Vemco Limited
Registered number: 13635170
Balance Sheet
at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 631,270 325,355
Current assets
Debtors 4 1,976,402 1,664,392
Cash at bank and in hand 83,355 219,796
2,059,757 1,884,188
Creditors: amounts falling due within one year 5 (40,432) (31,821)
Net current assets 2,019,325 1,852,367
Net assets 2,650,595 2,177,722
Capital and reserves
Called up share capital 10 10
Profit and loss account 2,650,585 2,177,712
Shareholders' funds 2,650,595 2,177,722
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Basil Evan Jackson
Director
Approved by the board on 31 August 2024
Vemco Limited
Notes to the Financial Statements
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 – The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis and are presented in Sterling (£).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services and is recognised by reference to the stage of completion of the contract.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.
Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference and is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Investments
Investments in
subsidiary
undertakings Jewellery Total
£ £ £
Cost
At 1 December 2022 11 325,344 325,355
Additions - 310,938 310,938
Disposals - (5,023) (5,023)
At 30 November 2023 11 631,259 631,270
4 Debtors 2023 2022
£ £
Other taxes and social security 110 -
Owed by connected company 1,081,252 686,752
Owed by director 63,284 59,729
Owed by group company 830,995 917,756
Prepayments and accrued income 761 155
1,976,402 1,664,392
5 Creditors: amounts falling due within one year 2023 2022
£ £
Amounts owed to group company 36,232 -
Taxation and social security costs - 27,621
Other creditors - -
Accruals and deferred income 4,200 4,200
40,432 31,821
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
B E Jackson
Loan 1 59,729 950 (60,679) -
Loan 2 - 65,284 (2,000) 63,284
59,729 66,234 (62,679) 63,284
7 Other information
Vemco Limited is a private company limited by shares and incorporated in England. Its registered office is:
William James House
Cowley Road
Cambridgeshire
CB4 0WX
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