VASTRACE LIMITED - Period Ending 2019-03-31

Registration number: 02119919

VASTRACE LIMITED

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2019

VASTRACE LIMITED

Contents

Company Information	1
Balance Sheet	2 to 3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 to 9

VASTRACE LIMITED

Company Information

Director

Ms E Spentza

Registered office

5th Floor North Side, 7/10 Chandos Street Cavendish Square London W1G 9DQ

Accountants

DTL Advisory Limited Chartered Certified Accountants 5th Floor, North Side 7-10 Chandos Street Cavendish Square London W1G 9DQ

Page 1

VASTRACE LIMITED

(Registration number: 02119919)
Balance Sheet as at 31 March 2019

	Note	2019 £	(As restated) 2018 £
Fixed assets
Tangible assets	3	10,359	-
Investment property	4	3,208,281	564,269
Investments	5	790,639	-
		4,009,279	564,269
Current assets
Debtors	6	19,702	5,954
Cash at bank and in hand		98,474	-
		118,176	5,954
Creditors: Amounts falling due within one year	7	(4,866)	(9,370)
Net current assets/(liabilities)		113,310	(3,416)
Total assets less current liabilities		4,122,589	560,853
Creditors: Amounts falling due after more than one year	7	(1,713,482)	(117,475)
Provisions for liabilities		(60,475)	(60,475)
Net assets		2,348,632	382,903
Capital and reserves
Called up share capital		1,950,004	2
Revaluation reserve		295,261	295,261
Profit and loss account		103,367	87,640
Total equity		2,348,632	382,903

For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 2

VASTRACE LIMITED

(Registration number: 02119919)
Balance Sheet as at 31 March 2019

Approved and authorised by the director on 8 January 2020
 

.........................................

Ms E Spentza
Director

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 3

VASTRACE LIMITED

Statement of Changes in Equity for the Year Ended 31 March 2019

	Share capital £	Revaluation reserve £	Profit and loss account £	Total £
At 1 April 2018	2	295,261	87,640	382,903
Profit for the year	-	-	15,727	15,727
Total comprehensive income	-	-	15,727	15,727
New share capital subscribed	1,950,002	-	-	1,950,002
At 31 March 2019	1,950,004	295,261	103,367	2,348,632

	Share capital £	Revaluation reserve £	Profit and loss account £	Total £
At 1 April 2017	2	222,501	83,551	306,054
Profit for the year	-	-	4,089	4,089
Other comprehensive income	-	72,760	-	72,760
Total comprehensive income	-	72,760	4,089	76,849
At 31 March 2018	2	295,261	87,640	382,903

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 4

VASTRACE LIMITED

Notes to the Financial Statements for the Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
5th Floor North Side,
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Prior period errors

The prior year adjustment relates to the omission of the provision of deferred tax on the increase of the fair value of one of the properties.

Revenue recognition

Turnover comprises the fair value of the consideration receivable for the provision of services, in this case gross rent receivable, in the ordinary course of the company's activities. The rent receivable from the French properties has been incorporated in the accounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 5

VASTRACE LIMITED

Notes to the Financial Statements for the Year Ended 31 March 2019

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Asset class	Depreciation method and rate
Furniture and fittings	20% straight line

Investment property

Investment properties are included in the balance sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2018) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that all tangible assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 6

VASTRACE LIMITED

Notes to the Financial Statements for the Year Ended 31 March 2019

3	Tangible assets

	Fixtures and fittings £	Total £
Cost or valuation
Additions	11,654	11,654
At 31 March 2019	11,654	11,654
Depreciation
Charge for the year	1,295	1,295
At 31 March 2019	1,295	1,295
Carrying amount
At 31 March 2019	10,359	10,359

Page 7

VASTRACE LIMITED

Notes to the Financial Statements for the Year Ended 31 March 2019

4	Investment properties

	2019 £
At 1 April	564,269
Additions	2,644,012
At 31 March	3,208,281

There director believes the fair value of the investment properties has remained unchanged.

5	Investments

	2019 £	2018 £
Investments in associates	790,639	-

Associates	£
Cost
Additions	790,639
Provision
Carrying amount
At 31 March 2019	790,639

6

Debtors

	2019 £	2018 £
Prepayments	2,035	106
Other debtors	17,667	5,848
	19,702	5,954

Page 8

VASTRACE LIMITED

Notes to the Financial Statements for the Year Ended 31 March 2019

7

Creditors

Creditors: amounts falling due within one year

	2019 £	2018 £
Due within one year
Trade creditors	-	2,983
Accruals and deferred income	4,451	4,651
Other creditors	415	1,736
	4,866	9,370

Creditors: amounts falling due after more than one year

	Note	2019 £	2018 £
Due after one year
Loans and borrowings		1,713,482	117,475

Loans repayables over one year include a director loan £646,123 (2018:nil), the loan is interest free, repayment starts on 1 September 2019.
Also included in creditors over one year are a loan from shareholders of £45,831 (2018: £45,831) , loans from family members of £75,820 (2018:£71,645) interest free and with no repayment dates and £155,069 (2018:£nil) interest free, repayment starts on 1 May 2019 and a further loan of £790,639 from family members (2018:£nil) interest free, repayment starts in 2020.

 

Page 9