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REGISTERED NUMBER: 08578828 (England and Wales)















VERNON FINANCE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






VERNON FINANCE LIMITED (REGISTERED NUMBER: 08578828)






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 4


VERNON FINANCE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







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





REGISTERED OFFICE: 3 Castlegate
Grantham
Lincolnshire
NG31 6SF





REGISTERED NUMBER: 08578828 (England and Wales)





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

VERNON FINANCE LIMITED (REGISTERED NUMBER: 08578828)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 4 26,512,799 25,301,035
Cash at bank 3,324,775 4,276,603
29,837,574 29,577,638
CREDITORS
Amounts falling due within one year 5 2,170,428 2,926,915
NET CURRENT ASSETS 27,667,146 26,650,723
TOTAL ASSETS LESS CURRENT LIABILITIES 27,667,146 26,650,723

CREDITORS
Amounts falling due after more than one year 6 3,243,777 3,741,289
NET ASSETS 24,423,369 22,909,434

CAPITAL AND RESERVES
Called up share capital 8 16,000,000 16,000,000
Retained earnings 8,423,369 6,909,434
SHAREHOLDERS' FUNDS 24,423,369 22,909,434

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 FINANCE LIMITED (REGISTERED NUMBER: 08578828)

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

1. STATUTORY INFORMATION

Vernon Finance 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.

Turnover
Turnover represents gross interest received on trading loans. Turnover is recognised on an accruals basis.

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 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 taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the statement of financial position date.

3. EMPLOYEES AND DIRECTORS

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

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 26,512,485 25,301,035
Prepayments and accrued income 314 -
26,512,799 25,301,035

VERNON FINANCE LIMITED (REGISTERED NUMBER: 08578828)

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

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 500,000 500,000
Taxation 355,120 308,314
Other taxes and social security 19,467 -
Other creditors 502,464 584,739
Directors' loan accounts 792,075 1,532,540
Accruals and deferred income 1,302 1,322
2,170,428 2,926,915

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 500,000 500,000
Bank loans - 2-5 years 2,743,777 3,241,289
3,243,777 3,741,289

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 3,743,777 4,241,289

The bank loan of £3,743,777 has been secured against investment property held in Vernon Holdings Limited, a company that has common ownership.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
8,000,000 Ordinary £1 8,000,000 8,000,000
8,000,000 Redeemable Preference £1 8,000,000 8,000,000
16,000,000 16,000,000

9. RELATED PARTY DISCLOSURES

The directors of the company had loans outstanding of £792,075 (2022: £1,532,540) at the year end.