Company registration number 14164850 (England and Wales)
VRS (RENNIE'S ISLE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
VRS (RENNIE'S ISLE) LIMITED
COMPANY INFORMATION
Directors
Mr R K Sehgal
Mrs P Sehgal
Company number
14164850
Registered office
c/o Union Property Services Limited
Cobalt 3.1, Silver Fox Way
Cobalt Business Park
Newcastle upon Tyne
Tyne and Wear
NE27 0QJ
Accountants
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
VRS (RENNIE'S ISLE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
VRS (RENNIE'S ISLE) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
1,350,000
1,350,000
Current assets
Debtors
5
710,886
784,899
Cash at bank and in hand
28,247
739,133
784,899
Creditors: amounts falling due within one year
6
(1,320,448)
(1,355,966)
Net current liabilities
(581,315)
(571,067)
Total assets less current liabilities
768,685
778,933
Creditors: amounts falling due after more than one year
7
(782,937)
(808,800)
Net liabilities
(14,252)
(29,867)
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
(14,253)
(29,868)
Total equity
(14,252)
(29,867)
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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 27 March 2025 and are signed on its behalf by:
Mr R K Sehgal
Director
Company registration number 14164850 (England and Wales)
VRS (RENNIE'S ISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
VRS (Rennie's Isle) Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Union Property Services Limited, Cobalt 3.1, Silver Fox Way, Cobalt Business Park, Newcastle upon Tyne, Tyne and Wear, NE27 0QJ.
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 UK sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
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
Going concern
The financial statements have been prepared on a going concern basis which, in the opinion of the directors, is the appropriate basis. The company's ability to continue trading is dependent upon the ongoing support of its truefellow group undertakings. In the event that the company is unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amount.
1.3
Turnover
Turnover represents rents receivable in accordance with the underlying property leases and exclusive of Value Added Tax where there are options to tax on properties.
Lease incentives (such as rent free periods) are spread over the entire period of the lease.
1.4
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
The methods and significant assumptions used to ascertain the fair value of £1,350,000 and fair value movement of £Nil included in the profit/loss for the period are as follows:
The investment property was valued at fair value based on a valuation carried out in May 2022 by Lambert Smith Hampton, a RICS registered valuer. In the opinion of the directors there has been no significant change in fair value since that date
1.5
Impairment of fixed assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
1.6
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.
VRS (RENNIE'S ISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current and deferred taxation assets and liabilities are not discounted.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
1.8
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
1.9
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
1.10
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of income and retained earnings in other administrative expenses.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
VRS (RENNIE'S ISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Taxation
No liability to corporation tax arose for the year ended 31 March 2024 nor for the period ended 31 March 2023
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
1,350,000
The historic cost of the investment property is £2,185,311 (2023 £2,185,311).
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1
Amounts owed by group undertakings
709,871
783,584
Other debtors
540
Prepayments and accrued income
1,014
775
710,886
784,899
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8
17,222
Trade creditors
5,481
37,936
Amounts owed to group undertakings
1,259,057
1,290,622
Taxation and social security
4,251
Accruals and deferred income
34,437
27,408
1,320,448
1,355,966
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
782,937
808,800
VRS (RENNIE'S ISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
8
Loans and overdrafts
2024
2023
£
£
Bank loans
800,159
808,800
Payable within one year
17,222
Payable after one year
782,937
808,800
The bank loan is secured on the company's investment property.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Property management fees payable
2024
2023
£
£
Other related parties
4,694
3,747
Other information
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.