REGISTERED NUMBER: 11160704 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

FOR

VSPROPERTY DEVELOPMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mrs L J Emberson

REGISTERED OFFICE:

44 Brangwyn Drive

Brighton

East Sussex

BN1 8XD

REGISTERED NUMBER:

11160704 (England and Wales)

ACCOUNTANTS:

Galloways Accounting (Hove) Limited

15 West Street

Brighton

East Sussex

BN1 2RL

FIXED ASSETS

Tangible assets

3

744

1,521

Investment property

4

2,303,291

2,195,000

2,304,035

2,196,521

CURRENT ASSETS

Debtors

5

536

-

Cash at bank

3,291

4,517

3,827

4,517

CREDITORS

Amounts falling due within one year

6

917,225

803,411

NET CURRENT LIABILITIES

(913,398

)

(798,894

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,390,637

1,397,627

CREDITORS

Amounts falling due after more than one year

7

(1,178,098

)

(1,178,094

)

PROVISIONS FOR LIABILITIES

(56,040

)

(44,638

)

NET ASSETS

156,499

174,895

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

167,376

188,778

Retained earnings

(10,977

)

(13,983

)

156,499

174,895

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 July 2025 and were signed by:

Mrs L J Emberson - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

These financial statements have been prepared on the basis that the company will continue to be a going concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

Turnover

Turnover represents the following types of income

- Rental income

- Income from the sale of properties

All income is recognised on a receivable basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

3.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 February 2024

and 31 January 2025

2,333

DEPRECIATION

At 1 February 2024

812

Charge for year

777

At 31 January 2025

1,589

NET BOOK VALUE

At 31 January 2025

744

At 31 January 2024

1,521

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2024

2,195,000

Additions

118,291

Revaluations

(10,000

)

At 31 January 2025

2,303,291

NET BOOK VALUE

At 31 January 2025

2,303,291

At 31 January 2024

2,195,000

Fair value at 31 January 2025 is represented by:

£

Valuation in 2023

257,028

Valuation in 2024

(23,612

)

Valuation in 2025

(10,000

)

Cost

2,079,875

2,303,291

As at the balance sheet date, the fair value includes a net revaluation of £223,416. This is included within profit and loss reserves but is not distributable as it is unrealised.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Prepayments

536

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Social security and other taxes

535

(88

)

Other creditors

334,750

307,500

Directors' loan accounts

580,319

494,348

Accrued expenses

1,621

1,651

917,225

803,411

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans more 5 yrs non-inst

1,178,098

1,178,094

2025

2024

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

1,178,098

1,178,094

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year, Mrs L J Emberson increased her loan to the company. As at 31 January 2025, the company owed her £580,319 (2023: £494,348). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

9.	RELATED PARTY DISCLOSURES

During the year, VSProperty Developments Limited received a loan of £254,750 from LK Carpentry Limited, a company which the directors have a close relationship. Any outstanding amounts are interest free and repayable on demand.

This balance is included within Other creditors.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs L J Emberson.

This was by virtue of her 100% holding of the issued share capital.

11.	ACCOUNTING BASIS

As stated in the accounting policy note, these financial statements have been prepared on the basis that the company will continue to be a going concern. During the year the company made a loss of £11,017, and as at the year end the current liabilities exceeded current assets by £913,398.

The validity of this basis depends upon the continued support of the company's director. The director confirms that she will give the required support.