Company registration number 00514916 (England and Wales)
VAUGHAN AND BLYTH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
11 De Grey Square
De Grey Road
Colchester
Essex
CO4 5YQ
VAUGHAN AND BLYTH LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 10
VAUGHAN AND BLYTH LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr A Pearman
Mr M P Blyth
Mr S Vaughan
Mr T J Vaughan
Mr A Young
Secretary
Mr T J Vaughan
Company number
00514916
Registered office
Donyland Farm
Fingringhoe Road
Colchester
Essex
England
CO5 7JL
Accountants
TC Group
11 De Grey Square
De Grey Road
Colchester
Essex
CO4 5YQ
VAUGHAN AND BLYTH LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
584,557
601,080
Investment property
5
880,000
880,000
Investments
6
345
345
1,464,902
1,481,425
Current assets
Stocks
963,819
1,284,200
Debtors
7
177,177
200,377
Cash at bank and in hand
978,363
754,068
2,119,359
2,238,645
Creditors: amounts falling due within one year
8
(36,502)
(133,856)
Net current assets
2,082,857
2,104,789
Total assets less current liabilities
3,547,759
3,586,214
Provisions for liabilities
(96,909)
(99,057)
Net assets
3,450,850
3,487,157
Capital and reserves
Called up share capital
33,000
33,000
Revaluation reserve
9
528,931
545,193
Profit and loss reserves
10
2,888,919
2,908,964
Total equity
3,450,850
3,487,157
VAUGHAN AND BLYTH LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 3 -

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

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

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 23 December 2024 and are signed on its behalf by:
Mr A Pearman
Mr S Vaughan
Director
Director
Company registration number 00514916 (England and Wales)
VAUGHAN AND BLYTH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2022
33,000
545,193
2,618,656
3,196,849
Year ended 31 May 2023:
Profit and total comprehensive income
-
-
350,308
350,308
Dividends
-
-
(60,000)
(60,000)
Balance at 31 May 2023
33,000
545,193
2,908,964
3,487,157
Year ended 31 May 2024:
Profit
-
-
23,693
23,693
Other comprehensive income:
Tax relating to other comprehensive income
-
(16,262)
-
0
(16,262)
Total comprehensive income
-
(16,262)
23,693
7,431
Dividends
-
-
(60,000)
(60,000)
Transfers
-
-
0
16,262
16,262
Balance at 31 May 2024
33,000
528,931
2,888,919
3,450,850
VAUGHAN AND BLYTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
1
Accounting policies
Company information

Vaughan and Blyth Limited is a private company limited by shares incorporated in England and Wales. The registered office is Donyland Farm, Fingringhoe Road, Colchester, Essex, England, CO5 7JL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents invoiced sales of properties and construction work, excluding value added tax. Turnover is recognised for properties on which contracts have been exchanged, and the value of construction work provided under contracts, to the extent that there is a right to consideration, and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the construction work provided to date.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
30 years
Leasehold land and buildings
period of the lease
Plant and equipment
3 to 5 years
Motor vehicles
5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

VAUGHAN AND BLYTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

VAUGHAN AND BLYTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 7 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

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

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

 

VAUGHAN AND BLYTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
6
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023
518,639
219,448
738,087
Additions
-
0
20,273
20,273
Disposals
-
0
(5,850)
(5,850)
At 31 May 2024
518,639
233,871
752,510
Depreciation and impairment
At 1 June 2023
42,754
94,253
137,007
Depreciation charged in the year
7,927
28,869
36,796
Eliminated in respect of disposals
-
0
(5,850)
(5,850)
At 31 May 2024
50,681
117,272
167,953
Carrying amount
At 31 May 2024
467,958
116,599
584,557
At 31 May 2023
475,885
125,195
601,080
5
Investment property
2024
£
Fair value
At 1 June 2023 and 31 May 2024
880,000

The investment properties have been valued by the directors at a fair value based on the anticipated open market value.

VAUGHAN AND BLYTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
345
345
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,216
6,093
Amounts owed by group undertakings and undertakings in which the company has a participating interest
38,255
33,655
Other debtors
132,706
160,629
177,177
200,377
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,471
42,824
Corporation tax
9,431
80,294
Other creditors
14,600
10,738
36,502
133,856

The bank facilities are secured by a fixed and floating charge over the Company's properties.

 

9
Revaluation reserve
2024
2023
£
£
At the beginning of the year
545,193
545,193
Deferred tax on revaluation of tangible assets
(16,262)
-
At the end of the year
528,931
545,193
VAUGHAN AND BLYTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
10
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
2,908,964
2,618,656
Profit for the year
23,693
350,308
Dividends declared and paid in the year
(60,000)
(60,000)
Transfer to reserves
16,262
-
0
At the end of the year
2,888,919
2,908,964
11
Financial commitments, guarantees and contingent liabilities

A legal claim related to an historical matter is currently in progress but the outcome and any possible related financial outflow are uncertain and therefore no provision has been included in the accounts.

12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
114,000
144,000
13
Directors' transactions

Dividends totalling £15,000 (2023 - £15,000) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Interest charged
Closing balance
£
£
£
Directors Loans included within Other Debtors
2.25
66,194
1,489
67,683
66,194
1,489
67,683
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