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Registered number: 03946033
Vaughan Bros Funeral Directors Ltd
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03946033
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 244,896 301,988
Investment Properties 6 2,531 2,531
Investments 7 600,000 -
847,427 304,519
CURRENT ASSETS
Stocks 8 7,500 8,000
Debtors 9 30,000 40,616
Cash at bank and in hand 282,783 715,054
320,283 763,670
Creditors: Amounts Falling Due Within One Year 10 (37,418 ) (35,869 )
NET CURRENT ASSETS (LIABILITIES) 282,865 727,801
TOTAL ASSETS LESS CURRENT LIABILITIES 1,130,292 1,032,320
PROVISIONS FOR LIABILITIES
Deferred Taxation (61,194 ) (42,634 )
NET ASSETS 1,069,098 989,686
CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Other reserves 948,679 948,679
Profit and Loss Account 119,419 40,007
SHAREHOLDERS' FUNDS 1,069,098 989,686
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Smith
Director
29/09/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Vaughan Bros Funeral Directors Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 03946033 . The registered office is Penuel Funeral Home, Harcourt Street, Tredegar, NP22 3QE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 25
Plant & Machinery 25%
Motor Vehicles 25%
Fixtures & Fittings 25%
Computer Equipment 25%
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 90,000
As at 31 March 2024 90,000
Amortisation
As at 1 April 2023 90,000
As at 31 March 2024 90,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2023 27,308 7,183 374,677 25,906
Additions - - 12,000 -
As at 31 March 2024 27,308 7,183 386,677 25,906
...CONTINUED
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Page 5
Depreciation
As at 1 April 2023 27,308 5,049 76,514 24,569
Provided during the period - 534 68,125 344
As at 31 March 2024 27,308 5,583 144,639 24,913
Net Book Value
As at 31 March 2024 - 1,600 242,038 993
As at 1 April 2023 - 2,134 298,163 1,337
Computer Equipment Total
£ £
Cost
As at 1 April 2023 2,859 437,933
Additions - 12,000
As at 31 March 2024 2,859 449,933
Depreciation
As at 1 April 2023 2,505 135,945
Provided during the period 89 69,092
As at 31 March 2024 2,594 205,037
Net Book Value
As at 31 March 2024 265 244,896
As at 1 April 2023 354 301,988
6. Investment Property
2024
£
Fair Value
As at 1 April 2023 and 31 March 2024 2,531
7. Investments
Listed
£
Cost
As at 1 April 2023 -
Additions 600,000
As at 31 March 2024 600,000
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 600,000
As at 1 April 2023 -
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8. Stocks
2024 2023
£ £
Stock 7,500 8,000
9. Debtors
2024 2023
£ £
Due within one year
Trade debtors 30,000 40,000
Other debtors - 616
30,000 40,616
10. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 5,856 (2 )
Bank loans and overdrafts 877 1,460
Other creditors 13,254 16,330
Taxation and social security 17,431 18,081
37,418 35,869
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
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