Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investment property | 4 |
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| 1,016,814 | 857,027 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand | 6 |
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| 28,543 | 4,242 | |||
| Creditors: amounts falling due within one year | 7 | (
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| 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 | (
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| Provision for liabilities | 9, 10 | (
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| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital | 11 |
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| Revaluation reserve |
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| Profit and loss account | (
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| Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of Vesica Apartments Limited (registered number:
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Lewis Ross
Director |
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.
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 £.
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.
Rental income is recognised on a straight line basis over the term of the lease and rental period.
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.
| Plant and machinery etc. |
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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.
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
The fair value is determined annually by the director, on an open market value for existing use basis.
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.
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.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Plant and machinery etc. | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 September 2023 |
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| Additions |
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| Disposals | (
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| At 31 August 2024 |
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| Accumulated depreciation | |||
| At 01 September 2023 |
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| Charge for the financial year |
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| Disposals | (
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| At 31 August 2024 |
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| Net book value | |||
| At 31 August 2024 |
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| At 31 August 2023 |
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| Investment property | |
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| Valuation | |
| As at 01 September 2023 |
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| Additions | 188,963 |
| Fair value movement | (27,405) |
| As at 31 August 2024 |
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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.
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Cash at bank and in hand |
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| £ | £ | ||
| Bank loans |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| Other creditors |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (repayable by instalments) |
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| 2024 | 2023 | ||
| £ | £ | ||
| Deferred tax |
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| 2024 | 2023 | ||
| £ | £ | ||
| At the beginning of financial year | (
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| Charged to the Profit and Loss Account |
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| At the end of financial year | (
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| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 100 | 100 |
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.