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Company registration number: 07595906







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


VERNEY ENTERPRISES U.K. LIMITED (FORMERLY RHOSCOLYN ESTATE ENTERPRISES LIMITED)






































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VERNEY ENTERPRISES U.K. LIMITED (FORMERLY RHOSCOLYN ESTATE ENTERPRISES LIMITED)
 


 
COMPANY INFORMATION


Director
Mr Nicholas Edmund Verney 




Registered number
07595906



Registered office
The Estate Office
Claydon Estate

Middle Claydon

Buckinghamshire

MK18 2EX




Accountants
Menzies LLP
Chartered Accountants

Victoria House

50-58 Victoria Road

Farnborough

Hampshire

GU14 7PG





 


VERNEY ENTERPRISES U.K. LIMITED (FORMERLY RHOSCOLYN ESTATE ENTERPRISES LIMITED)
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 7


 


VERNEY ENTERPRISES U.K. LIMITED (FORMERLY RHOSCOLYN ESTATE ENTERPRISES LIMITED)
REGISTERED NUMBER:07595906



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
261,728
119,071

Investments
 5 
-
13,950

  
261,728
133,021

Current assets
  

Debtors: amounts falling due within one year
 6 
81,448
44,727

Cash at bank and in hand
  
66,602
102,210

  
148,050
146,937

Creditors: amounts falling due within one year
 7 
(11,704)
(57,454)

Net current assets
  
 
 
136,346
 
 
89,483

Total assets less current liabilities
  
398,074
222,504

Creditors: amounts falling due after more than one year
 8 
(608,786)
(399,210)

  

Net liabilities
  
(210,712)
(176,706)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(210,812)
(176,806)

  
(210,712)
(176,706)


Page 1

 


VERNEY ENTERPRISES U.K. LIMITED (FORMERLY RHOSCOLYN ESTATE ENTERPRISES LIMITED)
REGISTERED NUMBER:07595906


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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




Mr Nicholas Edmund Verney
Director

Date: 11 November 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 


VERNEY ENTERPRISES U.K. LIMITED (FORMERLY RHOSCOLYN ESTATE ENTERPRISES LIMITED)
 


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

1.


General information

The company is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page. The company does not have a principal place of business.
On 24 August 2023 the company changed its name from Rhoscolyn Estate Enterprises Limited to Verney Enterprises U.K. Limited.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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. 

 
2.3

Interest income

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

  
2.4

Going concern

The company currently shows a deficit on its balance sheet.  Due to the ongoing support of the company's shareholder, the director believes that it is appropriate to prepare the financial statements on a going concern basis which assumes that the company will continue in existence for the foreseeable future.   
If the company were unable to continue in existence, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, to provide for further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

Page 3

 


VERNEY ENTERPRISES U.K. LIMITED (FORMERLY RHOSCOLYN ESTATE ENTERPRISES LIMITED)
 


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

2.Accounting policies (continued)

 
2.5

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 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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

 
2.6

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.

Depreciation is provided on the following basis:

Short-term leasehold property
-
4% straight line
Fixtures and fittings
-
25% 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.

Page 4

 


VERNEY ENTERPRISES U.K. LIMITED (FORMERLY RHOSCOLYN ESTATE ENTERPRISES LIMITED)
 


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

2.Accounting policies (continued)

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company 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 Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.


3.


Employees

The Company has no employees other than the Director, who did not receive any remuneration (2023 - £NIL).


4.


Tangible fixed assets





Land and buildings
Other plant & machinery etc.
Total

£
£
£



Cost or valuation


At 1 April 2023
213,266
47,393
260,659


Additions
153,442
-
153,442



At 31 March 2024

366,708
47,393
414,101



Depreciation


At 1 April 2023
100,380
41,208
141,588


Charge for the year on owned assets
9,239
1,546
10,785



At 31 March 2024

109,619
42,754
152,373



Net book value



At 31 March 2024
257,089
4,639
261,728



At 31 March 2023
112,886
6,185
119,071

Page 5

 


VERNEY ENTERPRISES U.K. LIMITED (FORMERLY RHOSCOLYN ESTATE ENTERPRISES LIMITED)
 


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

5.


Fixed asset investments





Partnership capital

£





At 1 April 2023
13,950


Disposals
(13,950)



At 31 March 2024
-





6.


Debtors

2024
2023
£
£


Other debtors
21,562
2,016

Prepayments and accrued income
8,606
1,752

Deferred taxation
51,280
40,959

81,448
44,727



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,044
2,425

Amounts owed to other participating interests
-
40,934

Other taxation and social security
-
1,312

Other creditors
558
5,933

Accruals and deferred income
8,102
6,850

11,704
57,454


Page 6

 


VERNEY ENTERPRISES U.K. LIMITED (FORMERLY RHOSCOLYN ESTATE ENTERPRISES LIMITED)
 


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

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
608,786
399,210

608,786
399,210



9.


Related party transactions

Included within other creditors falling due after more than one year is £608,786 (2023 - £399,210) in respect of a loan provided by the director.  The loan has been provided interest free.

 
Page 7