Registration number:
VSM Properties Ltd
for the Year Ended 31 May 2017
Accountants
432 Gloucester Road
Horfield
Bristol
BS7 8TX
VSM Properties Ltd
Contents
Company Information |
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Accountants' Report |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
VSM Properties Ltd
Company Information
Directors |
Mrs V Pole Mr M Thyer Mr S Pole |
Company secretary |
Mrs V Pole |
Registered office |
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Accountants |
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Page 1 |
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
VSM Properties Ltd
for the Year Ended 31 May 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of VSM Properties Ltd for the year ended 31 May 2017 as set out on pages 3 to 17 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of VSM Properties Ltd, as a body. Our work has been undertaken solely to prepare for your approval the accounts of VSM Properties Ltd and state those matters that we have agreed to state to the Board of Directors of VSM Properties Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than VSM Properties Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that VSM Properties Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of VSM Properties Ltd. You consider that VSM Properties Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of VSM Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Accountants
Horfield
Bristol
BS7 8TX
Page 2 |
VSM Properties Ltd
Statement of Comprehensive Income for the Year Ended 31 May 2017
Note |
2017 |
(As restated) |
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Profit for the year |
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Total comprehensive income for the year |
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Page 3 |
VSM Properties Ltd
(Registration number: 03195057)
Balance Sheet as at 31 May 2017
Note |
2017 |
(As restated) |
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Fixed assets |
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Investment property |
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Investments |
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Current assets |
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
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|
|
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||
Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
Called up share capital |
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Fair value reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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.
Page 4 |
VSM Properties Ltd
(Registration number: 03195057)
Balance Sheet as at 31 May 2017
Approved and authorised by the
.........................................
Mr M Thyer
Director
Page 5 |
VSM Properties Ltd
Statement of Changes in Equity for the Year Ended 31 May 2017
Share capital |
Fair value reserve |
Profit and loss account |
Total |
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At 1 June 2016 |
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|
|
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Profit for the year |
- |
- |
|
|
Transfers between reserves |
- |
|
( |
- |
Total comprehensive income |
- |
|
|
|
Dividends |
- |
- |
( |
( |
At 31 May 2017 |
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|
|
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Share capital |
Fair value reserve |
Profit and loss account |
Total |
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At 1 June 2015 |
|
|
|
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Profit for the year |
- |
- |
|
|
Transfer between reserves |
- |
|
( |
- |
Total comprehensive income |
- |
|
|
|
Dividends |
- |
- |
( |
( |
At 31 May 2016 |
|
|
|
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Page 6 |
VSM Properties Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
General information |
The company is a private company limited by share capital incorporated in Engalnd and Wales.
The address of its registered office is:
The principal place of business is:
The Old Brewery
Lodway
Pill
Bristol
BS20 0DH
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Depreciation
Asset class |
|
|
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Page 7 |
VSM Properties Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises 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.
Page 8 |
VSM Properties Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
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
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2017 |
|
At 1 June |
|
Additions |
|
Transfers to and from inventories |
|
Fair value adjustments |
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At 31 May |
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The properties are valued at an open market vlaution
The properties are valued by an independent local estate agent who has knowledge of the company's properties the every year.
Page 9 |
VSM Properties Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
Investments |
2017 |
2016 |
|
Investments |
|
|
Associates |
£ |
Cost |
|
At 1 June 2016 |
|
Provision |
|
Carrying amount |
|
At 31 May 2017 |
|
At 31 May 2016 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
432 Gloucester Road,
|
Ordinary |
|
|
England & Wales |
The principal activity of Perspective Developments Limited is |
Stocks |
2017 |
2016 |
|
Work in progress |
- |
|
Debtors |
2017 |
2016 |
|
Trade debtors |
|
|
Other debtors |
|
|
Total current trade and other debtors |
|
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Page 10 |
VSM Properties Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
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Taxation and social security |
- |
|
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Other creditors |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
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Page 11 |
VSM Properties Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
Loans and borrowings |
2017 |
2016 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
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2017 |
2016 |
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Current loans and borrowings |
||
Bank borrowings |
|
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Bank borrowings
The bank loans are secured on the company's investment properties. |
Dividends |
2017 |
2016 |
|||
£ |
£ |
|||
Interim dividend of £
|
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Page 12 |
VSM Properties Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
Related party transactions |
Key management personnel
Mrs V Pole is a director and Mrs R Pole and Mrs B Thyer are the wives of the other directors
Summary of transactions with key management
Summary of transactions with other related parties
Last year the company was recharged from Perspective Developments Ltd of £25,228 of wages and expenses.
Expenditure with and payables to related parties
2016 |
Other related parties |
Rendering of services |
|
Loans from related parties
2017 |
Other related parties |
At start of period |
|
Repaid |
( |
At end of period |
|
2016 |
Other related parties |
At start of period |
|
Repaid |
( |
At end of period |
|
Page 13 |
VSM Properties Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
Financial instruments |
Categorisation of financial instruments
2017 |
2016 |
|
Financial assets measured at fair value through profit or loss |
|
|
Financial assets that are debt instruments measured at amortised cost |
|
|
|
|
|
Financial liabilities measured at amortised cost |
( |
( |
( |
( |
Financial assets measured at fair value
Investment properties
The fair value is £3,137,500
(2016 - £2,462,850)
and the change in value included in profit or loss is
£
326,399
(2016 - £344,668)
.
Page 14 |
VSM Properties Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
Transition to FRS 102 |
Balance Sheet at 1 June 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Investment property |
2,747,000 |
- |
- |
2,747,000 |
|
Investments |
7,500 |
- |
- |
7,500 |
|
2,754,500 |
- |
- |
2,754,500 |
||
Current assets |
|||||
Debtors |
14,014 |
- |
- |
14,014 |
|
Cash at bank and in hand |
208,813 |
- |
- |
208,813 |
|
222,827 |
- |
- |
222,827 |
||
Creditors: Amounts falling due within one year |
(1,013,547) |
- |
- |
(1,013,547) |
|
Net current liabilities |
(790,720) |
- |
- |
(790,720) |
|
Total assets less current liabilities |
1,963,780 |
- |
- |
1,963,780 |
|
Creditors: Amounts falling due after more than one year |
(883,000) |
- |
- |
(883,000) |
|
Provisions for liabilities |
- |
- |
(111,305) |
(111,305) |
|
Net assets/(liabilities) |
1,080,780 |
- |
(111,305) |
969,475 |
|
Capital and reserves |
|||||
Called up share capital |
300 |
- |
- |
300 |
|
Revaluation/fair value reserve |
791,064 |
- |
(111,305) |
679,759 |
|
Profit and loss account |
289,416 |
- |
- |
289,416 |
|
Total equity |
1,080,780 |
- |
(111,305) |
969,475 |
Page 15 |
VSM Properties Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
Balance Sheet at 31 May 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Investment property |
2,462,850 |
- |
- |
2,462,850 |
|
Investments |
7,500 |
- |
- |
7,500 |
|
2,470,350 |
- |
- |
2,470,350 |
||
Current assets |
|||||
Stocks |
139,897 |
- |
- |
139,897 |
|
Debtors |
21,743 |
- |
- |
21,743 |
|
Cash at bank and in hand |
230,502 |
- |
- |
230,502 |
|
392,142 |
- |
- |
392,142 |
||
Creditors: Amounts falling due within one year |
(816,608) |
- |
- |
(816,608) |
|
Net current liabilities |
(424,466) |
- |
- |
(424,466) |
|
Total assets less current liabilities |
2,045,884 |
- |
- |
2,045,884 |
|
Creditors: Amounts falling due after more than one year |
(789,778) |
- |
- |
(789,778) |
|
Provisions for liabilities |
- |
- |
(141,177) |
(141,177) |
|
Net assets/(liabilities) |
1,256,106 |
- |
(141,177) |
1,114,929 |
|
Capital and reserves |
|||||
Called up share capital |
300 |
- |
- |
300 |
|
Revaluation / fair value reserve |
911,417 |
- |
(141,177) |
770,240 |
|
Profit and loss account |
344,389 |
- |
- |
344,389 |
|
Total equity |
1,256,106 |
- |
(141,177) |
1,114,929 |
Page 16 |
VSM Properties Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
Profit and Loss Account for the year ended 31 May 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Turnover |
149,443 |
- |
- |
149,443 |
|
Cost of sales |
(10,811) |
- |
- |
(10,811) |
|
Gross profit |
138,632 |
- |
- |
138,632 |
|
Administrative expenses |
(166,292) |
- |
- |
(166,292) |
|
Other operating income |
90 |
- |
- |
90 |
|
Operating loss |
(27,570) |
- |
- |
(27,570) |
|
Gain on financial assets at fair value through profit and loss account |
- |
344,668 |
- |
344,668 |
|
Other interest receivable and similar income |
678 |
- |
- |
678 |
|
Interest payable and similar expenses |
(59,265) |
- |
- |
(59,265) |
|
(58,587) |
344,668 |
- |
286,081 |
||
(Loss)/profit before tax |
(86,157) |
344,668 |
- |
258,511 |
|
Taxation |
(17,633) |
- |
(29,872) |
(47,505) |
|
(Loss)/profit for the financial year |
(103,790) |
344,668 |
(29,872) |
211,006 |
Page 17 |