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Registration number: 10836229

Vardent Developments Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Vardent Developments Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Vardent Developments Ltd

Company Information

Directors

Mr Ben Vincent

Mr Stephen Ward

Company secretary

Mr Ben Vincent

Registered office

37 Hurricane Drive
Calne
Wiltshire
SN11 8GB

Accountants

Oak Leaf Accountancy Limited
78 Stickleback Road
Calne
Wiltshire
SN11 9RB

 

Vardent Developments Ltd

(Registration number: 10836229)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,925

11,887

Investment property

5

400,000

650,000

 

407,925

661,887

Current assets

 

Stocks

6

677,914

239,111

Debtors

7

38,144

17,720

Cash at bank and in hand

 

24,423

13,520

 

740,481

270,351

Creditors: Amounts falling due within one year

8

(727,955)

(222,184)

Net current assets

 

12,526

48,167

Total assets less current liabilities

 

420,451

710,054

Creditors: Amounts falling due after more than one year

8

(327,308)

(495,914)

Provisions for liabilities

(18,102)

(29,624)

Net assets

 

75,041

184,516

Capital and reserves

 

Called up share capital

100

100

Retained earnings

74,941

184,416

Shareholders' funds

 

75,041

184,516

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 February 2024 and signed on its behalf by:
 

 

Vardent Developments Ltd

(Registration number: 10836229)
Balance Sheet as at 30 June 2023

.........................................
Mr Ben Vincent
Company secretary and director

 

Vardent Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
37 Hurricane Drive
Calne
Wiltshire
SN11 8GB

These financial statements were authorised for issue by the Board on 5 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention as modified by the revaluation of certain assets.

Revenue recognition

Turnover represents income from the sale of development property, provision of labour services and rental income.

Property sales are recognised when contracts are exchanged and the buyer is legally committed to the purchase.

Turnover from the supply of services represents the value of services provided under contractss to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date, turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided the amounts are recorded as deferred income and included as part of creditors due within one year.

Rent is recognised for the period to which it relates. Where income is received in advance, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tax

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets are not discounted.

 

Vardent Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. 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 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% RB

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 and loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Vardent Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

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

Financial assets
Basic financial assets, including trade and other receivables, 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.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group companies, 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 ammortised cost, using the effective interest rate method.

Trade payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

 

Vardent Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

Additions

15,850

15,850

At 30 June 2023

15,850

15,850

Depreciation

At 1 July 2022

3,963

3,963

Charge for the year

3,962

3,962

At 30 June 2023

7,925

7,925

Carrying amount

At 30 June 2023

7,925

7,925

At 30 June 2022

11,887

11,887

5

Investment properties

2023
£

At 1 July

650,000

Disposals

(240,000)

Fair value adjustments

(10,000)

At 30 June

400,000

Investment property was valued on an open market basis on 30 June 2023 by the directors.
If investment property had not been revalued it would have been included at the following historic cost 2023 : £304,724 (2022 : £494,081).

There has been no valuation of investment property by an independent valuer.

6

Stocks

2023
£

2022
£

Other inventories

677,914

239,111

 

Vardent Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Debtors

2023
£

2022
£

Trade debtors

15,386

-

Prepayments

17,115

11,418

Other debtors

5,643

6,302

38,144

17,720

Current

2023
£

2022
£

Trade debtors

15,386

-

Prepayments

17,115

11,418

Other debtors

5,643

6,302

 

38,144

17,720

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

497,930

11,526

Trade creditors

 

16,788

20,591

Taxation and social security

 

29,973

28,810

Accruals and deferred income

 

8,445

8,445

Other creditors

 

174,819

152,812

 

727,955

222,184

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

327,308

495,914

The following secured debts are included within creditors :
Bank loans 2023 : £297,493 (2022 : £454,573).
The loans are secured by a fixed and floating charge over the assets of the company.

 

Vardent Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Related party transactions

 

Vardent Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr Ben Vincent

-

36,815

(36,815)

-

         
       

Mr Stephen Ward

(148,477)

30,617

(36,655)

(154,514)

         
       

 

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

Mr Ben Vincent

(22,623)

60,570

(37,948)

-

         
       

Mr Stephen Ward

(160,703)

60,173

(47,948)

(148,477)

         
       

 

 

Vardent Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

25,140

25,140