Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-12-310truefalse68100 - Buying and selling of own real estate2023-01-01false0false 07821814 2023-01-01 2023-12-31 07821814 2023-12-31 07821814 2022-01-01 2022-12-31 07821814 2022-12-31 07821814 2022-01-01 07821814 c:Director1 2023-01-01 2023-12-31 07821814 c:Director2 2023-01-01 2023-12-31 07821814 c:Director3 2023-01-01 2023-12-31 07821814 c:Director3 2023-12-31 07821814 c:RegisteredOffice 2023-01-01 2023-12-31 07821814 c:Agent1 2023-01-01 2023-12-31 07821814 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 07821814 d:PlantMachinery 2023-01-01 2023-12-31 07821814 d:MotorVehicles 2023-01-01 2023-12-31 07821814 d:FurnitureFittings 2023-01-01 2023-12-31 07821814 d:OfficeEquipment 2023-01-01 2023-12-31 07821814 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 07821814 d:Goodwill 2023-01-01 2023-12-31 07821814 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-01-01 2023-12-31 07821814 d:CurrentFinancialInstruments 2023-12-31 07821814 d:CurrentFinancialInstruments 2022-12-31 07821814 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07821814 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07821814 d:ShareCapital 2023-12-31 07821814 d:ShareCapital 2022-12-31 07821814 d:ShareCapital 2022-01-01 07821814 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07821814 d:RetainedEarningsAccumulatedLosses 2023-12-31 07821814 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 07821814 d:RetainedEarningsAccumulatedLosses 2022-12-31 07821814 d:RetainedEarningsAccumulatedLosses 2022-01-01 07821814 c:OrdinaryShareClass1 2023-01-01 2023-12-31 07821814 c:OrdinaryShareClass1 2023-12-31 07821814 c:OrdinaryShareClass1 2022-12-31 07821814 c:OrdinaryShareClass2 2023-01-01 2023-12-31 07821814 c:OrdinaryShareClass2 2023-12-31 07821814 c:OrdinaryShareClass2 2022-12-31 07821814 c:OrdinaryShareClass3 2023-01-01 2023-12-31 07821814 c:OrdinaryShareClass3 2023-12-31 07821814 c:OrdinaryShareClass3 2022-12-31 07821814 c:FRS102 2023-01-01 2023-12-31 07821814 c:Audited 2023-01-01 2023-12-31 07821814 c:FullAccounts 2023-01-01 2023-12-31 07821814 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07821814 d:Subsidiary1 2023-01-01 2023-12-31 07821814 d:Subsidiary1 1 2023-01-01 2023-12-31 07821814 d:Subsidiary2 2023-01-01 2023-12-31 07821814 d:Subsidiary2 1 2023-01-01 2023-12-31 07821814 d:Subsidiary3 2023-01-01 2023-12-31 07821814 d:Subsidiary3 1 2023-01-01 2023-12-31 07821814 d:Subsidiary4 2023-01-01 2023-12-31 07821814 d:Subsidiary4 1 2023-01-01 2023-12-31 07821814 d:Subsidiary5 2023-01-01 2023-12-31 07821814 d:Subsidiary5 1 2023-01-01 2023-12-31 07821814 d:Subsidiary6 2023-01-01 2023-12-31 07821814 d:Subsidiary6 1 2023-01-01 2023-12-31 07821814 d:Subsidiary7 2023-01-01 2023-12-31 07821814 d:Subsidiary7 1 2023-01-01 2023-12-31 07821814 d:Subsidiary8 2023-01-01 2023-12-31 07821814 d:Subsidiary8 1 2023-01-01 2023-12-31 07821814 d:Subsidiary9 2023-01-01 2023-12-31 07821814 d:Subsidiary9 1 2023-01-01 2023-12-31 07821814 d:Subsidiary11 2023-01-01 2023-12-31 07821814 d:Subsidiary11 1 2023-01-01 2023-12-31 07821814 d:Subsidiary12 2023-01-01 2023-12-31 07821814 d:Subsidiary12 1 2023-01-01 2023-12-31 07821814 d:Subsidiary17 2023-01-01 2023-12-31 07821814 d:Subsidiary17 1 2023-01-01 2023-12-31 07821814 d:Subsidiary19 2023-01-01 2023-12-31 07821814 d:Subsidiary19 1 2023-01-01 2023-12-31 07821814 d:Subsidiary20 2023-01-01 2023-12-31 07821814 d:Subsidiary20 1 2023-01-01 2023-12-31 07821814 d:Subsidiary21 2023-01-01 2023-12-31 07821814 d:Subsidiary21 1 2023-01-01 2023-12-31 07821814 c:Consolidated 2023-12-31 07821814 c:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 07821814 2 2023-01-01 2023-12-31 07821814 6 2023-01-01 2023-12-31 07821814 d:CurrentFinancialInstruments 8 2023-12-31 07821814 d:CurrentFinancialInstruments 8 2022-12-31 07821814 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Company Registration Number 07821814























VESTBROWN (NEWCO) LIMITED





FINANCIAL STATEMENTS





 31 DECEMBER 2023
























img27bf.png

 
VESTBROWN (NEWCO) LIMITED
 

COMPANY INFORMATION


Directors
Mr M F Hogan 
Mrs M E Mcquaid 
Mr M C Hogan (appointed 2 October 2024)




Registered number
07821814



Registered office
Dere Street House
Bowburn North Industrial Estate

Bowburn

Durham

DH6 5PF




Independent auditors
Armstrong Watson Audit Limited

One Strawberry Lane

Newcastle Upon Tyne

NE1 4BX




Bankers
Handelsbanken
101 Barbirolli Square

Manchester

M2 3BG





 
VESTBROWN (NEWCO) LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1
Directors' Report
 
2 - 3
Directors' Responsibilities Statement
 
4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Statement of Financial Position
 
10
Company Statement of Financial Position
 
11
Consolidated Statement of Changes in Equity
 
12 - 13
Company Statement of Changes in Equity
 
14 - 15
Consolidated Statement of Cash Flows
 
16 - 17
Notes to the Financial Statements
 
18 - 38


 
VESTBROWN (NEWCO) LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the company during the year was that of a holding company. The principal activities of the group is investment in land and house building.

Fair review of the business
 
Vestbrown (Newco) has seen another successful year, recording a turnover of £22.3 million (2022 - £27.1 million) and reporting a profit before tax of £2.0 million (2023 - £1.6 million). 
The residential planning process continues to prove challenging with just one new site breaking ground in 2023 and a further one planned for 2023. These sites at Langley Park and Chilton are both substantial with regards to the number of plots 76 and 123 respectively, these two sites will give a solid base line to build on in the next few years. The expertise in the land delivery team allows us to be optimistic that we can secure an increased and diverse portfolio pushing into 2024 and beyond.

Principal risks and uncertainties
 
The management of the business and the execution of the Group strategy are subject to a number of risks. The Directors review these risks and ensures appropriate processes are put in place to monitor & mitigate them. The key business and financial risks are:
Liquidity risk
The current bank borrowings are of a modest loan to value, the directors closely monitor the working capital requirements and cash forecasts to ensure sufficient cash reserves.
Supply chain and price risk
The group monitors its supply chain carefully and undertakes due diligence checks prior to placing significant subcontracts and purchase orders and to ensure that the best prices for purchasing goods and services are received.
 
Acquisition of suitable land
The group continues to build on the strong relationship it has built up with agents and landowners in the local area to secure future sites.


This report was approved by the board and signed on its behalf.



................................................
Mrs M E Mcquaid
Director

Date: 4 November 2024

Page 1

 
VESTBROWN (NEWCO) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £977,823 (2022 - £754,845).

Directors

The directors who served during the year were:

Mr M F Hogan 
Mrs M E Mcquaid 

Financial instruments

Objectives and policies
The group finances its activities with a combination of bank loans and cash. Other financial assets and liabilities, such as trade debtors and trade creditors, arise directly from the Group's operating activities.

Price risk, credit risk, liquidity risk and cash flow risk

See disclosures in the Strategic Report in respect of the financial risk management of the group.

Future developments

See disclosures within the Strategic Report regarding future developments of the Group.

Going concern

The financial statements have been prepared on a going concern basis.
The group meets its day to day working capital requirements through cash generated from operations and external borrowings. At the year end the group had net assets of £26.2m, net current assets of £25.0m including cash at bank of £11.1m. The group remains active in its desire to acquire new development sites and such acquisitions have been included within the forecasts.
The group's forecasts and projections for the next twelve months show that the group should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.
In the directors assessment of possible changes they have considered a number of scenarios with the key ones being a fall in demand and delays in completions. However there remains a good level of visibility over sales and completions over the next 12 months.
Based on the factors set out above the directors believe that the group has adequate financial resources to continue in operational existence for at least twelve months from the date of signing the financial statements and therefore it remains appropriate to prepare the financial statements on a going concern basis.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 2

 
VESTBROWN (NEWCO) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditors

The auditorsArmstrong Watson Audit Limitedwill be proposed for appointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
Mrs M E Mcquaid
Director

Date: 4 November 2024

Page 3

 
VESTBROWN (NEWCO) LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

 
VESTBROWN (NEWCO) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VESTBROWN (NEWCO) LIMITED
 

Opinion


We have audited the financial statements of Vestbrown (Newco) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
VESTBROWN (NEWCO) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VESTBROWN (NEWCO) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
VESTBROWN (NEWCO) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VESTBROWN (NEWCO) LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
We obtained an understanding of laws and regulations that affect the company, focusing on those that 
had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws 
and regulations that we identified included the UK Companies Act, tax legislation and occupational health 
and employment legislation.
•  We enquired of the directors, reviewed correspondence with HMRC and reviewed directors meeting 
 minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the
 directors have in place to ensure compliance.
• We gained an understanding of the controls that the directors have in place to prevent and detect fraud. 
 We enquired of the directors about any incidences of fraud that had taken place during the accounting 
 period.
• The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit 
 team and tests were planned and performed to address these risks.
• We reviewed financial statements disclosures and tested to supporting documentation to assess 
 compliance with relevant laws and regulations discussed above.
• We enquired of the directors and third-party advisors about actual and potential litigation and claims.
• We performed analytical procedures to identify any unusual or unexpected relationships that might 
 indicate risks of material misstatement due to fraud.
• In addressing the risk of fraud due to management override of internal controls we tested the 
 appropriateness of journal entries and assessed whether the judgements made in making accounting 
 estimates were indicative of a potential bias.
Due to inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with the auditing standards. For example, as with any audit, there remained a higher risk of non detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non compliance with laws and regulations and cannot be expected to detect all fraud and non compliance with laws and regulations.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 
VESTBROWN (NEWCO) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VESTBROWN (NEWCO) LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Simon Turner (Senior Statutory Auditor)
for and on behalf of
Armstrong Watson Audit Limited
Newcastle Upon Tyne

4 November 2024
Page 8

 
VESTBROWN (NEWCO) LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
22,349,052
27,141,931

Cost of sales
  
(17,364,158)
(23,067,082)

Gross profit
  
4,984,894
4,074,849

Administrative expenses
  
(2,990,026)
(2,464,121)

Other operating income
  
6,968
134,765

Operating profit
  
2,001,836
1,745,493

Interest receivable and similar income
  
305,819
35,585

Interest payable and similar expenses
  
(312,535)
(145,103)

Profit before taxation
  
1,995,120
1,635,975

Tax on profit
  
(467,525)
(571,087)

Profit for the financial year
  
1,527,595
1,064,888

  

Profit for the year attributable to:
  

Non-controlling interests
  
549,772
310,043

Owners of the parent Company
  
977,823
754,845

  
1,527,595
1,064,888

The notes on pages 18 to 38 form part of these financial statements.

Page 9

 
VESTBROWN (NEWCO) LIMITED
REGISTERED NUMBER: 07821814

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 7 
289,010
385,347

Tangible assets
 8 
1,269,605
1,030,582

Investments
 9 
128
128

  
1,558,743
1,416,057

Current assets
  

Stocks
  
14,263,381
15,260,409

Debtors: amounts falling due within one year
 10 
5,876,985
6,679,675

Cash at bank and in hand
 11 
11,138,301
9,536,153

  
31,278,667
31,476,237

Creditors: amounts falling due within one year
  
(6,268,950)
(7,416,001)

Net current assets
  
 
 
25,009,717
 
 
24,060,236

Total assets less current liabilities
  
26,568,460
25,476,293

Creditors: amounts falling due after more than one year
  
(174,268)
(541,440)

Provisions for liabilities
  

Deferred tax
  
(192,419)
(138,042)

  
 
 
(192,419)
 
 
(138,042)

Net assets
  
26,201,773
24,796,811


Capital and reserves
  

Called up share capital 
 16 
11,332
11,332

Non-controlling Interests
  
3,097,686
2,478,047

Profit and loss account
  
23,092,755
22,307,432

  
26,201,773
24,796,811


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mrs M E Mcquaid
Director

Date: 4 November 2024

The notes on pages 18 to 38 form part of these financial statements.

Page 10

 
VESTBROWN (NEWCO) LIMITED
REGISTERED NUMBER: 07821814

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 9 
54,657
54,657

Current assets
  

Debtors: amounts falling due within one year
 10 
559,170
559,182

Cash at bank and in hand
 11 
27,119
27,169

  
586,289
586,351

Creditors: amounts falling due within one year
  
(11,551)
(11,551)

Net current assets
  
 
 
574,738
 
 
574,800

Total assets less current liabilities
  
629,395
629,457

  

  

Net assets
  
629,395
629,457


Capital and reserves
  

Called up share capital 
 16 
11,332
11,332

Profit and loss account brought forward
  
618,125
618,186

Profit for the year
  
192,438
165,939

Other changes in the profit and loss account

  

(192,500)
(166,000)

Profit and loss account carried forward
  
618,063
618,125

  
629,395
629,457


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
Mrs M E Mcquaid
Director

Date: 4 November 2024

The notes on pages 18 to 38 form part of these financial statements.

Page 11

 
VESTBROWN (NEWCO) LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£

At 1 January 2023
11,332
22,307,432
22,318,764
2,478,047
24,796,811


Comprehensive income for the year

Profit for the year
-
977,823
977,823
619,639
1,597,462


Contributions by and distributions to owners

Dividends: Equity capital
-
(192,500)
(192,500)
-
(192,500)


At 31 December 2023
11,332
23,092,755
23,104,087
3,097,686
26,201,773


The notes on pages 18 to 38 form part of these financial statements.

Page 12

 
VESTBROWN (NEWCO) LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£

At 1 January 2022 (as previously stated)
11,433
22,739,167
22,750,600
2,877,469
25,628,069

Prior year adjustment - correction of error
-
-
-
(1,273,689)
(1,273,689)

At 1 January 2022 (as restated)
11,433
22,739,167
22,750,600
1,603,780
24,354,380


Comprehensive income for the year

Profit for the year
-
754,845
754,845
310,043
1,064,888


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,186,580)
(1,186,580)
-
(1,186,580)

Shares cancelled during the year
(101)
-
(101)
-
(101)

Increase in ownership interests in subsidiaries
-
-
-
564,224
564,224


Total transactions with owners
(101)
(1,186,580)
(1,186,681)
564,224
(622,457)


At 31 December 2022
11,332
22,307,432
22,318,764
2,478,047
24,796,811


The notes on pages 18 to 38 form part of these financial statements.

Page 13

 
VESTBROWN (NEWCO) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
11,332
618,125
629,457


Comprehensive income for the year

Profit for the year
-
192,438
192,438


Contributions by and distributions to owners

Dividends: Equity capital
-
(192,500)
(192,500)


At 31 December 2023
11,332
618,063
629,395


The notes on pages 18 to 38 form part of these financial statements.

Page 14

 
VESTBROWN (NEWCO) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
11,332
618,186
629,518


Comprehensive income for the year

Profit for the year
-
165,939
165,939


Contributions by and distributions to owners

Dividends: Equity capital
-
(166,000)
(166,000)


At 31 December 2022
11,332
618,125
629,457


The notes on pages 18 to 38 form part of these financial statements.

Page 15

 
VESTBROWN (NEWCO) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,527,595
1,064,888

Adjustments for:

Amortisation of intangible assets
96,337
96,337

Depreciation of tangible assets
772,693
124,479

Loss on disposal of tangible assets
-
(99,962)

Interest paid
323,170
145,103

Interest received
(305,819)
(35,585)

Taxation charge
467,525
571,087

Decrease in stocks
997,028
2,663,932

Decrease in debtors
750,899
1,648,138

(Decrease) in creditors
(964,721)
(1,990,808)

Corporation tax (paid)
(467,525)
(562,813)

(Profit)/loss from disposal of investments
-
(4,281)

Net cash generated from operating activities

3,197,182
3,620,515


Cash flows from investing activities

Purchase of tangible fixed assets
(1,039,235)
(1,197,927)

Sale of tangible fixed assets
27,519
408,037

Interest received
305,819
35,585

Purchase of business, net of cash acquired
-
(1,673,039)

Net cash from investing activities

(705,897)
(2,427,344)

Cash flows from financing activities

Repayment of loans
(727,302)
11,195

Repayment of/new finance leases
273,333
130,892

Dividends paid
(192,500)
(1,186,580)

Interest paid
(312,535)
(145,103)

Dividends paid to non-controlling interests
69,867
-

Net cash used in financing activities
(889,137)
(1,189,596)

Net increase in cash and cash equivalents
1,602,148
3,575

Cash and cash equivalents at beginning of year
9,536,153
9,532,578

Cash and cash equivalents at the end of year
11,138,301
9,536,153


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
11,138,301
9,536,153

11,138,301
9,536,153

Page 16

 
VESTBROWN (NEWCO) LIMITED
 

The notes on pages 18 to 38 form part of these financial statements.

Page 17

 
VESTBROWN (NEWCO) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is Dere Street House, Bowburn North Industrial Estate, Bowburn, Durham, DH6 5PF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being .

Page 18

 
VESTBROWN (NEWCO) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis.
The group meets its day to day working capital requirements through cash generated from operations and external borrowings. At the year end the group had net assets of £26.1m, net current assets of £24.9m including cash at bank of £11.1m. The group remains active in its desire to acquire new development sites and such acquisitions have been included within the forecasts.
The group's forecasts and projections for the next twelve months show that the group should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.
In the directors assessment of possible changes they have considered a number of scenarios with the key ones being a fall in demand and delays in completions. However there remains a good level of visibility over sales and completions over the next 12 months.
Based on the factors set out above the directors believe that the group has adequate financial resources to continue in operational existence for at least twelve months from the date of signing the financial statements and therefore it remains appropriate to prepare the financial statements on a going concern basis.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 19

 
VESTBROWN (NEWCO) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Page 20

 
VESTBROWN (NEWCO) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
5
years
Trademarks
-
5
years

Page 21

 
VESTBROWN (NEWCO) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.

Depreciation is provided on the following basis:

Long-term leasehold property
-
20%
straight line
Plant and machinery
-
20%
reducing balance
Motor vehicles
-
25%
straight line
Fixtures and fittings
-
20%
straight line
Office equipment
-
20%
reducing balance
Other fixed assets
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 22

 
VESTBROWN (NEWCO) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as
Page 23

 
VESTBROWN (NEWCO) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Page 24

 
VESTBROWN (NEWCO) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.21

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.

Page 25

 
VESTBROWN (NEWCO) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
Assessing indicators of impairment - In assessing whether there have been indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability.
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts, rebates and value added taxes.
Taxation - Management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Useful economic lives of tangible assets - The annual depreciation charge is sensitive to changes in the estimated useful lives of the assets. The useful economic lives are re-assessed annually. They are amended when necessary to reflect current estimates, future investments and economic utilisation. The carrying amount is £1,269,605 (2022 - £1,030,582).
Stock provision - The company has made an assumption of writing down the value of stock on items in which they expect the cost to exceed the net realisable value before it is fully sold/utilised. This assumption has involved looking at the historic sales patterns and expected sales in future years..


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of goods
22,349,052
27,141,931

22,349,052
27,141,931


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
22,349,052
27,141,931


Page 26

 
VESTBROWN (NEWCO) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Employees

Staff costs were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
3,306,387
3,022,442

Social security costs
327,697
339,307

Cost of defined contribution scheme
412,433
91,131

4,046,517
3,452,880


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administrator and support
82
79

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL)

6.


Dividends

2023
2022
£
£


Dividends
192,500
1,186,580

Page 27

 
VESTBROWN (NEWCO) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Intangible assets

Group and Company





Trademarks
Goodwill
Total

£
£
£



Cost


At 1 January 2023
85,000
508,403
593,403



At 31 December 2023

85,000
508,403
593,403



Amortisation


At 1 January 2023
85,000
123,056
208,056


Charge for the year on owned assets
-
96,337
96,337



At 31 December 2023

85,000
219,393
304,393



Net book value



At 31 December 2023
-
289,010
289,010



At 31 December 2022
-
385,347
385,347



Page 28

 


 
VESTBROWN (NEWCO) LIMITED


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


8.


Tangible fixed assets


Group







Land and buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 January 2023
522,250
101,403
339,229
51,802
41,937
30,693
1,087,314


Additions
32,343
252,526
681,853
30,656
12,702
29,155
1,039,235


Disposals
-
(43,447)
(213,635)
-
(4,774)
(1,218)
(263,074)



At 31 December 2023

554,593
310,482
807,447
82,458
49,865
58,630
1,863,475



Depreciation


At 1 January 2023
-
10,311
21,194
9,340
10,486
5,401
56,732


Charge for the year on owned assets
-
217,957
490,462
22,705
17,366
24,203
772,693


Disposals
-
(42,336)
(189,176)
-
(2,920)
(1,123)
(235,555)



At 31 December 2023

-
185,932
322,480
32,045
24,932
28,481
593,870



Net book value



At 31 December 2023
554,593
124,550
484,967
50,413
24,933
30,149
1,269,605



At 31 December 2022
522,250
91,092
318,035
42,462
31,451
25,292
1,030,582

Page 29

 


 
VESTBROWN (NEWCO) LIMITED


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           8.Tangible fixed assets (continued)

Included within the net book value of land and buildings above is £554,593 (2022: £522,250) in respect of freehold land and buildings. Included within the net book value of other fixed assets above is £3,950 (2022: £7,150) in respect of long leasehold land and buildings and £14,514 (2022: £18,142) in respect of short leasehold land and buildings. 

Page 30

 
VESTBROWN (NEWCO) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Fixed asset investments

Group





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
128



At 31 December 2023
128




Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
54,657



At 31 December 2023
54,657




Page 31

 
VESTBROWN (NEWCO) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

VB Turnbull Limited
Dere Street House, Bowburn, Durham, DH6 5PF England and Wales
Ordinary
78.84%
Vestbrown Limited
Dere Street House, Bowburn, Durham, DH6 5PF England and Wales
Ordinary
100%
Hedley Hill Developments Limited
Dere Street House, Bowburn, Durham, DH6 5PF England and Wales
Ordinary
100%
Dere Street Homes Limited
Dere Street House, Bowburn, Durham, DH6 5PF England and Wales
Ordinary
100%
Wynyard Building Limited
Dere Street House, Bowburn, Durham, DH6 5PF England and Wales
Ordinary
78.84%
Wheatley Hill Limited
Dere Street House, Bowburn, Durham, DH6 5PF England and Wales
Ordinary
78.84%
VBT HW (Aislaby) Limited
Dere Street House, Bowburn, Durham, DH6 5PF England and Wales
Ordinary
75%
Palladian (Marton) Limited
Dere Street House, Bowburn, Durham, DH6 5PF England and Wales
Ordinary
75%
Palladian (North East) Limited
Dere Street House, Bowburn, Durham, DH6 5PF England and Wales
Ordinary
75%
Longhirst Development Limited
Dere Street House, Bowburn, Durham, DH6 5PF England and Wales
Ordinary
72.27%
Timec 1334 Limited
Dere Street House, Bowburn, Durham, DH6 5PF England and Wales
Ordinary
72.28%
VB (Philadelphia) Limited
Dere Street House, Bowburn, Durham, DH6 5PF England and Wales
Ordinary
78.84%
Deerness Investments Limited
Dere Street House, Bowburn, North Industrial Estate, Bowburn, Durham,
United Kingdown, DH6 5PF
England and Wales
Ordinary
75.5%
Deerness Fencing & Landscaping Limited
New House Bowburn North Industrial
Estate, Bowburn, Durham, England,
DH6 5PF
England and Wales
Ordinary
75.5%
North East Building and Developments Limited
Dere Street House, Bowburn, Durham, DH6 5PF England and Wales
Ordinary
60.39%

Page 32

 
VESTBROWN (NEWCO) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)

Vestbrown Limited is the only investment directly held by Vestbrown (Newco) Limited. The remaining entities are held indirectly through other group entities.
 
VB Turnbull Limited
The principal activity of VB Turnbull Limited is investment and the acquisition of land and buildings for development.
Vestbrown Limited
The principal activity of Vestbrown Limited is buying and selling own real estate.
Hedley Hill Developments Limited
The principal activity of Hedley Hill Developments Limited is residential property development.
Dere Street Homes Limited
The principal activity of Dere Street Homes Limited is residential and property development management.
Wynyard Building Limited
The principal activity of Wynyard Building Limited is acquisition of land and property for sale and development.
Wheatley Hill Limited
The principal activity of Wheatley Hill Limited is acquisition of land and property for sale and development..
North East Building and Developments Limited
The principal activity of North East Building and Developments Limited is residential property development.
VBTH Limited
The principal activity of VBTH Limited is provide funding.
Longhirst Development Limited
The principal activity of Longhirst Development Limited is acquisition of land and property for sale and development.
Timec 1334 Limited
The principal activity of Timec 1334 Limited is residential property development.
M62 Developments Limited
The principal activity of M62 Developments Limited is acquisition of land and property for sale and development.
Palladian (Kilham) Limited
The principal activity of Palladian (Kilham) Limited is acquisition of land and property for sale and development.
VB (Philadelphia) Limited
The principal activity of VB (Philadelphia) Limited is acquisition of land and property for sale and development.
Dearness Investments Limited
The principal activity of Deerness Investments Limited is Holding company.
Dearness Fencing & Landscaping Limited
The principal activity of Deerness Fencing & Landscaping Limited is landscaping services.

 
Page 33

 
VESTBROWN (NEWCO) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)


The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings was as follows:

Name

VB Turnbull Limited

Vestbrown Limited

Hedley Hill Developments Limited

Dere Street Homes Limited

Wynyard Building Limited

Wheatley Hill Limited

VBT HW (Aislaby) Limited

Palladian (Marton) Limited

Palladian (North East) Limited

Longhirst Development Limited

Timec 1334 Limited

VB (Philadelphia) Limited

Deerness Investments Limited

Deerness Fencing & Landscaping Limited

North East Building and Developments Limited


10.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
309,665
392,183
-
-

Amounts owed by group undertakings
-
-
559,170
559,182

Other debtors
5,487,522
6,225,604
-
-

Prepayments and accrued income
79,798
61,888
-
-

5,876,985
6,679,675
559,170
559,182


Included in Other debtors is £721,464 (2022: £1,599,878) relating to amounts recoverable on contracts.

Page 34

 
VESTBROWN (NEWCO) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
11,138,301
9,536,153
27,119
27,169

11,138,301
9,536,153
27,119
27,169



12.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
1,934,494
2,251,543
7,501
7,501

Trade creditors
864,109
1,334,024
-
-

Other taxation and social security
152,150
279,544
-
-

Obligations under finance lease and hire purchase contracts
230,252
-
-
-

Other creditors
2,168,209
1,236,745
-
-

Accruals and deferred income
919,736
2,218,612
4,050
4,050

Contract liabilities
-
95,533
-
-

6,268,950
7,416,001
11,551
11,551



13.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
-
410,253

Net obligations under finance leases and hire purchase contracts
174,268
131,187

174,268
541,440


Please provide details of the terms of payment or repayment and the rates of any interest payable on the amounts repayable more than five years after the reporting date.

Page 35

 
VESTBROWN (NEWCO) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
230,252
102,406

Between 1-5 years
174,268
280,492

404,520
382,898


15.


Deferred taxation


Group



2023


£






At beginning of year
(138,042)


Charged to profit or loss
(54,377)



At end of year
(192,419)

Page 36

 
VESTBROWN (NEWCO) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
15.Deferred taxation (continued)

Group
Group
2023
2022
£
£

Accelerated capital allowances
(192,419)
(138,042)

(192,419)
(138,042)

Page 37

 
VESTBROWN (NEWCO) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



22,660 (2022 - 22,660) Ordinary A Shares of £0.10 each shares of £0.10 each
2,266
2,266
45,330 (2022 - 45,330) Ordinary B Shares of £0.10 each shares of £0.10 each
4,533
4,533
45,330 (2022 - 45,330) Ordinary C Shares of £0.10 each shares of £0.10 each
4,533
4,533

11,332

11,332



17.


Related party transactions

Transactions and outstanding balances between the parent and its subsidiaries within the Group and between those subsidiaries have been eliminated on consolidation and are not disclosed in this note.


At 1 January 2023
Repayment of loan
Advances to group
At 31 December 2023
£
£
£
£

Mrs M E McQuaid
(6,780)
6,780
-
-
Mr M F Hogan
33,220
-
166,780
200,000
26,440
6,780
166,780
200,000

Summary of transactions with other related parties
During the year the Group made sales to companies with common directors to the value of £227,631 (2022 - £Nil). At the year end the Group was owed £4,156,449 (2022 - £250,516) from companies with common directors.


18.


Controlling party

In the opinion of the directors, Mr M F Hogan is the ultimate controlling party.

Page 38