Vascroft Homes Limited
Vascroft Homes Limited
Registered number: 5707009
Unaudited Financial Statements
For The Year Ended 30 April 2019
Hanberry & Co
Chartered Certified Accountants
20 Peterborough Road
Harrow
Middlesex
HA1 2BQ
Vascroft Homes Limited
Unaudited Financial Statements
For The Year Ended 30 April 2019
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Vascroft Homes Limited
Balance Sheet
As at
30 April 2019
Balance Sheet
Registered number:
5707009
For the year ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2019 | 2018 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 1,831,896 | 1,877,613 | |||
Page 1
Vascroft Homes Limited
Balance Sheet (continued)
As at
30 April 2019
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Vascroft Homes Limited
Notes to the Financial Statements
For The Year Ended 30 April 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
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1.3.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2019 | 2018 | ||
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| Office and administration |
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Page 3
Vascroft Homes Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2019
3.
Tangible Assets
The analysis of the cost or valuation of the above assets is as follows:
| Land & Property | |
|---|---|
| Freehold | |
| £ | |
| Cost | |
| As at |
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| As at |
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| Net Book Value | |
| As at |
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| As at |
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| Land & Property | |
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| Freehold | |
| £ | |
| As at |
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| At cost | 2,796,000 |
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| As at |
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| At cost | - |
| At valuation | 2,796,000 |
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The company's investment properties were valued by Hilton & Fox, a local firm of Estate Agents on 31st January 2018. The valuations were based on their knowledge of the property market and sale of similar properties in the surrounding areas. The directors are not aware of any material changes in value since the date of this valuation.
5.
Debtors
| 2019 | 2018 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors |
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| Loan debtor | - | 141,688 | |
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Loan debtor was an amount invested in a company in India. The company has since gone into liquidation and this investment has now been written off in the year.
Page 4
Vascroft Homes Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2019
6.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Corporation tax |
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| Accruals and deferred income |
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| Directors' loan accounts |
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7.
Creditors: Amounts Falling Due After More Than One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Bank loans |
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9.
General Information
Vascroft Homes Limited is a private company, limited by shares, incorporated in England & Wales, registered number 5707009 . The registered office is Vascroft Estate, 861 Coronation Road, London, NW10 7PT.
Page 5