shares of £ 1.00 each 40 40
100 100

8. Related party transactions

Transactions with the entity's directors

At the balance sheet date there were amounts owed by the directors totalling £28,760 (2023: £726,398 owed to the directors). £765,158 was advanced during the year and £10,000 was repaid. Interest has been accrued at 2.25%, and the loan is repayable on demand.

9. Profit and loss reserve

The profit and loss reserve balance of £101,417 at the balance sheet date contains unrealised gains of £93,750 net of deferred tax of £31,250 in relation to the company's investment properties.