Visionbrook Limited - Limited company accounts 18.2

REGISTERED NUMBER: 03123417 (England and Wales)

VISIONBROOK LIMITED

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

Mr A C Stylianou

Mr T Tsirtsipis

Mr C Petrides

Mr C A Joannou

SECRETARY:

Mr A C Stylianou

REGISTERED OFFICE:

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

REGISTERED NUMBER:

03123417 (England and Wales)

ACCOUNTANTS:

Kounnis And Partners Ltd

Chartered Certified Accountants

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

The directors present their report with the financial statements of the company for the year ended 31 December 2018.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property investments.

REVIEW OF BUSINESS

The results for the year and financial position of the company are as shown in the annexed financial statements.

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of £261.1111 per share.

The total distribution of dividends for the year ended 31 December 2018 will be £ 75,200 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2018 to the date of this

report.

Mr A C Stylianou

Mr T Tsirtsipis

Mr C Petrides

Mr C A Joannou

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with

applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and of the profit or loss of the company for that period. In preparing these financial statements, the directors

are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on

the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial

statements may differ from legislation in other jurisdictions.

ON BEHALF OF THE BOARD:

Mr C Petrides - Director

25 July 2019

TURNOVER

95,929

95,929

Administrative expenses

212

203

95,717

95,726

Other operating income

-

53,950

OPERATING PROFIT

95,717

149,676

Interest receivable and similar income

-

24,332

95,717

174,008

Interest payable and similar expenses

9,278

8,948

PROFIT BEFORE TAXATION

86,439

165,060

Tax on profit

16,423

21,385

PROFIT FOR THE FINANCIAL YEAR

70,016

143,675

FIXED ASSETS

Investment property

3

2,250,000

1,650,000

CURRENT ASSETS

Debtors

4

-

78,282

Cash at bank

34,246

21,722

34,246

100,004

CREDITORS

Amounts falling due within one year

5

47,449

96,144

NET CURRENT (LIABILITIES)/ASSETS

(13,203

)

3,860

TOTAL ASSETS LESS CURRENT LIABILITIES

2,236,797

1,653,860

CREDITORS

Amounts falling due after more than one year

6

(236,299

)

(248,178

)

PROVISIONS FOR LIABILITIES

(282,458

)

(168,268

)

NET ASSETS

1,718,040

1,237,414

CAPITAL AND RESERVES

Called up share capital

288

288

Fair value reserve

7

1,495,596

1,009,786

Retained earnings

222,156

227,340

SHAREHOLDERS' FUNDS

1,718,040

1,237,414

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 25 July 2019 and were signed on its behalf by:

Mr C Petrides - Director

Mr A C Stylianou - Director

1.	STATUTORY INFORMATION

Visionbrook Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2018

1,650,000

Revaluations

600,000

At 31 December 2018

2,250,000

NET BOOK VALUE

At 31 December 2018

2,250,000

At 31 December 2017

1,650,000

Fair value at 31 December 2018 is represented by:

£

Valuation in 2016

1,095,654

Valuation in 2017

150,000

Valuation in 2018

600,000

Cost

404,346

2,250,000

If the investment property had not been revalued it would have been included at the following historical cost:

2018

2017

£

£

Cost

404,346

404,346

The investment property was valued on an open market basis on 31 December 2018 by the directors. .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

-

78,282

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

11,120

10,993

Shareholders loans

-

44,000

Corporation tax

16,423

21,385

Directors' current accounts

1,344

1,204

Accruals and deferred income

18,562

18,562

47,449

96,144

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans - 1-2 years

11,366

11,239

Bank loans - 2-5 years

35,165

34,781

Bank loans more 5 yr by instal

189,768

202,158

236,299

248,178

2018

2017

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

189,768

202,158

7.

RESERVES

Fair

value

reserve

£

At 1 January 2018

1,009,786

Transfer on revaluation

485,810

At 31 December 2018

1,495,596