REGISTERED NUMBER: 01418287 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

VIRGATE PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R G Simmons

SECRETARY:

Mrs C A Simmons

REGISTERED OFFICE:

1110 Elliott Court

Coventry Business Park

Herald Avenue

Coventry

West Midlands

CV5 6UB

REGISTERED NUMBER:

01418287 (England and Wales)

ACCOUNTANTS:

LDP Luckmans

Chartered Accountants

1110 Elliott Court

Herald Avenue

Coventry Business Park

Coventry

West Midlands

CV5 6UB

FIXED ASSETS

Tangible assets

4

17,263

3,818

Investment property

5

3,300,000

3,300,000

3,317,263

3,303,818

CURRENT ASSETS

Debtors

6

341,440

356,997

Cash at bank

13,566

9,864

355,006

366,861

CREDITORS

Amounts falling due within one year

7

1,115,723

1,115,290

NET CURRENT LIABILITIES

(760,717

)

(748,429

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,556,546

2,555,389

CREDITORS

Amounts falling due after more than one year

8

(59,192

)

(155,747

)

PROVISIONS FOR LIABILITIES

(233,311

)

(229,990

)

NET ASSETS

2,264,043

2,169,652

CAPITAL AND RESERVES

Called up share capital

200

200

Share premium

49,800

49,800

Revaluation reserve

9

983,770

983,770

Capital redemption reserve

200

200

Retained earnings

1,230,073

1,135,682

SHAREHOLDERS' FUNDS

2,264,043

2,169,652

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

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

The director acknowledges his 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 30 December 2025 and were signed by:

R G Simmons - Director

1.	STATUTORY INFORMATION

Virgate 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.

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 as modified by the revaluation of certain assets.

Investment properties

Investment properties are held at open market value and no depreciation is charged.

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.

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2024

10,099

Additions

16,491

At 31 March 2025

26,590

DEPRECIATION

At 1 April 2024

6,281

Charge for year

3,046

At 31 March 2025

9,327

NET BOOK VALUE

At 31 March 2025

17,263

At 31 March 2024

3,818

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

3,300,000

NET BOOK VALUE

At 31 March 2025

3,300,000

At 31 March 2024

3,300,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 1998

263,442

Valuation in 2003

180,000

Valuation in 2004

75,000

Valuation in 2017

819,323

Valuation in 2019

(179,000

)

Valuation in 2023

54,000

Cost

2,087,235

3,300,000

If investment properties had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

2,087,235

2,087,235

Investment properties were valued on an open market basis basis on 31 March 2025 by the director .

6.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

6,014

6,357

Other debtors

24,849

34,054

30,863

40,411

Amounts falling due after more than one year:

Other debtors

310,577

316,586

Aggregate amounts

341,440

356,997

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

95,000

87,000

Trade creditors

2,376

1,374

Social security and other taxes

28,090

26,920

Other creditors

988,957

998,721

Accrued expenses

1,300

1,275

1,115,723

1,115,290

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 1-5 years

59,192

151,194

Bank loans more 5 yr by instal

-

4,553

59,192

155,747

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

4,553

9.

RESERVES

Revaluation

reserve

£

At 1 April 2024

and 31 March 2025

983,770