Vantage Point Business Park Limited - Period Ending 2023-03-31

Vantage Point Business Park Limited

Contents

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

Vantage Point Business Park Limited

Company Information

Directors

B Bennett M Bennett

Company secretary

O Bennett

Registered office

The Carlson Suite Building 7 Vantage Point Business Village Mitcheldean Gloucestershire GL17 0DD

Accountants

Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 0UX

Vantage Point Business Park Limited

(Registration number: 04456806)
Balance Sheet as at 31 March 2023

	Note	2023  £	2022  £
Fixed assets
Tangible assets	4	264,032	302,335
Investment property	5	3,723,752	3,723,752
		3,987,784	4,026,087
Current assets
Debtors	6	2,545,045	2,221,134
Cash at bank and in hand		12,000	17,000
		2,557,045	2,238,134
Creditors: Amounts falling due within one year	7	(2,821,665)	(2,777,358)
Net current liabilities		(264,620)	(539,224)
Total assets less current liabilities		3,723,164	3,486,863
Deferred tax liabilities	8	(242,996)	(242,848)
Net assets		3,480,168	3,244,015
Capital and reserves
Called up share capital		1	1
Profit and loss account		3,480,167	3,244,014
Total equity		3,480,168	3,244,015

For the financial year ending 31 March 2023 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 21 December 2023 and signed on its behalf by:
 

 

B Bennett
Director

Vantage Point Business Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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:
The Carlson Suite
Building 7
Vantage Point Business Village
Mitcheldean
Gloucestershire
GL17 0DD

The principal place of business is:
Vantage Point Business Park
Ty Coch Way
Cwmbran
Torfaen
NP44 7HF

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

The financial statements have been prepared on a going concern basis, which assumes the company will be able to continue trading for the foreseeable future.

At 31 March 2023 the company had net current liabilities of £264,620 and is supported by amounts due to related parties of £2,441,230. These related parties have indicated that amounts due to them in the twelve months following the date of approval of the financial statements will, if necessary, be deferred, and if required further operational funds will be made available to the company, although there is no written agreement to such effect.

On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements therefore do not include any adjustments that would arise if necessary, support from related parties is not deferred or further required operational funds are not provided.

Critical accounting judgements and key sources of estimation uncertainty
In the application of 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.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Vantage Point Business Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of rent and the 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 the profit and loss account, except that a charge 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 corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	5% of cost per annum
Fixtures and fittings	5% of net book value per annum

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.

Trade debtors

Trade debtors are amounts due from customers for rents or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Vantage Point Business Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Vantage Point Business Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

	2023  No.	2022  No.
Average number of employees	3	3

4

Tangible assets

	Plant and machinery  £	Fixtures and fittings  £	Total £
Cost
At 1 April 2022	762,264	6,309	768,573
At 31 March 2023	762,264	6,309	768,573
Depreciation
At 1 April 2022	462,663	3,575	466,238
Charge for the year	38,114	189	38,303
At 31 March 2023	500,777	3,764	504,541
Carrying amount
At 31 March 2023	261,487	2,545	264,032
At 31 March 2022	299,601	2,734	302,335

5

Investment properties

	£
At 1 April 2022 & 31 March 2023	3,723,752

On 31 March 2017 the investment properties were revalued to fair value based on a valuation undertaken by Daniel Bishop MRICS of Jones Lang LaSalle Limited, an independent valuer. The method of determining the fair value was to apply an investment yield of between 10-12% to the rental income.

No revaluation has taken place in the current year, as the directors consider that there has been no material movement in the fair value of the investment properties held. The historical cost of the investment property is £3,962,040 (2022 - £3,962,040).

Vantage Point Business Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

	2023  £	2022  £
Trade debtors	315,923	90,829
Amounts owed by related parties	2,180,569	2,057,383
Other debtors	47,874	72,456
Prepayments	679	466
	2,545,045	2,221,134

7

Creditors

	2023  £	2022  £
Due within one year
Trade creditors	21,812	4,046
Amounts due to related parties	2,441,230	2,524,785
Social security and other taxes	24,870	-
Other creditors	186,866	183,307
Accrued expenses	91,554	65,001
Corporation tax liability	55,333	219
	2,821,665	2,777,358

8

Deferred tax

Deferred tax assets and liabilities

2023	Liability £
Difference between accumulated depreciation and amortisation and capital allowances	139,140
Revaluation of investment property	103,856
	242,996

2022	Liability £
Difference between accumulated depreciation and amortisation and capital allowances	145,764
Revaluation of investment property	103,856
Tax losses	(6,772)
	242,848