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Company registration number: 10821957
Vernon Land Partnership (Kirkby Malzeard) Limited
Unaudited filleted financial statements
31 July 2023
Vernon Land Partnership (Kirkby Malzeard) Limited
Contents
Statement of financial position
Notes to the financial statements
Vernon Land Partnership (Kirkby Malzeard) Limited
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Current assets
Debtors 5 263,562 14,364
Cash at bank and in hand 107 148
_______ _______
263,669 14,512
Creditors: amounts falling due
within one year 6 ( 59,960) ( 19,807)
_______ _______
Net current assets/(liabilities) 203,709 ( 5,295)
_______ _______
Total assets less current liabilities 203,709 ( 5,295)
Creditors: amounts falling due
after more than one year 7 ( 20,000) ( 30,000)
_______ _______
Net assets/(liabilities) 183,709 ( 35,295)
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 183,708 ( 35,296)
_______ _______
Shareholder funds/(deficit) 183,709 ( 35,295)
_______ _______
For the year ending 31 July 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2023 , and are signed on behalf of the board by:
Mr Peter Vernon
Director
Company registration number: 10821957
Vernon Land Partnership (Kirkby Malzeard) Limited
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Four Columns, Broughton Hall Business Park, Skipton, North Yorkshire, BD23 3AE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for the services rendered, net of discounts and Value Added Tax.Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied; the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will flow to the entity; the stage of completion of the transaction at the end of the reporting period can be measured reliably and the costs incurred and costs to complete the transaction can be measured reliably.
Taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances and revaluation gains on investment properties. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings.
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Debtors
2023 2022
£ £
Other debtors 263,562 14,364
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors - 53
Corporation tax 48,862 -
Social security and other taxes 37 9,254
Other creditors 1,061 500
_______ _______
59,960 19,807
_______ _______
7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 20,000 30,000
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Peter Vernon - 255,258 255,258
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Peter Vernon - - -
_______ _______ _______