| Premier VCT (Mailbox) Limited |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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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). |
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Going Concern |
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The financial statemetns have been prepared on a going concern basis. |
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Creditors |
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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. |
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Preference Shares |
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Preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitues a financial transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Preference shares, which result in fixed returns to the holder or are mandatorily redeemable on a specific date, are classified as liabilities. The dividends on these preference shares are recognised in the profit and loss as interest expense. |
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| 2 |
Employees |
2025 |
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2024 |
| Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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| 3 |
Creditors: amounts falling due within one year |
2025 |
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2024 |
| £ |
£ |
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Trade creditors |
142,602 |
|
142,602 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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1,905,158 |
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1,850,400 |
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Other creditors |
3,600 |
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3,600 |
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2,051,360 |
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1,996,602 |
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| 4 |
Creditors: amounts falling due after one year |
2025 |
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2024 |
| £ |
£ |
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Non-equity preference shares |
1,925 |
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1,925 |
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1,925 |
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1,925 |
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| 5 |
Share Capital |
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Allotted, called up and full paid shares |
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2025 |
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2024 |
| £ |
£ |
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A ordinary shares - recognised in equity of £0.50 each |
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(117,636 shares (2024: 117,636 shares) |
58,818 |
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58,818 |
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A ordinary shares - recognised in equity of £0.50 each |
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(1,343,632 shares (2024: 1,343,632 shares) |
671,816 |
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671,816 |
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730,634 |
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730,634 |
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The cumulative preference shares of 1,925 (£1 each) are classified as liabilities in the balance sheet. |
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The holders of ordinary shares are entitiled to receive dividends as declared from time to time and are entitiled to one vote per share at meetings of the Company. |
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Subject to the payment of the dividend on the preference shares, dividends are payable first to the B shareholders based on LIBOR + 2.5%, with the remaining dividend amount split pro-rate to their respective holdings between Preference and A shareholders. |
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On winding up or any other return on capital, following the return to the Preference shareholder the shareholders of these shares will be entitled to: |
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a) B shareholders - 10% of nominal value of shares |
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b) A shareholders - Surplus assets up to a maximum of £2,500,000 pro-rata to holders of A shares. |
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c) B shareholders - Up to a maximum amount of the aggregate nominal value of the B shares, less |
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amount paid under (a) above. |
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d) A shareholders - Remaining surplus assets pro-rata to the holders of A shares. |
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| 6 |
Related party transactions |
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During the year the company made the following related party transactions: |
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Company Under Common Control |
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At the balance sheet date, the amount due to company under common control was £1,811,926 |
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(2024: £1,759,839). |
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Related company |
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At the balance sheet date, the amount due to the related company was £93,233 (2024: £90,561) |
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Parent Company |
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The immediate parent company is Shiva (Mailbox) Limited, a company registered in England and Wales. The ultimate holding company is Lanos Holdings Limited ('Lanos'). Lanos is owned by non-UK resident Trusts (the 'Trusts'). A director of the company, RR Sachdev is a beneficiary of the Trusts. The directors consider the Trustees to be the ultimate controlling party. |
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The largest group in which the results of the company are consolidated is that headed by Shiva Hotels Limited. The consolidated financial statements of Shiva Hotels Limited may be obtained from Regent House, Allum Gate, Theobald Street, Elstree, Borehamwood, Hertfordshire, WD6 4RS. |
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| 7 |
Other information |
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Premier VCT (Mailbox) Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Regent House |
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Theobald Street |
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Borehamwood |
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Hertfordshire |
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WD6 4RS |