Company Registration No. 03195057 (England and Wales)
VSM PROPERTIES LIMITED
Unaudited accounts
for the year ended 31 May 2022
VSM PROPERTIES LIMITED
Unaudited accounts
Contents
VSM PROPERTIES LIMITED
Company Information
for the year ended 31 May 2022
Directors
S Pole
M Thyer
Mrs V Pole
Secretary
Vivienne Joyce Pole
Company Number
03195057 (England and Wales)
Registered Office
432
Gloucester Road
Bristol
BS7 8TX
Accountants
Evans Entwistle
432 Gloucester Rd
Bristol
BS7 8TX
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
VSM PROPERTIES LIMITED
for the year ended 31 May 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of VSM PROPERTIES LIMITED for the year ended 31 May 2022 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a CIMA Registered Member in Practice and Practising Certificate holder, I am subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/
Our work has been undertaken in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com.
Evans Entwistle
Member in Practice
432 Gloucester Rd
Bristol
BS7 8TX
11 May 2022
VSM PROPERTIES LIMITED
Statement of financial position
as at 31 May 2022
Investment property
873,000
1,975,500
Cash at bank and in hand
338,415
209,326
Creditors: amounts falling due within one year
(18,374)
(34,347)
Net current assets
327,528
184,249
Total assets less current liabilities
1,200,528
2,159,749
Creditors: amounts falling due after more than one year
(197,265)
(758,068)
Provisions for liabilities
Deferred tax
(87,552)
(144,640)
Net assets
915,711
1,257,041
Called up share capital
300
300
Revaluation reserve
541,648
934,622
Profit and loss account
373,763
322,119
Shareholders' funds
915,711
1,257,041
For the year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 11 May 2022 and were signed on its behalf by
S Pole
Director
Company Registration No. 03195057
VSM PROPERTIES LIMITED
Notes to the Accounts
for the year ended 31 May 2022
VSM PROPERTIES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 03195057. The registered office is 432, Gloucester Road, Bristol, BS7 8TX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Fair value at 1 June 2021
1,975,500
Net gain from fair value adjustments
248,000
VSM PROPERTIES LIMITED
Notes to the Accounts
for the year ended 31 May 2022
5
Debtors: amounts falling due within one year
2022
2021
Accrued income and prepayments
3,757
592
6
Creditors: amounts falling due within one year
2022
2021
Taxes and social security
1,562
1,369
7
Creditors: amounts falling due after more than one year
2022
2021
Loans from directors
197,265
188,068
8
Deferred taxation
2022
2021
Accelerated capital allowances
87,552
144,640
Provision at start of year
144,640
120,795
(Credited)/charged to the profit and loss account
(57,088)
23,845
Provision at end of year
87,552
144,640
Allotted, called up and fully paid:
300 Ordinary shares of £1 each
300
300
10
Average number of employees
During the year the average number of employees was 6 (2021: 6).
