Silverfin false 28/02/2023 01/03/2022 28/02/2023 C J Makepeace 07/03/2013 01 November 2023 The principal activity of the company is that of food and drink retail. 08433273 2023-02-28 08433273 bus:Director1 2023-02-28 08433273 2022-02-28 08433273 core:CurrentFinancialInstruments 2023-02-28 08433273 core:CurrentFinancialInstruments 2022-02-28 08433273 core:Non-currentFinancialInstruments 2023-02-28 08433273 core:Non-currentFinancialInstruments 2022-02-28 08433273 core:ShareCapital 2023-02-28 08433273 core:ShareCapital 2022-02-28 08433273 core:RetainedEarningsAccumulatedLosses 2023-02-28 08433273 core:RetainedEarningsAccumulatedLosses 2022-02-28 08433273 core:Goodwill 2022-02-28 08433273 core:Goodwill 2023-02-28 08433273 core:LandBuildings 2022-02-28 08433273 core:PlantMachinery 2022-02-28 08433273 core:FurnitureFittings 2022-02-28 08433273 core:LandBuildings 2023-02-28 08433273 core:PlantMachinery 2023-02-28 08433273 core:FurnitureFittings 2023-02-28 08433273 bus:OrdinaryShareClass1 2023-02-28 08433273 2022-03-01 2023-02-28 08433273 bus:FullAccounts 2022-03-01 2023-02-28 08433273 bus:SmallEntities 2022-03-01 2023-02-28 08433273 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 08433273 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 08433273 bus:Director1 2022-03-01 2023-02-28 08433273 core:Goodwill core:TopRangeValue 2022-03-01 2023-02-28 08433273 core:LandBuildings core:TopRangeValue 2022-03-01 2023-02-28 08433273 core:PlantMachinery core:TopRangeValue 2022-03-01 2023-02-28 08433273 core:FurnitureFittings core:TopRangeValue 2022-03-01 2023-02-28 08433273 2021-03-01 2022-02-28 08433273 core:LandBuildings 2022-03-01 2023-02-28 08433273 core:PlantMachinery 2022-03-01 2023-02-28 08433273 core:FurnitureFittings 2022-03-01 2023-02-28 08433273 core:Non-currentFinancialInstruments 2022-03-01 2023-02-28 08433273 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 08433273 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08433273 (England and Wales)

VERTIGO TRURO LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2023
Pages for filing with the registrar

VERTIGO TRURO LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

VERTIGO TRURO LIMITED

COMPANY INFORMATION

For the financial year ended 28 February 2023
VERTIGO TRURO LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 28 February 2023
DIRECTOR C J Makepeace
REGISTERED OFFICE Lowin House
Tregolls Road
Truro
TR1 2NA
United Kingdom
COMPANY NUMBER 08433273 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
VERTIGO TRURO LIMITED

BALANCE SHEET

As at 28 February 2023
VERTIGO TRURO LIMITED

BALANCE SHEET (continued)

As at 28 February 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 430,283 442,030
430,283 442,030
Current assets
Stocks 5,523 6,626
Debtors 5 2,077 1,233
Cash at bank and in hand 13,760 8,434
21,360 16,293
Creditors: amounts falling due within one year 6 ( 77,317) ( 80,802)
Net current liabilities (55,957) (64,509)
Total assets less current liabilities 374,326 377,521
Creditors: amounts falling due after more than one year 7 ( 245,460) ( 260,190)
Provision for liabilities ( 5,931) ( 6,981)
Net assets 122,935 110,350
Capital and reserves
Called-up share capital 8 160,070 160,070
Profit and loss account ( 37,135 ) ( 49,720 )
Total shareholders' funds 122,935 110,350

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Vertigo Truro Limited (registered number: 08433273) were approved and authorised for issue by the Director on 01 November 2023. They were signed on its behalf by:

C J Makepeace
Director
VERTIGO TRURO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
VERTIGO TRURO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Vertigo Truro Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 4 years straight line
Fixtures and fittings 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Grants are recognised based on the accrual model and are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 9 10

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 March 2022 57,298 57,298
At 28 February 2023 57,298 57,298
Accumulated amortisation
At 01 March 2022 57,298 57,298
At 28 February 2023 57,298 57,298
Net book value
At 28 February 2023 0 0
At 28 February 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 March 2022 429,112 52,572 64,020 545,704
Additions 6,312 5,678 1,480 13,470
At 28 February 2023 435,424 58,250 65,500 559,174
Accumulated depreciation
At 01 March 2022 42,429 29,426 31,819 103,674
Charge for the financial year 8,582 10,212 6,423 25,217
At 28 February 2023 51,011 39,638 38,242 128,891
Net book value
At 28 February 2023 384,413 18,612 27,258 430,283
At 28 February 2022 386,683 23,146 32,201 442,030

Included within the net book value of land and buildings above is £384,413 (2022 - £386,683) in respect of freehold land and buildings.

5. Debtors

2023 2022
£ £
Other debtors 2,077 1,233

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 17,213 20,609
Trade creditors 14,916 20,042
Corporation tax 5,795 3,565
Other taxation and social security 18,604 2,237
Other creditors 20,789 34,349
77,317 80,802

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 245,460 259,278
Other creditors 0 912
245,460 260,190

The company bankers have a fixed and floating charge on the company assets.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
160,070 Ordinary shares shares of £ 1.00 each 160,070 160,070