The V Fund Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

The V Fund Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07286149 . The registered office is 2nd Floor, Butler House, 177-178 Tottenham Court Road, London, W1T 7AF.

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

Monetary amounts in these financial statements are rounded to the nearest £.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is recognised at the fair value of the conisderation received or receivable following legal completion of property development projects.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles	20% reducing balance
Fixtures & Fittings	20% reducing balance
Computer Equipment	33.3% on cost

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.5. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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The V Fund Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.7. Financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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The V Fund Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

2.8. Financial liabilities

Basic financial liabilities include trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 10 (2024: 10)

4. Tangible Assets

	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 October 2024	31,931	13,161	24,323	69,415
Additions	-	-	934	934

As at 30 September 2025	31,931	13,161	25,257	70,349

Depreciation
As at 1 October 2024	15,582	6,937	24,323	46,842
Provided during the period	3,270	1,245	155	4,670

As at 30 September 2025	18,852	8,182	24,478	51,512

Net Book Value
As at 30 September 2025	13,079	4,979	779	18,837

As at 1 October 2024	16,349	6,224	-	22,573

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The V Fund Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

5. Investments

	Unlisted
	£
Cost or Valuation
As at 1 October 2024	14,015,785
Additions	54,978

As at 30 September 2025	14,070,763

Provision
As at 1 October 2024	-

As at 30 September 2025	-

Net Book Value
As at 30 September 2025	14,070,763

As at 1 October 2024	14,015,785

6. Stocks

	2025	2024
	£	£
Work in progress	7,853,042	7,311,907

7. Debtors

	2025	2024
	£	£
Due within one year
Other debtors	6,824,902	7,209,795
Directors' loan accounts	-	68,761
Amounts owed by group undertakings	2,688,794	2,661,627

	9,513,696	9,940,183
Due after more than one year
Long term current asset invest	4,995,512	5,012,007

	14,509,208	14,952,190

8. Current Asset Investments

	2025	2024
	£	£
Unlisted investments	22,155,871	22,439,480

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The V Fund Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

9. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	60,153	62,561
Other taxes and social security	18,445	36,278
Other creditors	12,725,259	13,145,244
Accrual and deferred income	25,046	25,046
Directors' loan accounts	58,489	-
Amounts owed to group undertakings	5,001,168	4,959,795

	17,888,560	18,228,924

10. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	2	2

11. Reserves

	Fair value reserve	Profit and Loss Account
	£	£
As at 1 October 2024	8,580,148	29,227,949
Profit for the year and total comprehensive income	-	567,317

Transfer to/from Fair value reserve	-	271,899
Transfer to/from Profit & Loss Account	(271,899 )	-

As at 30 September 2025	8,308,249	30,067,165

12. Related Party Transactions

At the year end, the directors of the company were owed £58,489 (2024: £68,761 owed to the company).

At the year end the company owed £3,203,190 (2024: £3,154,190) to St Norbert Road Limited, a fellow subsidiary.

At the year end the company owed £299,653 (2024: £302,052) to The V Fund Group Limited, its parent company.

At the year end the company owed £987,659 (2024: £987,659) to Flexbow Limited, a company in which N Goldstein is also a director.

At the year end the company was owed £859,943 (2024: £900,707) by Gi Gi Charters Limited, a fellow subsidiary.

At the year end the company was owed £838,689 (2024: £838,469) by Vegen Investments Ltd, a fellow subsidiary.

At the year end the company was owed £991,287 (2024: £922,451) by VF Loughton Limited, a fellow subsidiary.

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The V Fund Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

13. Ultimate Controlling Party

The company's ultimate controlling party is The V Fund Group Limited by virtue of his ownership of 100% of the issued share capital in the company.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		18,837		22,573
Investments	5		14,070,763		14,015,785

			14,089,600		14,038,358
CURRENT ASSETS
Stocks	6	7,853,042		7,311,907
Debtors	7	14,509,208		14,952,190
Investments	8	22,155,871		22,439,480
Cash at bank and in hand		425,671		155,137

		44,943,792		44,858,714
Creditors: Amounts Falling Due Within One Year	9	(17,888,560 )		(18,228,924 )

NET CURRENT ASSETS (LIABILITIES)			27,055,232		26,629,790

TOTAL ASSETS LESS CURRENT LIABILITIES			41,144,832		40,668,148

PROVISIONS FOR LIABILITIES
Deferred Taxation			(2,769,416 )		(2,860,049 )

NET ASSETS			38,375,416		37,808,099

CAPITAL AND RESERVES
Called up share capital	10		2		2
Fair value reserve	11		8,308,249		8,580,148
Profit and Loss Account			30,067,165		29,227,949

SHAREHOLDERS' FUNDS			38,375,416		37,808,099