Victoria Retail and Cold Storage Limited - Period Ending 2022-06-30

Victoria Retail and Cold Storage Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

Victoria Retail and Cold Storage Limited

Balance Sheet

30 June 2022

	Note	2022 £	2021 £
Fixed assets
Investment property	4	2,750,000	2,244,609
Current assets
Debtors	5	246,991	199,059
Cash at bank and in hand		64,696	93,957
		311,687	293,016
Creditors: Amounts falling due within one year	6	(1,015,582)	(959,516)
Net current liabilities		(703,895)	(666,500)
Total assets less current liabilities		2,046,105	1,578,109
Creditors: Amounts falling due after more than one year	6	(1,374,485)	(1,494,776)
Provisions for liabilities		(96,024)	-
Net assets		575,596	83,333
Capital and reserves
Called up share capital	8	100	100
Other reserves		406,367	-
Profit and loss account		169,129	83,233
Shareholders' funds		575,596	83,333

Victoria Retail and Cold Storage Limited

Balance Sheet

30 June 2022

For the financial year ending 30 June 2022 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 2023 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 2022

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 2023.

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 £703,895 (2021 - £666,500).

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 £306,719 (2021 - £271,249), and other loans provided by an entity under the control of certain shareholder / directors of £331,719 (2020 - £269,280) which whilst repayable upon demand will not be recalled until the company can make repayment.

Revenue recognition

Turnover represents rental charges received by the company, as well as recharged costs to tenants.

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.

Victoria Retail and Cold Storage Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2022

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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 2022

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 £2,750,000 (2021 - £2,244,609).

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2021 - 4).

4	Investment properties

	2022 £
At 1 July 2021	2,244,609
Fair value adjustments	505,391
At 30 June 2022	2,750,000

The investment property are held at Directors valuation.

Victoria Retail and Cold Storage Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2022

5

Debtors

	2022 £	2021 £
Trade debtors	24,210	-
Other debtors	43,065	15,689
Prepayments	179,716	183,370
	246,991	199,059

6

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021  £
Due within one year
Loans and borrowings	7	450,890	387,331
Trade creditors		154,889	248,159
Amounts due to connected parties		306,719	271,249
Corporation tax		39,112	19,667
Accrued expenses		63,972	33,110
		1,015,582	959,516

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings	7	1,374,485	1,494,776

Victoria Retail and Cold Storage Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2022

7	Loans and borrowings

	2022 £	2021 £
Current loans and borrowings
Bank borrowings	119,171	118,051
Other borrowings	331,719	269,280
	450,890	387,331

	2022 £	2021 £
Loans and borrowings due after one year
Bank borrowings	1,374,485	1,494,776

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

	2022		2021
	No.	£	No.	£
Ordinary share capital of £1 each	100	100	100	100