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REGISTERED NUMBER: 01002902 (England and Wales)
















V.N. & BRITANNIC WAREHOUSES LIMITED

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2023






V.N. & BRITANNIC WAREHOUSES LIMITED (REGISTERED NUMBER: 01002902)








Contents of the Financial Statements

for the year ended 31 December 2023






Page




Company Information  

1




Strategic Report  

2




Report of the Directors  

3




Report of the Independent Auditors  

4


to


6



Statement of Comprehensive Income

7




Statement of Financial Position  

8




Statement of Changes in Equity  

9




Statement of Cash Flows  

10




Notes to the Financial Statements

11


to


19




V.N. & BRITANNIC WAREHOUSES LIMITED



Company Information

for the year ended 31 December 2023









Directors:

K K Laroiya


P D Laroiya


E A Laroiya


S D Laroiya







Secretary:

K K Laroiya







Registered office:

142 Sand Pits


Birmingham


West Midlands


B1 3RJ







Registered number:

01002902 (England and Wales)







Auditors:

Cooper Parry Group Limited


Statutory Auditor


CUBO Birmingham


4th Floor


Two Chamberlain Square


Birmingham


West Midlands


B3 3AX


V.N. & BRITANNIC WAREHOUSES LIMITED (REGISTERED NUMBER: 01002902)



Strategic Report

for the year ended 31 December 2023


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


Review of business

The profit for the year, after taxation, amounted to £887,179. The company paid dividends during the year in the sum of £1,000,000.


The balance sheet is very strong with shareholders' funds of £2,239,832.


In the reporting period, the company experienced a decline in revenue, primarily driven by weaker consumer demand and continued pressures in the broader market environment. The global economic slowdown, rising inflationary costs, and shifting consumer preferences have contributed to reduced spending in key segments of our business.


The decline in consumer demand, particularly in our core product lines, has been a significant factor in the reduction of revenue.


While the current market pressures have affected short-term performance, we remain confident in the long-term viability of our business. The strategic adjustments we are making position us to navigate these challenging conditions and capitalise on future opportunities as market conditions stabilise.


Principal risks and uncertainties

The company makes little use of financial instruments other than an operational bank account and so its exposure to price risk, credit risk, liquidity risk and cash flow is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company.


All of the company's cash balances are held in such a way that achieves a competitive rate of interest. The company makes use of money market facilities where funds are available.


Key performance indicators

The Directors consider that the key financial performance indicators are these that communicate the financial strength and performance of the company, being turnover, margins, overheads and cash flow.


Future developments

Despite the recent decline in sales, the company is committed to navigating the current challenges and positioning itself for long-term growth. We are actively pursuing a series of strategic initiatives to adapt to evolving market dynamics and consumer preferences in the online furniture retail space. Our primary focus will be on enhancing customer experience, diversifying product offerings, and optimising operational efficiency.


While the current period of declining sales presents a significant challenge, we are confident that our strategic initiatives will position the company for recovery and long-term growth. Our commitment to innovation, customer satisfaction, and operational efficiency will enable us to overcome current market pressures.


There are no events since the balance sheet date which would require disclosure in these financial statements.


On behalf of the board:






P D Laroiya - Director



21 November 2024


V.N. & BRITANNIC WAREHOUSES LIMITED (REGISTERED NUMBER: 01002902)



Report of the Directors

for the year ended 31 December 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.


Principal activity

The principal activity of the company in the year under review was that of an online retailer.

Dividends

Dividends paid during the year are detailed in note 9.


Directors

The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.


K K Laroiya

P D Laroiya

E A Laroiya

S D Laroiya


Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The audit business of Haines Watts Birmingham LLP was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Watts Birmingham LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place.


The auditors,  Cooper Parry Group Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.


On behalf of the board:






P D Laroiya - Director



21 November 2024


Report of the Independent Auditors to the Members of

V.N. & Britannic Warehouses Limited


Opinion

We have audited the financial statements of V.N. & Britannic Warehouses Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 31 December 2023 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 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.


Other information

The other information comprises the information in the Strategic Report and the Report of the Directors but does not include the financial statements and our Report of the Auditors thereon. The directors are responsible for the other information contained within the Strategic Report and the Report of the Directors. Our 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 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.


Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.


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

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the 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.


Report of the Independent Auditors to the Members of

V.N. & Britannic Warehouses Limited



Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.


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 a Report of the Auditors 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 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 a Report of the Auditors 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 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:


Our assessment focused on key laws and regulations the company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, UK GAAP (FRS102) and relevant tax legislation.


We are not responsible for preventing irregularities. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:


-


the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities

and skills to identify or recognise non-compliance with applicable laws and regulations;


-


we identified the laws and regulations applicable to the company through discussions with directors and other

management;


-


we assessed the extent of compliance with the laws and regulations identified above through making enquiries of

management and inspecting legal correspondence where applicable; and


-


identified laws and regulations were communicated within the audit team regularly and the team remained alert to

instances of non-compliance throughout the audit.



We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:


-


Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of

actual, suspected and alleged fraud; and


-


Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.



To address the risk of fraud through management bias and override of controls, our approach included:


-


testing journal entries to identify unusual transactions;


-


reviewing the minutes of meetings of management and those charged with governance;


-


assessing whether judgements and assumptions made in determining the accounting estimates;


-


investigating the rationale behind significant or unusual transactions; and


-


reviewing nominal accounts or certain nominal codes for indication of any management override.



Report of the Independent Auditors to the Members of

V.N. & Britannic Warehouses Limited



Auditors' responsibilities for the audit of the financial statements (continued)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:


-


agreeing the financial statement disclosures to underlying supporting documentation;


-


reading the minutes of meeting of those charged with governance;


-


enquiring of management as to actual and potential litigation and claims; and


-


reviewing correspondence with HMRC and associated parties.



Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.


Because of the inherent limitations of an audit, there is a risk that we will not detect any irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Report of the Auditors.


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 2006. Our 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 a Report of the Auditors 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.





Andrew Hughes FCA(Senior Statutory Auditor)

for and on behalf of Cooper Parry Group Limited

Statutory Auditor

CUBO Birmingham

4th Floor

Two Chamberlain Square

Birmingham

West Midlands

B3 3AX


26 November 2024










V.N. & BRITANNIC WAREHOUSES LIMITED (REGISTERED NUMBER: 01002902)



Statement of Comprehensive

Income

for the year ended 31 December 2023


2023

2022



Notes

£

£


Turnover

3

8,082,676


10,354,832




Cost of sales

(3,799,049

)

(5,896,866

)


Gross profit

4,283,627


4,457,966




Administrative expenses

(3,133,972

)

(3,288,342

)


1,149,655


1,169,624




Other operating income

7,806


-



Operating profit

6

1,157,461


1,169,624




Interest receivable and similar income

7

13,854


523



Profit before taxation

1,171,315


1,170,147




Tax on profit

8

(284,136

)

(144,047

)


Profit for the financial year

887,179


1,026,100




Other comprehensive income

-


-



Total comprehensive income for the year

887,179


1,026,100




V.N. & BRITANNIC WAREHOUSES LIMITED (REGISTERED NUMBER: 01002902)



Statement of Financial Position

31 December 2023


2023

2022



Notes

£

£

£

£

Fixed assets

Tangible assets

10

766,613


799,787



Investments

11

100


100



766,713


799,887




Current assets

Stocks

12

3,034,718


3,648,000



Debtors

13

296,259


225,190



Cash at bank and in hand

1,801,798


1,408,182



5,132,775


5,281,372



Creditors

Amounts falling due within one year

14

3,635,002


3,698,559



Net current assets

1,497,773


1,582,813



Total assets less current liabilities

2,264,486


2,382,700




Provisions for liabilities

17

24,654


30,047



Net assets

2,239,832


2,352,653




Capital and reserves

Called up share capital

18

20,000


20,000



Retained earnings

19

2,219,832


2,332,653



Shareholders' funds

2,239,832


2,352,653




The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2024 and were signed on its behalf by:





K K Laroiya - Director




P D Laroiya - Director



V.N. & BRITANNIC WAREHOUSES LIMITED (REGISTERED NUMBER: 01002902)



Statement of Changes in Equity

for the year ended 31 December 2023


Called up



share

Retained

Total


capital

earnings

equity



£

£

£

Balance at 1 January 2022

20,000


1,996,553


2,016,553




Changes in equity

Dividends

-


(690,000

)

(690,000

)


Total comprehensive income

-


1,026,100


1,026,100



Balance at 31 December 2022

20,000


2,332,653


2,352,653




Changes in equity

Dividends

-


(1,000,000

)

(1,000,000

)


Total comprehensive income

-


887,179


887,179



Balance at 31 December 2023

20,000


2,219,832


2,239,832




V.N. & BRITANNIC WAREHOUSES LIMITED (REGISTERED NUMBER: 01002902)



Statement of Cash Flows

for the year ended 31 December 2023


2023

2022



Notes

£

£

Cash flows from operating activities

Cash generated from operations

23

1,602,269


1,411,678



Tax paid

(174,801

)

(188,228

)


Net cash from operating activities

1,427,468


1,223,450




Cash flows from investing activities

Purchase of tangible fixed assets

(1,020

)

(1,103

)


Interest received

13,854


523



Net cash from investing activities

12,834


(580

)



Cash flows from financing activities

Amount withdrawn by directors

(46,686

)

(265,915

)


Equity dividends paid

(1,000,000

)

(690,000

)


Net cash from financing activities

(1,046,686

)

(955,915

)



Increase in cash and cash equivalents

393,616


266,955



Cash and cash equivalents at beginning of year

24

1,408,182


1,141,227




Cash and cash equivalents at end of year

24

1,801,798


1,408,182




V.N. & BRITANNIC WAREHOUSES LIMITED (REGISTERED NUMBER: 01002902)



Notes to the Financial Statements

for the year ended 31 December 2023


1.

Statutory information



V.N. & Britannic Warehouses Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


2.

Accounting policies



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.  



The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.



Preparation of consolidated financial statements

Under section 405 of the Companies Act 2006 the group is exempt from the requirement to prepare group accounts by virtue of its subsidiary undertaking not being material for the purpose of giving a true and fair view. Therefore the accounts present information about the company as an individual undertaking and not about its group.


Significant judgements and estimates

In preparing these financial statements, the directors have had to make the following judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and
expenses.

The estimates and associated assumptions are based on historic experience and various other factors that are believed to be reasonable under the circumstances, the result of which form the basis of making the judgments about carrying value of assets and liabilities which are not readily apparent from other sources. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below:

Stock provision
At each reporting date, stock is assessed for impairment and a provision is included for slow moving and obsolete stock in order to write it own to its assessed net realisable value.


Turnover


Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes at the point of despatch.



Government grants


Grants which are of a revenue nature are credited to the profit and loss account in the same period as the related expenditure.



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold property

-

2% on cost


Fixtures, fittings & IT equip

-

15% on cost


Motor vehicles

-

25% on cost


Fixed assets are initially recorded at cost.

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal costs.


Investments in subsidiaries


Investments in subsidiary undertakings are recognised at cost.


V.N. & BRITANNIC WAREHOUSES LIMITED (REGISTERED NUMBER: 01002902)



Notes to the Financial Statements - continued

for the year ended 31 December 2023


2.

Accounting policies - continued



Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Goods in transit are recognised at the point that risks and rewards of ownership are passed to the company.

Change in accounting estimate for stock provision
Effective 1 January 2023, the Company changed its accounting policy in respect of provision percentages applied to the aged stock profile. These changes are illustrated below:

Provision applied
Stock aging 20232022
0 - 6 months 0%0%
6 - 9 months0%0%
9 - 12 months0%0%
12 - 18 months0%5%
18 - 24 months 5%10%
24 months +10%15%


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.


Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.


Leasing

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


Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.


Debtors and creditors receivable / payable within one year


Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.



Financial instruments


Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


V.N. & BRITANNIC WAREHOUSES LIMITED (REGISTERED NUMBER: 01002902)



Notes to the Financial Statements - continued

for the year ended 31 December 2023


3.

Turnover



The turnover and profit before taxation are attributable to the one principal activity of the company.



An analysis of turnover by geographical market is given below:


2023

2022



£

£


United Kingdom

6,878,344


8,753,888




Europe

1,204,332


1,600,944



8,082,676


10,354,832




4.

Employees and directors

2023

2022



£

£


Wages and salaries

1,382,410


1,460,912




Social security costs

120,505


138,097




Other pension costs

27,551


30,054



1,530,466


1,629,063





The average number of employees during the year was as follows:

2023

2022




Directors

4


4




Administrative staff

13


13




Sales staff

15


17




Warehouse staff

25


26



57


60




5.

Directors' emoluments

2023

2022



£

£


Directors' remuneration

72,000


72,000




Directors' pension contributions to money purchase schemes  

713


713





The number of directors to whom retirement benefits were accruing was as follows:



Money purchase schemes

1


1




6.

Operating profit



The operating profit is stated after charging/(crediting):


2023

2022



£

£


Other operating leases

333,222


382,254




Depreciation - owned assets

34,194


34,739




Auditors' remuneration

15,000


14,250




Auditors' remuneration for non audit work

10,750


7,650




Foreign exchange differences

(7,806

)

-




V.N. & BRITANNIC WAREHOUSES LIMITED (REGISTERED NUMBER: 01002902)



Notes to the Financial Statements - continued

for the year ended 31 December 2023


7.

Interest receivable and similar income


2023

2022



£

£


Bank interest

13,854


523




8.

Taxation



Analysis of the tax charge


The tax charge on the profit for the year was as follows:

2023

2022



£

£


Current tax:


UK corporation tax

289,529


229,159




Adjustment in respect of prior years

-


(82,775

)



Total current tax

289,529


146,384





Deferred tax

(5,393

)

(2,337

)



Tax on profit

284,136


144,047





UK corporation tax has been charged at 23.52% (2022 - 19%).



Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:


2023

2022



£

£


Profit before tax

1,171,315


1,170,147




Profit multiplied by the standard rate of corporation tax in the UK of 23.520%

(2022 - 19%)  

275,493


222,328





Effects of:


Expenses not deductible for tax purposes

10,377


2,199




Depreciation in excess of capital allowances

3,659


4,632




Adjustments to tax charge in respect of previous periods

-


(82,775

)




Deferred taxation movement  

(5,393

)

(2,337

)




Total tax charge

284,136


144,047




Factors the may effect future tax charges
In the Spring Budget 2021, the Government announced that the corporation tax rate would remain at 19% until 2023. Following which, the rate of corporation tax will increase to 25% for profits over £250,000. This new law was substantively enacted on May 2021. Deferred tax has been calculated at 25% which was the tax rate substantively enacted at 30 December 2023

For accounting periods that straddle 1 April 2023, company profits/losses arising in an accounting period are apportioned between financial years in which the accounting period falls.


V.N. & BRITANNIC WAREHOUSES LIMITED (REGISTERED NUMBER: 01002902)



Notes to the Financial Statements - continued

for the year ended 31 December 2023


9.

Dividends

2023

2022



£

£


P Ordinary shares of £1 each



Final

110,000


80,000




Q Ordinary shares of £1 each



Final

130,000


90,000




R Ordinary shares of £1 each



Final

130,000


80,000




S Ordinary shares of £1 each



Final

60,000


30,000




T Ordinary shares of £1 each



Final

110,000


80,000




U Ordinary shares of £1 each



Final

110,000


80,000




V Ordinary shares of £1 each



Final

55,000


40,000




W Ordinary shares of £1 each



Final

130,000


90,000




X Ordinary shares of £1 each



Final

55,000


40,000




Y Ordinary shares of £1 each



Final

55,000


40,000




Z Ordinary shares of £1 each



Final

55,000


40,000



1,000,000


690,000




10.

Tangible fixed assets

Fixtures,


Freehold

fittings &

Motor


property

IT equip

vehicles

Totals



£

£

£

£


Cost


At 1 January 2023

1,571,808


687,616


45,850


2,305,274




Additions

-


1,020


-


1,020




At 31 December 2023

1,571,808


688,636


45,850


2,306,294




Depreciation


At 1 January 2023

810,971


648,666


45,850


1,505,487




Charge for year

22,615


11,579


-


34,194




At 31 December 2023

833,586


660,245


45,850


1,539,681




Net book value


At 31 December 2023

738,222


28,391


-


766,613




At 31 December 2022

760,837


38,950


-


799,787





Included in cost of land and buildings is freehold land of £ 116,000 (2022 - £ 116,000) which is not depreciated.


V.N. & BRITANNIC WAREHOUSES LIMITED (REGISTERED NUMBER: 01002902)



Notes to the Financial Statements - continued

for the year ended 31 December 2023


11.

Fixed asset investments

Shares in


group


undertakings



£


Cost


At 1 January 2023


and 31 December 2023

100




Net book value


At 31 December 2023

100




At 31 December 2022

100





The company's investments at the Statement of Financial Position date in the share capital of companies include the following:



Pearson Jackson Limited


Registered office: 142 Sand Pits, Birmingham, B1 3RJ


Nature of business: Dormant Company

%



Class of shares:

holding



Ordinary shares

100.00


2023

2022



£

£


Aggregate capital and reserves

100


100




12.

Stocks

2023

2022



£

£


Goods for resale

3,034,718


3,648,000




Stock is stated after provisions for impairment of £140,866 (2022: £111,225).

13.

Debtors: amounts falling due within one year


2023

2022



£

£


Trade debtors

1,618


2,002




Prepayments

294,641


223,188



296,259


225,190




14.

Creditors: amounts falling due within one year


2023

2022



£

£


Trade creditors

138,102


160,316




Amounts owed to group undertakings

100


100




Corporation tax

207,004


92,276




Social security and other taxes

55,269


57,778




VAT

168,211


192,872




Other creditors

1,301,889


1,390,385




Directors' loan accounts

1,743,604


1,790,290




Accruals and deferred income

20,823


14,542



3,635,002


3,698,559




Amounts owed to group undertakings are unsecured, interest free and are repayable on demand.


V.N. & BRITANNIC WAREHOUSES LIMITED (REGISTERED NUMBER: 01002902)



Notes to the Financial Statements - continued

for the year ended 31 December 2023


15.

Leasing agreements



Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022



£

£


Within one year

175,274


202,009




Between one and five years

751,230


190,290




In more than five years

162,030


26,181



1,088,534


418,480





Post year-end, the company terminated its lease for Unit 5 Wilden Lane effective on 25/03/2024. As a result, the future lease commitments under this lease are no longer applicable and have been excluded from the above amounts.


16.

Secured debts



The company has registered a fixed and floating charge against all assets. The charge is not currently registered in respect of any existing debt.


17.

Provisions for liabilities

2023

2022



£

£


Deferred tax


Accelerated capital allowances

24,654


30,047




Deferred tax



£


Balance at 1 January 2023

30,047




Credit to Statement of Comprehensive Income during year

(5,393

)



Balance at 31 December 2023

24,654




18.

Called up share capital



Allotted and issued:


Number:

Class:

Nominal

2023

2022


value:


£

£


600

Share capital 1

£1

600


600




600

Share capital 2

£1

600


600




1,200

Share capital 3

£1

1,200


1,200




600

Share capital 4

£1

600


600




600

Share capital 5

£1

600


600




1,200

Share capital 6

£1

1,200


1,200




2,400

Share capital 7

£1

2,400


2,400




600

Share capital 8

£1

600


600




5,200

Share capital 9

£1

5,200


5,200




5,200

Share capital 10

£1

5,200


5,200




1,800

Share capital 11

£1

1,800


1,800



20,000


20,000




V.N. & BRITANNIC WAREHOUSES LIMITED (REGISTERED NUMBER: 01002902)



Notes to the Financial Statements - continued

for the year ended 31 December 2023


19.

Reserves

Retained


earnings



£



At 1 January 2023

2,332,653




Profit for the year

887,179




Dividends

(1,000,000

)



At 31 December 2023

2,219,832




20.

Pension commitments


The company operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £27,551 (2022: £30,054). At the year end a balance of £4,724 (2022: £3,781) was held in other creditors.

21.

Related party relationships and transactions



During the year the company paid £170,000 (2022: £132,300) in respect of platform management and hiring of domains to a company part owned by a family member of the Directors. The company also received rental income during the year totalling £1,271 (2022: £Nil) from the same company part owned by a family member of the Directors.



The company also paid £80,000 (2022: £102,000) in respect of digital marketing to a close family member of a Director. All transactions were made under normal commercial trading terms.



At the year end balances totalling £1,743,604 (2022: £1,790,290) were owed to directors of the company. No interest is charged in respect of these balances, which are repayable on demand.



At the year end balances of £1,274,488 (2022: £1,371,262) were owed to shareholders of the company. No interest is charged in respect of these balances, which are repayable on demand.



Remuneration paid to key management personnel in the year amounted to £260,176 (2022: £267,374).


22.

Ultimate controlling party



The company is under the joint control of its directors and their close family members and there is no single controlling party.


23.

Reconciliation of profit before taxation to cash generated from operations


2023

2022



£

£


Profit before taxation

1,171,315


1,170,147




Depreciation charges

34,194


34,739




Finance income

(13,854

)

(523

)


1,191,655


1,204,363




Decrease in stocks

613,282


1,219,356




(Increase)/decrease in trade and other debtors

(71,069

)

179,327




Decrease in trade and other creditors

(131,599

)

(1,191,368

)



Cash generated from operations

1,602,269


1,411,678




V.N. & BRITANNIC WAREHOUSES LIMITED (REGISTERED NUMBER: 01002902)



Notes to the Financial Statements - continued

for the year ended 31 December 2023


24.

Cash and cash equivalents



The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:



Year ended 31 December 2023


31/12/23


1/1/23


£

£


Cash and cash equivalents

1,801,798


1,408,182




Year ended 31 December 2022


31/12/22


1/1/22


£

£


Cash and cash equivalents

1,408,182


1,141,227





25.

Analysis of changes in net funds



At 1/1/23

Cash flow

At 31/12/23


£

£

£


Net cash



Cash at bank and in hand

1,408,182


393,616


1,801,798



1,408,182


393,616


1,801,798




Total

1,408,182


393,616


1,801,798