Voluntary Sector Centres 1 Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 13354288 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

VOLUNTARY SECTOR CENTRES 1 LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

R A Fleming

REGISTERED OFFICE:

45 Queen Street

Deal

Kent

CT14 6EY

REGISTERED NUMBER:

13354288 (England and Wales)

AUDITORS:

McCabe Ford Williams

Chartered Accountants and Statutory Auditors

Charlton House

Dour Street

Dover

Kent

CT16 1BL

FIXED ASSETS

Investments

4

1,046,005

842,000

CURRENT ASSETS

Cash at bank

5,094

-

CREDITORS

Amounts falling due within one year

5

848,250

842,470

NET CURRENT LIABILITIES

(843,156

)

(842,470

)

TOTAL ASSETS LESS CURRENT LIABILITIES

202,849

(470

)

PROVISIONS FOR LIABILITIES

6

51,001

-

NET ASSETS/(LIABILITIES)

151,848

(470

)

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

7

153,004

-

Retained earnings

(1,256

)

(570

)

151,848

(470

)

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 4 January 2024 and were signed by:

R A Fleming - Director

1.	STATUTORY INFORMATION

Voluntary Sector Centres 1 Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	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 as modified by the revaluation of certain assets.

Taxation

Taxation for the year 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 year 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.

Fixed asset investments

Fixed Asset Investments are initially recorded at cost and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 May 2022

842,000

Revaluations

204,005

At 30 April 2023

1,046,005

NET BOOK VALUE

At 30 April 2023

1,046,005

At 30 April 2022

842,000

Cost or valuation at 30 April 2023 is represented by:

Other

investments

£

Valuation in 2023

204,005

Cost

842,000

1,046,005

During the previous year, an investment in Mansion Garden Estates Ltd (MGE)(Company number 08698236) to the value of £182,000 was transferred into the company from Voluntary Sector Centres (Registered Charity 1105259) at its market value.

A further batch of shares in MGE were subscribed to in the previous year to the value of £660,000.

Voluntary Sector Centres Charity is the sole shareholder of Voluntary Sector Centres 1 Ltd and the Ultimate Controlling Party.

The Director is also a director and non controlling shareholder in MGE.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts owed to group undertakings

847,590

842,230

Accrued expenses

660

240

848,250

842,470

The intercompany loan creditor represents amounts lent to the Company by its parent in order to fund the Investments made. This loan is interest free and repayable on demand.

6.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

51,001

-

Deferred

tax

£

Provided during year

51,001

Balance at 30 April 2023

51,001

7.

RESERVES

Fair

value

reserve

£

Investment fair value

adjustment

153,004

At 30 April 2023

153,004

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Sheather BSc FCA (Senior Statutory Auditor)

for and on behalf of McCabe Ford Williams