Vico Developments Limited - Accounts to registrar (filleted) - small 18.2
Vico Developments Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 March 2020 |
| for |
| Vico Developments Limited |
| Vico Developments Limited (Registered number: 01840217) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Vico Developments Limited |
| Company Information |
| for the Year Ended 31 March 2020 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants & Registered Auditors |
| 2nd Floor, Woodside House |
| 261 Low Lane |
| Horsforth |
| Leeds |
| West Yorkshire |
| LS18 5NY |
| BANKERS: |
| Wakefield Branch |
| Unit 10 |
| Navigation Court |
| Wakefield |
| West Yorkshire |
| WF2 7BJ |
| Vico Developments Limited (Registered number: 01840217) |
| Balance Sheet |
| 31 March 2020 |
| 31.3.20 | 31.3.19 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| Vico Developments Limited (Registered number: 01840217) |
| Balance Sheet - continued |
| 31 March 2020 |
| 31.3.20 | 31.3.19 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital |
| Non-distributable reserve | 10 |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| 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 |
| Vico Developments Limited (Registered number: 01840217) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2020 |
| 1. | STATUTORY INFORMATION |
| Vico Developments Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover comprises the value of sales (excluding VAT, similar taxes and trade discounts) of: |
| - hired items provided in the normal course of business. Revenue is recognised from the onset of the hire. |
| - sales of clothing in a retail setting. Revenue is recognised at the time of sale. |
| Rental income is accounted for over the term of the lease. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Investment property |
| No depreciation is provided for in respect of investment properties in accordance with FRS 102. Such properties are held for their investment potential and not for consumption within the business. This is a departure from Companies Act 2006 which requires that all properties be depreciated and the directors consider that to depreciate them would not enable the financial statements to give a true and fair view. Investment properties are stated at their market value at the balance sheet date. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost. Derivative financial instruments are initially recorded at cost and thereafter at fair value with charges recognised in profit or loss. |
| Vico Developments Limited (Registered number: 01840217) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2019 - NIL). |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2019 |
| Additions |
| At 31 March 2020 |
| DEPRECIATION |
| At 1 April 2019 |
| Charge for year |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2019 |
| and 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| Fair value at 31 March 2020 is represented by: |
| £ |
| Valuation in 2006 | 137,866 |
| Valuation in 2018 | 500,000 |
| Cost | 1,117,676 |
| 1,755,542 |
| Vico Developments Limited (Registered number: 01840217) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 5. | INVESTMENT PROPERTY - continued |
| If the investment property had not been revalued it would have been included at the following historical cost: |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Cost | 1,117,676 | 1,117,676 |
| Investment property was valued on an open market basis on 31 March 2020 by the director . |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Bank loans |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Bank loans |
| The bank hold as security a debenture and have a legal charge over Vico Court, Ring Road, Lower Wortley, Leeds and a legal charge over Unit 2B Willowbridge Way, Castleford. |
| Vico Developments Limited (Registered number: 01840217) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 10. | RESERVES |
| Non-distributable |
| reserve |
| £ |
| At 1 April 2019 |
| Revaluation of Investment |
| property | 108,437 |
| At 31 March 2020 |
| 11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 March 2020 and 31 March 2019: |
| 31.3.20 | 31.3.19 |
| £ | £ |
| **UNKNOWN DIRECTOR 1** |
| Balance outstanding at start of year | 23,750 | 11,305 |
| Amounts advanced | 12,756 | 12,445 |
| Amounts repaid | - | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 36,506 | 23,750 |
| 12. | RELATED PARTY DISCLOSURES |
| Flannery Construction Limited (02003158) has provided a guarantee to Vico Developments Limited (01840217) for the year ending 31 March 2020. |
| Flannery Construction Limited guarantees all outstanding liabilities to which the subsidiary company is subject at 31 March 2020 until they are satisfied in full. The guarantee is enforceable against Flannery Construction Limited by any person to whom Vico Developments Limited is liable in respect of those liabilities. |