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Vickery Holman Limited

Annual Report and Financial Statements
Year Ended 30 June 2023

Registration number: 02953188

 

Vickery Holman Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 14

 

Vickery Holman Limited

Company Information

Directors

M A Pellow

D Venn

J Armstrong

A Treloar

R W E Beale

R M Camp

S Johnson

Company secretary

R Gibson

Registered office

Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

Solicitors

Stephens Scown
Curzon House
Southernhay West
Exeter
EX1 1RS

Bankers

Barclays Bank PLC
140 - 146 Armada Way
Plymouth
Devon
PL1 1LA

Auditors

PKF Francis Clark
Registered Auditors
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

 

Vickery Holman Limited

Balance Sheet

30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

17,365

17,679

Tangible assets

5

75,066

111,763

 

92,431

129,442

Current assets

 

Stocks

7

240,977

310,708

Debtors

8

1,124,450

921,349

Cash at bank and in hand

 

296,663

244,344

 

1,662,090

1,476,401

Creditors: Amounts falling due within one year

9

(753,437)

(597,678)

Net current assets

 

908,653

878,723

Total assets less current liabilities

 

1,001,084

1,008,165

Creditors: Amounts falling due after more than one year

9

(91,000)

(145,500)

Provisions for liabilities

(15,320)

(20,795)

Net assets

 

894,764

841,870

Capital and reserves

 

Called up share capital

11

105,915

107,435

Share premium reserve

20,163

20,163

Capital redemption reserve

10,788

9,268

Profit and loss account

757,898

705,004

Shareholders' funds

 

894,764

841,870

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 21 February 2024 and signed on its behalf by:
 

.........................................
M A Pellow
Director

Company Registration Number: 02953188

 

Vickery Holman Limited

Statement of Changes in Equity

Year Ended 30 June 2023

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 July 2022

107,435

20,163

9,268

705,004

841,870

Profit for the year

-

-

-

83,233

83,233

Total comprehensive income

-

-

-

83,233

83,233

Dividends

-

-

-

(23,545)

(23,545)

Purchase of own share capital

(1,520)

-

1,520

(6,794)

(6,794)

At 30 June 2023

105,915

20,163

10,788

757,898

894,764

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 July 2021

104,215

8,990

9,268

623,609

746,082

Profit for the year

-

-

-

123,403

123,403

Total comprehensive income

-

-

-

123,403

123,403

Dividends

-

-

-

(42,008)

(42,008)

New share capital subscribed

5,220

11,173

-

-

16,393

Purchase of own share capital

(2,000)

-

-

-

(2,000)

At 30 June 2022

107,435

20,163

9,268

705,004

841,870

 

Vickery Holman Limited

Notes to the Financial Statements

Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

The principal place of business is:
Plym House
3 Longbridge Road
Plymouth
Devon
PL6 8LT

These financial statements were authorised for issue by the Board on 21 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.

Basis of preparation

These financial statements have been prepared using the historical cost.

The financial statements are prepared in pounds sterling which is the functional currency of the company.

Monetary amounts in these financial statements are rounded to the nearest pound.

 

Vickery Holman Limited

Notes to the Financial Statements

Year Ended 30 June 2023

Going concern

In preparing and approving these financial statements the directors have given due consideration to going concern risk pertaining to current trade performance, and in particular the impact of the Coronavirus pandemic which has lead to widespread and profound economic shocks.

Whilst recognising that there can be no certainty, the directors are satisfied that the going concern basis of preparation remains appropriate. In reaching this conclusion the directors, having made all necessary enquiries, have considered the following matters:

i) The company has a favourable relationship with the bank. The only bank borrowings outstanding are under the CBILS scheme.

ii) There are strong cash reserves at the year end.

iii) The company was profitable in the year despite the economic downturn, which has improved the net asset position of the company.

After due consideration of these factors the Directors are satisfied that the company will be able to operate within their available facilities and continue as a going concern for the foreseeable future - being a period no less than 12 months from the date of approval of these financial
statements.

Revenue recognition

Turnover represents amounts chargeable to clients for professional services provided during the year, including recoverable disbursements incurred on client assignments and excluding value added tax.

Turnover is recognised when a right to consideration has been obtained through performance under each contract, and in certain instances accrues as contract activity progresses by reference to the value of work performed. In respect of transactional business, turnover is recognised where a performance condition has been met, for instance on unconditional exchange.

Turnover is not recognised where the right to receive payment is contingent on events outside of the control of the company.

Government grants

During the year the company recognised Coronavirus Job Retention Scheme (“CJRS”) grant income from the Government designed to mitigate the impact of Covid 19. The company has elected to account for such grants under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

The company has not directly benefited from any other forms of government assistance in the current or prior year.

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.

 

Vickery Holman Limited

Notes to the Financial Statements

Year Ended 30 June 2023

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

Leasehold improvements

Straight line over the life of the lease

Furniture

15% of net book value

Computer equipment

25% straight line

Library

Nil

Intangible assets

Software costs and licenses have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software

25% straight line

Investments

Investments in subsidiary undertakings are recognised at cost less impairment.

Work in progress

Work in progress is the value of the unbilled management and professional time deemed to be recoverable and is stated at the lower of cost less ageing provision, and net realisable value.

Cost comprises of direct staff costs.

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.

 

Vickery Holman Limited

Notes to the Financial Statements

Year Ended 30 June 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Hire purchase liabilities; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

 

Vickery Holman Limited

Notes to the Financial Statements

Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 74 (2022 - 73).

4

Intangible assets

Software
 £

Total
£

Cost or valuation

At 1 July 2022

22,952

22,952

Additions acquired separately

7,480

7,480

At 30 June 2023

30,432

30,432

Amortisation

At 1 July 2022

5,273

5,273

Amortisation charge

7,794

7,794

At 30 June 2023

13,067

13,067

Carrying amount

At 30 June 2023

17,365

17,365

At 30 June 2022

17,679

17,679

 

Vickery Holman Limited

Notes to the Financial Statements

Year Ended 30 June 2023

5

Tangible assets

Land and buildings
£

Library costs
 £

Furniture and computer costs
 £

Total
£

Cost or valuation

At 1 July 2022

85,911

1,479

155,988

243,378

Additions

3,011

-

27,682

30,693

Disposals

(24,789)

(937)

(37,637)

(63,363)

At 30 June 2023

64,133

542

146,033

210,708

Depreciation

At 1 July 2022

59,580

-

72,035

131,615

Charge for the year

12,478

-

53,597

66,075

Eliminated on disposal

(24,789)

-

(37,259)

(62,048)

At 30 June 2023

47,269

-

88,373

135,642

Carrying amount

At 30 June 2023

16,864

542

57,660

75,066

At 30 June 2022

26,331

1,479

83,953

111,763

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings and £16,864 (2022 - £26,331) in respect of long leasehold land and buildings.
 

 

Vickery Holman Limited

Notes to the Financial Statements

Year Ended 30 June 2023

6

Investments

2023
£

2022
£

Subsidiaries

£

Cost or valuation

At 1 July 2022

37,480

Disposals

(37,480)

At 30 June 2023

-

Provision

At 1 July 2022

37,480

Eliminated on disposals

(37,480)

At 30 June 2023

-

Carrying amount

At 30 June 2023

-

 

Vickery Holman Limited

Notes to the Financial Statements

Year Ended 30 June 2023

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

KWC (Barnfield) Limited

Ordinary

0%

100%

The registered office of KWC (Barnfield) Limited was Lowin House, Tregolls Road, Truro, Cornwall, TR1 2NA.
This company was dissolved in the year.

7

Stocks

2023
£

2022
£

Work in progress

240,977

310,708

8

Debtors

2023
£

2022
£

Trade debtors

711,977

719,323

Other debtors

844

3,421

Prepayments

411,629

198,605

1,124,450

921,349

 

Vickery Holman Limited

Notes to the Financial Statements

Year Ended 30 June 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

42,000

42,000

Trade creditors

 

237,408

96,375

Corporation tax

 

18,551

30,119

Other taxation and social security

 

272,386

226,312

Other creditors

 

25,948

49,528

Accruals

 

157,144

153,344

 

753,437

597,678

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

91,000

133,000

Other creditors

 

-

12,500

 

91,000

145,500

 

Vickery Holman Limited

Notes to the Financial Statements

Year Ended 30 June 2023

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

42,000

42,000

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

91,000

133,000

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

105,915

105,915

107,435

107,435

         

During the year the company conducted a share buyback and cancellation of 1,470 shares. Shares were valued at £4.47 each.

12

Dividends

During the year dividends were paid to shareholders totalling £23,545 (2022 - £42,008).

13

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £466,282 (2022 - £278,461).

14

Related party transactions

Transactions with directors

During the year there were transactions with a non-executive director in relation to invoiced consultancy fees. These totalled £6,515 which were in relation to training and staff development.

 

Vickery Holman Limited

Notes to the Financial Statements

Year Ended 30 June 2023

15

Statement on auditors' report pursuant to s444 5(B) to the Companies Act 2006

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Thomas Roach BSc, FCA, who signed for and on behalf of PKF Francis Clark on 7 March 2024.