Value Estates Ltd Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 03979140

VALUE ESTATES LTD

Filleted Unaudited Financial Statements

For the year ended

30 April 2021

VALUE ESTATES LTD

Financial Statements

Year ended 30 April 2021

CONTENTS	PAGES

Statement of Financial Position	1 to 2

Notes to the Financial Statements	3 to 6

VALUE ESTATES LTD

Statement of Financial Position

30 April 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	4		3,039,616	3,040,128

Current assets

Debtors	6	1,097,697	1,102,443
Cash at bank and in hand		96,534	110,265
		-------------	-------------
		1,194,231	1,212,708

Creditors: amounts falling due within one year	7	( 336,567)		( 404,974)
		-------------		-------------
Net current assets			857,664	807,734
			-------------	-------------
Total assets less current liabilities			3,897,280	3,847,862

Creditors: amounts falling due after more than one year	8		( 1,705,839)	( 1,727,563)

Provisions

Taxation including deferred tax	( 228,301)	( 228,301)
	-------------	-------------
Net assets	1,963,140	1,891,998
	-------------	-------------

Capital and reserves

Called up share capital	2	2
Profit and loss account	1,963,138	1,891,996
	-------------	-------------
Shareholders funds	1,963,140	1,891,998
	-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

VALUE ESTATES LTD

Statement of Financial Position (continued)

30 April 2021

These financial statements were approved by the board of directors and authorised for issue on 19 July 2022 , and are signed on behalf of the board by:

Mr C M Margulies
Director

Company registration number: 03979140

VALUE ESTATES LTD

Notes to the Financial Statements

Year ended 30 April 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover of the company is represented by rents and charges receivable in respect of its investment properties.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	10% reducing balance

In accordance with Statement of Financial Reporting Standard for Small Entities, no depreciation is provided in respect of Freehold investment properties. This departure from the requirements of the Companies Act 2006, for all properties to be depreciated, is necessary, as the Director considers that this Accounting Policy results in the Financial Statements giving a true and fair view.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

4. Tangible assets

	Freehold properties	Fixtures and fittings	Total
	£	£	£
Cost
At 1 May 2020 and 30 April 2021	3,035,000	16,285	3,051,285
	-------------	---------	-------------
Depreciation
At 1 May 2020	–	11,157	11,157
Charge for the year	–	512	512
	-------------	---------	-------------
At 30 April 2021	–	11,669	11,669
	-------------	---------	-------------
Carrying amount
At 30 April 2021	3,035,000	4,616	3,039,616
	-------------	---------	-------------
At 30 April 2020	3,035,000	5,128	3,040,128
	-------------	---------	-------------

The Company's investment properties are included at market value, based on professional property valuations obtained in a prior year and revalued by the company's director at 30 April 2021. In accordance with the Company's stated accounting policy, no depreciation has been provided in respect of the Freehold properties which are held for investment purposes. The historical cost of the properties is £1,215,829.

5. Capital and reserves

The profit and loss account reserves for the Company includes unrealised fair value adjustments to investment property. The company currently has unrealised reserves of £1,611,359 and accumulated distributable reserves of £351,781.

6. Debtors

	2021	2020
	£	£
Other debtors	1,097,697	1,102,443
	-------------	-------------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Corporation tax	17,967	55,757
Other creditors	318,600	349,217
	----------	----------
	336,567	404,974
	----------	----------

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	1,705,839	1,727,563
	-------------	-------------

The bank loans are secured by charges on the Company's investment properties.

9. Control

The Company was controlled by the late Mr S B Herbst and his wife, Mrs G Herbst. The Company is now controlled by Mrs G Herbst.