Volbis Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC050690 (Scotland)

Financial Statements For The Year Ended 31 May 2021

for

Volbis Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

J B Stirling

Mrs M H Stirling

SECRETARY:

Dr J A Stirling

REGISTERED OFFICE:

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

REGISTERED NUMBER:

SC050690 (Scotland)

INDEPENDENT AUDITORS:

Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

FIXED ASSETS

Tangible assets

4

1,928

13,492

Investments

5

130,151

117,943

Investment property

6

3,534,010

3,270,960

3,666,089

3,402,395

CURRENT ASSETS

Debtors

7

25,328

25,580

Cash at bank

89,274

92,073

114,602

117,653

CREDITORS

Amounts falling due within one year

8

126,972

163,711

NET CURRENT LIABILITIES

(12,370

)

(46,058

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,653,719

3,356,337

CREDITORS

Amounts falling due after more than one year

9

(409,044

)

(287,348

)

PROVISIONS FOR LIABILITIES

(314,320

)

(188,016

)

NET ASSETS

2,930,355

2,880,973

CAPITAL AND RESERVES

Called up share capital

3,869

3,869

Share premium

18,191

18,191

Revaluation reserve

1,824,289

1,807,863

Retained earnings

1,084,006

1,051,050

2,930,355

2,880,973

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2022 and were signed on its behalf by:

J B Stirling - Director

1.	STATUTORY INFORMATION

Volbis Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 rental amounts received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

20% on cost

Fixtures and fittings

-

15% on reducing balance

Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to Statement of Comprehensive Income over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Comprehensive Income as the related expenditure is incurred.

Investment property

Investment property is shown at most recent valuation which is measured at fair value based on market value as suitable for residential and commercial property. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes 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 statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the employee's personal pension plans are charged to the profit or loss in the period to which they relate.

Investments

Investments are included at fair value. Profit or losses arising from disposal of investments are treated as part of the result from ordinary activities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Computer

and

equipment

fittings

Totals

£

£

£

COST

At 1 June 2020

1,181

84,274

85,455

Disposals

(1,181

)

(78,272

)

(79,453

)

At 31 May 2021

-

6,002

6,002

DEPRECIATION

At 1 June 2020

1,181

70,782

71,963

Charge for year

-

2,023

2,023

Eliminated on disposal

(1,181

)

(68,731

)

(69,912

)

At 31 May 2021

-

4,074

4,074

NET BOOK VALUE

At 31 May 2021

-

1,928

1,928

At 31 May 2020

-

13,492

13,492

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 June 2020

117,943

Disposals

(11,575

)

Revaluations

23,783

At 31 May 2021

130,151

NET BOOK VALUE

At 31 May 2021

130,151

At 31 May 2020

117,943

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2020

3,270,960

Additions

120,320

Revaluations

142,730

At 31 May 2021

3,534,010

NET BOOK VALUE

At 31 May 2021

3,534,010

At 31 May 2020

3,270,960

Fair value at 31 May 2021 is represented by:

£

Valuation in 1982

449,250

Valuation in 2005

1,051,050

Valuation in 2009

999,260

Valuation in 2011

223,160

Valuation in 2016

82,740

Valuation in 2018

83,750

Valuation in 2019

184,750

Valuation in 2020

197,000

Valuation in 2021

263,050

3,534,010

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

2021

2020

£

£

Cost

1,583,417

1,463,097

Investment property was valued on an open market basis on 31 May 2021 by the directors, having taken advice from the property managers.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

25,328

25,580

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

4,304

77,500

Social security and other taxes

1,586

1,580

Other creditors

10,171

15,145

Directors' current accounts

99,558

58,666

Accrued expenses

11,353

10,820

126,972

163,711

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

375,177

287,348

Bank loans due 2-5 years

30,987

-

Bank loans more 5 yr by instal

2,880

-

409,044

287,348

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,880

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

364,848

364,848

Brown Shipley & Co Ltd hold a standard security over flat 8/3 Glenfinlas Street, 17 and 27 William Street and 136 West Princes Street properties owned by the company.

Brown Shipley & Co Ltd hold a Memorandum of Deposit over the fixed asset investments.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Logan (Senior Statutory Auditor)

for and on behalf of Robb Ferguson

12.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.