Company registration number 00561075 (England and Wales)
VICTORIA PARK PROPERTIES (LONDON) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
VICTORIA PARK PROPERTIES (LONDON) LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
VICTORIA PARK PROPERTIES (LONDON) LTD
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,937
5,762
Investment properties
4
8,605,044
8,531,600
8,607,981
8,537,362
Current assets
Debtors
5
3,674,223
3,641,388
Cash at bank and in hand
189,278
203,851
3,863,501
3,845,239
Creditors: amounts falling due within one year
6
(1,223,253)
(1,157,755)
Net current assets
2,640,248
2,687,484
Total assets less current liabilities
11,248,229
11,224,846
Creditors: amounts falling due after more than one year
7
(2,635,946)
(2,645,919)
Provisions for liabilities
8
(2,025,854)
(2,025,854)
Net assets
6,586,429
6,553,073
Capital and reserves
Called up share capital
9
994
994
Non-distributable profits reserve
10
6,180,748
6,180,748
Distributable profit and loss reserves
404,687
371,331
Total equity
6,586,429
6,553,073

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

VICTORIA PARK PROPERTIES (LONDON) LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 August 2025 and are signed on its behalf by:
D Western
Director
Company Registration No. 00561075
VICTORIA PARK PROPERTIES (LONDON) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Victoria Park Properties (London) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 21a Perseverance Works, London, E2 8DD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources 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.

1.3
Turnover

Turnover represents rental income, net of VAT.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% Straight line

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.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

VICTORIA PARK PROPERTIES (LONDON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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 in the company's statement of financial position 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

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.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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.

VICTORIA PARK PROPERTIES (LONDON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 and 31 December 2024
11,302
Depreciation and impairment
At 1 January 2024
5,540
Depreciation charged in the year
2,825
At 31 December 2024
8,365
Carrying amount
At 31 December 2024
2,937
At 31 December 2023
5,762
VICTORIA PARK PROPERTIES (LONDON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 January 2024
8,531,600
Additions
73,444
At 31 December 2024
8,605,044

The fair value of the investment property has been arrived at on the basis of a valuation by Taylor Chartered Surveyors on 22 October 2022. In the directors' opinion, the fair value at the balance sheet date is not materially different from that valuation.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
43,860
19,446
Amounts owed by group undertakings
3,613,900
3,609,220
Other debtors
16,463
12,722
3,674,223
3,641,388
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
885,648
885,648
Trade creditors
161,817
102,292
Taxation and social security
-
0
15,732
Other creditors
175,788
154,083
1,223,253
1,157,755

The bank loan is secured by way of a fixed charge over the investment property held by the company. Guarantees for the full loan facility have been made by LST Capital Ltd, and D Dolniak & D Western.

 

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,946
20,919
Other creditors
2,625,000
2,625,000
2,635,946
2,645,919
VICTORIA PARK PROPERTIES (LONDON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Investment property
2,025,854
2,025,854
There were no deferred tax movements in the year.

 

9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
4
4
4
4
Ordinary 'B' shares of £1 each
990
990
990
990
994
994
994
994

There are two classes of Ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.

10
Non-distributable profits reserve
2024
2023
£
£
At the beginning and end of the year
6,180,748
6,180,748
11
Parent company

Victoria Park Properties (London) Ltd is a wholly owned subsidiary of LST Capital Ltd, incorporated in England and Wales. The registered office is 21a Perseverance Works, London, E2 8DD.

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