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Victor Properties Ltd
Unaudited Filleted Financial Statements
for the Year Ended 31 March 2025

Victor Properties Ltd

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 12

Victor Properties Ltd

Company Information

Directors | C Williams T Williams

Registered Office | 49 Bristol Road Frenchay Bristol BS16 1LQ

Registered Number | 06307978

Accountants | Verinder Powell Associates Limited Suite 5 Corum 2 Corum Office Park Crown Way Warmley Bristol BS30 8FJ

Victor Properties Ltd

(Registration number: 06307978)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | (As restated) 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 666 | 888
Investment property | 5 | 3,629,886 | 3,454,886
Investments | 6 | 150,101 | 150,201
Other financial assets | 7 | 19,316 | 19,316
|  | 3,799,969 | 3,625,291
Current assets |  |  |
Stocks | 8 | 58,843 | -
Debtors | 9 | 1,240,915 | 1,238,129
Cash at bank and in hand |  | 971,537 | 293,093
|  | 2,271,295 | 1,531,222
Creditors: Amounts falling due within one year | 10 | (330,527) | (291,334)
Net current assets |  | 1,940,768 | 1,239,888
Total assets less current liabilities |  | 5,740,737 | 4,865,179
Creditors: Amounts falling due after more than one year | 10 | (2,908,906) | (2,396,569)
Provisions for liabilities |  | (92,934) | (38,847)
Net assets |  | 2,738,897 | 2,429,763
Capital and reserves |  |  |
Called up share capital |  | 400 | 400
Retained earnings |  | 2,738,497 | 2,429,363
Shareholders' funds |  | 2,738,897 | 2,429,763

Victor Properties Ltd

(Registration number: 06307978)
Balance Sheet as at 31 March 2025

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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 February 2026 and signed on its behalf by:

......................................... T Williams Director

Victor Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
49 Bristol Road
Frenchay
Bristol
BS16 1LQ

These financial statements were authorised for issue by the Board on 5 February 2026.

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). There have been no material departures from the Financial Reporting Standard 102 1A.

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. The financial statements are prepared in Pounds Sterling (£), and are rounded to the nearest pound.

Prior period restatement

During the year ended 31 March 2025, it was identified that certain balances required restatement due to incorrect classification in prior periods. It was identified to be that debtors were understated by £21,654, creditors were understated by £792, investments were overstated by £71,710, cash at bank and in hand was understated by £50,000 and the deferred tax provision was understated by £56. Fixed assets previously recognised as land and buildings with a carrying value of £3,454,886 have been reclassified as investment properties.
Furthermore, the corrected investment balance of £169,517 has been reclassified and split between investments of £150,201 and other financial assets of £19,316.
The comparative figures have therefore been restated to reflect the correct recognition and classification of these balances.

Victor Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates
taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class | Depreciation method and rate
Plant and machinery | 25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by 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.

Victor Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Investments

Investments in associates and other investments are measured at cost.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, which is equivalent to net realisable value.
The cost of finished goods and work in progress comprises all costs of purchase, direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Victor Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a define contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. Once the contributions have been paid, the company has no further payment obligations.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

Victor Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4 | Tangible assets

| Plant and machinery £ | Total £
Cost or valuation
At 1 April 2024 | 3,083 | 3,083
At 31 March 2025 | 3,083 | 3,083
Depreciation
At 1 April 2024 | 2,195 | 2,195
Charge for the year | 222 | 222
At 31 March 2025 | 2,417 | 2,417
Carrying amount
At 31 March 2025 | 666 | 666
At 31 March 2024 | 888 | 888

5 | Investment properties

| 2025 £
At 1 April 2024 | 3,454,886
Fair value adjustments | 175,000
At 31 March 2025 | 3,629,886

The fair value of the investment properties has been arrived at by a valuation by the independent valuer in accordance with RICS valuation standards at their open market value at 31 March 2025 based on similar properties.
The historical cost of the investment properties is £2,840,899 (2024 - £2,840,899).

Victor Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

6 | Investments

| Associates £
Cost or valuation
At 1 April 2024 (As restated) | 150,201
Disposals | (100)
At 31 March 2025 | 150,101
Carrying amount
At 31 March 2025 | 150,101
At 31 March 2024 | 150,201

7 | Investments

| Other investments £ |
Non-current financial assets
Cost or valuation
At 1 April 2024 (As restated) | 19,316 |
At 31 March 2025 | 19,316 |
Carrying amount
At 31 March 2025 | 19,316 |
At 31 March 2024 | 19,316 |

8 | Stocks

| 2025 £ | 2024 £
Work in progress | 58,843 | -

Victor Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

9 | Debtors

| Note | 2025 £ | (As restated) 2024 £
Trade debtors |  | 1,917 | 1,917
Amounts owed by related parties | 12 | 953,746 | 939,746
Prepayments |  | 5,893 | 344
Other debtors |  | 279,359 | 296,122
|  | 1,240,915 | 1,238,129

10 | Creditors

Due within one year | Note | 2025 £ | (As restated) 2024 £
Bank borrowings |  | 34,944 | 41,126
Amounts owed to related parties | 12 | 215,970 | 216,219
Taxation and social security |  | 42,560 | 14,769
Accruals and deferred income |  | 37,053 | 18,755
Other creditors |  | - | 465
|  | 330,527 | 291,334

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Bank borrowings |  | 2,500 | 27,408
Amounts owed to related parties | 12 | 2,906,406 | 2,369,161
|  | 2,908,906 | 2,396,569

Included in bank borrowings is a combined balance of £12,500 (2024 - £22,761) which is guaranteed by the government and unsecured.
Included in bank borrowings is a balance of £24,944 (2024 - £45,773) which is secured by a legal charge covering each of the properties mortgaged with Lloyds Bank Plc in favour of Lloyds Bank Plc.

Victor Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

11 | Financial commitments, guarantees and contingencies

Pension commitments

The total amount of financial commitments not included in the balance sheet concerning pensions is £353 (2024 - £Nil). The company participates in a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

12 | Related party transactions

Loans to related parties

2025 | Associates £ | Other related parties £ | Total £
At start of period | 588,351 | 351,395 | 939,746
Advanced | 58,843 | 14,000 | 72,843
Repaid | (58,843) | - | (58,843)
At end of period | 588,351 | 365,395 | 953,746

2024 | Associates £ | Other related parties £ | Total £
At start of period | 809,984 | 324,395 | 1,134,379
Advanced | 91,777 | 27,000 | 118,777
Repaid | (313,410) | - | (313,410)
At end of period | 588,351 | 351,395 | 939,746

Terms of loans to related parties

Loans to associates are interest free and repayable on demand.
Loans to other related parties are interest free and repayable on demand, unless are covered by separate terms.
The balance includes a loan to related parties with a fixed interest schedule, under which interest is charged at 10% per annum.

Victor Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Loans from related parties

2025 | Key management £ | Other related parties £ | Total £
At start of period | 1,000,414 | 1,584,966 | 2,585,380
Advanced | 814,482 | 401,000 | 1,215,482
Repaid | (638,486) | (40,000) | (678,486)
At end of period | 1,176,410 | 1,945,966 | 3,122,376

2024 | Key management £ | Other related parties £ | Total £
At start of period | 871,651 | 1,622,966 | 2,494,617
Advanced | 157,362 | 2,000 | 159,362
Repaid | (28,599) | (40,000) | (68,599)
At end of period | 1,000,414 | 1,584,966 | 2,585,380

Terms of loans from related parties

Loans from key management are interest free and repayable on demand.
Loans from related parties are interest free and repayable on demand.