REGISTERED NUMBER:
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VERNON HOLDINGS LIMITED |
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Abbreviated Unaudited Accounts |
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for the Year Ended 31 March 2016 |
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REGISTERED NUMBER:
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VERNON HOLDINGS LIMITED |
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Abbreviated Unaudited Accounts |
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for the Year Ended 31 March 2016 |
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VERNON HOLDINGS LIMITED (REGISTERED NUMBER: 06856605) |
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Contents of the Abbreviated Accounts |
for the Year Ended 31 March 2016 |
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Page |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 | to | 3 |
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Notes to the Abbreviated Accounts | 4 | to | 6 |
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Chartered Accountants' Report | 7 |
VERNON HOLDINGS LIMITED |
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Company Information |
for the Year Ended 31 March 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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VERNON HOLDINGS LIMITED (REGISTERED NUMBER: 06856605) |
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Abbreviated Balance Sheet |
31 March 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
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Investments | 3 |
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Investment property | 4 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 5 |
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Revaluation reserve |
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Profit and loss account |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the
end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
VERNON HOLDINGS LIMITED (REGISTERED NUMBER: 06856605) |
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Abbreviated Balance Sheet - continued |
31 March 2016 |
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The financial statements were approved by the Board of Directors on
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VERNON HOLDINGS LIMITED (REGISTERED NUMBER: 06856605) |
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Notes to the Abbreviated Accounts |
for the Year Ended 31 March 2016 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention as modified by the |
revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities |
(effective January 2015). |
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The accounts are in compliance with the Companies Act 2006 except that, as explained below, investment |
properties are not depreciated. |
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Turnover |
Turnover represents net invoiced rental income, excluding value added tax. Turnover is recognised in the |
period in which the properties are let. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
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Plant and machinery etc - 25% - 33% on cost |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes |
in market value is transferred to a revaluation reserve. |
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In accordance with Financial Reporting Standard for Smaller Entities (effective January 2015), investment |
properties are revalued annually. No depreciation is provided in respect of investment properties. |
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This treatment is not in accordance with the Companies Act but the Directors consider that this accounting |
policy results in the accounts showing a true and fair view. Depreciation is only one of many factors reflected |
in the annual valuation and the amount which might otherwise have been shown cannot be separately |
identified or quantified. |
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Deferred tax |
Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. Recognition of deferred tax assets is restricted to those instances where it is probable that |
taxable profit will be available against which the difference can be utilised. |
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In accordance with Financial Reporting Standard for Smaller Entities (effective January 2015), no provision for |
deferred taxation is provided in respect of the revaluation surplus in respect of freehold investment property. |
If the freehold investment properties were sold for their revalued amounts the company's full potential liability |
is disclosed in the note relating to reserves. |
VERNON HOLDINGS LIMITED (REGISTERED NUMBER: 06856605) |
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Notes to the Abbreviated Accounts - continued |
for the Year Ended 31 March 2016 |
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2. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 April 2015 |
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Additions |
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At 31 March 2016 |
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DEPRECIATION |
At 1 April 2015 |
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Charge for year |
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At 31 March 2016 |
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NET BOOK VALUE |
At 31 March 2016 |
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At 31 March 2015 |
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3. | FIXED ASSET INVESTMENTS |
Investments |
other |
than |
loans |
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COST |
At 1 April 2015 | 32 |
Additions | 11 |
At 31 March 2016 | 43 |
NET BOOK VALUE |
At 31 March 2016 |
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At 31 March 2015 |
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4. | INVESTMENT PROPERTY |
Total |
£ |
COST OR VALUATION |
At 1 April 2015 |
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Additions |
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At 31 March 2016 |
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NET BOOK VALUE |
At 31 March 2016 |
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At 31 March 2015 |
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VERNON HOLDINGS LIMITED (REGISTERED NUMBER: 06856605) |
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Notes to the Abbreviated Accounts - continued |
for the Year Ended 31 March 2016 |
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5. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
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Ordinary | £1 |
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Ordinary 'B' shares | £1 |
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200 | 200 |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Vernon Holdings Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to six) have |
been prepared. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Vernon Holdings Limited for the year ended 31 March 2016 which comprise the Profit and Loss |
Account, the Balance Sheet and the related notes from the company's accounting records and from information and |
explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook. |
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This report is made solely to the Board of Directors of Vernon Holdings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Vernon Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Vernon Holdings Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Vernon Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Vernon Holdings Limited. You consider that Vernon Holdings Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Vernon Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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28 June 2016 |