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Company No: SC183210 (Scotland)

VIJRAM LTD.

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH THE REGISTRAR

VIJRAM LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024

Contents

VIJRAM LTD.

BALANCE SHEET

AS AT 31 OCTOBER 2024
VIJRAM LTD.

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 62,380 48,170
Investment property 4 13,589,474 12,912,446
13,651,854 12,960,616
Current assets
Debtors 5 102,814 198,047
Cash at bank and in hand 41,341 19,052
144,155 217,099
Creditors: amounts falling due within one year 6 ( 4,738,650) ( 4,310,030)
Net current liabilities (4,594,495) (4,092,931)
Total assets less current liabilities 9,057,359 8,867,685
Creditors: amounts falling due after more than one year 7 ( 2,021,920) ( 2,300,535)
Provision for liabilities ( 7,771) ( 114,106)
Net assets 7,027,668 6,453,044
Capital and reserves
Called-up share capital 8 166 166
Share premium account 2,204,022 2,204,022
Revaluation reserve 1,156,833 1,156,833
Profit and loss account 3,666,647 3,092,023
Total shareholders' funds 7,027,668 6,453,044

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Vijram Ltd. (registered number: SC183210) were approved and authorised for issue by the Board of Directors on 25 July 2025. They were signed on its behalf by:

P K Randev
Director
VIJRAM LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
VIJRAM LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Vijram Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Johnston Carmichael, 227 West George Street, Glasgow, G2 2ND, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the year end, the company had net current liabilities totalling £4,591,995 (2023: £4,092,931). The directors have confirmed that no related parties will seek repayment of monies due to them within the next 12 months and the directors will financially support the company if required to allow it to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover represents the amounts of rent receivable and transactions fees charged during the year net of VAT.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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 classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 November 2023 229,885 229,885
Additions 27,181 27,181
At 31 October 2024 257,066 257,066
Accumulated depreciation
At 01 November 2023 181,715 181,715
Charge for the financial year 12,971 12,971
At 31 October 2024 194,686 194,686
Net book value
At 31 October 2024 62,380 62,380
At 31 October 2023 48,170 48,170

4. Investment property

Investment property
£
Valuation
As at 01 November 2023 12,912,446
Additions 952,028
Disposals (275,000)
As at 31 October 2024 13,589,474

Valuation

Investment properties were valued by the directors at 31 October 2024, on an open market basis by reference to market evidence of transaction prices for similar properties.

5. Debtors

2024 2023
£ £
Trade debtors 4 156,738
Amounts owed by related parties (note 10) 20,238 38,944
Other debtors 82,572 2,365
102,814 198,047

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 182,339 175,907
Trade creditors 85,504 52,284
Amounts owed to related parties (note 10) 3,000,951 3,075,632
Corporation tax 403,901 243,275
Other taxation and social security 24,496 31,610
Other creditors 1,041,459 731,322
4,738,650 4,310,030

Bank loans of £113,751 (2023: £124,135) are secured by charges over certain assets of the company.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 1,321,187 1,509,958
Other creditors 700,733 790,577
2,021,920 2,300,535

Bank loans of £1,055,387 (2023: £1,175,500) are secured by charges over certain assets of the company. Other creditors of £700,733 (2023: £790,577) are secured by charges over certain assets of the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (repayable by instalments) 1,275,598 756,829

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
16,578 Ordinary shares of £ 0.01 each 166 166

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 5,460 5,460
between one and five years 21,840 21,840
after five years 502,320 507,780
529,620 535,080

10. Related party transactions

Transactions with related parties or connected persons

Amounts owed by related parties

2024 2023
£ £
Entities with control, joint control or significant influence over the company 20,238 38,944

Amounts owed to related parties

2024 2023
£ £
Entities with control, joint control or significant influence over the company 3,000,951 3,075,632

Sale of services

2024 2023
£ £
Entities with control, joint control or significant influence over the company 355,400 292,106

During the year the company entered into the above transactions with related parties.

Transactions with the entity’s directors (or members of its governing body)

Amounts owed to directors

2024 2023
£ £
Key management personnel 412,864 407,366