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REGISTERED NUMBER:
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VERNON HOLDINGS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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REGISTERED NUMBER:
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VERNON HOLDINGS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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VERNON HOLDINGS LIMITED (REGISTERED NUMBER: 06856605) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2019 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 7 |
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VERNON HOLDINGS LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 March 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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3 Castlegate |
Grantham |
Lincolnshire |
NG31 6SF |
VERNON HOLDINGS LIMITED (REGISTERED NUMBER: 06856605) |
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STATEMENT OF FINANCIAL POSITION |
31 March 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES |
( |
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( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Revaluation reserve | 10 |
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Retained earnings |
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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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STATEMENT OF FINANCIAL POSITION - continued |
31 March 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved and authorised for issue by the Board of Directors on
signed on its behalf by: |
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VERNON HOLDINGS LIMITED (REGISTERED NUMBER: 06856605) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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Vernon Holdings Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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 fair value is recognised in profit or loss. |
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Financial instruments |
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
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Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at |
transaction price, unless the arrangement constitutes a financing transaction, where the transaction is |
measured at the present value of the future receipts discounted at a market rate of interest |
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At the end of each reporting period financial assets measured at amortised cost are assessed for objective |
evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying |
amount and the present value of the estimated cash flows discounted at the asset's original effective interest |
rate. The impairment loss is recognised in the Income Statement. |
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Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies |
and preference shares that are classified as debt, are initially recognised at transaction price, unless the |
arrangement constitutes a financing transaction, where the debt instrument is measured at the present value |
of the future receipts discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year |
or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at |
transaction price and subsequently measured at amortised cost using the effective interest method. |
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VERNON HOLDINGS LIMITED (REGISTERED NUMBER: 06856605) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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VERNON HOLDINGS LIMITED (REGISTERED NUMBER: 06856605) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2019 |
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5. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST |
At 1 April 2018 |
and 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2018 |
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Additions |
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Disposals | ( |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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Fair value at 31 March 2019 is represented by: |
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£ |
Valuation in 2019 | 12,884,724 |
Cost | 32,589,306 |
45,474,030 |
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Investment properties were subject to valuation by Brown & Co LLP, professionally qualified independent |
valuers, at 31 March 2019 on an open market basis. The methods and significant assumptions used to |
ascertain the fair value of £45,474,030 (2018 - £40,647,388) were as follows: |
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In accordance with RICS valuation standards, the valuations were prepared having regard to market based |
evidence for similar properties sold in the local area, subject to any occupational leases where applicable. The |
valuations principally focused on a continuation of existing use, having regard to the current tenancy positions |
and rent yield approach. |
VERNON HOLDINGS LIMITED (REGISTERED NUMBER: 06856605) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2019 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors | 392,616 | 12,537 |
Prepayments and accrued income |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Corporation tax |
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Other taxes and social security |
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Other creditors |
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Directors' loan accounts | 2,001,682 | 1,852,890 |
Accruals and deferred income |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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Ordinary 'B' shares | £1 | 100 | 100 |
200 | 200 |
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10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2018 |
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Revaluation transfer from |
retained earnings | 4,688,164 |
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At 31 March 2019 |
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The aggregate surplus on re-measurement of investment properties, net of associated deferred tax, is |
transferred to a separate non-distributable revaluation reserve in order to assist with the identification of |
profits available for distribution. |
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11. | RELATED PARTY DISCLOSURES |
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The company had loans outstanding to the directors of £2,001,682 (2018: £1,852,890) at the year end. |