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Company Registration No. 06748016 (England and Wales)
Vesta Partnerships Ltd Unaudited accounts for the year ended 30 June 2023
Vesta Partnerships Ltd Unaudited accounts Contents
Page
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Vesta Partnerships Ltd Company Information for the year ended 30 June 2023
Directors
R Pearce T Carr
Company Number
06748016 (England and Wales)
Registered Office
Ground Floor, Building A Green Court, Truro Business Park Threemilestone Truro Cornwall TR4 9LF England
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Vesta Partnerships Ltd Statement of financial position as at 30 June 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
73,478 
80,158 
Tangible assets
15,000 
15,000 
88,478 
95,158 
Current assets
Debtors
44,303 
34,723 
Cash at bank and in hand
2,094 
298 
46,397 
35,021 
Creditors: amounts falling due within one year
(129,766)
(118,706)
Net current liabilities
(83,369)
(83,685)
Net assets
5,109 
11,473 
Capital and reserves
Called up share capital
1,000 
1,000 
Profit and loss account
4,109 
10,473 
Shareholders' funds
5,109 
11,473 
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2024 and were signed on its behalf by
R Pearce Director Company Registration No. 06748016
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Vesta Partnerships Ltd Notes to the Accounts for the year ended 30 June 2023
1
Statutory information
Vesta Partnerships Ltd is a private company, limited by shares, registered in England and Wales, registration number 06748016. The registered office is Ground Floor, Building A, Green Court, Truro Business Park, Threemilestone, Truro, Cornwall, TR4 9LF, England.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies’ regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements present information about the company as an individual entity and not about its group, in which the company is a subsidiary entity only. Vesta Partnerships Ltd is a wholly owned subsidiary of Verto Homes Ltd, which has taken advantage of the exemption under Section 399 of the Companies Act 2006 not to prepare consolidated accounts as the group is a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Intangible fixed assets
Other intangible assets include intellectual property measured at cost less accumulated amortisation and any accumulated impairment losses. Amortisation is provided at rates calculated to write off the cost of the intangible assets over their expected useful lives. The estimated economic life of the intellectual property is 15 years.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Land & buildings
Land is not depreciated
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Vesta Partnerships Ltd Notes to the Accounts for the year ended 30 June 2023
Inventories
Stocks and work in progress are valued at the lower of cost and net realisable value. Cost includes all direct costs, including directly attributable borrowing costs, and appropriate fixed and variable overheads. The carrying amount of stocks and work in progress is recognised as an expense in the period in which the related revenue is recognised. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks and work in progress over its estimated net realisable value is recognised as an impairment loss in the profit and loss account. Any reversal of such impairment losses are also recognised in the profit and loss account.
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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 classified as receivable within one year are not amortised. Financial assets are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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Vesta Partnerships Ltd Notes to the Accounts for the year ended 30 June 2023
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 July 2022
100,198 
At 30 June 2023
100,198 
Amortisation
At 1 July 2022
20,040 
Charge for the year
6,680 
At 30 June 2023
26,720 
Net book value
At 30 June 2023
73,478 
At 30 June 2022
80,158 
5
Tangible fixed assets
Land & buildings 
£ 
Cost or valuation
At cost 
At 1 July 2022
15,000 
At 30 June 2023
15,000 
Depreciation
At 30 June 2023
- 
Net book value
At 30 June 2023
15,000 
At 30 June 2022
15,000 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
196 
- 
Trade debtors
39,720 
34,723 
Other debtors
4,387 
- 
44,303 
34,723 
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Vesta Partnerships Ltd Notes to the Accounts for the year ended 30 June 2023
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
- 
6,366 
Trade creditors
5,844 
1,231 
Amounts owed to group undertakings and other participating interests
50,638 
104,320 
Taxes and social security
64,402 
- 
Other creditors
2,693 
- 
Accruals
6,189 
6,789 
129,766 
118,706 
8
Average number of employees
During the year the average number of employees was 9 (2022: 0).
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