Company Registration No. 05901604 (England and Wales)
VARDY PROPERTY (TEESSIDE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
VARDY PROPERTY (TEESSIDE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
VARDY PROPERTY (TEESSIDE) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investment properties
3
3,000,000
3,000,000
Current assets
Debtors
4
17,111
53,073
Cash at bank and in hand
191,567
302,214
208,678
355,287
Creditors: amounts falling due within one year
5
(934,155)
(1,238,710)
Net current liabilities
(725,477)
(883,423)
Total assets less current liabilities
2,274,523
2,116,577
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
2,274,522
2,116,576
Total equity
2,274,523
2,116,577
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 August 2020 and are signed on its behalf by:
R A R Vardy
Director
Company Registration No. 05901604
VARDY PROPERTY (TEESSIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
Vardy Property (Teesside) Limited is a
private
company
limited by shares
incorporated in England and Wales (company number: 05901604).
The registered office is
32 Portland Terrace, Jesmond, Newcastle upon Tyne, NE2 1QP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the company forms part of a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Turnover
Turnover, which is stated net of value added tax, represents the value of amounts
due
for rents and service charges.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs
.
VARDY PROPERTY (TEESSIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including
short term creditors and
loans from
fellow group companies are recognised at transaction price
.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
-
-
3
Investment property
2020
£
Fair value
At 1 April 2019 and 31 March 2020
3,000,000
Investment property comprises properties held for rent to third parties. The investment property has been valued by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
VARDY PROPERTY (TEESSIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
16
Other debtors
17,111
53,057
17,111
53,073
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
421
3,067
Amounts owed to group undertakings
835,215
1,209,139
Corporation tax
37,033
-
Other taxation and social security
10,248
2,019
Other creditors
51,238
24,485
934,155
1,238,710
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
7
Parent company
The parent company of Vardy Property (Teesside) Limited is Vardy Property Group Limited, a company registered in England and Wales. The registered office of Vardy Property Group Limited is 32 Portland Terrace, Newcastle upon Tyne, NE2 1QP.