Vivio Developments Limited 31/12/2017 iXBRL

Vivio Developments Limited 31/12/2017 iXBRL

VIVIO DEVELOPMENTS LIMITED - Company Information

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Company registration number: 04985373
Vivio Developments Limited
Filleted financial statements
31 December 2017
Vivio Developments Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Vivio Developments Limited
Directors and other information
Directors Mr James Wright
Mrs Elizabeth Wright
Secretary Miss Andrea Morris
Company number 04985373
Registered office The Vault
8 Boughton
Chester
Auditor Hargreaves & Woods
Cholmondeley House
Dee Hills Park
Chester
CH3 5AR
Bankers Handelsbanken
Chester Branch
2nd Floor, Albion House
Albion Street
Chester
CH1 1RQ
Vivio Developments Limited
Directors responsibilities statement
Year ended 31 December 2017
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Vivio Developments Limited
Statement of financial position
31 December 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 4 167,399 146,692
_______ _______
167,399 146,692
Current assets
Stocks 5 3,906,010 2,528,854
Debtors 6 693,692 728,798
Cash at bank and in hand 253,091 212,919
_______ _______
4,852,793 3,470,571
Creditors: amounts falling due
within one year 7 ( 4,273,839) ( 2,953,663)
_______ _______
Net current assets 578,954 516,908
_______ _______
Total assets less current liabilities 746,353 663,600
Creditors: amounts falling due
after more than one year 8 ( 22,320) ( 5,473)
Provisions for liabilities ( 26,941) ( 24,952)
_______ _______
Net assets 697,092 633,175
_______ _______
Capital and reserves
Called up share capital 102 2
Profit and loss account 696,990 633,173
_______ _______
Shareholders funds 697,092 633,175
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 September 2018 , and are signed on behalf of the board by:
Mr James Wright
Director
Company registration number: 04985373
Vivio Developments Limited
Notes to the financial statements
Year ended 31 December 2017
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is The Vault, 8 Boughton, Chester.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover, which is stated net of VAT, represents rent receivable in relation to two properties which have been developed and are being marketed for sale and in the meantime are being rented out. Rent is also being received in relation to the provision of storage space on sites currently under development. Fees receivable derives from a management fee charged between group companies in respect of the provision of property maintenance and storage services. Also provision of a database and associated services including data provision, data cleaning and administrative services.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Computer Equipment - 33 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Contingencies
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurence or non- occurence of uncertain future events not wholly within the company's control. Contingent liabilities are disclosed in the financial statements unless the probablility of an outflow of resources is remote. Contingent assets ae not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.
Work in Progress
Work in progress comprises properties at various stages of development, ranging from properties purchased during the year on which planning permission is being sought to properties on which development is complete and they are being actively marketed for sale. Work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Cost also includes a relevant proportion of overheads according to the stage of completion.
4. Tangible assets
Plant and machinery Computer Equipment Total
£ £ £
Cost
At 1 January 2017 231,494 20,335 251,829
Additions 43,765 - 43,765
Disposals - ( 20,335) ( 20,335)
_______ _______ _______
At 31 December 2017 275,259 - 275,259
_______ _______ _______
Depreciation
At 1 January 2017 84,986 20,151 105,137
Charge for the year 22,874 - 22,874
Disposals - ( 20,151) ( 20,151)
_______ _______ _______
At 31 December 2017 107,860 - 107,860
_______ _______ _______
Carrying amount
At 31 December 2017 167,399 - 167,399
_______ _______ _______
At 31 December 2016 146,508 184 146,692
_______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 December 2017 39,967
_______
At 31 December 2016 41,338
_______
5. Stocks
2017 2016
£ £
Property Purchased for Development 2,145,652 1,329,637
Development and Construction Costs 660,381 125,438
Properties Being Marketed for Resale 1,095,975 1,073,779
Overheads Attached to Developments 4,002 -
_______ _______
3,906,010 2,528,854
_______ _______
Two properties continue to be marketed for sale, a further property was purchased for development purposes, four properties are now under development.
6. Debtors
2017 2016
£ £
Trade debtors - 144
Amounts owed by group undertakings 318,893 340,795
Other debtors 374,799 387,859
_______ _______
693,692 728,798
_______ _______
7. Creditors: amounts falling due within one year
2017 2016
£ £
Bank loans and overdrafts - 739
Trade creditors 65,694 16,498
Amounts owed to group undertakings 4,079,622 2,738,541
Corporation tax 18,943 11,148
Social security and other taxes 4,729 2,647
Other creditors 104,851 184,090
_______ _______
4,273,839 2,953,663
_______ _______
8. Creditors: amounts falling due after more than one year
2017 2016
£ £
Other creditors 22,320 5,473
_______ _______
9. Contingent assets and liabilities
The company is party to a group banking arrangement with Vivio Group Holdings Limited, Vivio Limited, Hockenhull Hall Estates Limited and Hockenhull Hall Farms Limited. Consequently, it is jointly and severally liable for the bank loan and overdrafts in Vivio Limited. At 31 December 2017, the net liability across the group under this guarantee inclusive of the company 's own borrowing amounted to £1,449,141 (2016: £1,279,652)
10. Summary audit opinion
The auditor's report for the year dated 14 September 2018 was unqualified.
The senior statutory auditor was James Hargreaves for and on behalf of Hargreaves & Woods
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2017
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr James Wright ( 146,994) ( 43,357) 190,002 ( 349)
_______ _______ _______ _______
2016
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr James Wright 43,006 ( 190,000) - ( 146,994)
_______ _______ _______ _______
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2017 2016 2017 2016
£ £ £ £
Vivio Limited ( 1,222,105) (947,164) ( 3,962,601) ( 2,740,496)
Vivio Space Limited (25,006) 369,661 344,735 369,741
Urban Space Property Holdings Limited (3,111) 86 4,708 7,819
City Road Investments Limited (74,709) 746 (75,855) 1,146
Duddon Mews Managament Company Limited 803 1,572 2,375 1,572
_______ _______ _______ _______
During the year the company received a loan of £816,000 from Vivio Limited, in respect of a property purchase. They also received various additional payments within the year totalling £406,151 in order to further develop their larger projects. Vivio Limited is owned and controlled by Vivio Group Holdings Limited. During the year 98 ordinary shares were issued to Vivio Group Holdings Limited and 1 a ordinary share and 1 b ordinary share were issued to J & E Wright.
13. Controlling party
Vivio Developments Limited is owned and controlled by Vivio Group Holdings Limited, a company registered in England and Wales. The registered office for Vivio Group Holdings Limited is The Vault, 8 Boughton, Chester, Cheshire. CH3 5AG