VPG Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

VPG Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11330176 . The registered office is 38 Anglesmede Crescent, Pinner, Middlesex, HA5 5SP.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable in the ordinary course of the company's activities, net of discounts, allowances and value added tax where applicable.

Turnover principally represents rental income receivable from the company's investment properties. Rental income arising from operating leases is recognised in the profit and loss account on a straight-line basis over the term of the relevant lease, having regard to the contractual terms of the lease agreement.

Rental income is recognised in the accounting period to which it relates, irrespective of the timing of the related cash receipts. Accordingly, rental income due but not received at the reporting date is recognised as accrued income where appropriate, and rental income received in advance relating to a subsequent accounting period is recognised as deferred income.

Where lease agreements provide for rent-free periods, stepped rents or other lease incentives, the total rental income receivable over the lease term is recognised on a straight-line basis over the relevant lease period, where applicable.

Other income arising directly from the letting of investment properties is recognised when the company becomes entitled to receive the income and the amount can be measured reliably.

2.4. 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:

Fixtures & Fittings

33% on cost

2.5. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

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VPG Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2026

2.6. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.7. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.8. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.9. 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.

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VPG Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2026

2.10. Provisions and Contingencies

Provisions

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

Contingencies

Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.

2.11. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2025: 3)

4. Tangible Assets

	Fixtures & Fittings
	£
Cost
As at 1 May 2025	5,567

As at 30 April 2026	5,567

Depreciation
As at 1 May 2025	4,516
Provided during the period	1,051

As at 30 April 2026	5,567

...CONTINUED

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VPG Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2026

Net Book Value
As at 30 April 2026	-

As at 1 May 2025	1,051

5. Investment Property

	2026
	£
Fair Value
As at 1 May 2025	1,805,816
Additions	925,144
Disposals	(97,579 )

As at 30 April 2026	2,633,381

6. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Other creditors	7,815	500
Taxation and social security	11,518	3,551

	19,333	4,051

7. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
Bank loans	732,670	552,059
Director's loan account	1,787,191	1,203,491

	2,519,861	1,755,550

8. Secured Creditors

Of the creditors the following amounts are secured.

	2026		2025
	£		£
Bank loans and overdrafts	732,670		552,059

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VPG Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2026

9. Loans

An analysis of the maturity of loans is given below:

	2026	2025
	£	£
Amounts falling due between one and five years:
Bank loans	732,670	552,059

10. Related Party Disclosures

The company is financed in part through an interest-free loan account with a director. At 30 April 2026, the amount owed to the director was £1,787,191 (2025: £1,203,491). No interest was charged on the outstanding balance during the year. The amount is included within creditors falling due after more than one year.

11. Controlling Parties

The company's ultimate controlling party is Mr S Gupta and Mrs A Gupta by virtue of their interest in the share capital of the company.

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		-		1,051
Investment Properties	5		2,633,381		1,805,816

			2,633,381		1,806,867
CURRENT ASSETS
Cash at bank and in hand		9,502		11,377

		9,502		11,377
Creditors: Amounts Falling Due Within One Year	6	(19,333 )		(4,051 )

NET CURRENT ASSETS (LIABILITIES)			(9,831 )		7,326

TOTAL ASSETS LESS CURRENT LIABILITIES			2,623,550		1,814,193

Creditors: Amounts Falling Due After More Than One Year	7		(2,519,861 )		(1,755,550 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			-		(262 )

NET ASSETS			103,689		58,381

CAPITAL AND RESERVES
Called up share capital			100		100
Profit and Loss Account			103,589		58,281

SHAREHOLDERS' FUNDS			103,689		58,381