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REGISTERED NUMBER: 06540959 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 May 2023

for

V J Fleet & Sons Limited

V J Fleet & Sons Limited (Registered number: 06540959)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


V J Fleet & Sons Limited

Company Information
for the Year Ended 31 May 2023







DIRECTORS: Mrs A G Fleet
W A Jarrold
S A Jarrold





SECRETARY: Mrs A G Fleet





REGISTERED OFFICE: Mengham Farmhouse
Selsmore Road
Hayling Island
Hampshire
PO11 9JY





REGISTERED NUMBER: 06540959 (England and Wales)





ACCOUNTANTS: Hughes Spencer
12 Acorn Business Park
Northarbour Road
Portsmouth
Hampshire
PO6 3TH

V J Fleet & Sons Limited (Registered number: 06540959)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 66,012 63,858
66,012 63,858

CURRENT ASSETS
Debtors 6 216,364 282,331
Cash at bank 53,014 53,438
269,378 335,769
CREDITORS
Amounts falling due within one year 7 202,209 194,420
NET CURRENT ASSETS 67,169 141,349
TOTAL ASSETS LESS CURRENT
LIABILITIES

133,181

205,207

CREDITORS
Amounts falling due after more than one
year

8

(3,859

)

(6,984

)

PROVISIONS FOR LIABILITIES (16,503 ) (12,133 )
NET ASSETS 112,819 186,090

CAPITAL AND RESERVES
Called up share capital 330 330
Retained earnings 112,489 185,760
SHAREHOLDERS' FUNDS 112,819 186,090

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

V J Fleet & Sons Limited (Registered number: 06540959)

Balance Sheet - continued
31 May 2023


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 20 February 2024 and were signed on its behalf by:




Mrs A G Fleet - Director W A Jarrold - Director




S A Jarrold - Director


V J Fleet & Sons Limited (Registered number: 06540959)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

V J Fleet & Sons 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 net invoiced sales of services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business in 2009 has now been fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 10% on reducing balance

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

V J Fleet & Sons Limited (Registered number: 06540959)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 50,000
AMORTISATION
At 1 June 2022
and 31 May 2023 50,000
NET BOOK VALUE
At 31 May 2023 -
At 31 May 2022 -

V J Fleet & Sons Limited (Registered number: 06540959)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022 167,832
Additions 16,803
Disposals (8,750 )
At 31 May 2023 175,885
DEPRECIATION
At 1 June 2022 103,974
Charge for year 13,937
Eliminated on disposal (8,038 )
At 31 May 2023 109,873
NET BOOK VALUE
At 31 May 2023 66,012
At 31 May 2022 63,858

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 June 2022 30,550
Transfer to ownership (16,550 )
At 31 May 2023 14,000
DEPRECIATION
At 1 June 2022 16,131
Charge for year 2,623
Transfer to ownership (12,623 )
At 31 May 2023 6,131
NET BOOK VALUE
At 31 May 2023 7,869
At 31 May 2022 14,419

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 157,687 221,085
Amounts recoverable on contract 10,096 12,504
Other debtors 48,581 48,742
216,364 282,331

V J Fleet & Sons Limited (Registered number: 06540959)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 3,125 4,671
Trade creditors 99,076 146,087
Taxation and social security 16,905 21,434
Other creditors 83,103 22,228
202,209 194,420

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 3,859 6,984