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Registration number: 07254688

Villecrown Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Villecrown Properties Limited

Contents

Company Information

1

Income Statement

2

Statement of Comprehensive Income

3

Statement of Financial Position

4

Notes to the Unaudited Financial Statements

5 to 7

 

Villecrown Properties Limited

Company Information

Directors

Mr RD Kotecha

Mr MD Kotecha

Registered office

5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

Accountants

Sterling Associates
Chartered Certified Accountants
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

 

Villecrown Properties Limited

Income Statement for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

98,429

61,024

Gross profit

 

98,429

61,024

Administrative expenses

 

(23,006)

(93,068)

Operating profit/(loss)

 

75,423

(32,044)

Other interest receivable and similar income

 

1,608

4,862

Interest payable and similar expenses

 

(281)

(1)

   

1,327

4,861

Profit/(loss) before tax

76,750

(27,183)

Tax on profit/(loss)

 

(19,188)

-

Profit/(loss) for the financial year

 

57,562

(27,183)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Villecrown Properties Limited

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit/(loss) for the year

57,562

(27,183)

Total comprehensive income for the year

57,562

(27,183)

 

Villecrown Properties Limited

(Registration number: 07254688)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,386,900

1,386,900

Current assets

 

Debtors

5

652

4,107

Cash at bank and in hand

 

97,919

763,650

 

98,571

767,757

Creditors: Amounts falling due within one year

6

(1,368,443)

(1,745,191)

Net current liabilities

 

(1,269,872)

(977,434)

Total assets less current liabilities

 

117,028

409,466

Provisions for liabilities

(71,000)

(71,000)

Net assets

 

46,028

338,466

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

46,027

338,465

Shareholders' funds

 

46,028

338,466

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 14 March 2025 and signed on its behalf by:
 

.........................................
Mr RD Kotecha
Director

 

Villecrown Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN
England

These financial statements were authorised for issue by the Board on 14 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Villecrown Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Villecrown Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Investment properties

2024
£

At 1 April

1,386,900

At 31 March

1,386,900

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

2024
£

2023
£

Other debtors

652

4,107

 

652

4,107

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

1,329,974

1,729,974

Taxation and social security

 

19,468

-

Accruals and deferred income

 

19,000

15,217

Other creditors

 

1

-

 

1,368,443

1,745,191

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1

       

8

Parent and ultimate parent undertaking

The company's immediate parent is Niemans Holdings Limited, incorporated in England and Wales.

 The ultimate controlling party is the directors.