Registered number
05299434
Victory Assets Ltd
Filleted Accounts
31 July 2024
Victory Assets Ltd
Registered number: 05299434
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 4,670,000 4,670,000
Investments 4 1,058,500 275,095
5,728,500 4,945,095
Current assets
Debtors 5 275,432 275,432
Cash at bank and in hand 643,415 1,080,987
918,847 1,356,419
Creditors: amounts falling due within one year 6 (2,670,556) (2,654,821)
Net current liabilities (1,751,709) (1,298,402)
Total assets less current liabilities 3,976,791 3,646,693
Creditors: amounts falling due after more than one year 7 (1,246,187) (1,279,669)
Provisions for liabilities (233,053) -
Net assets 2,497,551 2,367,024
Capital and reserves
Called up share capital 5,000 5,000
Non - Distributable Reserve 9 699,161 932,214
Profit and loss account 1,793,390 1,429,810
Shareholders' funds 2,497,551 2,367,024
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 T S Pandher
Director
Approved by the board on 29 July 2025
Victory Assets Ltd
Notes to the Accounts
for the year ended 31 July 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.
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 land, 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 August 2023 4,670,000
At 31 July 2024 4,670,000
Depreciation
At 31 July 2024 -
Net book value
At 31 July 2024 4,670,000
At 31 July 2023 4,670,000
Investment Properties at Fair Value: 2024 2023
£ £
Cost 3,737,786 3,737,786
Valuation in 2012 -307,786 -307,786
Valuation in 2017 860,000 860,000
Valuation in 2019 380,000 380,000
4,670,000 4,670,000
4 Investments
Other
investments
£
Cost
At 1 August 2023 275,095
Additions 9,955,578
Disposals (9,172,173)
At 31 July 2024 1,058,500
5 Debtors 2024 2023
£ £
Other debtors 275,432 275,432
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 94,980 71,498
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,027,807 2,040,508
Taxation and social security costs 25,752 41,318
Other creditors 522,017 501,497
2,670,556 2,654,821
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,246,187 1,279,669
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 1,341,167 1,351,167
Guarantees given by the Directors.
9 Non-Distributable Reserve 2024 2023
£ £
At 1 August 2023 932,214 932,214
Deferred taxation arising on the revaluation of land and buildings (233,053) -
At 31 July 2024 699,161 932,214
10 Related party transactions 2024 2023
£ £
Directors:
Amounts due to/ (from) the Related Party 49,925 32,705
11 Controlling party
The controlling parties are Mr T S Pandher and Mrs P K Pandher by virtue of their ownership of 100% of the issued share capital in the company.
12 Other information
Victory Assets Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 7, The Triangle Centre
Uxbridge Road
Southall
Middx.
UB1 3EJ
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