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Registration number: 10472199

Vertu Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Vertu Developments Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Vertu Developments Limited

(Registration number: 10472199)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

56,575

18,433

Investment property

5

1,950,000

1,861,555

 

2,006,575

1,879,988

Current assets

 

Stocks

6

84,883

84,883

Debtors

7

17,013

45,370

Cash at bank and in hand

 

4,167

4,461

 

106,063

134,714

Creditors: Amounts falling due within one year

8

(596,977)

(527,775)

Net current liabilities

 

(490,914)

(393,061)

Total assets less current liabilities

 

1,515,661

1,486,927

Creditors: Amounts falling due after more than one year

8

(1,243,376)

(1,258,306)

Provisions for liabilities

(3,924)

-

Net assets

 

268,361

228,621

Capital and reserves

 

Called up share capital

2

2

Retained earnings

268,359

228,619

Shareholders' funds

 

268,361

228,621

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Vertu Developments Limited

(Registration number: 10472199)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 20 March 2024 and signed on its behalf by:
 

.........................................
Mr N S Griffiths
Director

 

Vertu Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit D Xenon Park
Worcester Avenue
Wheatley
Doncaster
DN2 4NB

These financial statements were authorised for issue by the Board on 20 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

The company develops properties for resale. When the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion, the company recognises revenue on the sales of services in the reporting period in which the services are rendered by reference to the stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Vertu Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% on a reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Vertu Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Vertu Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 2).

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

45,204

45,204

Additions

57,000

57,000

At 31 December 2023

102,204

102,204

Depreciation

At 1 January 2023

26,771

26,771

Charge for the year

18,858

18,858

At 31 December 2023

45,629

45,629

Carrying amount

At 31 December 2023

56,575

56,575

At 31 December 2022

18,433

18,433

5

Investment properties

2023
£

At 1 January

1,861,555

Additions

31,709

Fair value adjustments

56,736

At 31 December

1,950,000

6

Stocks

2023
£

2022
£

Other inventories

84,883

84,883

 

Vertu Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

9,217

7,482

Amounts owed by related parties

10

-

31,106

Other debtors

 

5,797

5,324

Prepayments

 

1,999

1,458

 

17,013

45,370

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

 

Loans and borrowings

9

62,350

37,934

Trade creditors

 

4,615

106,992

Amounts owed to related parties

10

497,340

332,048

Taxation and social security

 

25,048

32,662

Corporation tax

 

166

11,596

Other creditors

 

432

-

Accrued expenses

 

7,026

6,543

 

596,977

527,775

Creditors include loans which are secured of £16,320 (2022 £21,254).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

 

Loans and borrowings

9

1,243,376

1,258,306

Creditors include loans which are secured of £1,204,301 (2022 £1,209,323).

 

Vertu Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,218,468

1,233,488

Hire purchase contracts

24,908

24,818

1,243,376

1,258,306

2023
£

2022
£

Current loans and borrowings

Bank borrowings

26,320

31,254

Bank overdrafts

-

427

Hire purchase contracts

36,030

6,253

62,350

37,934

 

Vertu Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Related party transactions

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

31,106

31,106

Repaid

(31,106)

(31,106)

At end of period

-

-

2022

Entities with joint control or significant influence
£

Key management
£

Total
£

At start of period

157,373

16,383

173,756

Repaid

(126,267)

(16,383)

(142,650)

At end of period

31,106

-

31,106

Loans from related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

99,022

99,022

Advanced

221,293

221,293

At end of period

320,315

320,315

2022

Entities with joint control or significant influence
£

Total
£

At start of period

327,220

327,220

Repaid

(228,198)

(228,198)

At end of period

99,022

99,022

Terms of loans from related parties

There are no repayment terms and interest is not charged on the balances, other than on loans to key management. Key management includes the company directors.