Registration number:
Vardent Developments Ltd
for the Year Ended 30 June 2023
Vardent Developments Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Vardent Developments Ltd
Company Information
Directors |
Mr Ben Vincent Mr Stephen Ward |
Company secretary |
Mr Ben Vincent |
Registered office |
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Accountants |
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Vardent Developments Ltd
(Registration number: 10836229)
Balance Sheet as at 30 June 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
74,941 |
184,416 |
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Shareholders' funds |
75,041 |
184,516 |
For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Vardent Developments Ltd
(Registration number: 10836229)
Balance Sheet as at 30 June 2023
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Vardent Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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 as modified by the revaluation of certain assets.
Revenue recognition
Turnover represents income from the sale of development property, provision of labour services and rental income.
Property sales are recognised when contracts are exchanged and the buyer is legally committed to the purchase.
Turnover from the supply of services represents the value of services provided under contractss to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date, turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided the amounts are recorded as deferred income and included as part of creditors due within one year.
Rent is recognised for the period to which it relates. Where income is received in advance, the amounts are recorded as deferred income and included as part of creditors due within one year.
Tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets are not discounted.
Vardent Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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 or other future taxable profits.
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 |
Plant and machinery |
25% RB |
Investment property
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.
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.
Vardent Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 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.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Financial instruments
Classification
Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at ammortised cost, using the effective interest rate method.
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Vardent Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Other tangible assets |
Total |
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Cost or valuation |
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Additions |
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At 30 June 2023 |
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Depreciation |
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At 1 July 2022 |
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Charge for the year |
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At 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 |
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Investment properties |
2023 |
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At 1 July |
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Disposals |
( |
Fair value adjustments |
( |
At 30 June |
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Investment property was valued on an open market basis on 30 June 2023 by the directors.
If investment property had not been revalued it would have been included at the following historic cost 2023 : £304,724 (2022 : £494,081).
There has been no valuation of investment property by an independent valuer.
Stocks |
2023 |
2022 |
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Other inventories |
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Vardent Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Debtors |
2023 |
2022 |
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Trade debtors |
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- |
Prepayments |
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Other debtors |
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Current |
2023 |
2022 |
Trade debtors |
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- |
Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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The following secured debts are included within creditors :
Bank loans 2023 : £297,493 (2022 : £454,573).
The loans are secured by a fixed and floating charge over the assets of the company.
Vardent Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Related party transactions |
Vardent Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Transactions with directors |
2023 |
At 1 July 2022 |
Advances to director |
Repayments by director |
At 30 June 2023 |
Mr Ben Vincent |
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( |
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Mr Stephen Ward |
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( |
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( |
( |
2022 |
At 1 July 2021 |
Advances to director |
Repayments by director |
At 30 June 2022 |
Mr Ben Vincent |
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( |
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( |
- |
Mr Stephen Ward |
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( |
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( |
( |
Vardent Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
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Remuneration |
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