Registered number
10209211
Victor M.A. Property Limited
Filleted Accounts
30 November 2024
Victor M.A. Property Limited
Registered number: 10209211
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 240,000 240,000
Current assets
Cash at bank and in hand 7,979 8,451
Creditors: amounts falling due within one year 4 (8,935) (13,654)
Net current liabilities (956) (5,203)
Total assets less current liabilities 239,044 234,797
Creditors: amounts falling due after more than one year 5 (197,719) (205,156)
Provisions for liabilities (9,290) (9,290)
Net assets 32,035 20,351
Capital and reserves
Called up share capital 102 102
Profit and loss account 31,933 20,249
Shareholders' funds 32,035 20,351
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.
….............................
A P Barnes
Director
Approved by the board on 27 July 2025
Victor M.A. Property Limited
Notes to the Accounts
for the year ended 30 November 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
Tunover represents rent receivable from the letting of investment property.
Investment properties
Investment property, which is property held to earn rentals and 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.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Investments
Other
investments
£
Cost
At 1 December 2023 240,000
At 30 November 2024 240,000
Historical cost
At 1 December 2023 191,107
At 30 November 2024 191,107
Investment property comprises residential property included at fair value which was arrived at on the basis of a valuation carried out at 31 May 2022 by the directors and is deemed to be the same at the current year end. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,937 2,780
Trade creditors - 3,036
Taxation and social security costs 36 -
Other creditors 5,962 7,838
8,935 13,654
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 46,194 49,131
Other creditors 151,525 156,025
197,719 205,156
6 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 32,771 36,350
Secured bank loans 49,131 51,911
The bank loan is secured by a charge over one of the investment properties.
7 Related party transactions
Included in creditors is £151,525 (2023 : £156,025) owed to a business owned by the director M P Barnes.
8 Other information
Victor M.A. Property Limited is a private company limited by shares and incorporated in England. Its registered office is:
29 Adeline Gardens
Gosforth
Newcastle upon Tyne
NE3 4JQ
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