Caseware UK (AP4) 2022.0.179 2022.0.179 2022-04-01falseNo description of principal activity65truefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03527393 2022-04-01 2023-03-31 03527393 2021-04-01 2022-03-31 03527393 2023-03-31 03527393 2022-03-31 03527393 2021-04-01 03527393 c:CompanySecretary1 2022-04-01 2023-03-31 03527393 c:Director1 2022-04-01 2023-03-31 03527393 c:Director2 2022-04-01 2023-03-31 03527393 c:Director3 2022-04-01 2023-03-31 03527393 c:RegisteredOffice 2022-04-01 2023-03-31 03527393 d:PlantMachinery 2022-04-01 2023-03-31 03527393 d:PlantMachinery 2023-03-31 03527393 d:PlantMachinery 2022-03-31 03527393 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03527393 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 03527393 d:MotorVehicles 2022-04-01 2023-03-31 03527393 d:MotorVehicles 2023-03-31 03527393 d:MotorVehicles 2022-03-31 03527393 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03527393 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 03527393 d:FurnitureFittings 2022-04-01 2023-03-31 03527393 d:FurnitureFittings 2023-03-31 03527393 d:FurnitureFittings 2022-03-31 03527393 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03527393 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 03527393 d:OfficeEquipment 2022-04-01 2023-03-31 03527393 d:OfficeEquipment 2023-03-31 03527393 d:OfficeEquipment 2022-03-31 03527393 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03527393 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 03527393 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03527393 d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 03527393 d:CurrentFinancialInstruments 2023-03-31 03527393 d:CurrentFinancialInstruments 2022-03-31 03527393 d:Non-currentFinancialInstruments 2023-03-31 03527393 d:Non-currentFinancialInstruments 2022-03-31 03527393 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03527393 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 03527393 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 03527393 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 03527393 d:ShareCapital 2023-03-31 03527393 d:ShareCapital 2022-03-31 03527393 d:ShareCapital 2021-04-01 03527393 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 03527393 d:RetainedEarningsAccumulatedLosses 2023-03-31 03527393 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 03527393 d:RetainedEarningsAccumulatedLosses 2022-03-31 03527393 d:RetainedEarningsAccumulatedLosses 2021-04-01 03527393 c:FRS102 2022-04-01 2023-03-31 03527393 c:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03527393 c:FullAccounts 2022-04-01 2023-03-31 03527393 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03527393 d:WithinOneYear 2023-03-31 03527393 d:WithinOneYear 2022-03-31 03527393 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 03527393 d:HirePurchaseContracts d:WithinOneYear 2022-03-31 03527393 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 03527393 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-03-31 03527393 d:HirePurchaseContracts d:MoreThanFiveYears 2023-03-31 03527393 d:HirePurchaseContracts d:MoreThanFiveYears 2022-03-31 03527393 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 03527393 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 03527393 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-31 03527393 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 03527393










Vaughans of Maidstone Limited








Unaudited

Directors' report and financial statements

For the year ended 31 March 2023

 
Vaughans of Maidstone Limited
 

Company Information


Directors
I M Hancock 
J L Hancock 
R I Hancock 




Company secretary
I M Hancock



Registered number
03527393



Registered office
The Great Barn, Stede Court Estate, Stede Hill

Harrietsham

Kent

ME17 1NR





 
Vaughans of Maidstone Limited
 

Contents



Page
Directors' report
 
1
Accountant's report
 
2
Profit and loss account
 
3
Balance sheet
 
4
Statement of changes in equity
 
5
Notes to the financial statements
 
6 - 13


 
Vaughans of Maidstone Limited
 

 
Directors' report
For the year ended 31 March 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors

The directors who served during the year were:

I M Hancock 
J L Hancock 
R I Hancock 

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 20 November 2023 and signed on its behalf.
 





I M Hancock
Director

Page 1

 
Vaughans of Maidstone Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Vaughans of Maidstone Limited for the year ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vaughans of Maidstone Limited for the year ended 31 March 2023 which comprise the Profit and loss account, the Balance sheet, the Statement of changes in equity 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 https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Vaughans of Maidstone Limited, as a body, in accordance with the terms of our engagement letter dated 20 September 2023Our work has been undertaken solely to prepare for your approval the financial statements of Vaughans of Maidstone Limited  and state those matters that we have agreed to state to the Board of directors of Vaughans of Maidstone Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vaughans of Maidstone Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Vaughans of Maidstone 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 profit of Vaughans of Maidstone Limited. You consider that Vaughans of Maidstone Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Vaughans of Maidstone 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.

  



Kreston Reeves LLP
 
Chartered Accountants
  
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
21 November 2023
Page 2

 
Vaughans of Maidstone Limited
 

Profit and loss account
For the year ended 31 March 2023

2023
2022
£
£

  

Turnover
  
510,860
510,139

Cost of sales
  
(270,796)
(252,905)

Gross profit
  
240,064
257,234

Administrative expenses
  
(179,427)
(241,928)

Other operating income
  
-
23,625

Operating profit
  
60,637
38,931

Interest payable and similar expenses
  
(1,629)
(1,367)

Profit before tax
  
59,008
37,564

Tax on profit
  
(11,186)
(7,133)

Profit for the financial year
  
47,822
30,431

There are no items of other comprehensive income for 2023 or 2022 other than the profit for the yearAs a result, no separate Statement of comprehensive income has been presented.

The notes on pages 6 to 13 form part of these financial statements.

Page 3

 
Vaughans of Maidstone Limited
Registered number: 03527393

Balance sheet
As at 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
30,911
43,167

  
30,911
43,167

Current assets
  

Stocks
 5 
105,476
99,665

Debtors: amounts falling due within one year
 6 
29,558
22,189

Cash at bank and in hand
 7 
41,815
38,110

  
176,849
159,964

Creditors: amounts falling due within one year
 8 
(87,391)
(65,354)

Net current assets
  
 
 
89,458
 
 
94,610

Total assets less current liabilities
  
120,369
137,777

Creditors: amounts falling due after more than one year
 9 
(5,816)
(14,717)

Deferred tax
  
(5,873)
(8,202)

  
 
 
(5,873)
 
 
(8,202)

Net assets
  
108,680
114,858


Capital and reserves
  

Called up share capital 
  
130
130

Profit and loss account
  
108,550
114,728

  
108,680
114,858


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 November 2023.




I M Hancock
Director

The notes on pages 6 to 13 form part of these financial statements.

Page 4

 
Vaughans of Maidstone Limited
 

Statement of changes in equity
For the year ended 31 March 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2021
130
84,297
84,427



Profit for the year
-
30,431
30,431



At 1 April 2022
130
114,728
114,858



Profit for the year
-
47,822
47,822


Contributions by and distributions to owners

Dividends: Equity capital
-
(54,000)
(54,000)


At 31 March 2023
130
108,550
108,680


The notes on pages 6 to 13 form part of these financial statements.

Page 5

 
Vaughans of Maidstone Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

1.


General information

Vaughans of Maidstone Limited is a private company incorporated in England and Wales. The registered address of the Company is The Great Barn Stede Hill, Harrietsham, Maidstone, Kent, ME17 1NR. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. 
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

Page 6

 
Vaughans of Maidstone Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 7

 
Vaughans of Maidstone Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Page 8

 
Vaughans of Maidstone Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.13

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Page 9

 
Vaughans of Maidstone Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.15

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 5).

Page 10

 
Vaughans of Maidstone Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
4,064
107,201
835
2,872
114,972


Additions
438
-
-
-
438


Disposals
-
(15,814)
-
-
(15,814)



At 31 March 2023

4,502
91,387
835
2,872
99,596



Depreciation


At 1 April 2022
3,199
65,771
800
2,035
71,805


Charge for the year on owned assets
271
1,806
9
209
2,295


Charge for the year on financed assets
-
7,936
-
-
7,936


Disposals
-
(13,351)
-
-
(13,351)



At 31 March 2023

3,470
62,162
809
2,244
68,685



Net book value



At 31 March 2023
1,032
29,225
26
628
30,911



At 31 March 2022
865
41,430
35
837
43,167

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
23,808
31,745

Page 11

 
Vaughans of Maidstone Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

5.


Stocks

2023
2022
£
£

Finished goods
105,476
99,665



6.


Debtors

2023
2022
£
£


Trade debtors
5,725
765

Other debtors
1,682
-

Prepayments and accrued income
22,151
21,424

29,558
22,189



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
41,815
38,110



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
28,289
11,080

Corporation tax
13,515
5,337

Other taxation and social security
6,527
11,088

Obligations under finance lease and hire purchase contracts
8,889
8,183

Other creditors
24,806
24,666

Accruals and deferred income
5,365
5,000

87,391
65,354



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
5,816
14,717


Page 12

 
Vaughans of Maidstone Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
8,889
8,183

Between 1-5 years
5,816
8,906

Over 5 years
-
5,811

14,705
22,900


11.


Deferred taxation




2023


£






At beginning of year
(8,202)


Charged to profit or loss
2,329



At end of year
(5,873)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(5,873)
(8,202)


12.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
15,750
15,000


Page 13