Company Registration No. 03195057 (England and Wales)
VSM PROPERTIES LIMITED
Unaudited accounts
for the year ended 31 May 2021
VSM PROPERTIES LIMITED
Unaudited accounts
Contents
VSM PROPERTIES LIMITED
Company Information
for the year ended 31 May 2021
Directors
S Pole
M Thyer
Mrs V Pole
Company Number
03195057 (England and Wales)
Accountants
Evans Entwistle
432 Gloucester Rd
Bristol
BS7 8TX
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
VSM PROPERTIES LIMITED
for the year ended 31 May 2021
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 LIMITED for the year ended 31 May 2021 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
Our work has been undertaken in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com.
Evans Entwistle
Chartered Management Accountants
432 Gloucester Rd
Bristol
BS7 8TX
22 June 2021
VSM PROPERTIES LIMITED
Statement of financial position
as at
31 May 2021
Investment property
1,975,500
1,850,000
Cash at bank and in hand
209,326
253,600
Creditors: amounts falling due within one year
(222,415)
(246,249)
Net current (liabilities)/assets
(3,819)
18,070
Total assets less current liabilities
1,971,681
1,868,070
Creditors: amounts falling due after more than one year
(570,000)
(570,000)
Provisions for liabilities
Deferred tax
(144,640)
(120,795)
Net assets
1,257,041
1,177,275
Called up share capital
300
300
Revaluation reserve
934,622
809,122
Profit and loss account
322,119
367,853
Shareholders' funds
1,257,041
1,177,275
For the year ending 31 May 2021 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 22 June 2021 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 2021
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
2021
Fair value at 1 June 2020
1,850,000
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: amounts falling due within one year
2021
2020
Trade debtors
8,678
9,749
Accrued income and prepayments
592
970
6
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
156,669
180,000
Trade creditors
8,669
8,925
Taxes and social security
1,369
1,954
Loans from directors
31,399
26,975
VSM PROPERTIES LIMITED
Notes to the Accounts
for the year ended 31 May 2021
7
Creditors: amounts falling due after more than one year
2021
2020
Bank loans
570,000
570,000
8
Average number of employees
During the year the average number of employees was 3 (2020: 3).