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REGISTERED NUMBER: 00532296 (England and Wales)






















John Vergette Limited

Unaudited Financial Statements for the Year Ended 29th May 2023






John Vergette Limited (Registered number: 00532296)






Contents of the Financial Statements
for the year ended 29th May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


John Vergette Limited

Company Information
for the year ended 29th May 2023







DIRECTORS: P Vergette
Mrs S M Vergette





SECRETARY: Mrs S M Vergette





REGISTERED OFFICE: Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA





REGISTERED NUMBER: 00532296 (England and Wales)





ACCOUNTANTS: Smailes Goldie
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire HU2 8BA

John Vergette Limited (Registered number: 00532296)

Balance Sheet
29th May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 71,633 90,542
Investment property 5 664,359 664,359
735,992 754,901

CURRENT ASSETS
Debtors 6 23,746 70,132
Cash at bank 18,694 15,943
42,440 86,075
CREDITORS
Amounts falling due within one year 7 316,363 333,693
NET CURRENT LIABILITIES (273,923 ) (247,618 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

462,069

507,283

CREDITORS
Amounts falling due after more than one
year

8

351,691

427,074
NET ASSETS 110,378 80,209

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Revaluation reserve 189,436 189,436
Other reserves 5,899 5,899
Retained earnings (94,957 ) (125,126 )
SHAREHOLDERS' FUNDS 110,378 80,209

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

John Vergette Limited (Registered number: 00532296)

Balance Sheet - continued
29th May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22nd February 2024 and were signed on its behalf by:





P Vergette - Director


John Vergette Limited (Registered number: 00532296)

Notes to the Financial Statements
for the year ended 29th May 2023

1. STATUTORY INFORMATION

John Vergette Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards including Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation
Depreciation of fixed assets is charged by annual instalments commencing with the year of acquisition at rates estimated to write off their cost less any residual value over the expected useful lives.

The annual rates used are as follows:

Freehold property 2% on cost
Plant & machinery 10% on cost
Fixtures & Fittings 20% on cost
Motor Vehicles 25% on cost

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 or loss.


John Vergette Limited (Registered number: 00532296)

Notes to the Financial Statements - continued
for the year ended 29th May 2023

2. ACCOUNTING POLICIES - continued
Current & deferred tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current and past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 and other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Debtors and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Group accounts
The group of companies that this company belongs to qualifies as a small group and, in accordance with Section 398 of the Companies Act 2006, group accounts are not required.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

John Vergette Limited (Registered number: 00532296)

Notes to the Financial Statements - continued
for the year ended 29th May 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 30th May 2022 790,870 4,199 11,175 1,044 807,288
Additions 5,405 - - - 5,405
Disposals (60,515 ) - - - (60,515 )
At 29th May 2023 735,760 4,199 11,175 1,044 752,178
DEPRECIATION
At 30th May 2022 702,078 3,009 11,175 484 716,746
Charge for year 19,030 340 - 348 19,718
Eliminated on disposal (55,919 ) - - - (55,919 )
At 29th May 2023 665,189 3,349 11,175 832 680,545
NET BOOK VALUE
At 29th May 2023 70,571 850 - 212 71,633
At 29th May 2022 88,792 1,190 - 560 90,542

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 30th May 2022
and 29th May 2023 664,359
NET BOOK VALUE
At 29th May 2023 664,359
At 29th May 2022 664,359

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,472 5,769
Deferred tax asset
Losses carried forward - 56,097
Prepayments 20,274 8,266
23,746 70,132

John Vergette Limited (Registered number: 00532296)

Notes to the Financial Statements - continued
for the year ended 29th May 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 52,782 51,283
Trade creditors 3,617 46
Amounts owed to group undertakings 211,399 234,670
Tax 13,845 13,845
VAT 8,936 11,297
Other creditors 3,983 160
Accrued expenses 21,801 22,392
316,363 333,693

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 54,503 52,943
Bank loans - 2-5 years 155,373 160,308
Bank loans - more than 5 years 116,711 162,102
Directors' loan accounts 25,104 51,721
351,691 427,074

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - more than 5 years 116,711 162,102

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 379,369 426,636

The company's bank facilities are secured by a legal charge over freehold property situated at Lindens Yard, Riby, and a debenture together with a cross guarantee and debenture with Peter Vergette Limited.

10. CONTINGENT LIABILITIES

The company is party to a joint and several guarantee with its parent company to guarantee the bank borrowings of the group. The net liability at 29th May 2023 is £Nil (2022 £46,792).