| Velida Properties Limited |
| Registered number: |
06753843 |
| Balance Sheet |
| as at 31 March 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
1,310,000 |
|
|
701,421 |
|
| Current assets |
| Debtors |
3 |
|
10,809 |
|
|
2,379 |
| Cash at bank and in hand |
|
|
54,948 |
|
|
343,418 |
|
|
|
65,757 |
|
|
345,797 |
|
| Creditors: amounts falling due within one year |
4 |
|
(22,256) |
|
|
(23,248) |
|
| Net current assets |
|
|
|
43,501 |
|
|
322,549 |
|
| Total assets less current liabilities |
|
|
|
1,353,501 |
|
|
1,023,970 |
|
| Creditors: amounts falling due after more than one year |
5 |
|
|
(963,231) |
|
|
(889,576) |
|
| Provisions for liabilities |
|
|
|
(55,659) |
|
|
- |
|
|
| Net assets |
|
|
|
334,611 |
|
|
134,394 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
3 |
|
|
3 |
| Revaluation reserve |
6 |
|
|
288,592 |
|
|
77,377 |
| Profit and loss account |
|
|
|
46,016 |
|
|
57,014 |
|
| Shareholders' funds |
|
|
|
334,611 |
|
|
134,394 |
|
|
|
|
|
|
|
|
| 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. |
|
|
|
|
| S Dawson |
| Director |
| Approved by the board on 7 December 2017 |
|
| Velida Properties Limited |
| Notes to the Accounts |
| for the year ended 31 March 2017 |
|
|
| 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. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover from rentals is measured at the fair value of rent receivable for the period. |
|
|
Investment Properties |
|
|
The company's property is held for long-term investment. Investment properties are accounted for in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
|
|
(i) No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year; and |
|
|
|
(ii) No depreciation is provided in respect of leasehold investment properties where the lease has over 20 years to run. |
|
|
|
This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors refelcted in the annual valuation and the amount which might otherwise have bee shown cannot be separately identified or quantified. |
|
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Fixtures & fittngs |
20% reducing balance |
|
|
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. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
| 2 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Fixtures & fittings |
|
Total |
| £ |
£ |
£ |
|
Cost/ Valuation |
|
At 1 April 2016 |
701,421 |
|
1,256 |
|
702,677 |
|
Additions |
341,705 |
|
- |
|
341,705 |
|
Surplus on revaluation |
266,874 |
|
- |
|
266,874 |
|
At 31 March 2017 |
1,310,000 |
|
1,256 |
|
1,311,256 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2016 |
- |
|
1,256 |
|
1,256 |
|
At 31 March 2017 |
- |
|
1,256 |
|
1,256 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2017 |
1,310,000 |
|
- |
|
1,310,000 |
|
At 31 March 2016 |
701,421 |
|
- |
|
701,421 |
|
|
|
|
|
|
|
|
|
|
|
Revaluation of land and buildings |
|
The property has been included at an open market value as valued by Benedicts Consultant Surveryors. This is based on experience of sold values of similar properties. |
|
|
Freehold land and buildings: |
2017 |
|
2016 |
| £ |
£ |
|
Historical cost |
447,823 |
|
447,823 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
447,823 |
|
447,823 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Other debtors |
10,809 |
|
2,379 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade creditors |
19,342 |
|
29 |
|
Corporation tax |
- |
|
18,894 |
|
Other creditors |
2,914 |
|
4,325 |
|
|
|
|
|
|
22,256 |
|
23,248 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due after one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Other creditors |
963,231 |
|
889,576 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Revaluation reserve |
2017 |
|
2016 |
| £ |
£ |
|
|
At 1 April 2016 |
77,377 |
|
175,040 |
|
Disposal in the year |
211,215 |
|
(97,663) |
|
|
At 31 March 2017 |
288,592 |
|
77,377 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Related party transactions |
|
|
|
|
2017 |
|
2016 |
| £ |
£ |
|
P Ligertwood |
|
Director/ Shareholder |
|
Interest payable to related party |
- |
|
26,345 |
|
|
SIAD Limited |
|
Common director/ shareholder |
|
Payments mad eto related party during the year |
341,705 |
|
171,586 |
|
|
Benedicts Consultant Surveyors Limited |
|
Common director/ shareholder |
|
Payments made to related party during the year |
- |
|
369 |
|
|
| 8 |
Controlling party |
|
|
The company is controlled by its directors. |
|
|
| 9 |
Other information |
|
|
Velida Properties Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
30 Bankside Court |
|
Stationfields |
|
Kidlington |
|
Oxon |
|
OX51JE |
|
|
The trading address is: |
|
25 Corn Street |
|
Witney |
|
Oxon |
|
OX28 6BD |
