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REGISTERED NUMBER: 08578828 (England and Wales)















VERNON FINANCE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






VERNON FINANCE LIMITED (REGISTERED NUMBER: 08578828)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


VERNON FINANCE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: J M Vernon
D J Vernon
C J R Vernon





REGISTERED OFFICE: 3 Castlegate
Grantham
Lincolnshire
NG31 6SF





REGISTERED NUMBER: 08578828 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

VERNON FINANCE LIMITED (REGISTERED NUMBER: 08578828)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 4 29,001,663 26,512,799
Cash at bank 1,208,201 3,324,775
30,209,864 29,837,574
CREDITORS
Amounts falling due within one year 5 1,189,501 2,170,428
NET CURRENT ASSETS 29,020,363 27,667,146
TOTAL ASSETS LESS CURRENT LIABILITIES 29,020,363 27,667,146

CREDITORS
Amounts falling due after more than one year 6 2,746,266 3,243,777
NET ASSETS 26,274,097 24,423,369

CAPITAL AND RESERVES
Called up share capital 8 16,000,000 16,000,000
Retained earnings 10,274,097 8,423,369
SHAREHOLDERS' FUNDS 26,274,097 24,423,369

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 19 September 2024 and were signed on its behalf by:





C J R Vernon - Director


VERNON FINANCE LIMITED (REGISTERED NUMBER: 08578828)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Vernon Finance Limited 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.

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
Turnover represents gross interest received on trading loans. Turnover is recognised on an accruals basis.

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current 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 taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the statement of financial position date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 28,745,690 26,512,485
Directors' loan accounts 255,973 -
Prepayments and accrued income - 314
29,001,663 26,512,799

VERNON FINANCE LIMITED (REGISTERED NUMBER: 08578828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 500,000 500,000
Taxation 484,276 355,120
Other taxes and social security (11,180 ) 19,467
Other creditors 214,755 502,464
Directors' loan accounts - 792,075
Accruals and deferred income 1,650 1,302
1,189,501 2,170,428

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 2,746,266 500,000
Bank loans - 2-5 years - 2,743,777
2,746,266 3,243,777

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 3,246,266 3,743,777

The bank loan of £3,246,266 (2023: £3,743,777) has been secured against investment property held in Vernon Holdings Limited, a company that has common ownership.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
8,000,000 Ordinary £1 8,000,000 8,000,000
8,000,000 Redeemable Preference £1 8,000,000 8,000,000
16,000,000 16,000,000

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
J M Vernon
Balance outstanding at start of year - -
Amounts advanced 674,056 -
Amounts repaid (589,281 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 84,775 -

VERNON FINANCE LIMITED (REGISTERED NUMBER: 08578828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

D J Vernon
Balance outstanding at start of year - -
Amounts advanced 674,059 -
Amounts repaid (587,851 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 86,208 -

C J R Vernon
Balance outstanding at start of year - -
Amounts advanced 674,058 -
Amounts repaid (589,068 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 84,990 -

The loans are repayable on demand and interest was charged at HMRC official rates.