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REGISTERED NUMBER: 13386519 (England and Wales)















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 8,969,461 13,627,012
Investment property 5 1,825,000 2,040,782
10,794,461 15,667,794

CURRENT ASSETS
Debtors 6 12,807,920 14,687,599
Cash at bank 3,750 74,683
12,811,670 14,762,282
CREDITORS
Amounts falling due within one year 7 (21,584,196 ) (8,518,743 )
NET CURRENT (LIABILITIES)/ASSETS (8,772,526 ) 6,243,539
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,021,935

21,911,333

CREDITORS
Amounts falling due after more than one
year

8

(12,567,451

)

(25,905,035

)
NET LIABILITIES (10,545,516 ) (3,993,702 )

CAPITAL AND RESERVES
Called up share capital 10 101 101
Revaluation reserve 11 (455,442 ) (239,660 )
Retained earnings (10,090,175 ) (3,754,143 )
SHAREHOLDERS' FUNDS (10,545,516 ) (3,993,702 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2025 and were signed on its behalf by:





R W H Taylor - Director


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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 13,627,012
Impairments (4,657,551 )
At 31 December 2024 8,969,461
NET BOOK VALUE
At 31 December 2024 8,969,461
At 31 December 2023 13,627,012

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Vreshp II Limited
Registered office: 3rd Floor, 3-5 Rathbone Place, London, England, W1T 1HJ
Nature of business: Residential property rental
%
Class of shares: holding
Ordinary A 100.00
Ordinary B 100.00

Vreshp III Limited
Registered office: 3rd Floor, 3-5 Rathbone Place, London, England, W1T 1HJ
Nature of business: Residential property rental
%
Class of shares: holding
Ordinary 100.00

Vreshp IV Limited
Registered office: 3rd Floor, 3-5 Rathbone Place, London, England, W1T 1HJ
Nature of business: Residential property rental
%
Class of shares: holding
Ordinary 100.00

Vreshp V Limited
Registered office: 3rd Floor, 3-5 Rathbone Place, London, England, W1T 1HJ
Nature of business: Residential property rental
%
Class of shares: holding
Ordinary 100.00

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 2,040,782
Revaluations (215,782 )
At 31 December 2024 1,825,000
NET BOOK VALUE
At 31 December 2024 1,825,000
At 31 December 2023 2,040,782

The investment properties were valued by the directors at 31 December 2024.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,586 -
Amounts owed by group undertakings 12,231,346 13,936,427
Other debtors 194,675 13,010
Accrued income 175 17,596
Prepayments 377,138 720,566
12,807,920 14,687,599

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 12,001,514 -
Trade creditors 124,179 68,546
Amounts owed to group undertakings 8,953,379 8,268,623
Other creditors 228,500 -
Deferred income 32,525 -
Accrued expenses 244,099 181,574
21,584,196 8,518,743

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 - 14,007,440
Amounts owed to group undertakings 12,567,451 11,897,595
12,567,451 25,905,035

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 12,001,514 14,007,440

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: £    £   
98 Ordinary A 1 98 98
2 Ordinary B 1 2 2
100 100

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
1 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 (239,660 )
Transfer on asset revaluation (215,782 )

At 31 December 2024 (455,442 )

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.

Richard Gilbert (Senior Statutory Auditor)
for and on behalf of SRLV Audit Limited

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.