CVS & VVS Limited
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Notes to the Accounts |
for the period from 20 February 2017 to 30 June 2018
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Investment Properties |
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The Company's Freehold Property is held for long term investment and is accounted for using the fair value accounting. They are revalued annually by the Directors, based on market value and the aggregate surplus or deficit is transferred to a fair value reserve and deferred tax provided for. No depreciation is provided in respect of the properties.
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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2 |
Tangible fixed assets |
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Freehold & Leasehold Properties |
£ |
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Cost |
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Additions |
4,045,000 |
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Surplus on revaluation |
6,844,774 |
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Transfer of business |
(10,889,774) |
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At 30 June 2018 |
- |
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Depreciation |
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At 30 June 2018 |
- |
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Net book value |
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At 30 June 2018 |
- |
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Freehold land and buildings: |
2018 |
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£ |
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Historical cost |
4,050,000 |
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Cumulative depreciation based on historical cost |
- |
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4,050,000 |
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3 |
Fair value reserve |
2018 |
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£ |
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Gain on revaluation of land and buildings |
6,994,660 |
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Transfer of business |
(6,994,660) |
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At 30 June 2018 |
- |
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4 |
Controlling party |
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The company is a wholly owned subsidiary of Sterlingbridge Holdings Limited, of 106 Lower Addiscombe Road, Croydon, Surrey CR0 6AD.
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5 |
Other information |
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CVS & VVS Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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106 Lower Addiscombe Road |
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Croydon |
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Surrey |
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CR0 6AD |