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COMPANY REGISTRATION NUMBER: 02317273
VERTELLA LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
VERTELLA LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Tangible assets
6
62,109
42,503
Investments
7
2
2
---------
---------
62,111
42,505
CURRENT ASSETS
Stocks
265,000
292,356
Debtors
8
346,961
372,314
Cash at bank and in hand
398,611
261,387
--------------
-----------
1,010,572
926,057
CREDITORS: amounts falling due within one year
9
638,789
648,250
--------------
-----------
NET CURRENT ASSETS
371,783
277,807
-----------
-----------
TOTAL ASSETS LESS CURRENT LIABILITIES
433,894
320,312
CREDITORS: amounts falling due after more than one year
10
36,380
48,640
PROVISIONS
Taxation including deferred tax
15,527
8,076
-----------
-----------
NET ASSETS
381,987
263,596
-----------
-----------
CAPITAL AND RESERVES
Called up share capital
74
74
Capital redemption reserve
26
26
Profit and loss account
381,887
263,496
-----------
-----------
SHAREHOLDERS FUNDS
381,987
263,596
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
VERTELLA LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
For the year ending 31st December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 28 February 2024 , and are signed on behalf of the board by:
Mr P R Bentley
Mr D R Bentley
Director
Director
Company registration number: 02317273
VERTELLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st DECEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hornby House, Lansil Industrial Estate, Caton Road, Lancaster, LA1 3PQ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 402 of the Companies Act 2006 on the basis that its subsidiaries are excluded from consolidation on the grounds that their inclusion is not material for the purpose of giving a true and fair view.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property Improvements
-
20% straight line
Plant and Machinery
-
25% straight line
Fixtures and Fittings
-
25% straight line
Motor Vehicles
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
The company makes contributions to individual employees' personal pension plans and the pension charge represents the amounts payable by the company to the plans in respect of the year.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 15 (2022: 15 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1st January 2023 and 31st December 2023
200,173
-----------
Amortisation
At 1st January 2023 and 31st December 2023
200,173
-----------
Carrying amount
At 31st December 2023
-----------
At 31st December 2022
-----------
6. TANGIBLE ASSETS
Leasehold property improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1st January 2023
6,829
34,837
2,901
130,275
174,842
Additions
12,019
1,000
36,695
49,714
Disposals
( 27,250)
( 27,250)
--------
---------
--------
-----------
-----------
At 31st December 2023
6,829
46,856
3,901
139,720
197,306
--------
---------
--------
-----------
-----------
Depreciation
At 1st January 2023
6,829
28,692
2,576
94,242
132,339
Charge for the year
5,273
413
24,422
30,108
Disposals
( 27,250)
( 27,250)
--------
---------
--------
-----------
-----------
At 31st December 2023
6,829
33,965
2,989
91,414
135,197
--------
---------
--------
-----------
-----------
Carrying amount
At 31st December 2023
12,891
912
48,306
62,109
--------
---------
--------
-----------
-----------
At 31st December 2022
6,145
325
36,033
42,503
--------
---------
--------
-----------
-----------
7. INVESTMENTS
Other investments other than loans
£
Cost
At 1st January 2023 and 31st December 2023
2
-----
Impairment
At 1st January 2023 and 31st December 2023
-----
Carrying amount
At 31st December 2023
2
-----
At 31st December 2022
2
-----
The company owns 100% of the issued share capital of Cleaning Supplies North West Limited, a company incorporated in England and Wales. The company did not trade during the year. The aggregate share capital and reserves at the year end was £2.
8. DEBTORS
2023
2022
£
£
Trade debtors
341,375
360,832
Prepayments and accrued income
5,586
11,482
-----------
-----------
346,961
372,314
-----------
-----------
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
18,652
16,567
Trade creditors
452,795
514,451
Accruals and deferred income
12,015
12,993
Corporation tax
64,778
38,466
Social security and other taxes
65,699
45,996
Obligations under finance leases and hire purchase contracts
20,982
12,738
Other creditors
3,868
7,039
-----------
-----------
638,789
648,250
-----------
-----------
10. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,646
20,298
Obligations under finance leases and hire purchase contracts
34,734
28,342
---------
---------
36,380
48,640
---------
---------
11. RELATED PARTY TRANSACTIONS
During the year the company continued to borrow funds from director Mr D R Bentley . During the year the company paid interest of £41 (2022 £nil) to Mr D R Bentley in respect of this loan. At the balance sheet date the company owed £1,898 (2022 £1,953) to Mr D R Bentley . During the year the company continued to borrow funds from director Mr P R Bentley . During the year the company paid interest of £46 (2022 £138) to Mr P R Bentley in respect of this loan. At the balance sheet date the company was owed £639 (2022 £2,726 owed to) by Mr P R Bentley . During the year the company continued to borrow funds from director Mr T Bentley. During the year the company paid interest of £156 (2022 £346) to Mr T Bentley in respect of this loan. At the balance sheet date the company owed £1,368 (2022 £1,212) to Mr T Bentley. During the year the company paid rent of £94,245 (2022 £74,988) to PDG, a partnership comprised of directors Mr P R Bentley and Mr D R Bentley and shareholder Miss G R Bentley. During the year the company paid dividends amounting to £49,600 (2022 £49,600) to Mr D R Bentley. During the year the company paid dividends amounting to £49,600 (2022 £49,600) to Mr P R Bentley .