Company registration number 13683993 (England and Wales)
VICTORIA PROPERTY INVESTMENT GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
VICTORIA PROPERTY INVESTMENT GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
The following pages do not form part of the statutory financial statements
Detailed trading and profit and loss account
-
VICTORIA PROPERTY INVESTMENT GROUP LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
1,703,000
Current assets
Debtors
4
3,127
1,000
Cash at bank and in hand
11,276
14,403
1,000
Creditors: amounts falling due within one year
5
(1,336,854)
Net current (liabilities)/assets
(1,322,451)
1,000
Total assets less current liabilities
380,549
1,000
Creditors: amounts falling due after more than one year
6
(659,506)
Net (liabilities)/assets
(278,957)
1,000
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
(279,957)
Total equity
(278,957)
1,000
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 March 2025 and are signed on its behalf by:
Mrs L Wakely
Director
Company registration number 13683993 (England and Wales)
VICTORIA PROPERTY INVESTMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information
Victoria Property Investment Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 45 Twycross Road, Wokingham, Berkshire, RG40 5PE.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis even though at the balance sheet date the company had net t liabilities of £278,957.
The directors consider the going concern basis to be appropriate because they are prepared to subordinate the loan due to them in favour of the other creditors and support the company for at least the ensuing twelve months, should this be necessary.
1.3
Turnover
Turnover represents amounts receivable for property rental income and is recognised in the period to which it relates.
1.4
Investment property
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.
1.5
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 cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
VICTORIA PROPERTY INVESTMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors are 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.
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 November 2023
Additions
2,000,000
Revaluations
(297,000)
At 31 October 2024
1,703,000
During the year the investment properties were valued by the directors at fair value of £1,703,000. The valuation was made on an open market value basis by reference to market evidence of transaction prices of properties owned.
VICTORIA PROPERTY INVESTMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
3,127
1,000
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
3,998
Other creditors
1,332,856
1,336,854
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
659,506
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
8
Related party transactions
Included within other creditors is £1,150,876 owed to the directors by the company at the balance sheet date.