| VT Property Services Ltd |
| Registered number: |
10126182 |
| Balance Sheet |
| as at 31 August 2017 |
|
| Notes |
|
|
2017 |
|
| £ |
|
| Fixed assets |
| Tangible assets |
3 |
|
|
2,534,789 |
|
| Current assets |
| Debtors |
4 |
|
1,011,815 |
| Cash at bank and in hand |
|
|
49,980 |
|
|
|
1,061,795 |
|
|
|
| Creditors: amounts falling due within one year |
5 |
|
(1,237,032) |
|
| Net current liabilities |
|
|
|
(175,237) |
|
|
| Total assets less current liabilities |
|
|
|
2,359,552 |
|
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(2,464,456) |
|
|
|
| Net liabilities |
|
|
|
(104,904) |
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
400 |
| Profit and loss account |
|
|
|
(105,304) |
|
| Shareholders' funds |
|
|
|
(104,904) |
|
|
|
|
|
|
|
| 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. |
|
|
|
|
| Craig Sanders |
| Director |
| Approved by the board on 9 February 2018 |
|
| VT Property Services Ltd |
| Notes to the Accounts |
| for the period from 15 April 2016 to 31 August 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 (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. 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. |
|
|
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: |
|
|
Freehold buildings |
over 25 years |
|
Leasehold land and buildings |
lower of 25 years or the lease term |
|
Plant and machinery |
25% reducing balance basis |
|
|
The directors consider that to reliably measure the investment properties held by the company would cause undue cost and effort to be expended. The properties have therefore been included within Property, plant and equipment at cost less accumulated depreciation. The directors have committed to revaluing properties to fair value every 5 years, with the first valuation to be made on 31 August 2019. |
|
|
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. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Employees |
2017 |
|
| Number |
|
|
|
Average number of persons employed by the company |
2 |
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets - property, plant and equipment |
|
|
|
|
Land and buildings |
|
Plant and machinery etc |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
Additions |
2,591,815 |
|
3,143 |
|
2,594,958 |
|
At 31 August 2017 |
2,591,815 |
|
3,143 |
|
2,594,958 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
Charge for the period |
59,383 |
|
786 |
|
60,169 |
|
At 31 August 2017 |
59,383 |
|
786 |
|
60,169 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 August 2017 |
2,532,432 |
|
2,357 |
|
2,534,789 |
|
|
| 4 |
Debtors |
2017 |
|
| £ |
|
|
|
Prepayments |
|
|
|
|
904 |
|
Other debtors |
1,010,911 |
|
|
|
|
|
|
1,011,815 |
|
|
|
|
|
|
|
|
|
|
Other debtors of £1,010,911 represents money held by the company's solicitors in respect of a property purchase that completed on 1st September 2017. |
|
|
| 5 |
Creditors: amounts falling due within one year |
2017 |
|
| £ |
|
|
|
Bank loans and overdrafts |
35,799 |
|
Other loans |
1,171,234 |
|
Accruals |
28,063 |
|
Other creditors |
1,936 |
|
|
|
|
|
|
1,237,032 |
|
|
|
|
|
|
|
|
|
|
Other loans of £1,171,234 are owed to Vision Teaching Ltd, a company in which Craig Sanders and Daniel Leigh are also directors. The loan carries interest of 3% per annum. Whilst the loan is repayable on demand, no repayments are expected to be made within one year. |
|
|
| 6 |
Creditors: amounts falling due after one year |
2017 |
|
| £ |
|
|
|
Bank loans |
2,456,928 |
|
Trade creditors |
7,528 |
|
|
|
|
|
|
2,464,456 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2017 |
|
| £ |
|
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
2,311,787 |
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
2,492,727 |
|
|
|
|
|
|
|
|
|
Bank loans are secured by a charge against the properties which are loaned against, along with personal guarantees from the directors capped at £50,000 per director per property. |
|
|
| 8 |
Other information |
|
|
VT Property Services Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
Kingsway House |
|
103 Kingsway |
|
London |
|
WC2B 6QX |
