Company Registration No. 12117318 (England and Wales)
VICARAGE MANAGEMENT NO 1 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
LB GROUP
Number One
Vicarage Lane
Stratford
London
England
E15 4HF
VICARAGE MANAGEMENT NO 1 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 9
VICARAGE MANAGEMENT NO 1 LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
as restated
Notes
£
£
£
£
Current assets
Debtors
4
34,658,644
33,423,486
Cash at bank and in hand
252,544
628,895
34,911,188
34,052,381
Creditors: amounts falling due within one year
5
(34,225,240)
(33,362,341)
Net current assets
685,948
690,040
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
685,848
689,940
Total equity
685,948
690,040
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
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 30 September 2022 and are signed on its behalf by:
Mr L W M Mysyrowicz
Director
Company Registration No. 12117318
VICARAGE MANAGEMENT NO 1 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 December 2020:
Balance at 23 July 2019
Period ended 31 December 2020:
Profit and total comprehensive income for the period
12
-
689,940
689,940
Issue of share capital
9
100
-
100
Balance at 31 December 2020
100
689,940
690,040
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
(4,092)
(4,092)
Balance at 31 December 2021
100
685,848
685,948
VICARAGE MANAGEMENT NO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Vicarage Management No 1 Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Number One, Vicarage Lane, Stratford, London, England, E15 4HF.
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
.
The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues
: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of
Growth Lending Group Limited
. These consolidated financial statements are available from its registered office,
1 Vicarage Lane, Stratford, England, London, England, E15 4HF.
1.2
Going concern
The Directors consider the Company to be a going concern for the foreseeable future. The business developed from the Coronavirus Business Interruption Loan Scheme and is subject to independent review by the British Business Bank. Under the regulatory conditions in which the company operate they are confident that they have followed protocol in order to ensure that monies lent are on a reasonable and expected basis and are reviewed on an ongoing basis by the internal functions of the business. Alongside this, the main lender, supports the business in these operations on an ongoing rolling finance function. To date, and after the year end, there have been no issues in relation to this operation.
During the period the company has utilised sufficient capital to ensure that the business model will continue to operate as a going concern during the current economic environment. Such is the nature of the business that it has not been adversely impacted by either Brexit or the Covid-19 pandemic.
Having reviewed the Company's forecasts and projections and taking into account assurances from the parent undertaking regarding the continuing availability of group funding, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in the preparation of its financial statements.
VICARAGE MANAGEMENT NO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.3
Turnover
Turnover comprises the company's share of interest due from secured loans made to borrowers on the basis of the agreements in place between the company and the borrowers and the company who provided the secured lending.
Revenue is recognised on the time proportion basis after taking into account the amount outstanding and the loan rate applicable. Interest is calculated daily and it is recognised in arrears at the end of the month.
Financial facility sign up fees are recognised at the time of the approval of underlying loan terms.
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. Bank overdrafts are shown within borrowings in current liabilities
.
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 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.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts 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.
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. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
VICARAGE MANAGEMENT NO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
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
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, managements considered factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Impairment of group loans
The Company makes an estimate of the recoverable value of group loans. When assessing the impairment of group loans management considers whether there is objective evidence of impairment including:
-
economic or legal reasons relating to the debtors financial difficult; and
-
observable data indicating that there has been a measurable decrease in the estimated future cash flows from a group of financial assets since the initial recognition of those asset.
VICARAGE MANAGEMENT NO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,077,815
1,076,168
Amounts due from related parties
6,364,065
4,756,333
Other debtors
100
100
Prepayments and accrued income
45,134
RCF receivables
27,216,664
27,545,751
34,658,644
33,423,486
Amounts
due from related parties
are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
RCF receivables relate to amounts provided to 3
rd
parties on an arms-length basis on which securities are provided as part of the Company’s ongoing activity.
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
8,800
Taxation and social security
51,879
Short term finance facility
33,332,974
32,582,974
Other creditors
550,000
550,372
Accruals and deferred income
281,504
228,995
34,225,157
33,362,341
VICARAGE MANAGEMENT NO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED
31 DECEMBER 2021
31 December 2021
- 7 -
6
Loans and overdrafts
2021
2020
£
£
Short term loan facility
33,332,974
32,582,974
33,332,974
32,582,974
Payable within one year
33,332,974
32,582,974
7
Loan Security
The
short term finance facility
loans are secured by fixed and floating charges over the companies assets
.
These
charge
s
w
ere
taken out on 16 March 2020 and
are
between the company and
the main lender
. This short term finance facility interest is on an arms length basis.
8
Deferred commission
Deferred commission relates to the recognition of
management fee
income over the
period to which the facilities relate.
9
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
Senior Statutory Auditor:
Richard Lane
Statutory Auditor:
LB Group (Stratford)
11
Related party transactions
The company has taken advantage of exemptions, under the terms of Financial Reporting Standards 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclosure related party transactions with wholly owned subsidiaries within the group.
VICARAGE MANAGEMENT NO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
12
Ultimate controlling party
The immediate and ultimate parent company is Growth Lending Group Limited by
way
of its 100% holding of the issued share capital of Vicarage Management No 1 Limited.
Growth Lending Group Limited is the smallest and largest group of undertakings to consolidate these financial statements. The consolidated accounts are available from the registered office, 1 Vicarage Lane, Stratford, England, London, England, E15 4HF
The ultimate controlling party is Mr Mysyrowicz by way of his 100% holding of the issued share capital of
Growth Lending Group Limited
.
VICARAGE MANAGEMENT NO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
13
Prior period adjustment
Reconciliation of changes in equity
23 July
31 December
2019
2020
£
£
Adjustments to prior year
-
665,888
Equity as previously reported
-
24,152
Equity as adjusted
-
690,040
Analysis of the effect upon equity
Profit and loss reserves
-
665,888
Reconciliation of changes in profit for the previous financial period
2020
£
Adjustments to prior year
665,888
Profit as previously reported
24,052
Profit as adjusted
689,940
Notes to reconciliation
The prior year adjustment of £665,888 has arisen due to a change of accounting policy in relation to recognition of income policy. Comparative figures present in these financial statements have been restated to reflect the change in policy.
2021-12-31
2021-01-01
false
CCH Software
CCH Accounts Production 2022.200
No description of principal activity
This audit opinion is unqualified
Mr L W M Mysyrowicz
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