| VALKYRIE ESTATES LIMITED |
| Registered number: |
08685512 |
| Balance Sheet |
| as at 31 March 2019 |
|
| Notes |
|
|
2019 |
|
|
2018 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
4,645,540 |
|
|
4,475,000 |
|
| Current assets |
| Cash at bank and in hand |
|
|
322,381 |
|
|
259,448 |
|
| Creditors: amounts falling due within one year |
3 |
|
(280,370) |
|
|
(73,118) |
|
| Net current assets |
|
|
|
42,011 |
|
|
186,330 |
|
| Total assets less current liabilities |
|
|
|
4,687,551 |
|
|
4,661,330 |
|
| Creditors: amounts falling due after more than one year |
4 |
|
|
(2,200,000) |
|
|
(2,200,000) |
|
|
| Net assets |
|
|
|
2,487,551 |
|
|
2,461,330 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
2,780,000 |
|
|
2,780,000 |
| Non distributable reserve deficit |
6 |
|
|
(328,798) |
|
|
(328,798) |
| Profit and loss account |
|
|
|
36,349 |
|
|
10,128 |
|
| Shareholders' funds |
|
|
|
2,487,551 |
|
|
2,461,330 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| C N Rayner |
| Director |
| Approved by the board on 10 October 2019 |
|
| VALKYRIE ESTATES LIMITED |
| Notes to the Accounts |
| for the year ended 31 March 2019 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
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). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes and includes rents receivable. |
|
|
Tangible fixed assets |
|
Investment properties are not depreciated which is a departure from the companies Act 2006 but in accordance with FRS102 they are revalued in order to show a true and fair view. |
|
|
Debtors |
|
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. |
|
|
Creditors |
|
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. |
|
| 2 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Investment properties |
| £ |
|
Cost |
|
At 1 April 2018 |
4,475,000 |
|
Additions |
170,540 |
|
At 31 March 2019 |
4,645,540 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 March 2019 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2019 |
4,645,540 |
|
At 31 March 2018 |
4,475,000 |
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2019 |
|
2018 |
| £ |
£ |
|
Historical cost |
4,974,338 |
|
4,803,798 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
4,974,338 |
|
4,803,798 |
|
|
|
|
|
|
|
|
|
|
The investment properties have been revalued by C N Rayner MRICS, a director, based on an existing use basis. |
|
|
| 3 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Taxation and social security costs |
6,173 |
|
2,376 |
|
Rent deposits and rent in advance |
70,676 |
|
68,038 |
|
Other creditors |
203,521 |
|
2,704 |
|
|
|
|
|
|
280,370 |
|
73,118 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due after one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Bank loans secured |
2,200,000 |
|
2,200,000 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Loans |
2019 |
|
2018 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
2,200,000 |
|
2,200,000 |
|
|
|
|
|
|
|
|
|
|
The loans are secured by first charges on the investment properties. |
|
|
| 6 |
Non distributable reserve deficit |
2019 |
|
2018 |
| £ |
£ |
|
|
At 1 April 2018 |
(328,798) |
|
- |
|
Deficit on revaluation of land and buildings |
- |
|
(328,798) |
|
|
At 31 March 2019 |
(328,798) |
|
(328,798) |
|
|
|
|
|
|
|
|
|
|
| 7 |
Capital commitments |
2019 |
|
2018 |
| £ |
£ |
|
|
Amounts contracted for but not provided in the accounts |
780,250 |
|
- |
|
|
|
|
|
|
|
|
|
|
| 8 |
Controlling party |
|
|
The controlling party is C N Rayner director. |
|
| 9 |
Other information |
|
|
VALKYRIE ESTATES LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
Christopher Wren House |
|
40 West Street |
|
Reigate |
|
Surrey |
|
RH2 9BT |
