REGISTERED NUMBER: 08690545 (England and Wales)

V & C (SW) Properties Limited

Unaudited Financial Statements

for the Year Ended 31 January 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J L McCormick

V P McCormick

P Owen

REGISTERED OFFICE:

17 Saron Close

Penyrheol

Swansea

SA4 4FB

REGISTERED NUMBER:

08690545 (England and Wales)

ACCOUNTANTS:

Xeinadin South Wales & West Limited

Accountants & Business Advisors

Suite 2d,

Building 1 Eastern Business Park

St Mellons

Cardiff

CF3 5EA

FIXED ASSETS

Tangible assets

4

213,631

81,939

CURRENT ASSETS

Stocks

2,463,611

2,330,773

Debtors

5

58,279

16,793

Cash at bank

24,284

127,598

2,546,174

2,475,164

CREDITORS

Amounts falling due within one year

6

903,771

820,086

NET CURRENT ASSETS

1,642,403

1,655,078

TOTAL ASSETS LESS CURRENT LIABILITIES

1,856,034

1,737,017

CREDITORS

Amounts falling due after more than one year

7

(1,581,997

)

(1,455,179

)

PROVISIONS FOR LIABILITIES

(53,408

)

(20,485

)

NET ASSETS

220,629

261,353

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

10

219,629

260,353

SHAREHOLDERS' FUNDS

220,629

261,353

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 directors acknowledge their 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 Board of Directors and authorised for issue on 12 September 2025 and were signed on its behalf by:

P Owen - Director

1.	STATUTORY INFORMATION

V & C (SW) Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 February 2024

143,283

5,721

73,426

222,430

Additions

145,340

-

54,035

199,375

Disposals

(52,000

)

-

-

(52,000

)

Transfer to ownership

-

-

(9,023

)

(9,023

)

At 31 January 2025

236,623

5,721

118,438

360,782

DEPRECIATION

At 1 February 2024

100,108

3,248

37,135

140,491

Charge for year

32,500

618

20,742

53,860

Eliminated on disposal

(41,031

)

-

-

(41,031

)

Transfer to ownership

-

-

(6,169

)

(6,169

)

At 31 January 2025

91,577

3,866

51,708

147,151

NET BOOK VALUE

At 31 January 2025

145,046

1,855

66,730

213,631

At 31 January 2024

43,175

2,473

36,291

81,939

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 February 2024

82,850

73,426

156,276

Additions

110,651

54,035

164,686

Transfer to ownership

(82,850

)

(20,673

)

(103,523

)

At 31 January 2025

110,651

106,788

217,439

DEPRECIATION

At 1 February 2024

53,509

37,135

90,644

Charge for year

18,442

19,801

38,243

Transfer to ownership

(53,509

)

(14,055

)

(67,564

)

At 31 January 2025

18,442

42,881

61,323

NET BOOK VALUE

At 31 January 2025

92,209

63,907

156,116

At 31 January 2024

29,341

36,291

65,632

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

£

Other debtors

32,025

12,025

VAT

26,254

4,768

58,279

16,793

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

£

Bank loans and overdrafts

61,766

60,819

Hire purchase contracts (see note 8)

41,962

26,274

Trade creditors

45,894

41,424

Amounts owed to group undertakings

738,655

583,994

Tax

-

20,829

Social security and other taxes

4,568

6,423

Other creditors

10,926

80,323

903,771

820,086

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.25

31.1.24

£

£

Bank loans - 2-5 years

22,227

84,939

Other loans - 2-5 years

353,493

353,493

Hire purchase contracts (see note 8)

107,043

21,321

Directors' loan accounts

1,099,234

995,426

1,581,997

1,455,179

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.1.25

31.1.24

£

£

Net obligations repayable:

Within one year

41,962

26,274

Between one and five years

107,043

21,321

149,005

47,595

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.25

31.1.24

£

£

Bank loans

83,993

145,758

Hire purchase contracts

149,005

-

232,998

145,758

Assets on Hire Purchase are secured against the asset to which they relate.

10.

RESERVES

Retained

earnings

£

At 1 February 2024

260,353

Profit for the year

71,020

Dividends

(111,744

)

At 31 January 2025

219,629