Registered number
10126182
VT Property Services Ltd
Filleted Accounts
31 August 2024
VT Property Services Ltd
Registered number: 10126182
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 3,185,680 3,185,906
Current assets
Debtors 5 3,136 -
Cash at bank and in hand 14,893 10,598
18,029 10,598
Creditors: amounts falling due within one year 6 (1,710,177) (1,723,605)
Net current liabilities (1,692,148) (1,713,007)
Total assets less current liabilities 1,493,532 1,472,899
Creditors: amounts falling due after more than one year 7 (2,281,001) (2,180,992)
Net liabilities (787,469) (708,093)
Capital and reserves
Called up share capital 400 400
Profit and loss account (787,869) (708,493)
Shareholders' funds (787,469) (708,093)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Craig Sanders
Director
Approved by the board on 20 May 2025
VT Property Services Ltd
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings no depreciation
Leasehold land and buildings no depreciation
Plant and machinery 25% reducing balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Going concern
The accounts have been prepared using the going concern basis. The directors are confident that credit facilities will continue to be extended to the company and that the company has the resources and support to pay liabilities as they fall due for at least the coming 12 months.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 September 2023 3,185,000 5,877 3,190,877
At 31 August 2024 3,185,000 5,877 3,190,877
Depreciation
At 1 September 2023 - 4,971 4,971
Charge for the year - 226 226
At 31 August 2024 - 5,197 5,197
Net book value
At 31 August 2024 3,185,000 680 3,185,680
At 31 August 2023 3,185,000 906 3,185,906
Freehold land and buildings: 2024 2023
£ £
Historical cost 3,601,226 3,601,226
Cumulative depreciation based on historical cost - -
3,601,226 3,601,226
All investment properties were revalued in March 2024 by Taylor Chartered Surveyors in accordance with the RICS Valuation - Professional Standards. The directors consider that there will have been no material change in valuation between March 2024 and 31 August 2024.
5 Debtors 2024 2023
£ £
Other debtors 3,136 -
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 34,347 26,191
Trade creditors 884 884
Other loans 1,670,999 1,568,983
Accruals 1,140 124,740
Other creditors 2,807 2,807
1,710,177 1,723,605
Other loans of £1,670,999 are owed to Vision Teaching Ltd, a company in which Craig Sanders and Daniel Leigh are also directors. The loan carries interest of 2% per annum. Whilst the loan is repayable on demand, no repayments are expected to be made within one year.
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,281,001 2,180,992
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 1,943,845 1,798,670
Secured bank loans 2,315,348 2,207,183
Bank loans are secured by a charge against the properties which are loaned against, along with personal guarantees from the directors capped at £50,000 per director per property.
9 Other information
VT Property Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
25 Old Broad Street
Level 19c
London
EC2N 1HQ
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