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Company No: 00842612 (England and Wales)

W.A. VAGE AND SONS LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

W.A. VAGE AND SONS LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

W.A. VAGE AND SONS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 29 February 2024
W.A. VAGE AND SONS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Investment property 4 300,000 300,000
300,000 300,000
Current assets
Cash at bank and in hand 20,132 14,013
20,132 14,013
Creditors: amounts falling due within one year 5 ( 32,905) ( 30,790)
Net current liabilities (12,773) (16,777)
Total assets less current liabilities 287,227 283,223
Creditors: amounts falling due after more than one year 6 ( 13,490) ( 14,115)
Net assets 273,737 269,108
Capital and reserves
Called-up share capital 7 7,680 7,680
Capital redemption reserve 12,000 12,000
Profit and loss account 10 254,057 249,428
Total shareholders' funds 273,737 269,108

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of W.A. Vage And Sons Limited (registered number: 00842612) were approved and authorised for issue by the Board of Directors on 01 October 2024. They were signed on its behalf by:

Simon Paul Vage
Director
W.A. VAGE AND SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
W.A. VAGE AND SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

W.A. Vage And Sons Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5th Floor Salt Quay House, 4 North East Quay, Sutton Harbour, Plymouth, PL4 0BN, United Kingdom. The principal place of business is 26 Trewidden Close, Truro, Cornwall, TR1 1LN.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Leases


The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Valuation of investment property.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

4. Investment property

Investment property
£
Valuation
As at 01 March 2023 300,000
As at 29 February 2024 300,000

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to directors 15,360 15,360
Accruals 12,462 11,238
Corporation tax 4,458 2,567
Other taxation and social security 0 1,000
Other creditors 625 625
32,905 30,790

There are no amounts included above in respect of which any security has been given by the small entity.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 13,490 14,115

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
3,840 Ordinary shares of £ 1.00 each 3,840 3,840
3,840 Deferred ordinary shares of £ 1.00 each 3,840 3,840
7,680 7,680

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 625 625
between one and five years 2,500 2,500
after five years 10,365 10,365
13,490 13,490

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Owed to/(from) the directors 15,360 15,360

The balance is repayable on demand and no interest is charged.

10. Reserves

Profit and loss account

2024 2023
£ £
Profit and loss account 14,630 10,001
Profit and loss account - non distributable reserves 239,427 239,427
254,057 249,428

Profit and loss account - non distributable

The profit and loss account - non distributable reserve is made up from the revaluation of the investment property to fair value, as disclosed in the investment property note, and any deferred tax movement in respect of the fair value revaluation.

Capital redemption reserve

The capital redemption reserve is made up of £12,000 from historic share buy-backs. This £12,000 has previously been disclosed within the profit and loss reserve.