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Registration number: 14051504

VBM Cartwright Properties Limited

Filleted Unaudited Financial Statements

for the Period from 19 April 2022 to 31 August 2023

 

VBM Cartwright Properties Limited
(Registration number: 14051504)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

VBM Cartwright Properties Limited
(Registration number: 14051504)

Company Information

Director

Mr T A Cartwright

Registered office

17 Gould Place
Newton Abbot
Devon
TQ12 4FP

Accountants

Thompson Jenner LLP
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

VBM Cartwright Properties Limited
(Registration number: 14051504)

Balance Sheet as at 31 August 2023

Note

2023
£

Fixed assets

 

Intangible assets

4

179,726

Tangible assets

5

11,125

 

190,851

Current assets

 

Debtors

6

2,906

Cash at bank and in hand

 

20,391

 

23,297

Creditors: Amounts falling due within one year

7

(123,297)

Net current liabilities

 

(100,000)

Total assets less current liabilities

 

90,851

Creditors: Amounts falling due after more than one year

7

(111,000)

Provisions for liabilities

(2,114)

Net liabilities

 

(22,263)

Capital and reserves

 

Called up share capital

100

Profit and loss account

(22,363)

Total equity

 

(22,263)

For the financial period ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

VBM Cartwright Properties Limited
(Registration number: 14051504)

Balance Sheet as at 31 August 2023

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 director on 19 January 2024
 

.........................................
Mr T A Cartwright
Director

 

VBM Cartwright Properties Limited
(Registration number: 14051504)

Notes to the Unaudited Financial Statements for the Period from 19 April 2022 to 31 August 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:
17 Gould Place
Newton Abbot
Devon
TQ12 4FP

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.

Going concern

The director ackowledges the negative equity position on the balance sheet at the period end and has pledged to provide continued support to ensure that the company is able to meet it's financial obligations as they fall due. The accounts have therefore been prepared on a going concern basis.

Revenue recognition

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.

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.

 

VBM Cartwright Properties Limited
(Registration number: 14051504)

Notes to the Unaudited Financial Statements for the Period from 19 April 2022 to 31 August 2023

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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 Method

Computer Equipment

25% Straight Line Method

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Franchise cost

10 years

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.

 

VBM Cartwright Properties Limited
(Registration number: 14051504)

Notes to the Unaudited Financial Statements for the Period from 19 April 2022 to 31 August 2023

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.

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.

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.

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. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

VBM Cartwright Properties Limited
(Registration number: 14051504)

Notes to the Unaudited Financial Statements for the Period from 19 April 2022 to 31 August 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 3.

 

VBM Cartwright Properties Limited
(Registration number: 14051504)

Notes to the Unaudited Financial Statements for the Period from 19 April 2022 to 31 August 2023

4

Intangible assets

Goodwill
 £

Franchise cost
 £

Total
£

Cost or valuation

Additions acquired separately

175,800

23,050

198,850

At 31 August 2023

175,800

23,050

198,850

Amortisation

Amortisation charge

14,515

4,609

19,124

At 31 August 2023

14,515

4,609

19,124

Carrying amount

At 31 August 2023

161,285

18,441

179,726

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

14,654

14,654

At 31 August 2023

14,654

14,654

Depreciation

Charge for the period

3,529

3,529

At 31 August 2023

3,529

3,529

Carrying amount

At 31 August 2023

11,125

11,125

Included within the net book value of land and buildings above is £Nil in respect of long leasehold land and buildings.
 

 

VBM Cartwright Properties Limited
(Registration number: 14051504)

Notes to the Unaudited Financial Statements for the Period from 19 April 2022 to 31 August 2023

6

Debtors

2023
£

Trade debtors

(1,311)

Other debtors

4,217

Total current trade and other debtors

2,906

7

Creditors

Note

2023
£

Due within one year

 

Loans and borrowings

8

37,000

Trade creditors

 

4,446

Taxation and social security

 

3,374

Other creditors

 

76,917

Accrued expenses

 

1,560

 

123,297

Note

2023
£

Due after one year

 

Loans and borrowings

8

111,000

8

Loans and borrowings

2023
£

Current loans and borrowings

Bank borrowings

37,000

2023
£

Non-current loans and borrowings

Bank borrowings

111,000