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REGISTERED NUMBER: 04231939 (England and Wales)






















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

VERNON DEVELOPMENTS LIMITED

VERNON DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04231939)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


VERNON DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: I Stanley
A Varndell





SECRETARY: Mrs S L Card





REGISTERED OFFICE: 3 Doolittle Yard
Froghall Road
Ampthill
Bedfordshire
MK45 2NW





BUSINESS ADDRESS: Ground Floor Office 1, Orchard House
Courtyard V, Springhead Enterprise Park
Springhead Road
Northfleet
Kent
DA11 8HN





REGISTERED NUMBER: 04231939 (England and Wales)





ACCOUNTANTS: GKP (Ampthill) Limited
Chartered Accountants
3 Doolittle Yard
Froghall Road
Ampthill
Bedfordshire
MK45 2NW

VERNON DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04231939)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 42,668 48,361

CURRENT ASSETS
Stocks 985,136 1,103,664
Debtors 5 959,142 851,926
Cash at bank 10,750 13,524
1,955,028 1,969,114
CREDITORS
Amounts falling due within one year 6 801,729 1,014,499
NET CURRENT ASSETS 1,153,299 954,615
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,195,967

1,002,976

PROVISIONS FOR LIABILITIES 8 10,633 12,627
NET ASSETS 1,185,334 990,349

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings 1,185,333 990,348
SHAREHOLDERS' FUNDS 1,185,334 990,349

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

VERNON DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04231939)

BALANCE SHEET - continued
29 FEBRUARY 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 August 2024 and were signed on its behalf by:





A Varndell - Director


VERNON DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04231939)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Vernon Developments 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Office equipment - 30% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current 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
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

VERNON DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04231939)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and Office
machinery equipment Totals
£    £    £   
COST
At 1 March 2023 95,445 6,659 102,104
Additions 1,665 - 1,665
At 29 February 2024 97,110 6,659 103,769
DEPRECIATION
At 1 March 2023 47,378 6,365 53,743
Charge for year 7,313 45 7,358
At 29 February 2024 54,691 6,410 61,101
NET BOOK VALUE
At 29 February 2024 42,419 249 42,668
At 28 February 2023 48,067 294 48,361

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 801,747 811,059
Amounts owed by group undertakings 139,702 37,331
Other debtors 17,693 3,536
959,142 851,926

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 50,295 138,149
Amounts owed to group undertakings - 367,629
Corporation tax 69,170 2,278
Social security and other taxes 109,183 5,726
Other creditors 573,081 500,717
801,729 1,014,499

VERNON DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04231939)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Invoice discounting company 496,285 494,477

The invoice discounting company has first legal right in respect of trade debtors and a fixed and floating charge over the assets of the company.

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 10,633 12,627

Deferred
tax
£   
Balance at 1 March 2023 12,627
Utilised during year (1,994 )
Balance at 29 February 2024 10,633

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Standell Components (Holdings) Limited.