Company registration number 00517201 (England and Wales)
VERNON AND CO. LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
VERNON AND CO. LIMITED
COMPANY INFORMATION
Directors
Mr M J Tokich
Mr J P Ubbing
(Appointed 31 May 2023)
Company number
00517201
Registered office
2200 Renaissance
Basing View
Basingstoke
Hampshire
RG21 4EQ
VERNON AND CO. LIMITED
CONTENTS
Page
Directors' report
1
Statement of financial position
2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
VERNON AND CO. LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company is that of a dormant company.

 

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M J Tokich
Mr P Lincoln
(Resigned 31 May 2023)
Mr J P Ubbing
(Appointed 31 May 2023)
Qualifying third party indemnity provisions

During the period the group maintained insurance cover for directors' and officers' liability as permitted under the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the directors report.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr M J Tokich
Director
9 October 2024
VERNON AND CO. LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
3,413,429
3,413,429
Creditors: amounts falling due within one year
4
(422,750)
(422,750)
Net current assets
2,990,679
2,990,679
Creditors: amounts falling due after more than one year
5
(268,000)
(268,000)
Net assets
2,722,679
2,722,679
Capital and reserves
Called up share capital
7
13,400
13,400
Share premium account
8
760,722
760,722
Profit and loss reserves
8
1,948,557
1,948,557
Total equity
2,722,679
2,722,679

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 9 October 2024 and are signed on its behalf by:
Mr M J Tokich
Director
Company registration number 00517201 (England and Wales)
VERNON AND CO. LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
13,400
760,722
1,948,557
2,722,679
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
-
0
-
0
Balance at 31 March 2023
13,400
760,722
1,948,557
2,722,679
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
0
-
0
Balance at 31 March 2024
13,400
760,722
1,948,557
2,722,679
VERNON AND CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Vernon and Co. Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2200 Renaissance, Basing View, Basingstoke, Hampshire, RG21 4EQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of STERIS plc. These consolidated financial statements are available from its registered office, 70 Sir John Rogerson's Quay, Dublin 2, D02 R296, Ireland.

The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that thetrue company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Profit and loss account

The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.

VERNON AND CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include amounts due from group undertakings, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including amounts due to group undertakings 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.5

Preference shares

A preference share that provides for mandatory redemption by the issuer for a fixed or determined amount at a fixed or determinable future date, or gives the holder the right to require the issuer to redeem the instrument at or after a particular date for a fixed or determinable amount, is a financial liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The directors deem that there are no material judgements or estimates to be disclosed.

3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,413,429
3,413,429
4
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
422,750
422,750
VERNON AND CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
6
268,000
268,000
6
Other borrowings
2024
2023
£
£
Preference shares
268,000
268,000
Payable after one year
268,000
268,000
7
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 5p each
268,000
268,000
13,400
13,400
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
5% non-cumulative preference shares of £1 each
268,000
268,000
268,000
268,000
Preference shares classified as liabilities
268,000
268,000

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. Upon a winding up of the company ordinary shareholders rank below unsecured creditors.

 

The 5% non-cumulative preference shares are entitled to a fixed dividend of 5% per annum to be paid out of profits of the company. On a winding-up, the holders have priority before all other classes of shares to receive repayment of capital. The holders have no voting rights.

 

The dividends on the preference shares have been waived by the shareholder.

8
Reserves
Share premium

The share premium reserve represents the amount received for shares sold, over and above the nominal value, less transaction costs.

Profit and loss reserves

The profit and loss account represents the cumulative earnings of the business, net of distributions to owners.

VERNON AND CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
9
Related party transactions

Advantage has been taken of the exemption conferred by Section 33 Related Party Disclosures not to disclose transactions with subsidiary undertakings 100% of whose voting rights are controlled within the STERIS plc group.

10
Ultimate controlling party

The company's immediate parent undertaking is Vernon-Carus Limited a company incorporated in England and Wales. The registered office of Vernon-Carus Limited is 2200 Renaissance, Basing View, Basingstoke, Hampshire, RG21 4EQ.

 

The ultimate parent undertaking and controlling party is STERIS plc, a company incorporated and domiciled in Ireland.

 

The largest and smallest group for which consolidated financial statements are prepared is STERIS plc. Copies of the consolidated financial statements are available from its registered office at 70 Sir John Rogerson's Quay, Dublin 2, D02 R296, Ireland.

 

 

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