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Registration number: 12229978

Carl Vernon Coaching Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

image-name
 

Carl Vernon Coaching Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Carl Vernon Coaching Ltd

Company Information

Directors

Mr CL Vernon

Mrs L Vernon

Registered office

Milton Keynes Business Centre Foxhunter Drive
Linford Wood
Milton Keynes
Buckinghamshire
MK14 6GD

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Carl Vernon Coaching Ltd
for the Year Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Carl Vernon Coaching Ltd for the year ended 30 September 2023 as set out on pages 3 to 11 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Carl Vernon Coaching Ltd, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of Carl Vernon Coaching Ltd and state those matters that we have agreed to state to the Board of Directors of Carl Vernon Coaching Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Carl Vernon Coaching Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Carl Vernon Coaching Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Carl Vernon Coaching Ltd. You consider that Carl Vernon Coaching Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Carl Vernon Coaching Ltd. 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 accounts.

......................................

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

26 March 2024

 

Carl Vernon Coaching Ltd

(Registration number: 12229978)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

903

1,284

Current assets

 

Stocks

6

400

500

Debtors

7

22,284

18,122

Cash at bank and in hand

 

91,154

30,230

 

113,838

48,852

Creditors: Amounts falling due within one year

8

(32,183)

(29,735)

Net current assets

 

81,655

19,117

Total assets less current liabilities

 

82,558

20,401

Creditors: Amounts falling due after more than one year

8

(58,114)

(10,667)

Provisions for liabilities

(199)

(244)

Net assets

 

24,245

9,490

Capital and reserves

 

Called up share capital

2

2

Retained earnings

24,243

9,488

Shareholders' funds

 

24,245

9,490

 

Carl Vernon Coaching Ltd

(Registration number: 12229978)
Balance Sheet as at 30 September 2023

For the financial year ending 30 September 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 March 2024 and signed on its behalf by:
 

.........................................
Mr CL Vernon
Director

 

Carl Vernon Coaching Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales. Registration number 12229978.

The address of its registered office is:
Milton Keynes Business Centre Foxhunter Drive
Linford Wood
Milton Keynes
Buckinghamshire
MK14 6GD

These financial statements were authorised for issue by the Board on 26 March 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 except that as disclosed in the accounting policies certain items are shown at fair value.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Carl Vernon Coaching Ltd

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Office equipment

25% straight line

Fixtures and fittings

25% straight line

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

Development

Straight line over useful life

 

Carl Vernon Coaching Ltd

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

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Carl Vernon Coaching Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

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

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 October 2022

5,400

5,400

At 30 September 2023

5,400

5,400

Amortisation

At 1 October 2022

5,400

5,400

At 30 September 2023

5,400

5,400

Carrying amount

At 30 September 2023

-

-

 

Carl Vernon Coaching Ltd

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

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 October 2022

110

3,214

3,324

Additions

124

-

124

At 30 September 2023

234

3,214

3,448

Depreciation

At 1 October 2022

110

1,930

2,040

Charge for the year

62

443

505

At 30 September 2023

172

2,373

2,545

Carrying amount

At 30 September 2023

62

841

903

At 30 September 2022

-

1,284

1,284

6

Stocks

2023
£

2022
£

Inventory

400

500

7

Debtors

Current

2023
£

2022
£

Trade debtors

6,004

8,874

Prepayments

8,691

555

Other debtors

2

2

Directors loan account

6,632

8,691

VAT debtor

955

-

 

22,284

18,122

 

Carl Vernon Coaching Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

11,501

4,000

Other creditors

 

354

-

PAYE and NIC creditor

 

324

-

Accruals

 

550

515

VAT creditors

 

-

156

Corporation tax control

 

19,454

25,064

 

32,183

29,735

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

58,114

10,667

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

58,114

10,667

2023
£

2022
£

Current loans and borrowings

Bank borrowings

11,501

4,000

 

Carl Vernon Coaching Ltd

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

10

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr CL Vernon

8,691

13,204

(15,262)

6,632

         
       

 

2022

At 1 October 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

Mr CL Vernon

7,176

11,988

(10,473)

8,691

         
       

 

The overdrawn director's loan account will be repaid within 9 months of the accounting period.