2023-11-012024-10-312024-10-31false12222617VANTAGE APARTMENTS 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VANTAGE APARTMENTS LTD

Registered Number
12222617
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2024

VANTAGE APARTMENTS LTD
Company Information
for the year from 1 November 2023 to 31 October 2024

Directors

GEE, Christopher Mark
GODSALL, Daniel

Registered Address

Suite Lp51387 Vantage Apartments
20-22 Wenlock Road
London
N1 7GU

Registered Number

12222617 (England and Wales)
VANTAGE APARTMENTS LTD
Balance Sheet as at
31 October 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets571,47699,280
71,47699,280
Current assets
Debtors6275,419396,496
Cash at bank and on hand95,16235,173
370,581431,669
Creditors amounts falling due within one year7(171,448)(221,500)
Net current assets (liabilities)199,133210,169
Total assets less current liabilities270,609309,449
Creditors amounts falling due after one year8(26,486)(61,950)
Provisions for liabilities9(8,395)(13,225)
Net assets235,728234,274
Capital and reserves
Called up share capital100100
Profit and loss account235,628234,174
Shareholders' funds235,728234,274
The financial statements were approved and authorised for issue by the Board of Directors on 23 April 2025, and are signed on its behalf by:
GODSALL, Daniel
Director
Registered Company No. 12222617
VANTAGE APARTMENTS LTD
Notes to the Financial Statements
for the year ended 31 October 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern.
Turnover policy
Turnover represents income receivable in relation to rent and other related charges for the provision of serviced apartments, exclusive of Value Added Tax. Income is recognised on an accruals basis over the period that the property is rented.
Operating leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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.
Defined contribution pension plan
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. 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 and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Website costs - straight line over 3 years
Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases (note: certain assets are written off on a 25% or 20% reducing balance):

Straight line (years)
Plant and machinery3
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.
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, 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. 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, 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.
2.Average number of employees

20242023
Average number of employees during the year99
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Intangible assets

Other

Total

££
Cost or valuation
At 01 November 238,6578,657
At 31 October 248,6578,657
Amortisation and impairment
At 01 November 238,6578,657
At 31 October 248,6578,657
Net book value
At 31 October 24--
At 31 October 23--
5.Tangible fixed assets

Plant & machinery

Total

££
Cost or valuation
At 01 November 23200,718200,718
Additions3,3113,311
At 31 October 24204,029204,029
Depreciation and impairment
At 01 November 23101,438101,438
Charge for year31,11531,115
At 31 October 24132,553132,553
Net book value
At 31 October 2471,47671,476
At 31 October 2399,28099,280
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables175,708267,395
Other debtors80,020110,266
Prepayments and accrued income19,69118,835
Total275,419396,496
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables53,77646,498
Taxation and social security34,43032,060
Other creditors68,78277,624
Accrued liabilities and deferred income14,46065,318
Total171,448221,500
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts26,48661,950
Total26,48661,950
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)8,39513,225
Total8,39513,225
10.Operating lease commitments
At the reporting end date the company had total commitments under operating leases over the remaining life of those leases of £1,413,585 (2023 – £1,798,574)
11.Related party transactions
At the balance sheet date, included within creditors is an amount due to the directors of £61,910 (2023: £74,975).