Registered number
09591418
VIROLA LIMITED
Filleted Accounts
31 May 2024
VIROLA LIMITED
Registered number: 09591418
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,000,000 4,298,000
Current assets
Debtors 4 2,250 25,450
Cash at bank and in hand 632,878 5,156
635,128 30,606
Creditors: amounts falling due within one year 5 (245,226) (262,166)
Net current assets/(liabilities) 389,902 (231,560)
Total assets less current liabilities 5,389,902 4,066,440
Creditors: amounts falling due after more than one year 6 (2,099,778) (1,427,443)
Provisions for liabilities (201,780) (30,780)
Net assets 3,088,344 2,608,217
Capital and reserves
Called up share capital 100 100
Profit and loss account 3,088,244 2,608,117
Shareholder's funds 3,088,344 2,608,217
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.
N Taj
Director
Approved by the board on 29 May 2025
VIROLA LIMITED
Notes to the Accounts
for the year ended 31 May 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.
Investment properties
Investment properties are carried at fair value at each reporting date, determined annually by the external valuers and derived from the current market rents and investment properties yeilds for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Deferred tax on investment properties
Deferred tax relating to investment property that is measured at fair value is measured using the tax rates and allowances that apply to sale of the asset, except for investment property that has a limited useful life and is held within a business model whose objective is to consume substantially all of the economic benefits embodied in the property over time.
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 over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Finance costs
Finance costs are charged to profit and loss account, over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Investment properties
£
Cost
At 1 June 2023 4,298,000
Surplus on revaluation 702,000
At 31 May 2024 5,000,000
Depreciation
At 31 May 2024 -
Net book value
At 31 May 2024 5,000,000
At 31 May 2023 4,298,000
Investment properties are carried at fair value at each reporting date, determined annually by the directors with recommendations from external valuers and derived from the current market rents and investment properties yeilds for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.
4 Debtors 2024 2023
£ £
Other debtors 2,250 25,450
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 45,703
Director's loan 135,701 104,038
Taxation and social security costs 11,501 11,501
Other creditors 98,024 100,924
245,226 262,166
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,099,778 1,427,443
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 2,099,778 1,244,633
Secured bank loans 2,099,778 1,473,146
The bank loans are secured over certain of the Company's investment properties.
8 Related party transactions
At the year end, the company owed £135,701 (2023: £104,038) to a member of key management personnel. The loan is repayable on demand and the rate of interest charged is 0%. The loan is presented within creditors: amounts falling due within one year.
9 Other information
VIROLA LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
127 Hoe Street
London
E17 4RX
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