Registered number
13690203
VB Property Ventures Ltd
Filleted Accounts
31 October 2024
VB Property Ventures Ltd
Registered number: 13690203
Balance Sheet
as at 31 October 2024
Notes 2024 2023
Fixed assets
Tangible assets 3 215,000 210,470
Current assets
Debtors 4 1,834 1,915
Cash at bank and in hand 2,717 20,251
4,551 22,166
Creditors: amounts falling due within one year 5 (99,169) (97,688)
Net current liabilities (94,618) (75,522)
Total assets less current liabilities 120,382 134,948
Creditors: amounts falling due after more than one year 6 (108,390) (130,392)
Provisions for liabilities (772) (489)
Net assets 11,220 4,067
Capital and reserves
Called up share capital 1 1
Profit and loss account 11,219 4,066
Shareholder's funds 11,220 4,067
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Miss V A Brammer
Director
Approved by the board on 24 February 2025
VB Property Ventures Ltd
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment properties
Investment properties are carried at fair value determined annually by external valuers or the directors and derived from the current market rents and investment property yields for comparable properties, 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 profit or loss. No depreciation is provided on investment proprties.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Investment properties
Fair value
At 1 November 2023 210,470
Additions 3,040
Surplus on revaluation 1,490
At 31 October 2024 215,000
Depreciation
At 31 October 2024 -
Net book value
At 31 October 2024 215,000
At 31 October 2023 210,470
Investment properties: 2024 2023
Historical cost 210,937 207,897
Cumulative depreciation based on historical cost - -
210,937 207,897
4 Debtors 2024 2023
Other debtors 1,834 1,915
5 Creditors: amounts falling due within one year 2024 2023
Taxation and social security costs 1,395 496
Other creditors 97,774 97,192
99,169 97,688
6 Creditors: amounts falling due after one year 2024 2023
Bank loans 108,390 130,392
7 Loans 2024 2023
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 108,390 130,392
Secured bank loans 108,390 130,392
The bank loans are an interest only repayment and secured on the freehold properties owned by the company. The bank loans are repayable in full in June 2047.
8 Controlling party
Miss V A Brammer, a director who owns 100% of the issued share capital is the controlling party.
9 Other information
VB Property Ventures Ltd is a private company limited by shares and incorporated in England. Its registered office is:
5 Brookside Drive
Stairfoot
Barnsley
South Yorkshire
S70 3EF
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