Company Registration No. 02249424 (England and Wales)
Viceroy Close Limited
Accounts
for the year ended 30 June 2023
Viceroy Close Limited
Accounts
Contents
Viceroy Close Limited
Company Information
for the year ended 30 June 2023
Directors
R Dickinson
A Parton
N Davies
M Wilby
J Grau
Secretary
Lyndsey Cannon-Leach
Company Number
02249424 (England and Wales)
Registered Office
47 High Street
Henley-in-Arden
B95 5AA
Viceroy Close Limited
Statement of financial position
as at 30 June 2023
Tangible assets
366,668
366,668
Investment property
400,000
258,085
Cash at bank and in hand
97,008
147,526
Creditors: amounts falling due within one year
(1,202)
(3,824)
Net current assets
104,841
150,332
Total assets less current liabilities
871,511
775,087
Provisions for liabilities
Net assets
847,611
775,087
Called up share capital
3,175
3,200
Capital redemption reserve
50
25
Profit and loss account
842,436
769,912
Shareholders' funds
847,611
775,087
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 January 2024 and were signed on its behalf by
R Dickinson
Director
Company Registration No. 02249424
Viceroy Close Limited
Notes to the Accounts
for the year ended 30 June 2023
Viceroy Close Limited is a private company, limited by shares, registered in England and Wales, registration number 02249424. The registered office is 47 High Street, Henley-in-Arden, B95 5AA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible assets are included at cost or valuation less depreciation and impairment.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold reversions - Nil
No depreciation has been charged in respect of the freehold reversion as the directors believe that the value of the reversion is not less than the average at which it is stated in the company's accounts.
The company was formed by the residents of Viceroy Close to purchase the freehold thereof with the purposes of managing the freehold and granting long leaseholds (125 years) to residents in order to protect the the capital value and saleability of their individual flats. The excess of proceeds over the valuation attributable to each unextended lease is credited to the profit and loss account.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Investments in shares are included at fair value.
Turnover represents ground rents receivable from the residential lessees and is derived from ordinary activities
Of the profit and loss reserves shown in the Balance Sheet date of £842,436, an amount of £470,378 is non-distributable as it relates to unrealised gains.
Viceroy Close Limited
Notes to the Accounts
for the year ended 30 June 2023
4
Tangible fixed assets
Land & buildings
The company owns the freehold reversion of the Viceroy Close Estate (subject to a lease thereof) consisting of approximately 8 acres of land together with 162 flats, caretaker's house, 87 garages and workshops situated at Viceroy Close, Bristol Road, Birmingham, which it acquired in 1988.
The freehold reversion relating to 45 residential flats was valued by the directors at 30 June 1997 at £500,000.
The company also acquired the lease on 148 Viceroy Close and this property is now shown as investment property at a fair value of £200,000 (2020 - £200,000). As a consequence the cost of the lease acquisition, together with the revalued amount of the freehold reversion associated to that property was transferred from tangible fixed assets.
The directors have decided not to revalue the freehold reversion and therefore the value shown on the Balance Sheet is still based upon the fair value at transition. The directors are satisfied that the aggregate value of the freehold reversion is not less than the aggregate amount at which it is stated in the company's accounts and as a result no depreciation has been charged. However, the fair value may be in excess of the amount recorded in the Balance Sheet and therefore the Financial Statements may not show a true and fair view of the company as at the Balance Sheet date.
Fair value at 1 July 2022
258,085
Net gain from fair value adjustments
95,512
Investment property at 1 July 2022 comprises the properties at 129 and 148 Viceroy Close. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors.
6
Investments
Subsidiary undertakings
Valuation at 1 July 2022
2
Valuation at 30 June 2023
2
The investment represents the cost of 100% of the share capital in its subsidiary undertaking Zonebeat Limited. The subsidiary remained dormant throughout the year to 30 June 2023 and the investment is shown at cost in line with the accounting policy of such investments.
Viceroy Close Limited
Notes to the Accounts
for the year ended 30 June 2023
Amounts falling due within one year
Accrued income and prepayments
1,620
1,688
8
Creditors: amounts falling due within one year
2023
2022
Amounts owed to group undertakings and other participating interests
2
2
Taxes and social security
300
-
Allotted, called up and fully paid:
127 Ordinary shares of £25 each
3,175
3,200
10
Average number of employees
During the year the average number of employees was 0 (2022: 0).
