1 March 2024 v2025.19.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP100121852024-03-012025-02-28100121852025-02-28100121852024-02-2910012185core:WithinOneYear2025-02-2810012185core:WithinOneYear2024-02-2910012185core:AfterOneYear2025-02-2810012185core:AfterOneYear2024-02-2910012185core:ShareCapital2025-02-2810012185core:ShareCapital2024-02-2910012185core:SharePremium2025-02-2810012185core:SharePremium2024-02-2910012185core:RetainedEarningsAccumulatedLosses2025-02-2810012185core:RetainedEarningsAccumulatedLosses2024-02-2910012185bus:Director12024-03-012025-02-2810012185bus:RegisteredOffice2024-03-012025-02-28100121852023-03-012024-02-2910012185core:LandBuildings2025-02-2810012185core:LandBuildings2024-02-291001218512024-03-012025-02-2810012185countries:EnglandWales2024-03-012025-02-2810012185bus:AuditExempt-NoAccountantsReport2024-03-012025-02-2810012185bus:PrivateLimitedCompanyLtd2024-03-012025-02-2810012185bus:SmallEntities2024-03-012025-02-2810012185bus:FullAccounts2024-03-012025-02-28
Company registration number:
10012185
Vivace Properties Limited
Unaudited Filleted Financial Statements for the year ended
28 February 2025
Vivace Properties Limited
Statement of Financial Position
28 February 2025
20252024
Note££
Fixed assets    
Tangible assets 5
9,911,070
 
9,911,070
 
Current assets    
Debtors 6
758,596
 
658,341
 
Cash at bank and in hand
24,095
 
49,700
 
782,691
 
708,041
 
Creditors: amounts falling due within one year 7
(7,986,486
)
(7,893,589
)
Net current liabilities
(7,203,795
)
(7,185,548
)
Total assets less current liabilities 2,707,275   2,725,522  
Creditors: amounts falling due after more than one year 8
(23,934
)
(30,306
)
Net assets
2,683,341
 
2,695,216
 
Capital and reserves    
Called up share capital
52
 
52
 
Share premium
2,832,265
 
2,832,265
 
Profit and loss account
(148,976
)
(137,101
)
Shareholders funds
2,683,341
 
2,695,216
 
For the year ending
28 February 2025
, 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
18 April 2025
, and are signed on behalf of the board by:
J Ashworth
Director
Company registration number:
10012185
Vivace Properties Limited
Notes to the Financial Statements
Year ended
28 February 2025

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
38 Stamford Brook Road
,
London
,
W6 0XL
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland' and the requirements of the Companies Act 2006 as applicable 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.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets and to include investment properties at fair value.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

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.

Turnover

Turnover is measured at the fair value of the rent received or receivable in the normal course of business.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Investment properties

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2024:
2
).

5 Tangible assets

Land and buildings
£
Cost  
At
1 March 2024
and
28 February 2025
9,911,070
 
Depreciation  
At
1 March 2024
and
28 February 2025
-  
Carrying amount  
At
28 February 2025
9,911,070
 
At 29 February 2024
9,911,070
 

Investment property

Included in land and buildings are the following amounts in relation to investment properties:
2025
£
Carrying value at
1 March 2024
and
28 February 2025
9,911,070
 
Investment property comprises properties purchased for rental. The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the director who has years of experience in this area. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and taking into account valuations for mortgage purposes.

6 Debtors

20252024
££
Trade debtors -  
7,852
 
Other debtors
758,596
 
650,489
 
758,596
 
658,341
 

7 Creditors: amounts falling due within one year

20252024
££
Bank loans and overdrafts
7,831,377
 
7,777,576
 
Trade creditors
8,749
 
7
 
Taxation and social security
29,376
 
16,027
 
Other creditors
116,984
 
99,979
 
7,986,486
 
7,893,589
 
The bank loans are secured by charges over the investment property.

8 Creditors: amounts falling due after more than one year

20252024
££
Bank loans and overdrafts
23,934
 
30,306