Company registration number 08129951 (England and Wales)
VL (Property) Services Limited
Unaudited financial statements
For the year ended 31 July 2022
VL (Property) Services Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
VL (Property) Services Limited
Statement of financial position
as at 31 July 2022
31 July 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
66,364
Investment properties
4
130,000
250,000
196,364
250,000
Current assets
Debtors
5
1,199
2,579
Cash at bank and in hand
33,482
20,020
34,681
22,599
Creditors: amounts falling due within one year
6
(170,685)
(196,051)
Net current liabilities
(136,004)
(173,452)
Total assets less current liabilities
60,360
76,548
Provisions for liabilities
(1,900)
(3,100)
Net assets
58,460
73,448
Capital and reserves
Called up share capital
100
100
Revaluation reserve
23,555
43,517
Profit and loss reserves
34,805
29,831
Total equity
58,460
73,448
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 July 2022 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.
The 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.
VL (Property) Services Limited
Statement of financial position (continued)
as at 31 July 2022
31 July 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 April 2023 and are signed on its behalf by:
Miss V E Riley
Mrs L A Byatt
Director
Director
Company Registration No. 08129951
VL (Property) Services Limited
Statement of changes in equity
For the year ended 31 July 2022
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 August 2020
100
56,866
9,664
66,630
Year ended 31 July 2021:
Profit and total comprehensive income for the year
-
-
6,818
6,818
Transfers
-
(13,349)
13,349
-
Balance at 31 July 2021
100
43,517
29,831
73,448
Year ended 31 July 2022:
Loss and total comprehensive income for the year
-
-
(14,988)
(14,988)
Transfers
-
(19,962)
19,962
-
Balance at 31 July 2022
100
23,555
34,805
58,460
VL (Property) Services Limited
Notes to the financial statements
For the year ended 31 July 2022
- 4 -
1
Accounting policies
Company information
VL (Property) Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 Roebuck Court, Hilderstone, Stone, Staffordshire, ST15 8WD.
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 amounts 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 at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from rentals of property are recognised when the amount of revenue can be measured reliably, it is probable that the economical benefits associated with the transactions will flow to the entity and the costs incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
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 at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
VL (Property) Services Limited
Notes to the financial statements (continued)
For the year ended 31 July 2022
1
Accounting policies
(Continued)
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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.
1.7
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 statement of financial position 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 and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
VL (Property) Services Limited
Notes to the financial statements (continued)
For the year ended 31 July 2022
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.8
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.
1.9
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 income statement 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 number of persons employed by the company during the year was Nil (2021 - Nil).
VL (Property) Services Limited
Notes to the financial statements (continued)
For the year ended 31 July 2022
- 7 -
3
Tangible fixed assets
Plant and equipment
£
Cost
At 1 August 2021
Additions
66,944
At 31 July 2022
66,944
Depreciation and impairment
At 1 August 2021
Depreciation charged in the year
580
At 31 July 2022
580
Carrying amount
At 31 July 2022
66,364
At 31 July 2021
4
Investment property
2022
£
Fair value
At 1 August 2021
250,000
Disposals
(120,000)
At 31 July 2022
130,000
Investment property comprises of residential property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 July 2022 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Prepayments and accrued income
1,199
2,579
VL (Property) Services Limited
Notes to the financial statements (continued)
For the year ended 31 July 2022
- 8 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Taxation and social security
1,690
Other creditors
170,685
194,361
170,685
196,051