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REGISTERED NUMBER: 11069627 (England and Wales)












JAMES VERNON GROUP LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023






JAMES VERNON GROUP LTD (REGISTERED NUMBER: 11069627)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


JAMES VERNON GROUP LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTOR: J Vernon





REGISTERED OFFICE: 26 Ida Road
Skegness
Lincolnshire
PE25 2AR





BUSINESS ADDRESS: Berry Way
Skegness
Lincolnshire
PE25 3QS





REGISTERED NUMBER: 11069627 (England and Wales)





ACCOUNTANTS: Dexter & Sharpe (Skegness)
Chartered Certified Accountants
26 Ida Road
Skegness
Lincolnshire
PE25 2AR

JAMES VERNON GROUP LTD (REGISTERED NUMBER: 11069627)

ABRIDGED BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 15,365 6,543

CURRENT ASSETS
Stocks 57,000 64,000
Debtors 16,373 19,654
Cash at bank and in hand 18,282 20,762
91,655 104,416
CREDITORS
Amounts falling due within one year 119,306 96,146
NET CURRENT (LIABILITIES)/ASSETS (27,651 ) 8,270
TOTAL ASSETS LESS CURRENT
LIABILITIES

(12,286

)

14,813

CREDITORS
Amounts falling due after more than one
year

19,167

25,000
NET LIABILITIES (31,453 ) (10,187 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (31,553 ) (10,287 )
(31,453 ) (10,187 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

JAMES VERNON GROUP LTD (REGISTERED NUMBER: 11069627)

ABRIDGED BALANCE SHEET - continued
30 NOVEMBER 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 July 2024 and were signed by:





J Vernon - Director


JAMES VERNON GROUP LTD (REGISTERED NUMBER: 11069627)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. 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 - 25% on reducing balance
Motor vehicles - 25% 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.

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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

JAMES VERNON GROUP LTD (REGISTERED NUMBER: 11069627)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


3. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 December 2022 23,463
Additions 15,000
Disposals (2,500 )
At 30 November 2023 35,963
DEPRECIATION
At 1 December 2022 16,920
Charge for year 5,124
Eliminated on disposal (1,446 )
At 30 November 2023 20,598
NET BOOK VALUE
At 30 November 2023 15,365
At 30 November 2022 6,543

4. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,000 10,000
Liberis Loan 7,746 -
17,746 10,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 19,167 20,000

Amounts falling due between two and five years:
Bank loans - 2-5 years - 5,000

JAMES VERNON GROUP LTD (REGISTERED NUMBER: 11069627)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


5. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2023 and 30 November 2022:

2023 2022
£    £   
J Vernon
Balance outstanding at start of year 10,402 25,646
Amounts advanced - 1,307
Amounts repaid (714 ) (16,551 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,688 10,402