Company Registration No. 12939641 (England and Wales)
VB WORCESTER GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
VB WORCESTER GROUP LIMITED
COMPANY INFORMATION
Directors
Mr A N S Fell
Mr N P Fell
Company number
12939641
Registered office
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
VB WORCESTER GROUP LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
VB WORCESTER GROUP LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF VB WORCESTER GROUP LIMITED FOR THE PERIOD ENDED 30 OCTOBER 2022
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of VB Worcester Group Limited for the period ended 30 October 2022 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
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 http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of VB Worcester Group 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 VB Worcester Group Limited and state those matters that we have agreed to state to the Board of Directors of VB Worcester Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than VB Worcester Group Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that VB Worcester Group 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 loss of VB Worcester Group Limited. You consider that VB Worcester Group Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of VB Worcester Group 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.
Ormerod Rutter Limited
24 August 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
VB WORCESTER GROUP LIMITED
BALANCE SHEET
AS AT
30 OCTOBER 2022
30 October 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,231
Investment properties
4
484,910
471,894
Investments
5
200
200
486,341
472,094
Current assets
Debtors
6
9,991
2,662
Creditors: amounts falling due within one year
7
(72,758)
(50,396)
Net current liabilities
(62,767)
(47,734)
Total assets less current liabilities
423,574
424,360
Creditors: amounts falling due after more than one year
8
(440,000)
(435,767)
Net liabilities
(16,426)
(11,407)
Capital and reserves
Called up share capital
10
200
200
Profit and loss reserves
(16,626)
(11,607)
Total equity
(16,426)
(11,407)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
VB WORCESTER GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 OCTOBER 2022
30 October 2022
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 24 August 2023 and are signed on its behalf by:
Mr A N S Fell
Director
Company Registration No. 12939641
VB WORCESTER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 OCTOBER 2022
- 4 -
1
Accounting policies
Company information
VB Worcester Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Fixtures and fittings
15% on reducing balance
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
VB WORCESTER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 OCTOBER 2022
1
Accounting policies
(Continued)
- 5 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2 (2021 - 2).
VB WORCESTER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 OCTOBER 2022
- 6 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 November 2021
Additions
1,313
At 30 October 2022
1,313
Depreciation and impairment
At 1 November 2021
Depreciation charged in the period
82
At 30 October 2022
82
Carrying amount
At 30 October 2022
1,231
At 31 October 2021
4
Investment property
2022
£
Fair value
At 1 November 2021
471,894
Additions
13,016
At 30 October 2022
484,910
The directors have assessed the market value of the property and consider that there has been no significant change in the market value at the period end.
5
Fixed asset investments
2022
2021
£
£
Investments
200
200
VB WORCESTER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 OCTOBER 2022
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 November 2021 & 30 October 2022
200
Carrying amount
At 30 October 2022
200
At 31 October 2021
200
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
6,059
Deferred tax asset
3,932
2,662
9,991
2,662
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
209
240
Amounts owed to group undertakings
16,659
17,929
Taxation and social security
5,313
Other creditors
50,577
32,227
72,758
50,396
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
440,000
435,767
VB WORCESTER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 OCTOBER 2022
- 8 -
9
Secured debts
The following secured debts are included within creditors:
2022
2021
£
£
Bank loans
440,000
435,767
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
10
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary A of £1 each
100
100
100 Ordinary B of £1 each
100
100
200
200
11
Ultimate controlling party
There is no ultimate controlling party.