Victoria Retail and Cold Storage Limited - Period Ending 2021-06-30

Victoria Retail and Cold Storage Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

Victoria Retail and Cold Storage Limited

Company Information

Directors

L G H Genge FCA K M Bailey M G Bailey E J Lakeman

Company secretary

L G H Genge

Registered office

Units 2a/2b Victoria Business Park Roche St Austell Cornwall PL26 8LX

Accountants

Francis Clark Lowin House Tregolls Road Truro Cornwall TR1 2NA

Victoria Retail and Cold Storage Limited

Balance Sheet

30 June 2021

	Note	2021 £	2020 £
Fixed assets
Investment property	4	2,244,609	2,244,609
Current assets
Debtors	5	199,059	194,778
Cash at bank and in hand		93,957	24,567
		293,016	219,345
Creditors: Amounts falling due within one year	6	(959,516)	(857,714)
Net current liabilities		(666,500)	(638,369)
Total assets less current liabilities		1,578,109	1,606,240
Creditors: Amounts falling due after more than one year	6	(1,494,776)	(1,613,613)
Net assets/(liabilities)		83,333	(7,373)
Capital and reserves
Called up share capital	8	100	100
Profit and loss account		83,233	(7,473)
Shareholders' funds/(deficit)		83,333	(7,373)

Victoria Retail and Cold Storage Limited

Balance Sheet

30 June 2021

For the financial year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 June 2022 and signed on its behalf by:
 

......................................... L G H Genge FCA Director

......................................... M G Bailey Director

Company Registration Number: 12033276

Victoria Retail and Cold Storage Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Units 2a/2b Victoria Business Park
Roche
St Austell
Cornwall
PL26 8LX

These financial statements were authorised for issue by the Board on 30 June 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.

The functional and presentational currency for the company is pounds sterling, with values rounded to the nearest pound.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date the company had net current liabilities of £666,500 (2020 - £638,369).

The Directors continue to adopt the going concern assertion in the preparation of the financial statements. The Directors note that included in creditors are amounts due to connected undertakings of £271,249 (2020 - £229,516), and other loans provided by an entity under the control of certain shareholder / directors of £269,280 (2020 - £234,140) which whilst repayable upon demand will not be recalled until the company can make repayment.

Victoria Retail and Cold Storage Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2021

Revenue recognition

Turnover represents rental charges received by the company.

Turnover is recognised when the company fulfils its contractual obligations to customers by supplying
services and excludes value added tax. Turnover is recognised on an accruals basis.

Interest receivable is recognised on an accruals basis.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the Directors. The Directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset.

Changes in fair value are recognised in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Loans from associated undertakings;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

 

Victoria Retail and Cold Storage Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2021

Critical judgements and estimation uncertainty

In applying the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following areas are where the Directors have applied judgement in the preparation of the financial statements:

Valuation of investment properties (note 4)
As described within the accounting policies, the investment properties are held at the balance sheet date at their market value. The directors has applied their professional knowledge of the sector, coupled with discussions with other professionals in evaluating opportunities in order to derive market values.

At the balance sheet date the carrying value of investment properties was £2,244,609 (2020 - £2,244,609).

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2020 - 4).

4	Investment properties

	2021 £
At 1 July 2020	2,244,609
At 30 June 2021	2,244,609

The investment property are held at Directors valuation.

In the opinion of the directors there has been no movement in the fair value of investment property in the year to 30 June 2021.

Victoria Retail and Cold Storage Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2021

5

Debtors

	2021 £	2020 £
Other debtors	15,689	5,312
Prepayments	183,370	189,466
	199,059	194,778

6

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	30 June 2020  £
Due within one year
Loans and borrowings	7	387,331	315,527
Trade creditors		248,159	297,381
Amounts due to connected parties		271,249	229,516
Corporation tax		19,667	-
Accrued expenses		33,110	15,290
		959,516	857,714

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	7	1,494,776	1,613,613

Victoria Retail and Cold Storage Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2021

7	Loans and borrowings

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	118,051	81,387
Other borrowings	269,280	234,140
	387,331	315,527

	2021 £	2020 £
Loans and borrowings due after one year
Bank borrowings	1,494,776	1,613,613

The amounts shown as bank borrowings are secured by means of a fixed and floating charge over all assets and a legal mortgage over the freehold property owned by the company.

8	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary share capital of £1 each	100	100	100	100