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REGISTERED NUMBER: 05015617 (England and Wales)














Report of the Directors and

Financial Statements for the Year Ended 31 December 2023

for

Vernon Developments UK Ltd

Vernon Developments UK Ltd (Registered number: 05015617)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Balance Sheet 3

Notes to the Financial Statements 4


Vernon Developments UK Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J R Vernon
Miss L Vernon
M Vernon
V R Vernon





SECRETARY: Miss L Vernon





REGISTERED OFFICE: Lyster Road
Bootle
Liverpool
Merseyside
L20 1AS





REGISTERED NUMBER: 05015617 (England and Wales)





AUDITORS: Douglas Fairless Partnership
Chartered Certified Accountants
and Statutory Auditors
Seymour Chambers
92 London Road
Liverpool
Merseyside
L3 5NW

Vernon Developments UK Ltd (Registered number: 05015617)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of land rental and sale of scrap metal.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

J R Vernon
Miss L Vernon
M Vernon
V R Vernon

Other changes in directors holding office are as follows:

V Vernon - deceased 6 September 2023

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Douglas Fairless Partnership, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





V R Vernon - Director


25 September 2024

Vernon Developments UK Ltd (Registered number: 05015617)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,074,818 1,409,879

CURRENT ASSETS
Debtors 5 98,078 75,242
Cash at bank 120,514 1,031,635
218,592 1,106,877
CREDITORS
Amounts falling due within one year 6 1,033,015 567,448
NET CURRENT (LIABILITIES)/ASSETS (814,423 ) 539,429
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,260,395

1,949,308

PROVISIONS FOR LIABILITIES 26,417 23,317
NET ASSETS 2,233,978 1,925,991

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,233,878 1,925,891
SHAREHOLDERS' FUNDS 2,233,978 1,925,991

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 25 September 2024 and were signed on its behalf by:





V R Vernon - Director


Vernon Developments UK Ltd (Registered number: 05015617)

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

1. STATUTORY INFORMATION

Vernon Developments UK Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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
The turnover in the profit & loss account represents revenue recognised on goods sold on a cash or credit basis during the period exclusive of value added tax.

The rents received in the profit & loss account represents rents charged on a monthly basis during the period exclusive of value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Improvements to property - not provided
Plant and machinery - 15% on reducing balance

Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Freehold property is held at cost value for land, under FRS102 section 17.16 land is deemed to have an unlimited useful life therefore no depreciation is charged.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

Vernon Developments UK Ltd (Registered number: 05015617)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery Totals
£    £    £    £   
COST
At 1 January 2023 941,304 338,225 543,513 1,823,042
Additions 1,698,371 - - 1,698,371
Disposals - - (158,880 ) (158,880 )
At 31 December 2023 2,639,675 338,225 384,633 3,362,533
DEPRECIATION
At 1 January 2023 - - 413,163 413,163
Charge for year - - 17,103 17,103
Eliminated on disposal - - (142,551 ) (142,551 )
At 31 December 2023 - - 287,715 287,715
NET BOOK VALUE
At 31 December 2023 2,639,675 338,225 96,918 3,074,818
At 31 December 2022 941,304 338,225 130,350 1,409,879

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 86,154 62,355
Other debtors 11,924 12,887
98,078 75,242

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 48 2,020
Taxation and social security 128,176 71,165
Other creditors 904,791 494,263
1,033,015 567,448

7. SECURED DEBTS

HSBC Bank PLC has a fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixtures fixed plant and machinery.

HSBC Bank PLC has a charge over F/H property k/a land and buildings on the south east side of lyster road, land on the south east side of lyster road, land on the south side of lyster road and land on the north-east side of arctic road, bootle t/no's MS148386, MS160525, MS487981 and MS313853. With the benefit of all rights licences guarantees rent deposits contracts deeds undertakings and warranties relating. To the property any shares or membership rights in any management company for the property any goodwill of any business from time to time carried on at the property any rental and other money payable under any lease licence or other interest created in respect of the property and all other payments whatever in respect of the property.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Gregory Newton FCCA (Senior Statutory Auditor)
for and on behalf of Douglas Fairless Partnership

Vernon Developments UK Ltd (Registered number: 05015617)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. ULTIMATE PARENT COMPANY

The Ultimate parent company is Lyster Holdings Ltd

The registered office of the parent is as follows:

Head Office Works
Lyster Road
Bootle
England
L20 1AS