Registered number
07337433
Vectis Developments Ltd
Unaudited Filleted Accounts
31 August 2024
Vectis Developments Ltd
Registered number: 07337433
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 335,838 292,672
Current assets
Debtors 4 5,408 246
Cash at bank and in hand 32,260 28,094
37,668 28,340
Creditors: amounts falling due within one year 5 (228,959) (177,401)
Net current liabilities (191,291) (149,061)
Total assets less current liabilities 144,547 143,611
Creditors: amounts falling due after more than one year 6 (54,452) (57,207)
Provisions for liabilities (10,835) (10,835)
Net assets 79,260 75,569
Capital and reserves
Called up share capital 2 2
Revaluation reserve 7 54,504 54,504
Profit and loss account 24,754 21,063
Shareholders' funds 79,260 75,569
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.
Mr R Smallman
Director
Approved by the board on 27 May 2025
Vectis Developments 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 rental income.
Tangible fixed assets
Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure. Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the profit and loss account accumulated in the profit and loss reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 September 2023 292,672
Additions 43,166
At 31 August 2024 335,838
Depreciation
At 31 August 2024 -
Net book value
At 31 August 2024 335,838
At 31 August 2023 292,672
Freehold land and buildings: 2024 2023
£ £
Historical cost 278,812 235,646
Cumulative depreciation based on historical cost - -
278,812 235,646
The properties are included at valuation by the directors at open market value of £195,838 for 24 Scarrots lane and £140,000 for 67 Pyle Street.
4 Debtors 2024 2023
£ £
Other debtors 5,408 246
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 868 2,003
Other creditors 228,091 175,398
228,959 177,401
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 54,452 57,207
7 Revaluation reserve 2024 2023
£ £
At 1 September 2023 54,504 54,504
At 31 August 2024 54,504 54,504
8 Related party transactions
Other creditors include amounts due to the directors of £174,588 (2023: £169,088.)
9 Controlling party
The company is under the control of the directors, who each own 50% of the issued share capital.
10 Other information
Vectis Developments Ltd is a private company limited by shares and incorporated in England. Its registered office is:
44 Place Road
Cowes
Isle of Wight
PO31 7UB
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