Registered number
13647974
VCL Properties UK Ltd
Report and Accounts
30 September 2024
www.chartered.org
VCL Properties UK Ltd
Registered number: 13647974
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 598,853 519,016
Investments 4 120,000 -
718,853 519,016
Current assets
Debtors 5 3,800 120,418
Cash at bank and in hand 5,443 18,760
9,243 139,178
Creditors: amounts falling due within one year 6 (205,426) (167,244)
Net current liabilities (196,183) (28,066)
Total assets less current liabilities 522,670 490,950
Creditors: amounts falling due after more than one year 7 (680,561) (570,906)
Net liabilities (157,891) (79,956)
Capital and reserves
Called up share capital 100 100
Profit and loss account (157,991) (80,056)
Shareholder's funds (157,891) (79,956)
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.
Ms. Roselyne Folakemi Odusanya
Director
Approved by the board on 9 June 2025
VCL Properties UK Ltd
Notes to the Accounts
for the year ended 30 September 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 properties, 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.
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
Land and buildings Fittings Total
£ £ £
Cost
At 1 October 2023 519,016 - 519,016
Additions 79,684 204 79,888
At 30 September 2024 598,700 204 598,904
Depreciation
Charge for the year - 51 51
At 30 September 2024 - 51 51
Net book value
At 30 September 2024 598,700 153 598,853
At 30 September 2023 519,016 - 519,016
4 Investments
Other
investments
£
Cost
Additions 120,000
At 30 September 2024 120,000
5 Debtors 2024 2023
£ £
Trade debtors - 418
Other debtors 3,800 120,000
3,800 120,418
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 41,292 43,371
Trade creditors 15,398 302
Taxation and social security costs (5,076) (807)
Other creditors 153,812 124,378
205,426 167,244
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 680,561 570,906
8 Other information
VCL Properties UK Ltd is a private company limited by shares and incorporated in England. Its registered office is:
128 Cannon Workshops
Cannon Drive
Canary Wharf
London
E14 4AS
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