Registration number: 09825822

VCEP Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

VCEP Limited

Balance Sheet

as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	33,232	32,953
Investment properties	5	48,990,684	46,229,574
Investments	6	1,000	61,301
		49,024,916	46,323,828
Current assets
Debtors	7	527,821	457,947
Cash at bank and in hand		378,719	368,240
		906,540	826,187
Creditors: Amounts falling due within one year	8	(9,102,913)	(9,823,915)
Net current liabilities		(8,196,373)	(8,997,728)
Total assets less current liabilities		40,828,543	37,326,100
Creditors: Amounts falling due after more than one year	8	(13,029,557)	(12,786,289)
Provisions for liabilities		(5,252,334)	(4,710,130)
Net assets		22,546,652	19,829,681
Capital and reserves
Allotted, called up and fully paid share capital		100	100
Profit and loss account		22,546,552	19,829,581
Shareholders' funds		22,546,652	19,829,681

Registration number: 09825822

VCEP Limited

Balance Sheet

as at 31 March 2025 (continued)

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 December 2025 and signed on its behalf by:
 

......................................... Mr C R Lloyd Director

VCEP Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 March 2025

1	General information

The company is a private company limited by shares incorporated in England within the United Kingdom.

The company's registration number is 09825822.

The address of its registered office is:
First Floor
Rosemount House
Huddersfield Road
Elland
West Yorkshire
HX5 0EE

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rent of property and associated services provided in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

VCEP Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost (or deemed cost), less any accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% straight line
Fixtures, fittings and equipment	33% straight line
Motor vehicles	20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by the directors with assistance from external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Defined contribution pension scheme

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 5 (2024 - 4).

VCEP Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 March 2025 (continued)

4	Tangible assets

	Fixtures, fittings and equipment  £	Motor vehicles  £	Plant and machinery  £	Total £
Cost
At 1 April 2024	-	-	60,170	60,170
Additions	1,667	12,000	1,150	14,817
At 31 March 2025	1,667	12,000	61,320	74,987
Depreciation
At 1 April 2024	-	-	27,217	27,217
Charge for the year	93	2,200	12,245	14,538
At 31 March 2025	93	2,200	39,462	41,755
Net book value
At 31 March 2025	1,574	9,800	21,858	33,232
At 31 March 2024	-	-	32,953	32,953

5	Investment properties

	2025 £	2024 £
At 1 April	46,229,574	43,158,066
Additions	257,407	1,056,699
Fair value adjustments	2,503,703	2,014,809
At 31 March	48,990,684	46,229,574

Properties that have been acquired recently on the open market have been valued at cost. Other properties are valued by the directors based on market conditions and in reference to external valuers calculations.

VCEP Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 March 2025 (continued)

6	Investments

	Investments £	Total £
Cost or valuation
At 1 April 2024	61,301	61,301
Disposals	(60,301)	(60,301)
At 31 March 2025	1,000	1,000
Impairment
Carrying amount
At 31 March 2025	1,000	1,000

VCEP Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 March 2025 (continued)

7

Debtors

 

Current	2025 £	2024 £
Trade debtors	219,309	169,885
Prepayments	91,846	96,133
Other debtors	216,666	191,929
	527,821	457,947

8

Creditors

	2025 £	2024 £
Due within one year
Bank loans	635,000	783,334
Trade creditors	195,533	347,833
Directors' loan accounts	537,037	986,025
Taxation and social security	115,155	24,913
Other creditors	6,758,754	7,007,532
Accruals and deferred income	779,395	674,278
Corporation tax	82,039	-
	9,102,913	9,823,915
Due after one year
Bank loans	13,029,557	12,786,289

9	Loans and borrowings

Included within creditors are bank loans totalling £13,664,557 (2024 - £13,569,623). The loans are secured against the various properties owned by VCEP Limited.