Company registration number 07031904 (England and Wales)
VIAGEFI 1 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
VIAGEFI 1 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
VIAGEFI 1 LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
Fixed assets
Investment property
4
5,782,000
6,429,000
Current assets
Debtors
5
2,049,257
1,632,015
Cash at bank and in hand
2,632
77,834
2,051,889
1,709,849
Creditors: amounts falling due within one year
6
(162,876)
(163,446)
Net current assets
1,889,013
1,546,403
Total assets less current liabilities
7,671,013
7,975,403
Creditors: amounts falling due after more than one year
7
(2,780,153)
(2,400,759)
Provisions for liabilities
-
0
(124,000)
Net assets
4,890,860
5,450,644
Capital and reserves
Called up share capital
8
7,853,000
7,762,000
Share premium account
179,700
179,700
Other reserves
1,963,950
1,963,950
Profit and loss reserves
(5,105,790)
(4,455,006)
Total equity
4,890,860
5,450,644
VIAGEFI 1 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -

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

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 29 August 2025 and are signed on its behalf by:
Mr P  Gerard
Director
Company registration number 07031904 (England and Wales)
VIAGEFI 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Viagefi 1 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Nova North, 11 Bressenden Place, London, SW1E 5BY.

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 Euros (€), 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 the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
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. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

VIAGEFI 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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, bank loans, loans from fellow group companies and preference shares 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 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.

1.6
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.

1.7
Provisions

Provisions are recognised when the company has a legal or constructive present obligation 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

VIAGEFI 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Property annuity

The company has an obligation to pay annuity to the tenants as at the balance sheet date. The obligation is based on life expectancy of the tenants. The exact amount can't be ascertained accurately as the life expectancy of the tenants is unknown. The company has adopted a policy whereby it estimates the average life expectancy using the French Daubry life annuity scale, which is notably based on mortality tables published regularly by the Institut National de la Statistique et des Études Économiques (French National Institute for Statistics and Economic Studies) and the study of tens of thousands of life annuity contracts.

 

3
Employees

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

2024
2023
Number
Number
Total
5
5
4
Investment property
2024
Fair value
At 1 January 2024
6,429,000
Disposals
(647,000)
At 31 December 2024
5,782,000
VIAGEFI 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Investment property
(Continued)
- 6 -

The fair value of the investment properties have been valued by the directors as at the balance sheet date. The directors are in the opinion that the carrying value of the investment properties are not significantly different from the current market value.

5
Debtors
2024
2023
Amounts falling due within one year:
Trade debtors
1,971,521
1,554,279
Other debtors
77,736
77,736
2,049,257
1,632,015
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
20,539
72,188
Taxation and social security
77,018
77,018
Other creditors
65,319
14,240
162,876
163,446
7
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
2,780,153
2,400,759

Creditors due more than 1 year represents obligation by the company as at the balance sheet. Due to the nature of the company's business, an obligation exists at the balance sheet date of which a precise amount is uncertain since the life expectancy of tenants is unknown. In this respect the company has adopted a policy in which the life expectancy is determined by the French Daubry life annuity scale, which is notably based on mortality tables published regularly by the Institut National de la Statistique et des Études Économiques (French National Institute for Statistics and Economic Studies) and the study of tens of thousands of life annuity contracts.

 

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
Issued and fully paid
Ordinary shares of €1000 each
7,762
7,762
7,853,000
7,762,000
2024-12-312024-01-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.200No description of principal activityMr P GerardMr P T Georges GuyMr B JosserandMr L PierreMr M Xavier070319042024-01-012024-12-31070319042024-12-31070319042023-12-3107031904core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3107031904core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3107031904core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-3107031904core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3107031904core:CurrentFinancialInstruments2024-12-3107031904core:CurrentFinancialInstruments2023-12-3107031904core:ShareCapital2024-12-3107031904core:ShareCapital2023-12-3107031904core:SharePremium2024-12-3107031904core:SharePremium2023-12-3107031904core:OtherMiscellaneousReserve2024-12-3107031904core:OtherMiscellaneousReserve2023-12-3107031904core:RetainedEarningsAccumulatedLosses2024-12-3107031904core:RetainedEarningsAccumulatedLosses2023-12-3107031904core:ShareCapitalOrdinaryShareClass12024-12-3107031904core:ShareCapitalOrdinaryShareClass12023-12-3107031904bus:Director12024-01-012024-12-31070319042023-01-012023-12-31070319042023-12-3107031904core:WithinOneYear2024-12-3107031904core:WithinOneYear2023-12-3107031904core:Non-currentFinancialInstruments2024-12-3107031904core:Non-currentFinancialInstruments2023-12-3107031904bus:OrdinaryShareClass12024-01-012024-12-3107031904bus:OrdinaryShareClass12024-12-3107031904bus:OrdinaryShareClass12023-12-3107031904bus:PrivateLimitedCompanyLtd2024-01-012024-12-3107031904bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-3107031904bus:FRS1022024-01-012024-12-3107031904bus:AuditExempt-NoAccountantsReport2024-01-012024-12-3107031904bus:Director22024-01-012024-12-3107031904bus:Director32024-01-012024-12-3107031904bus:Director42024-01-012024-12-3107031904bus:Director52024-01-012024-12-3107031904bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP