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COMPANY REGISTRATION NUMBER: 07446259
VILLAGE ESTATES (BEXLEY) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
VILLAGE ESTATES (BEXLEY) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
VILLAGE ESTATES (BEXLEY) LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Intangible assets
5
110,250
126,000
Tangible assets
6
51,443
64,026
Investments
7
800
-----------
-----------
161,693
190,826
CURRENT ASSETS
Debtors
8
25,323
26,999
Cash at bank and in hand
42,849
17,845
----------
----------
68,172
44,844
CREDITORS: amounts falling due within one year
9
97,095
72,855
----------
----------
NET CURRENT LIABILITIES
28,923
28,011
-----------
-----------
TOTAL ASSETS LESS CURRENT LIABILITIES
132,770
162,815
CREDITORS: amounts falling due after more than one year
10
51,192
66,355
PROVISIONS
9,774
11,493
-----------
-----------
NET ASSETS
71,804
84,967
-----------
-----------
VILLAGE ESTATES (BEXLEY) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
2023
2022
Note
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
71,704
84,867
----------
----------
SHAREHOLDERS FUNDS
71,804
84,967
----------
----------
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 income statement has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 9 September 2024 , and are signed on behalf of the board by:
Mr S Marsh
Director
Company registration number: 07446259
VILLAGE ESTATES (BEXLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 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 Onega House, 112 Main Road, Sidcup, Kent, DA14 6NE, England.
2. 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Garden office
-
5% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 6 (2022: 8 ).
4. TAX ON PROFIT
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
5,836
8,598
Deferred tax:
Origination and reversal of timing differences
( 1,719)
9,805
--------
----------
Tax on profit
4,117
18,403
--------
----------
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
315,000
-----------
Amortisation
At 1 January 2023
189,000
Charge for the year
15,750
-----------
At 31 December 2023
204,750
-----------
Carrying amount
At 31 December 2023
110,250
-----------
At 31 December 2022
126,000
-----------
6. TANGIBLE ASSETS
Home office
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
17,676
15,935
53,090
28,912
115,613
Additions
583
583
----------
----------
----------
----------
-----------
At 31 December 2023
17,676
15,935
53,090
29,495
116,196
----------
----------
----------
----------
-----------
Depreciation
At 1 January 2023
884
12,035
13,273
25,395
51,587
Charge for the year
884
975
9,954
1,353
13,166
----------
----------
----------
----------
-----------
At 31 December 2023
1,768
13,010
23,227
26,748
64,753
----------
----------
----------
----------
-----------
Carrying amount
At 31 December 2023
15,908
2,925
29,863
2,747
51,443
----------
----------
----------
----------
-----------
At 31 December 2022
16,792
3,900
39,817
3,517
64,026
----------
----------
----------
----------
-----------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 December 2023
29,863
----------
At 31 December 2022
39,818
----------
7. INVESTMENTS
Other investments
£
Cost
At 1 January 2023
1,055
Disposals
( 1,055)
--------
At 31 December 2023
--------
Impairment
At 1 January 2023
255
Disposals
( 255)
--------
At 31 December 2023
--------
Carrying amount
At 31 December 2023
--------
At 31 December 2022
800
--------
8. DEBTORS
2023
2022
£
£
Trade debtors
25,323
26,999
----------
----------
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
30,117
11,610
Corporation tax
5,806
8,573
Social security and other taxes
31,123
32,806
Other creditors
20,049
9,866
----------
----------
97,095
72,855
----------
----------
10. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,167
24,167
Other creditors
37,025
42,188
----------
----------
51,192
66,355
----------
----------
11. FINANCE LEASES AND HIRE PURCHASE CONTRACTS
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2023
2022
£
£
Not later than 1 year
5,163
5,163
Later than 1 year and not later than 5 years
37,025
42,188
----------
----------
42,188
47,351
----------
----------
12. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
9,774
11,493
--------
----------
13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the director did not enter into any advances, credits or guarantees with the company.