Vatican Property Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC700391 (Scotland)

VATICAN PROPERTY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 JUNE 2021 TO 30 JUNE 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Martino Tommazo Manganiello

REGISTERED OFFICE:

9 Royal Crescent

Glasgow

G3 7SP

REGISTERED NUMBER:

SC700391 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

Chartered Accountants

9 Royal Crescent

Glasgow

G3 7SP

FIXED ASSETS

Investment property

3

157,230

CURRENT ASSETS

Prepayments and accrued income

168

Cash at bank

1,709

1,877

CREDITORS

Amounts falling due within one year

4

159,546

NET CURRENT LIABILITIES

(157,669

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(439

)

CAPITAL AND RESERVES

Called up share capital

1

Retained earnings

(440

)

(439

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 May 2023 and were signed by:

Martino Tommazo Manganiello - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition

The turnover shown in the profit and loss account represents the rental income receivable for the period. Income is recognised on the basis of rent due for the period.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties are shown at their fair value. The surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market is not considered to be permanent.

This is in accordance with FRS 102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement.

Financial instruments

Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

157,230

At 30 June 2022

157,230

NET BOOK VALUE

At 30 June 2022

157,230

The property was valued by the director at the period end, he considered the valuation to be equal to the cost of the property.

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other creditors

50,000

Directors' current accounts

108,850

Accrued expenses

696

159,546

The loan from director is interest free and repayable on demand.

5.	RELATED PARTY DISCLOSURES