REGISTERED NUMBER: 05578357 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Period 1 April 2023 to 30 March 2024 |
for |
Viva Properties Limited |
REGISTERED NUMBER: 05578357 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Period 1 April 2023 to 30 March 2024 |
for |
Viva Properties Limited |
Viva Properties Limited (Registered number: 05578357) |
Contents of the Consolidated Financial Statements |
for the Period 1 April 2023 to 30 March 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
Viva Properties Limited |
Company Information |
for the Period 1 April 2023 to 30 March 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Michael Marcus FCA FCCA |
AUDITORS: |
Statutory Auditor |
First Floor |
Spitalfields House |
Stirling Way |
Borehamwood |
Hertfordshire |
WD6 2FX |
BANKERS: | Barclays |
75 King Street |
Hammersmith |
London |
W6 9HY |
Viva Properties Limited (Registered number: 05578357) |
Group Strategic Report |
for the Period 1 April 2023 to 30 March 2024 |
The director presents his strategic report of the company and the group for the period 1 April 2023 to 30 March 2024. |
REVIEW OF BUSINESS |
The group's turnover decreased to £13,944,559 as compared to £14,060,172 (2023). Profit before tax has decreased to £1,280,332 as compared to £2,258,589 (2023). |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group's operations expose it to a variety of financial risks including competition/exchange rate risk, price risk, credit risk and liquidity risk. There are a number of controls in place to limit the adverse effects of these risks on the financial performance of the group. |
Competition/Exchange Rate Risk |
Like all companies carrying out similar activities, the group is subject to strong competition from larger companies in the same trade and this may affect the gross margin achieved from its sales. As a result, the group has established good relationship with its suppliers in the Far East to purchase goods at lower prices to enable to complete with its large competitors. |
As a result of increasing its purchases from the Far East, the group is exposed to the risk of currency fluctuation as most of its goods are priced in US dollars. The directors are aware of this risk but are confident that the group has sufficient cash flow to finance its purchases. |
Price Risk |
The group is exposed to general price risk as a result of its operations. Management keep this aspect of the group's affairs under constant review. |
Credit Risk |
Credit is only offered to companies after references have been taken up and an appropriate level reached depending on the customers trading history. |
Liquidity Risk |
The group ensure there are sufficient funds available to operate. Cash flow forecasts are prepared, monitored and adjusted when necessary as part of this process. |
Legal Risk |
The group, from time to time, can be exposed to legal claims. The group will ensure adequate procedures and policies are implemented and legal advisors deployed to ensure that the risk of litigation is mitigated and managed accordingly. |
Viva Properties Limited (Registered number: 05578357) |
Group Strategic Report |
for the Period 1 April 2023 to 30 March 2024 |
KEY PERFORMANCE INDICATORS |
The Directors consider the following as key performance indicators |
2024 |
2023 |
£ |
£ |
Turnover |
13,944,559 |
14,060,172 |
Gross Profit |
6,142,685 |
6,179,057 |
Profit before tax |
1,280,332 |
2,258,589 |
Net Assets |
31,495,448 |
31,375,386 |
ON BEHALF OF THE BOARD: |
Viva Properties Limited (Registered number: 05578357) |
Report of the Director |
for the Period 1 April 2023 to 30 March 2024 |
The director presents his report with the financial statements of the company and the group for the period 1 April 2023 to 30 March 2024. |
DIVIDENDS |
The During the year £820,000 dividends were paid by the group. The directors do not recommend payment of a final dividend. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, TC Group, will be proposed for re-appointment at the forthcoming automatic re-appointment. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Viva Properties Limited |
Opinion |
We have audited the financial statements of Viva Properties Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 March 2024 and of the group's profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Material Uncertainty Related to Going Concern |
We draw attention to Note 23 in the financial statements, which indicates that the group is involved in litigation which could have a material impact on the group if the action is lost. As stated in Note 24, this litigation indicates that a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
Other information |
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Viva Properties Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Viva Properties Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. |
Extent to which the audit was considered capable of detecting irregularities, including fraud |
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management. |
Our approach was as follows: |
- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations; |
- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK; |
- We considered the nature of the industry, the control environment and business performance, including the key drivers for management's remuneration; |
- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit; |
- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. |
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Viva Properties Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
First Floor |
Spitalfields House |
Stirling Way |
Borehamwood |
Hertfordshire |
WD6 2FX |
Viva Properties Limited (Registered number: 05578357) |
Consolidated Statement of Comprehensive Income |
for the Period 1 April 2023 to 30 March 2024 |
Period |
1.4.23 |
to | Year Ended |
30.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER | 3 | 13,944,559 | 14,060,172 |
Cost of sales | (7,801,874 | ) | (7,881,115 | ) |
GROSS PROFIT | 6,142,685 | 6,179,057 |
Administrative expenses | (5,154,753 | ) | (3,641,168 | ) |
987,932 | 2,537,889 |
Other operating income | 4 | 30,050 | - |
Gain/loss on revaluation of assets | 16,269 | (393,642 | ) |
OPERATING PROFIT | 6 | 1,034,251 | 2,144,247 |
Interest receivable and similar income | 8 | 246,081 | 114,342 |
PROFIT BEFORE TAXATION | 1,280,332 | 2,258,589 |
Tax on profit | 9 | (340,268 | ) | (499,999 | ) |
PROFIT FOR THE FINANCIAL PERIOD |
OTHER COMPREHENSIVE INCOME |
Revaluation of tangible fixed assets |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX |
- |
- |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
940,064 |
1,758,590 |
Profit attributable to: |
Owners of the parent | 940,064 | 1,758,590 |
Total comprehensive income attributable to: |
Owners of the parent | 940,064 | 1,758,590 |
Viva Properties Limited (Registered number: 05578357) |
Consolidated Balance Sheet |
30 March 2024 |
30.3.24 | 31.3.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 12 | 7,785,501 | 7,866,356 |
Investments | 13 | 429,750 | 370,442 |
8,215,251 | 8,236,798 |
CURRENT ASSETS |
Stocks | 14 | 6,336,978 | 6,137,958 |
Debtors | 15 | 13,458,469 | 13,786,149 |
Cash at bank and in hand | 5,393,595 | 5,121,983 |
25,189,042 | 25,046,090 |
CREDITORS |
Amounts falling due within one year | 16 | (1,647,730 | ) | (1,637,564 | ) |
NET CURRENT ASSETS | 23,541,312 | 23,408,526 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
31,756,563 |
31,645,324 |
PROVISIONS FOR LIABILITIES | 17 | (261,115 | ) | (269,938 | ) |
NET ASSETS | 31,495,448 | 31,375,386 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 1,000 | 1,000 |
Share premium | 19 | 54,302 | 54,302 |
Fair value reserve | 19 | 108,377 | 144,503 |
Retained earnings | 19 | 31,331,769 | 31,175,581 |
SHAREHOLDERS' FUNDS | 31,495,448 | 31,375,386 |
The financial statements were approved by the director and authorised for issue on 8 April 2025 and were signed by: |
R G Dangoor - Director |
Viva Properties Limited (Registered number: 05578357) |
Company Balance Sheet |
30 March 2024 |
30.3.24 | 31.3.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Stocks | 14 |
CREDITORS |
Amounts falling due within one year | 16 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 820,000 | 614,000 |
The financial statements were approved by the director and authorised for issue on |
Viva Properties Limited (Registered number: 05578357) |
Consolidated Statement of Changes in Equity |
for the Period 1 April 2023 to 30 March 2024 |
Called up | Fair |
share | Retained | Share | value | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2022 | 1,000 | 29,817,677 | 54,302 | 357,817 | 30,230,796 |
Changes in equity |
Dividends | - | (614,000 | ) | - | - | (614,000 | ) |
Total comprehensive income | - | 1,758,590 | - | - | 1,758,590 |
Transfer to/from fair value |
reserve to P&L reserves | - | 213,314 | - | (213,314 | ) | - |
Balance at 31 March 2023 | 1,000 | 31,175,581 | 54,302 | 144,503 | 31,375,386 |
Changes in equity |
Dividends | - | (820,000 | ) | - | - | (820,000 | ) |
Total comprehensive income | - | 940,064 | - | - | 940,064 |
Transfer to/from fair value |
reserve to P&L reserves | - | 36,126 | - | (36,126 | ) | - |
Balance at 30 March 2024 | 1,000 | 31,331,771 | 54,302 | 108,377 | 31,495,450 |
Viva Properties Limited (Registered number: 05578357) |
Company Statement of Changes in Equity |
for the Period 1 April 2023 to 30 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 March 2024 |
Viva Properties Limited (Registered number: 05578357) |
Consolidated Cash Flow Statement |
for the Period 1 April 2023 to 30 March 2024 |
Period |
1.4.23 |
to | Year Ended |
30.3.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,355,711 | (1,029,757 | ) |
Tax paid | (416,966 | ) | (820,000 | ) |
Net cash from operating activities | 938,745 | (1,849,757 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (80,225 | ) | (98,541 | ) |
Purchase of fixed asset investments | (12,989 | ) | (784,155 | ) |
Sale of fixed asset investments | - | 1,366,793 |
Interest received | 246,081 | 114,342 |
Net cash from investing activities | 152,867 | 598,439 |
Cash flows from financing activities |
Equity dividends paid | (820,000 | ) | (614,000 | ) |
Net cash from financing activities | (820,000 | ) | (614,000 | ) |
Increase/(decrease) in cash and cash equivalents | 271,612 | (1,865,318 | ) |
Cash and cash equivalents at beginning of period |
2 |
5,121,983 |
6,987,301 |
Cash and cash equivalents at end of period |
2 |
5,393,595 |
5,121,983 |
Viva Properties Limited (Registered number: 05578357) |
Notes to the Consolidated Cash Flow Statement |
for the Period 1 April 2023 to 30 March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.4.23 |
to | Year Ended |
30.3.24 | 31.3.23 |
£ | £ |
Profit before taxation | 1,280,332 | 2,258,589 |
Depreciation charges | 161,079 | 156,643 |
Profit on disposal of fixed assets | - | (206,153 | ) |
(Gain)/loss on revaluation of fixed assets | (16,269 | ) | 393,642 |
Finance income | (246,081 | ) | (114,342 | ) |
1,179,061 | 2,488,379 |
Increase in stocks | (199,020 | ) | (407,334 | ) |
Decrease/(increase) in trade and other debtors | 574,347 | (3,049,702 | ) |
Decrease in trade and other creditors | (198,677 | ) | (61,100 | ) |
Cash generated from operations | 1,355,711 | (1,029,757 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 30 March 2024 |
30.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 5,393,595 | 5,121,983 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 5,121,983 | 6,987,301 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 30.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 5,121,983 | 271,612 | 5,393,595 |
5,121,983 | 271,612 | 5,393,595 |
Total | 5,121,983 | 271,612 | 5,393,595 |
Viva Properties Limited (Registered number: 05578357) |
Notes to the Consolidated Financial Statements |
for the Period 1 April 2023 to 30 March 2024 |
1. | STATUTORY INFORMATION |
Viva Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
The following principal accounting policies have been applied: |
Basis of consolidation |
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. |
Related party exemption |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on the amounts recognised in the financial statements: |
Trade debtors: The recoverability of trade debtors has been assessed as at the year end and up until the date of signing these financial statements. Management have based their decision to provide for any amounts based on their judgement of all the available information, and their experience of the specific nature of trade debtors in question. |
Stock: Stock is included as per the accounting policy set out above. Management have assessed the need to write off or provide against any specific items based on the levels held at year end, and the expected sales of such items in the immediate period post year end. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Viva Properties Limited (Registered number: 05578357) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 April 2023 to 30 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Long leasehold | - |
Plant and machinery | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 statement of financial position 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. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
Viva Properties Limited (Registered number: 05578357) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 April 2023 to 30 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of 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 period 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
Period |
1.4.23 |
to | Year Ended |
30.3.24 | 31.3.23 |
£ | £ |
United Kingdom | 13,598,559 | 13,857,360 |
Africa | 346,000 | 202,812 |
13,944,559 | 14,060,172 |
4. | OTHER OPERATING INCOME |
Period |
1.4.23 |
to | Year Ended |
30.3.24 | 31.3.23 |
£ | £ |
Realised gain on listed |
investments | 30,050 | - |
Viva Properties Limited (Registered number: 05578357) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 April 2023 to 30 March 2024 |
5. | EMPLOYEES AND DIRECTORS |
Period |
1.4.23 |
to | Year Ended |
30.3.24 | 31.3.23 |
£ | £ |
Wages and salaries | 2,095,055 | 1,863,717 |
Social security costs | 219,079 | 200,806 |
Other pension costs | 26,954 | 27,326 |
2,341,088 | 2,091,849 |
The average number of employees during the period was as follows: |
Period |
1.4.23 |
to | Year Ended |
30.3.24 | 31.3.23 |
Administration | 24 | 24 |
Sales | 30 | 30 |
Period |
1.4.23 |
to | Year Ended |
30.3.24 | 31.3.23 |
£ | £ |
Director's remuneration | 233,585 | 160,140 |
Information regarding the highest paid director for the period ended 30 March 2024 is as follows: |
Period |
1.4.23 |
to |
30.3.24 |
£ |
Emoluments etc | 173,383 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1.4.23 |
to | Year Ended |
30.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets | 161,079 | 156,643 |
Profit on disposal of fixed assets | - | (206,153 | ) |
Viva Properties Limited (Registered number: 05578357) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 April 2023 to 30 March 2024 |
7. | AUDITORS' REMUNERATION |
Period |
1.4.23 |
to | Year Ended |
30.3.24 | 31.3.23 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
32,000 |
32,000 |
Fees payable to the company's auditors for other services to the group: |
The auditing of accounts of any associate of the company | 15,650 | 16,690 |
Total audit fees | 47,650 | 48,690 |
8. | INTEREST RECEIVABLE AND SIMILAR INCOME |
Period |
1.4.23 |
to | Year Ended |
30.3.24 | 31.3.23 |
£ | £ |
Interest receivable | 246,081 | 114,342 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1.4.23 |
to | Year Ended |
30.3.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax | 349,091 | 529,734 |
Deferred tax | (8,823 | ) | (29,735 | ) |
Tax on profit | 340,268 | 499,999 |
Viva Properties Limited (Registered number: 05578357) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 April 2023 to 30 March 2024 |
9. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.4.23 |
to | Year Ended |
30.3.24 | 31.3.23 |
£ | £ |
Profit before tax | 1,280,332 | 2,258,589 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
320,083 |
429,132 |
Effects of: |
Expenses not deductible for tax purposes | 10,956 | 8,856 |
Depreciation in excess of capital allowances | 18,052 | 17,235 |
development tax credit leading |
Adjustments of tax in respect of listed investments gain | - | 74,263 |
Deferred tax movement for year | (8,823 | ) | (29,735 | ) |
Other | - | 248 |
Total tax charge | 340,268 | 499,999 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the period ended 30 March 2024. |
10. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
11. | DIVIDENDS |
31.3.24 | 31.3.23 |
£ | £ |
Ordinary shares of £1 each Interim | 820,000 | 614,000 |
Viva Properties Limited (Registered number: 05578357) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 April 2023 to 30 March 2024 |
12. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Long | Plant and |
property | leasehold | leasehold | machinery | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 | 7,632,246 | 424,420 | 234,769 | 1,426,460 | 9,717,895 |
Additions | 4,578 | - | - | 75,647 | 80,225 |
At 30 March 2024 | 7,636,824 | 424,420 | 234,769 | 1,502,107 | 9,798,120 |
DEPRECIATION |
At 1 April 2023 | 299,481 | 424,420 | 16,436 | 1,111,203 | 1,851,540 |
Charge for period | 82,736 | - | 2,348 | 75,995 | 161,079 |
At 30 March 2024 | 382,217 | 424,420 | 18,784 | 1,187,198 | 2,012,619 |
NET BOOK VALUE |
At 30 March 2024 | 7,254,607 | - | 215,985 | 314,909 | 7,785,501 |
At 31 March 2023 | 7,332,765 | - | 218,333 | 315,257 | 7,866,355 |
The directors do not consider there has been any changes during the year to the value of freehold properties retained by the companyr. The historic cost of the properties is £2,894,438. |
Deferred tax is provided on the potential gain less indexation allowance. |
Company |
Freehold |
property |
£ |
COST |
At 1 April 2023 |
and 30 March 2024 |
NET BOOK VALUE |
At 30 March 2024 |
At 31 March 2023 |
Viva Properties Limited (Registered number: 05578357) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 April 2023 to 30 March 2024 |
13. | FIXED ASSET INVESTMENTS |
Group |
Listed |
investments |
£ |
COST OR VALUATION |
At 1 April 2023 | 370,442 |
Additions | 12,989 |
Revaluations | 46,319 |
At 30 March 2024 | 429,750 |
NET BOOK VALUE |
At 30 March 2024 | 429,750 |
At 31 March 2023 | 370,442 |
Cost or valuation at 30 March 2024 is represented by: |
Listed |
investments |
£ |
Valuation in 2022 | 46,319 |
Cost | 383,431 |
429,750 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 30 March 2024 |
NET BOOK VALUE |
At 30 March 2024 |
At 31 March 2023 |
Viva Properties Limited (Registered number: 05578357) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 April 2023 to 30 March 2024 |
13. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Viva Enterprises Limited |
Registered office: 245-247 Cricklewood Broadway, London, NW2 |
Nature of business: Electrical and lighting retailers |
% |
Class of shares: | holding |
Ordinary | 100.00 |
30.3.24 | 31.3.23 |
£ | £ |
Aggregate capital and reserves | 26,277,063 | 26,156,999 |
Profit for the period/year | 940,064 | 1,758,588 |
14. | STOCKS |
Group | Company |
30.3.24 | 31.3.23 | 30.3.24 | 31.3.23 |
£ | £ | £ | £ |
Stocks | 3,713,520 | 4,361,620 |
Development Property | 2,623,458 | 1,776,338 | 2,623,458 | 1,776,338 |
6,336,978 | 6,137,958 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
30.3.24 | 31.3.23 |
£ | £ |
Trade debtors | 559,653 | 831,712 |
Other debtors | 11,811,065 | 11,899,382 |
Prepayments | 1,087,751 | 1,055,055 |
13,458,469 | 13,786,149 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.3.24 | 31.3.23 | 30.3.24 | 31.3.23 |
£ | £ | £ | £ |
Trade creditors | 766,335 | 966,696 |
Amounts owed to group undertakings | - | - |
Tax | 218,087 | 285,962 |
Social security and other taxes | 61,189 | 53,272 |
VAT | 200,702 | 206,935 | - | - |
Other creditors | 311 | 311 |
Accruals and deferred income | 401,106 | 124,388 |
1,647,730 | 1,637,564 |
Viva Properties Limited (Registered number: 05578357) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 April 2023 to 30 March 2024 |
17. | PROVISIONS FOR LIABILITIES |
Group |
30.3.24 | 31.3.23 |
£ | £ |
Deferred tax | 261,115 | 269,938 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 269,938 |
Provided during period | (8,823 | ) |
Balance at 30 March 2024 | 261,115 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
19. | RESERVES |
Group |
Fair |
Retained | Share | value |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2023 | 31,175,579 | 54,302 | 144,503 | 31,374,384 |
Profit for the period | 940,064 | 940,064 |
Dividends | (820,000 | ) | (820,000 | ) |
Transfer to/from fair value |
reserve to P&L reserves | 36,126 | - | (36,126 | ) | - |
At 30 March 2024 | 31,331,769 | 54,302 | 108,377 | 31,494,448 |
Company |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the period |
Dividends | ( |
) |
At 30 March 2024 |
Viva Properties Limited (Registered number: 05578357) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 April 2023 to 30 March 2024 |
19. | RESERVES - continued |
Merger reserve - This reserve includes excess of fair value of consideration shares issued on purchase of Viva Enterprises Ltd above par value. |
Profit and loss account - This reserve records retained earnings and accumulated losses. |
Fair value reserve - This reserve records the value of asset revaluations and fair value movements on assets. |
20. | RELATED PARTY DISCLOSURES |
31 March 2024 |
31 March 2023 |
£ | £ |
Sales to entities over which the entity has significant influence | 130,712 | 74,948 |
Balance owed by entities over which the entity has significant influence | - | 290 |
Loans to entities over which the entity has significant influence | 7,667,039 | 7,514,639 |
Rent paid to other related parties | 266,667 | 250,000 |
Balance owed by director | 626,343 | 863,241 |
The loans to entities over which the entity has significant influence are repayable on demand. |
The directors current account was overdrawn by £626,343. The maximum amount overdrawn during the year was £2,196,241. Interest of £17,574 has been charged by the company in respect of this amount. The balance outstanding was repaid after the year end. |
21. | CONTROLLING PARTY |
The company was ulitmately controlled by Mr R Dangoor and Mrs N Dangoor by virtue of their 100% |
shareholding throughout the current and previous year. |
22. | PENSION COMMITMENTS |
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £44,852 (2023:£33,092). |
23. | CONTINGENT LIABILTY |
The group is involved in litigation in relation to a contract for the supply of medical equipment during the COVID Pandemic. The amount being claimed is US$50 million. The group is vigorously defending the claim and the directors consider that they will ultimately win the action against the group. Consequently the directors do not consider it necessary to make a provision for any potential losses under the claim |
24. | GOING CONCERN |
At the balance sheet date, the group is highly solvent with net assets of £31.5 million. As noted in Note 23 the group is involved in significant litigation that could result in a significant liability In the event of the action being lost in whole or in part. Therefore there is a significant uncertainty over the group's ability to remain as a going concern. The shareholders have indicated their willingness to support the group and consequently the directors consider it appropriate to prepare the financial statements on the going concern basis. |