| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| VRESHP (HOMELESSNESS) LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| VRESHP (HOMELESSNESS) LIMITED |
| VRESHP (HOMELESSNESS) LIMITED (REGISTERED NUMBER: 13386519) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 2 |
| VRESHP (HOMELESSNESS) LIMITED (REGISTERED NUMBER: 13386519) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Investments | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Revaluation reserve | 11 | ( |
) | ( |
) |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| VRESHP (HOMELESSNESS) LIMITED (REGISTERED NUMBER: 13386519) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Vreshp (Homelessness) Limited is a private company limited by shares, registered in England and Wales. The company's registered number is 13386519 and registered office is 3rd Floor, 3-5 Rathbone Place, London, England, W1T 1HJ. |
| The presentational currency of the financial statements and the functional currency of the company is Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Vreshp (Homelessness) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Related party exemption |
| The company has taken advantage of the exemption, under the terms of Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Significant judgements and estimates |
| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| Turnover |
| Turnover is measured at the fair value of the rental income received or receivable from tenants. Leases that include a rent-free period or stepped rent have their rental income spread over the term of the lease or for the term to the next lease break if it is anticipated that the tenant will exercise their break option. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| VRESHP (HOMELESSNESS) LIMITED (REGISTERED NUMBER: 13386519) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets, which include trade debtors, other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised. |
| Basic financial liabilities, including trade creditors, other creditors and amounts owed to group undertakings, that are classified as debt, 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 are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Finance costs |
| Finance costs include interest on bank loans, interest on shareholder loans and associated costs of obtaining finance. |
| The bank loan attracts a fixed interest rate of 4.87%, which is payable on a quarterly basis. The loans with the shareholders bear interest at a rate of 5.5%. The interest accrues and compounds quarterly. Costs associated with obtaining finance are spread over the term of the loan, which expires in December 2025. |
| Going concern |
| The Directors intend to sell all assets from their property portfolio. Following the sale of all properties, the directors intend to settle all liabilities, distribute profits to the shareholders, and then liquidate the company. Consequently these financial statements have been prepared on a basis other than going concern. The change in basis of preparation of the financial statements has not resulted in any changes to the carrying value of the company's assets or liabilities. |
| VRESHP (HOMELESSNESS) LIMITED (REGISTERED NUMBER: 13386519) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | EMPLOYEES |
| The average number of employees during the year was NIL (2023 - NIL). |
| 4. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| Impairments | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: 3rd Floor, 3-5 Rathbone Place, London, England, W1T 1HJ |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 3rd Floor, 3-5 Rathbone Place, London, England, W1T 1HJ |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 3rd Floor, 3-5 Rathbone Place, London, England, W1T 1HJ |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 3rd Floor, 3-5 Rathbone Place, London, England, W1T 1HJ |
| Nature of business: |
| % |
| Class of shares: | holding |
| VRESHP (HOMELESSNESS) LIMITED (REGISTERED NUMBER: 13386519) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2024 |
| Revaluations | (215,782 | ) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| The investment properties were valued by the directors at 31 December 2024. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Accrued income |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Other creditors |
| Deferred income |
| Accrued expenses |
| The bank loan is due for repayment in December 2025. The bank loan attracts a fixed interest rate of 4.87%, which is payable on a quarterly basis. |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Senior loans - 2-5 years |
| Amounts owed to group undertakings |
| The loans with the shareholders bear interest at a rate of 5.5%. The interest accrues and compounds quarterly. |
| VRESHP (HOMELESSNESS) LIMITED (REGISTERED NUMBER: 13386519) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Senior loans |
| Oxane Partners Limited acting as security trustee for EQ ECRED Investments I S.a.r.l., have a fixed and floating charge over all the assets of the company as security for the loan. They also have a fixed and floating charge over the assets of related group companies Vreshp (Affordable) Limited and Vreshp (Specialist Supported) Limited. The total amount secured across all the companies is £50,522,178 (2023: £52,619,597). |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary A | 1 | 98 | 98 |
| Ordinary B | 1 | 2 | 2 |
| 100 | 100 |
| Allotted and issued: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| C Shares | 1 | 1 | 1 |
| The A Ordinary and B Ordinary shares have voting rights, a right to appoint directors and a right to receive dividends and distributions upon a winding up. |
| The C share has a right to receive dividends and distributions upon a winding up but does not have voting rights or a right to appoint a director. |
| 11. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 January 2024 | ( |
) |
| Transfer on asset revaluation | (215,782 | ) |
| At 31 December 2024 | ( |
) |
| VRESHP (HOMELESSNESS) LIMITED (REGISTERED NUMBER: 13386519) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| We draw attention to note 2 to the financial statements, which explains that the director intends to liquidate the company and therefore does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 2. Our opinion is not modified in respect of this matter. |
| for and on behalf of |
| 13. | RELATED PARTY DISCLOSURES |
| During the year, the company purchased asset management services with a value of £130,350 (2023: £126,052) from Vengrove Real Estate (UK) Limited, a company of which R W H Taylor is a director. As at 31 December 2024 the company owed £64,924 (2023: £64,924) to Vengrove Real Estate (UK) Limited. The company is expecting to owe further asset management fees of £97,888 (2023: £Nil) to Vengrove Real Estate (UK) Limited. |
| 14. | POST BALANCE SHEET EVENTS |
| After the balance sheet date, the company disposed of the investment property for a sales price of £1,825,000. |
| The company's subsidiary undertakings disposed of a number of their investment property holdings for an aggregate sales price of £5,663,250 after the balance sheet date. |
| 15. | ULTIMATE CONTROLLING PARTY |
| The immediate parent company is CL UK SH Sarl, a company incorporated in Luxembourg. There is no single ultimate parent company. The ultimate controlling party is Rory O'Neill. |