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Registration number: 11267451

Vincent & Brown Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2022

 

Vincent & Brown Limited

(Registration number: 11267451)
Balance Sheet as at 31 August 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

16,973

12,568

Current assets

 

Stocks

5

30,000

30,000

Debtors

6

682,179

269,369

Cash at bank and in hand

 

129,158

249,836

 

841,337

549,205

Creditors: Amounts falling due within one year

7

(293,427)

(189,125)

Net current assets

 

547,910

360,080

Total assets less current liabilities

 

564,883

372,648

Creditors: Amounts falling due after more than one year

7

(27,500)

(36,406)

Provisions for liabilities

(4,251)

(2,483)

Net assets

 

533,132

333,759

Capital and reserves

 

Called up share capital

150

100

Share premium reserve

7,450

-

Profit and loss account

525,532

333,659

Shareholders' funds

 

533,132

333,759

For the financial year ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Vincent & Brown Limited

(Registration number: 11267451)
Balance Sheet as at 31 August 2022

Approved and authorised by the Board on 12 September 2022 and signed on its behalf by:
 

.........................................
LJ Vincent
Director

 

Vincent & Brown Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
54 Bootham
YORK
YO30 7XZ

The principal place of business is:
12 Middlethorpe Business Park
Sim Balk Lane
Bishopthorpe
YORK
YO23 2BD
United Kingdom

These financial statements were authorised for issue by the Board on 12 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are presented in UK Sterling pounds (£).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Vincent & Brown Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

33% Straight line

Office equipment

33% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Vincent & Brown Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2021 - 19).

 

Vincent & Brown Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2021

23,049

23,049

Additions

18,010

18,010

At 31 August 2022

41,059

41,059

Depreciation

At 1 September 2021

10,481

10,481

Charge for the year

13,605

13,605

At 31 August 2022

24,086

24,086

Carrying amount

At 31 August 2022

16,973

16,973

At 31 August 2021

12,568

12,568

5

Stocks

2022
£

2021
£

Work in progress

30,000

30,000

6

Debtors

2022
£

2021
£

Trade debtors

649,134

257,377

Prepayments

10,757

5,154

Other debtors

22,288

6,838

682,179

269,369

 

Vincent & Brown Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

10,000

11,094

Trade creditors

 

11,196

17,542

Taxation and social security

 

252,554

142,974

Accruals and deferred income

 

2,975

2,875

Other creditors

 

16,702

14,640

 

293,427

189,125

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

27,500

36,406

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

27,500

36,406

2022
£

2021
£

Current loans and borrowings

Bank borrowings

10,000

11,094

 

Vincent & Brown Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £16,169 (2021 - £16,868).

10

Related party transactions

Transactions with directors

2022

At 1 September 2021
£

Advances to directors
£

Repayments by directors
£

At 31 August 2022
£

Interest free loans repayable on demand

(979)

27,864

(4,697)

22,188