Vastrace Limited - Period Ending 2022-03-31

Vastrace Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Statement of Changes in Equity	4
Notes to the Unaudited 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

Vastrace Limited

(Registration number: 02119919)
Balance Sheet as at 31 March 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	4,590	6,315
Investment property	5	4,230,733	4,029,375
		4,235,323	4,035,690
Current assets
Debtors	6	4,392	4,336
Cash at bank and in hand		102,163	97,040
		106,555	101,376
Creditors: Amounts falling due within one year	7	(27,218)	(28,366)
Net current assets		79,337	73,010
Total assets less current liabilities		4,314,660	4,108,700
Creditors: Amounts falling due after more than one year	7	(1,570,768)	(1,628,058)
Provisions for liabilities		(112,815)	(60,475)
Net assets		2,631,077	2,420,167
Capital and reserves
Called up share capital		1,950,004	1,950,004
Fair value reserve		452,280	295,261
Retained earnings		228,793	174,902
Shareholders' funds		2,631,077	2,420,167

For the financial year ending 31 March 2022 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 December 2022
 

Vastrace Limited

(Registration number: 02119919)
Balance Sheet as at 31 March 2022

......................................... Ms E Spentza Director

Vastrace Limited

Statement of Changes in Equity for the Year Ended 31 March 2022

	Share capital £	Revaluation reserve £	Retained earnings £	Total £
At 1 April 2021	1,950,004	295,261	174,902	2,420,167
Profit for the year	-	-	53,891	53,891
Other comprehensive income	-	157,019	-	157,019
Total comprehensive income	-	157,019	53,891	210,910
At 31 March 2022	1,950,004	452,280	228,793	2,631,077

	Share capital £	Revaluation reserve £	Retained earnings £	Total £
At 1 April 2020	1,950,004	295,261	68,127	2,313,392
Profit for the year	-	-	106,775	106,775
At 31 March 2021	1,950,004	295,261	174,902	2,420,167

Vastrace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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 rate on the date when the fair value is re-measured.

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.

Vastrace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Tangible assets

Tangible assets are stated in the balance sheet 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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

Vastrace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4	Tangible assets

	Fixtures and fittings £	Total £
Cost or valuation
At 1 April 2021	12,517	12,517
Additions	789	789
At 31 March 2022	13,306	13,306
Depreciation
At 1 April 2021	6,202	6,202
Charge for the year	2,514	2,514
At 31 March 2022	8,716	8,716
Carrying amount
At 31 March 2022	4,590	4,590
At 31 March 2021	6,315	6,315

Vastrace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5	Investment properties

	2022 £
At 1 April	4,029,375
Additions	201,358
At 31 March	4,230,733

The properties were valued by Justin Hayward of Proprium Est 1974 LLP on 5th April 2022.

6

Debtors

Current	2022 £	2021 £
Prepayments	598	244
Other debtors	3,794	4,092

7

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Trade creditors	3,676	1,844
Taxation and social security	16,490	16,129
Accruals and deferred income	1,671	7,384
Other creditors	5,381	3,009
	27,218	28,366

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings		1,570,768	1,628,058

Loans repayables over one year include a director loan of £614,907 (2021 - £640,418). The loan is interest free with no fixed repayment terms.
Also included in creditors over one year are a loan from shareholders of £45,831 (2021: £45,831) , other loans of £70,364 (2021 - £70,840) with no fixed repayment terms, £152,666 (2021 - £153,700) repayable by 2028 and £687,000 (2021 - £717,268) repayable by 2044, all non interest bearing.

 

Vastrace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

	Revaluation reserve £	Total £
Surplus on investment property revaluation	157,019	157,019