Victoria House Developments Limited - Period Ending 2021-12-31

Victoria House Developments Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 9

Victoria House Developments Limited

Company Information

Directors

Mr P A Yarnley Miss G Yarnley Mrs J O Yarnley Miss O Yarnley Mr O P Yarnley

Registered office

Flat 37 Queen Anne's Quay 9 Parsonage Way Plymouth Devon PL4 0LY

Accountants

Houndiscombe Consultants Limited T/A Condy Mathias Chartered Accountants 6 Houndiscombe Road Plymouth Devon PL4 6HH

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Victoria House Developments Limited
for the Year Ended 31 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Victoria House Developments Limited for the year ended 31 December 2021 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Victoria House Developments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Victoria House Developments Limited and state those matters that we have agreed to state to the Board of Directors of Victoria House Developments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Victoria House Developments Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Victoria House Developments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Victoria House Developments Limited. You consider that Victoria House Developments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Victoria House Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

7 April 2022

Victoria House Developments Limited

(Registration number: 10300116)
Balance Sheet as at 31 December 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	75	383
Investment property	5	542,642	442,642
Investments	6	100	-
		542,817	443,025
Current assets
Stocks	7	333,502	1,078,202
Debtors	8	1,432,074	29,162
Other financial assets		158	1,041
Cash at bank and in hand		5,802	8,826
		1,771,536	1,117,231
Creditors: Amounts falling due within one year	9	(1,657,916)	(1,289,816)
Net current assets/(liabilities)		113,620	(172,585)
Total assets less current liabilities		656,437	270,440
Creditors: Amounts falling due after more than one year	9	(196,381)	(199,681)
Provisions for liabilities		(34,525)	(15,554)
Net assets		425,531	55,205
Capital and reserves
Called up share capital		250	250
Revaluation reserve		86,022	86,022
Profit and loss account		339,259	(31,067)
Shareholders' funds		425,531	55,205

Victoria House Developments Limited

(Registration number: 10300116)
Balance Sheet as at 31 December 2021

For the financial year ending 31 December 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 April 2022 and signed on its behalf by:
 

......................................... Mr P A Yarnley Director

Victoria House Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1	General information

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

The address of its registered office is:
Flat 37 Queen Anne's Quay
9 Parsonage Way
Plymouth
Devon
PL4 0LY

These financial statements were authorised for issue by the Board on 5 April 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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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 income 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.

Victoria House Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	33% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2020 - 5).

Victoria House Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2021	1,629	1,629
At 31 December 2021	1,629	1,629
Depreciation
At 1 January 2021	1,246	1,246
Charge for the year	308	308
At 31 December 2021	1,554	1,554
Carrying amount
At 31 December 2021	75	75
At 31 December 2020	383	383

5	Investment properties

	2021 £
At 1 January	442,642
Additions	100,000
At 31 December	542,642

The Fair value adjustment has been assessed by the director as his best estimate of market value. This is considered reliable due to his knowledge of the properties in particular and the market in general.

There has been no valuation of investment property by an independent valuer.

6	Investments

	2021 £	2020 £
Investments in subsidiaries	100	-

Victoria House Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Subsidiaries	£
Cost or valuation
Additions	100
Provision
Carrying amount
At 31 December 2021	100

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2021	2020
Subsidiary undertakings
Welbeck Manor & Golf Limited	England		100%	0%

Subsidiary undertakings

Welbeck Manor & Golf Limited The principal activity of Welbeck Manor & Golf Limited is golf course and hotel.

7

Stocks

	2021 £	2020 £
Other inventories	333,502	1,078,202

8

Debtors

	Note	2021 £	2020 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest		1,421,810	-
Other debtors		10,264	29,162
		1,432,074	29,162

Victoria House Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

9

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Loans and borrowings		2,200	-
Trade creditors		2,507	26,209
Amounts owed to group undertakings and undertakings in which the company has a participating interest		100	-
Taxation and social security		2,618	-
Accruals and deferred income		1,925	1,500
Other creditors		1,648,566	1,262,107
		1,657,916	1,289,816

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings		196,381	199,681

The mortgage included in bank loans is secured on land included in investment property

10	Parent and ultimate parent undertaking

The ultimate controlling party is The Yarnley family.