ACCOUNTS - Final Accounts preparation

VALCOR NOMINEES (DUNDEE) 1 LIMITED - Company Information

Registered number: 09773108

VALCOR NOMINEES (DUNDEE) 1 LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020


VALCOR NOMINEES (DUNDEE) 1 LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 5


VALCOR NOMINEES (DUNDEE) 1 LIMITED REGISTERED NUMBER:09773108

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2020

		2020		2019
Note		£		£

Fixed assets
Investments	3		1		1
Current assets
Debtors: amounts falling due within one year	4	5,660,471		5,730,135
Cash at bank and in hand		17,917		1,596
		5,678,388		5,731,731

Creditors: amounts falling due within one year	5	(343,385)		(264,228)
Net current assets			5,335,003		5,467,503
Total assets less current liabilities			5,335,004		5,467,504
Creditors: amounts falling due after more than one year	6		(5,335,000)		(5,467,500)

Net assets			4		4

Capital and reserves
Called up share capital	7	4	4

For the year ended 31 March 2020 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

Members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

Page 1


VALCOR NOMINEES (DUNDEE) 1 LIMITED REGISTERED NUMBER:09773108

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2020

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 March 2021.

D J Heyman

Director

The notes on pages 3 to 5 form part of these financial statements.

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VALCOR NOMINEES (DUNDEE) 1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

1.	General information

Valcor Nominees (Dundee) 1 Limited is a limited liability company registered in England and Wales with its registered office address at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD. The company's trading address is 45 Eagle Street, London WC1R 4FS.

The principal activity of the Company is that of a holding company.

The Company's functional and presentational currency is £ Sterling.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

2.3

Going concern

The Directors have considered the impact of recent worldwide events in relation to the COVID-19 pandemic and the ongoing impact on the Company's trading subsidiary and, based on their current assessment of the situation, the directors consider it appropriate to prepare the financial statements on a going concern basis.

2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.5

Debtors

Short term debtors are measured at the transaction price, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.7

Creditors

Short term creditors are measured at the transaction price.

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VALCOR NOMINEES (DUNDEE) 1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

2.Accounting policies (continued)

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like other debtors and creditors, loans from banks and other third parties and loans from and to related parties.

3.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2019	1
	At 31 March 2020	1

Debtors

					2020	2019
					£	£


Amounts owed by group undertakings	40,328	109,991
Other debtors	5,620,143	5,620,144
	5,660,471	5,730,135

5.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Bank loans	132,500	132,500
Other creditors	202,000	130,000
Accruals and deferred income	8,885	1,728
	343,385	264,228

Page 4


VALCOR NOMINEES (DUNDEE) 1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

6.	Creditors: Amounts falling due after more than one year
		2020	2019
		£	£

	Bank loans	5,335,000	5,467,500

The following liabilities were secured:
	2020	2019
	£	£


	Bank loans	5,467,500	5,600,000

Details of security provided:

Fixed and floating charges over the assets of the company and guarantors.

7.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

4 Ordinary shares of £1.00 each	4	4

8.	Contingent liabilities

The Company has provided cross guarantees in respect of a bank loan taken out by Aparthotel Dundee LLP, an LLP under common control. At the Statement of Financial Position date the potential liability in respect of this guarantee was £5,533,750 (2019: £5,600,000). This loan has been repaid in full since the year end.

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