Company Registration No. 03195057 (England and Wales)
VSM PROPERTIES LIMITED
Unaudited accounts
for the year ended 31 May 2020
VSM PROPERTIES LIMITED
Unaudited accounts
Contents
VSM PROPERTIES LIMITED
Company Information
for the year ended 31 May 2020
Directors
S Pole
M Thyer
Mrs V Pole
Company Number
03195057 (England and Wales)
Accountants
Evans Entwistle
432 Gloucester Rd
Bristol
BS7 8TX
VSM PROPERTIES LIMITED
Statement of financial position
as at
31 May 2020
Investment property
1,850,000
2,375,000
Cash at bank and in hand
253,600
333,356
Creditors: amounts falling due within one year
(246,249)
(297,103)
Net current assets
18,070
48,132
Total assets less current liabilities
1,868,070
2,423,132
Creditors: amounts falling due after more than one year
(570,000)
(920,000)
Provisions for liabilities
Deferred tax
(120,795)
(133,559)
Net assets
1,177,275
1,369,573
Called up share capital
300
300
Revaluation reserve
809,122
798,951
Profit and loss account
367,853
570,322
Shareholders' funds
1,177,275
1,369,573
For the year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 16 June 2020 and were signed on its behalf by
S Pole
Director
Company Registration No. 03195057
VSM PROPERTIES LIMITED
Notes to the Accounts
for the year ended 31 May 2020
VSM PROPERTIES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 03195057.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
4
Investment property
2020
Fair value at 1 June 2019
2,375,000
The properties are valued at an open market valuation.
The properties are valued by an independent local estate agent who has knowledge of the company's properties.
Trade debtors
9,749
10,929
Accrued income and prepayments
970
950
6
Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
180,000
186,000
Trade creditors
8,925
10,918
Taxes and social security
1,954
2,764
Loans from directors
26,975
17,454
7
Creditors: amounts falling due after more than one year
2020
2019
Bank loans
570,000
920,000
VSM PROPERTIES LIMITED
Notes to the Accounts
for the year ended 31 May 2020
8
Average number of employees
During the year the average number of employees was 3 (2019: 3).