VALENTIA PROPERTY HOLDINGS LIMITED | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED | |||||||||||
31 MARCH 2023 | |||||||||||
Company Registration Number: 11944639 | |||||||||||
VALENTIA PROPERTY HOLDINGS LIMITED | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2023 | |||||||||||
CONTENTS | PAGES | ||||||||||
Company information | 1 | ||||||||||
Balance sheet | 2 to 3 | ||||||||||
Notes to the financial statements | 4 to 8 | ||||||||||
VALENTIA PROPERTY HOLDINGS LIMITED | |||||||||||
COMPANY INFORMATION | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2023 | |||||||||||
DIRECTOR | |||||||||||
SECRETARY | |||||||||||
The company does not have an appointed secretary | |||||||||||
REGISTERED OFFICE | |||||||||||
COMPANY REGISTRATION NUMBER | |||||||||||
11944639 England and Wales | |||||||||||
VALENTIA PROPERTY HOLDINGS LIMITED | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 MARCH 2023 | |||||||||||
Notes | 2023 | 2022 | |||||||||
£ | £ | ||||||||||
FIXED ASSETS | |||||||||||
Investments | 5 | ||||||||||
CURRENT ASSETS | |||||||||||
Debtors | 6 | - | |||||||||
Cash at bank and in hand | |||||||||||
CREDITORS: Amounts falling due within one year | 7 | ||||||||||
NET CURRENT LIABILITIES | ( |
( |
|||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | |||||||||||
CREDITORS: Amounts falling due after more than one year | 8 | ||||||||||
Provisions for liabilities and charges | |||||||||||
NET ASSETS | |||||||||||
CAPITAL AND RESERVES | |||||||||||
Called up share capital | |||||||||||
Distributable profit and loss account | |||||||||||
Non distributable profit and loss account | |||||||||||
SHAREHOLDER'S FUNDS | |||||||||||
VALENTIA PROPERTY HOLDINGS LIMITED | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 MARCH 2023 | |||||||||||
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report. | |||||||||||
Signed on behalf of the board | |||||||||||
Dr M Peagram | |||||||||||
Director | |||||||||||
Date approved by the board: |
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VALENTIA PROPERTY HOLDINGS LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2023 | |||||||||||
1 | GENERAL INFORMATION | ||||||||||
Valentia Property Holdings Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is: | |||||||||||
Radcliffe House | |||||||||||
Foxcombe Road | |||||||||||
Boars Hill | |||||||||||
Oxford | |||||||||||
England | |||||||||||
OX1 5DL | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Basis of preparation of financial statements | |||||||||||
Going concern | |||||||||||
The accounts have been drawn up on the going concern basis. The company owes its bank £3,000,000 and the director £70,439, both of which could be required for repayment without notice. The company is therefore dependent upon the continued support of the bank and the director. The director does not consider their own support nor the support of the bank likely to be withdrawn. | |||||||||||
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets. |
Revenue recognition | |||||||||||
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of rental income and consultancy services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts. | |||||||||||
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity. |
Investment properties | |
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. | |||||||||||
Subsequently, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise. | |||||||||||
VALENTIA PROPERTY HOLDINGS LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2023 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Financial Instruments | |||||||||||
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. | |||||||||||
Debtors | |||||||||||
Short term debtors are measured at transaction price, less any impairment. | |||||||||||
Creditors | |||||||||||
Leases | |||||||||||
VALENTIA PROPERTY HOLDINGS LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2023 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Taxation | |||||||||||
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 taxable profits. | |||||||||||
Deferred tax is measured using 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. | |||||||||||
Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset. |
3 | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | ||||||||||
4 | EMPLOYEES | ||||||||||
The average number of persons employed by the company (including directors) during the year was: | |||||||||||
2023 | 2022 | ||||||||||
Average number of employees | |||||||||||
VALENTIA PROPERTY HOLDINGS LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2023 | |||||||||||
5 | FIXED ASSET INVESTMENTS | ||||||||||
Investment Property | |||||||||||
£ | |||||||||||
Cost | |||||||||||
Cost of assets | |||||||||||
Revaluation | |||||||||||
At 31 March 2023 | 7,477,294 | ||||||||||
Net book value | |||||||||||
At 31 March 2023 | |||||||||||
In the opinion of the director, all investment property has been stated at fair value. | |||||||||||
6 | DEBTORS | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Trade debtors | - | ||||||||||
7 | CREDITORS: Amounts falling due within one year | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Trade creditors | |||||||||||
Taxation and social security | |||||||||||
Accruals and deferred income | |||||||||||
Other creditors | |||||||||||
163,915 | 181,646 | ||||||||||
8 | CREDITORS: Amounts falling due after more than one year | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Bank loans and overdrafts | |||||||||||
Analysis of creditors falling due after more than five years: | |||||||||||
2023 | 2022 | ||||||||||
Aggregate of non-instalment debts that fall due for repayment after five years: | £ | £ | |||||||||
Bank loans and overdrafts | 3,000,000 | 3,000,000 | |||||||||
VALENTIA PROPERTY HOLDINGS LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2023 | |||||||||||
9 | SECURED DEBTS | ||||||||||
properties with a carrying value of £4,359,860 and a floating charge over all the property or undertakings of the company. Interest is being charged on this loan at base rate, plus 1.95%. |
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10 | RELATED PARTY TRANSACTIONS | ||||||||||
During the year, the following transactions with related parties took place: | |||||||||||
Director | 2023 | 2022 | |||||||||
£ | £ | ||||||||||
Director loan account | |||||||||||