Registered number: 03195057 | ||||||||
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FOR THE YEAR ENDED 31/05/2018 | ||||||||
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Prepared By: | ||||||||
SBMC Business Management Ltd | ||||||||
Chartered Management Accountants | ||||||||
432 Gloucester Road | ||||||||
Horfield | ||||||||
Bristol | ||||||||
BS7 8TX |
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VSM Properties Limited | ||||||||
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ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31/05/2018 | ||||||||
DIRECTORS | ||||||||
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SECRETARY | ||||||||
Mrs V Pole | ||||||||
REGISTERED OFFICE | ||||||||
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COMPANY DETAILS | ||||||||
Private company limited by shares registered in EW - England and Wales, registered number 03195057 | ||||||||
ACCOUNTANTS | ||||||||
SBMC Business Management Ltd | ||||||||
Chartered Management Accountants | ||||||||
432 Gloucester Road | ||||||||
Horfield | ||||||||
Bristol | ||||||||
BS7 8TX |
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VSM Properties Limited | ||||||||
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ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31/05/2018 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Directors' Report | - | |||||||
Accountants' Report | - | |||||||
Statement Of Comprehensive Income | - | |||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 4 | |||||||
The following do not form part of the statutory financial statements: | ||||||||
Trading And Profit And Loss Account | - | |||||||
Profit And Loss Account Summaries | - |
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VSM Properties Limited | ||||||||
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BALANCE SHEET AT
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2018 | 2017 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Tangible assets | 2 |
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Investment Assets | 3 |
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CURRENT ASSETS | ||||||||||
Debtors | 5 |
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Cash at bank and in hand |
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229,492 | 280,833 | |||||||||
CREDITORS: Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES |
(
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(273,704) | ||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS: Amounts falling due after more than one year | 7 | 980,000 | 1,348,000 | |||||||
PROVISIONS FOR LIABILITIES AND CHARGES | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES | ||||||||||
Called up share capital | 10 |
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Revaluation reserve | 1d,11 | 934,816 | 1,046,293 | |||||||
Profit and loss account | 573,312 | 285,180 | ||||||||
SHAREHOLDERS' FUNDS |
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Approved by the board on
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............................. | ||||||||||
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Director | ||||||||||
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VSM Properties Limited | ||||||||
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NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 31/05/2018 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting | ||||||||
The accounts have been prepared under the historical cost convention. | ||||||||
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 . |
1b. Investment Properties | ||||||||
Investment properties are included in the financial statements at open market value. No depreciation is provided on such property in compliance with the Financial Reporting Standard for Smaller Entities. This departure from Companies Act requirements is necessary to show a true and fair view. |
1c. Investments | ||||||||
Fixed asset investments are shown at cost less amounts written off. | ||||||||
Provisions are made for permanent fluctuations in value. |
1d. Revaluation Reserve | ||||||||
Surpluses or deficits arising on the revaluation of individual fixed assets other than investment properties are credited or debited to a non-distributible reserve known as the revaluation reserve (see also note 11 ). | ||||||||
Revaluation deficits in excess of the amount of prior revaluation surpluses on the same asset are charged to the profit and loss account. |
2. TANGIBLE FIXED ASSETS |
Cost |
At 31/05/2018 |
Depreciation |
At 31/05/2018 |
Net Book Amounts |
At 31/05/2018 |
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VSM Properties Limited | ||||||||
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3. FiNANCIAL ASSETS | |||||||||
Other | |||||||||
Investments | Total | ||||||||
£ | £ | ||||||||
Cost | |||||||||
At 01/06/2017 | 7,500 | 7,500 | |||||||
Disposals | (7,500) | (7,500) | |||||||
Amortisation | |||||||||
Net Book Amounts | |||||||||
At 31/05/2017 | 7,500 | 7,500 | |||||||
Last year the company owned 25% of the shares of Perspective Developments Ltd. This company ceased to trade as at 31st May 2017. The company was wound up in the year with the share capital being repaid . | |||||||||
4. INVESTMENT PROPERTIES | ||||||||
Investment | ||||||||
Properties | Total | |||||||
£ | £ | |||||||
Fair value | ||||||||
At 01/06/2017 | 3,137,500 | 3,137,500 | ||||||
Disposals | (377,500) | (377,500) | ||||||
At 31/05/2018 | 2,760,000 | 2,760,000 | ||||||
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 | ||||||||
5. DEBTORS | 2018 | 2017 | ||||||
£ | £ | |||||||
Amounts falling due within one year | ||||||||
Trade debtors | 18,226 | 15,941 | ||||||
Prepayments | 2,250 | 1,074 | ||||||
20,476 | 17,015 | |||||||
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VSM Properties Limited | ||||||||
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6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2018 | 2017 | |||||||
£ | £ | |||||||
UK corporation tax | 27,495 | 3,202 | ||||||
PAYE control | 1,576 | - | ||||||
Directors current account | 20,391 | 20,391 | ||||||
Bank Loan | 20,000 | 10,000 | ||||||
Loans | 210,000 | 174,000 | ||||||
Loans | - | 285,000 | ||||||
Trade creditors | 18,217 | 15,941 | ||||||
Accruals | 49,288 | 46,003 | ||||||
346,967 | 554,537 | |||||||
7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||||||
2018 | 2017 | |||||||
£ | £ | |||||||
Bank loans (secured) >1yr | 980,000 | 1,348,000 | ||||||
980,000 | 1,348,000 | |||||||
8. EMPLOYEES | ||||||
2018 | 2017 | |||||
No. | No. | |||||
Average number of employees | 3 | 3 | ||||
9. PROVISIONS FOR LIABILITIES | 2018 | 2017 | ||||||
£ | £ | |||||||
Deferred taxation | 154,097 | 191,523 | ||||||
154,097 | 191,523 | |||||||
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VSM Properties Limited | ||||||||
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10. SHARE CAPITAL | 2018 | 2017 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
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300 | 300 | ||||||
300 | 300 | |||||||
11. REVALUATION RESERVE | 2018 | 2017 | ||||||
£ | £ | |||||||
Revaluation reserve | 1,046,293 | 770,240 | ||||||
Movement in Revaluation reserve in year | (111,477) | 276,053 | ||||||
934,816 | 1,046,293 | |||||||
12. RELATED PARTY TRANSACTIONS | ||||||||
Mrs V Pole is a director and Mrs R Pole and Mrs B Thyer are the wives of the other directors. The company has received a loan of £210,000 from the above in the year to 31st May 2018 (£174,000 a sat 31st May 2017). Interest is paid at a commercial rate on the loan. There is no security on the loan. | ||||||||
Perspective Developments Limited was a company which the directors owned 75% of the shares As at 31st May 2017 there was a loan from the company of £285,000 , this was repaid in full in the year. | ||||||||
13. BORROWINGS | ||||||||
The bank loans are secured on the company's investment properties. £ bank loans are denominated in £ with the interest rates from 2.57 to 3.33% over LIBOR,and the final instalments are due on 31st March 2022, The carrying amount is £1,000,000 (2017 £ 1,358,000) | ||||||||