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REGISTERED NUMBER: 06856605 (England and Wales)















VERNON HOLDINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






VERNON HOLDINGS LIMITED (REGISTERED NUMBER: 06856605)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


VERNON HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: J M Vernon
D J Vernon
C J R Vernon





SECRETARY: D J Vernon





REGISTERED OFFICE: 3 Castlegate
Grantham
Lincolnshire
NG31 6SF





REGISTERED NUMBER: 06856605 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

VERNON HOLDINGS LIMITED (REGISTERED NUMBER: 06856605)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 70,883 14,250
Investments 5 43 43
Investment property 6 43,663,608 43,557,018
43,734,534 43,571,311

CURRENT ASSETS
Debtors 7 2,945,483 2,465,827
Cash at bank 217,771 488,780
3,163,254 2,954,607
CREDITORS
Amounts falling due within one year 8 22,509,669 22,495,370
NET CURRENT LIABILITIES (19,346,415 ) (19,540,763 )
TOTAL ASSETS LESS CURRENT LIABILITIES 24,388,119 24,030,548

PROVISIONS FOR LIABILITIES 2,727,144 2,697,009
NET ASSETS 21,660,975 21,333,539

CAPITAL AND RESERVES
Called up share capital 9 200 200
Revaluation reserve 10 10,600,730 10,576,730
Retained earnings 11,060,045 10,756,609
SHAREHOLDERS' FUNDS 21,660,975 21,333,539

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2023 and were signed on its behalf by:




D J Vernon - Director


VERNON HOLDINGS LIMITED (REGISTERED NUMBER: 06856605)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Vernon Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced rental income, excluding value added tax. Turnover is recognised in the period in which the properties are let.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc - 25% - 33% on cost

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.

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

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

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.

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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.


VERNON HOLDINGS LIMITED (REGISTERED NUMBER: 06856605)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 163,861
Additions 94,163
Disposals (35,268 )
At 31 March 2023 222,756
DEPRECIATION
At 1 April 2022 149,611
Charge for year 37,530
Eliminated on disposal (35,268 )
At 31 March 2023 151,873
NET BOOK VALUE
At 31 March 2023 70,883
At 31 March 2022 14,250

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2022
and 31 March 2023 43
NET BOOK VALUE
At 31 March 2023 43
At 31 March 2022 43

VERNON HOLDINGS LIMITED (REGISTERED NUMBER: 06856605)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 43,557,018
Additions 106,590
At 31 March 2023 43,663,608
NET BOOK VALUE
At 31 March 2023 43,663,608
At 31 March 2022 43,557,018

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2023 43,663,608

Investment properties were subject to valuation by Brown & Co LLP, professionally qualified independent valuers, at 31 March 2023 on an open market basis. The methods and significant assumptions used to ascertain the fair value of £43,663,608 (2022 - £43,557,018) were as follows:

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.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,056,970 1,014,629
Other debtors 1,888,513 1,451,198
2,945,483 2,465,827

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans 21,485,974 21,366,761
Trade creditors 34,694 54,282
Corporation tax 40,340 133,242
Other taxes and social security 123,690 70,440
Other creditors 72,203 208,297
Directors' loan accounts 44,058 15,947
Accruals and deferred income 708,710 646,401
22,509,669 22,495,370

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100
100 Ordinary 'B' shares £1 100 100
200 200

VERNON HOLDINGS LIMITED (REGISTERED NUMBER: 06856605)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

10. RESERVES
Revaluation
reserve
£   
At 1 April 2022 10,576,730
Movement on deferred tax 24,000

At 31 March 2023 10,600,730

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.

11. CONTINGENT LIABILITIES

Investment property with a value of £11,427,337 has been used as security against a bank loan in Vernon Finance Limited, a company that is controlled by common owners.

12. RELATED PARTY DISCLOSURES

The company has loans outstanding to the directors £44,058 (2022: £15,947) at the year end.