Company registration number 08113412 (England and Wales)
VIAGEFI 3 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
VIAGEFI 3 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
VIAGEFI 3 LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
€
€
€
€
Fixed assets
Investment property
4
8,144,000
8,018,500
Current assets
Debtors
5
323,090
529,439
Cash at bank and in hand
11,290
9,059
334,380
538,498
Creditors: amounts falling due within one year
6
(1,933,381)
(1,732,468)
Net current liabilities
(1,599,001)
(1,193,970)
Total assets less current liabilities
6,544,999
6,824,530
Creditors: amounts falling due after more than one year
7
(1,663,567)
(1,999,687)
Provisions for liabilities
(100,000)
(100,000)
Net assets
4,781,432
4,724,843
Capital and reserves
Called up share capital
8
6,520,000
6,520,000
Share premium account
600
600
Profit and loss reserves
(1,739,168)
(1,795,757)
Total equity
4,781,432
4,724,843
VIAGEFI 3 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
For the financial year ended 31 December 2023 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 of its financial statements for the year in question in accordance with section 476.
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.
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 20 March 2025 and are signed on its behalf by:
Mr P Gerard
Director
Company registration number 08113412 (England and Wales)
VIAGEFI 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Viagefi 3 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Nova North, 11 Bressenden Place, London, SW1E 5BY.
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 Euro (€), 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
Prior period error
During the current financial year, we identified and corrected several prior period errors:
Debtors and Creditors misallocation
Due to the transposition of the debtors and creditors journals in the previous year, it resulted in incorrect balances this year which were then corrected through restatement journals of over €1.5m.
These adjustments have been made to ensure that the financial statements present a true and fair view.
The amount of correction for each financial statement line item affected and the amount of the correction at the beginning of the earliest prior period presented is disclosed in note 10.
1.3
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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.
VIAGEFI 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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 current liabilities.
1.6
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 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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
VIAGEFI 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.9
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.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Property annuity
The company has an obligation to pay annuity to the tenants as at the balance sheet date. The obligation is based on life expectancy of the tenants. The exact amount can't be ascertained accurately as the life expectancy of the tenants is unknown. The company has adopted a policy whereby it estimates the average life expectancy using the French Daubry life annuity scale, which is notably based on mortality tables published regularly by the Institut National de la Statistique et des Études Économiques (French National Institute for Statistics and Economic Studies) and the study of tens of thousands of life annuity contracts.
VIAGEFI 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
4
Investment property
2023
€
Fair value
At 1 January 2023
8,018,500
Changes in fair value
125,500
At 31 December 2023
8,144,000
The fair value of the investment properties have been valued by the directors as at the balance sheet date. The directors are in the opinion that the carrying value of the investment properties are not significantly different from the current market value.
5
Debtors
2023
2022
Amounts falling due within one year:
€
€
Trade debtors
3,648
(1)
Other debtors
319,442
529,440
323,090
529,439
6
Creditors: amounts falling due within one year
2023
2022
€
€
Trade creditors
61,362
50,396
Other creditors
1,872,019
1,682,072
1,933,381
1,732,468
7
Creditors: amounts falling due after more than one year
2023
2022
€
€
Other creditors
1,663,567
1,999,687
VIAGEFI 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
Creditors due more than 1 year represents obligation by the company as at the balance sheet. Due to the nature of the company's business, an obligation exists at the balance sheet date of which a precise amount is uncertain since the life expectancy of tenants is unknown. In this respect the company has adopted a policy in which the life expectancy is determined by the French Daubry life annuity scale, which is notably based on mortality tables published regularly by the Institut National de la Statistique et des Études Économiques (French National Institute for Statistics and Economic Studies) and the study of tens of thousands of life annuity contracts.
The company is currently in a legal dispute with a previous property management & administrative service company and as such a provision of €100,000 has been made in the accounts.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
€
€
Issued and fully paid
Ordinary shares of €1000 each
6,520
6,520
6,520,000
6,520,000
9
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2022
€
€
€
Current assets
Debtors due within one year
12,521,837
(11,992,398)
529,439
Bank and cash
2,806
6,253
9,059
Creditors due within one year
Other creditors
(12,218,229)
10,485,761
(1,732,468)
Net assets
6,225,227
(1,500,384)
4,724,843
Capital and reserves
Profit and loss reserves
(295,373)
(1,500,384)
(1,795,757)
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2022
€
€
€
Profit for the financial period
174,646
-
174,646