Silverfin false false 31/08/2024 01/09/2023 31/08/2024 Lewis Ross 20/08/2020 27 May 2025 The principal activities of the Company during the financial year was that of property letting from long term lets and AirBNB. SC671511 2024-08-31 SC671511 bus:Director1 2024-08-31 SC671511 2023-08-31 SC671511 core:CurrentFinancialInstruments 2024-08-31 SC671511 core:CurrentFinancialInstruments 2023-08-31 SC671511 core:Non-currentFinancialInstruments 2024-08-31 SC671511 core:Non-currentFinancialInstruments 2023-08-31 SC671511 core:ShareCapital 2024-08-31 SC671511 core:ShareCapital 2023-08-31 SC671511 core:RevaluationReserve 2024-08-31 SC671511 core:RevaluationReserve 2023-08-31 SC671511 core:RetainedEarningsAccumulatedLosses 2024-08-31 SC671511 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC671511 core:OtherPropertyPlantEquipment 2023-08-31 SC671511 core:OtherPropertyPlantEquipment 2024-08-31 SC671511 core:MoreThanFiveYears 2024-08-31 SC671511 core:MoreThanFiveYears 2023-08-31 SC671511 2022-08-31 SC671511 bus:OrdinaryShareClass1 2024-08-31 SC671511 bus:OrdinaryShareClass2 2024-08-31 SC671511 2023-09-01 2024-08-31 SC671511 bus:FilletedAccounts 2023-09-01 2024-08-31 SC671511 bus:SmallEntities 2023-09-01 2024-08-31 SC671511 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 SC671511 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 SC671511 bus:Director1 2023-09-01 2024-08-31 SC671511 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-09-01 2024-08-31 SC671511 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-09-01 2024-08-31 SC671511 2022-09-01 2023-08-31 SC671511 core:OtherPropertyPlantEquipment 2023-09-01 2024-08-31 SC671511 core:CurrentFinancialInstruments 2023-09-01 2024-08-31 SC671511 core:Non-currentFinancialInstruments 2023-09-01 2024-08-31 SC671511 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 SC671511 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 SC671511 bus:OrdinaryShareClass2 2023-09-01 2024-08-31 SC671511 bus:OrdinaryShareClass2 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC671511 (Scotland)

VESICA APARTMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH THE REGISTRAR

VESICA APARTMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024

Contents

VESICA APARTMENTS LIMITED

BALANCE SHEET

AS AT 31 AUGUST 2024
VESICA APARTMENTS LIMITED

BALANCE SHEET (continued)

AS AT 31 AUGUST 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 16,814 18,585
Investment property 4 1,000,000 838,442
1,016,814 857,027
Current assets
Debtors 5 15,873 4,159
Cash at bank and in hand 6 12,670 83
28,543 4,242
Creditors: amounts falling due within one year 7 ( 244,362) ( 2,698)
Net current (liabilities)/assets (215,819) 1,544
Total assets less current liabilities 800,995 858,571
Creditors: amounts falling due after more than one year 8 ( 811,073) ( 864,760)
Provision for liabilities 9, 10 ( 12,744) ( 12,744)
Net liabilities ( 22,822) ( 18,933)
Capital and reserves
Called-up share capital 11 100 100
Revaluation reserve 38,232 38,232
Profit and loss account ( 61,154 ) ( 57,265 )
Total shareholder's deficit ( 22,822) ( 18,933)

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Vesica Apartments Limited (registered number: SC671511) were approved and authorised for issue by the Director on 27 May 2025. They were signed on its behalf by:

Lewis Ross
Director
VESICA APARTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
VESICA APARTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Vesica Apartments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 43 Larkfield Gardens, Edinburgh, EH5 3QB, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover represents amounts receivable for property rental including short term lets.

Rental income is recognised on a straight line basis over the term of the lease and rental period.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 September 2023 26,005 26,005
Additions 4,735 4,735
Disposals ( 1,298) ( 1,298)
At 31 August 2024 29,442 29,442
Accumulated depreciation
At 01 September 2023 7,420 7,420
Charge for the financial year 5,791 5,791
Disposals ( 583) ( 583)
At 31 August 2024 12,628 12,628
Net book value
At 31 August 2024 16,814 16,814
At 31 August 2023 18,585 18,585

4. Investment property

Investment property
£
Valuation
As at 01 September 2023 838,442
Additions 188,963
Fair value movement (27,405)
As at 31 August 2024 1,000,000

Valuation

The fair value of the investment properties held by the company has been arrived at on the basis of a valuation carried out on 31 August 2024 by the director. The valuations were made on an open market basis by reference to market evidence of the transaction prices for similar properties.

5. Debtors

2024 2023
£ £
Trade debtors 2,100 1,000
Other debtors 13,773 3,159
15,873 4,159

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 12,670 83

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 152,123 0
Other creditors 92,239 2,698
244,362 2,698

Included within Bank loans is a loan which are secured via standard security over the property to which it relates.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 283,775 283,775
Other creditors 527,298 580,985
811,073 864,760

Included within Bank loans is a loan which are secured via standard security over the property to which it relates.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (repayable by instalments) 283,775 283,775

9. Provision for liabilities

2024 2023
£ £
Deferred tax 12,744 12,744

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 12,744) 0
Charged to the Profit and Loss Account 0 ( 12,744)
At the end of financial year ( 12,744) ( 12,744)

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50 A ordinary shares of £ 1.00 each 50 50
50 B ordinary shares of £ 1.00 each 50 50
100 100

12. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amount owed to director 603,298 580,985

The directors loan account is interest free and unsecured. £76,000 of this balance has been presented as repayable within 12 months and the balance is repayable over 12 months.