Registered number
NI652255
Pat Vernon & Co Limited
Filleted Accounts
30 April 2024
Pat Vernon & Co Limited
Registered number: NI652255
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 12,500 18,750
Tangible assets 4 232,257 12,042
244,757 30,792
Current assets
Stocks 10,000 10,000
Debtors 5 459,899 348,703
Cash at bank and in hand 306,466 635,293
776,365 993,996
Creditors: amounts falling due within one year 6 (335,986) (324,745)
Net current assets 440,379 669,251
Total assets less current liabilities 685,136 700,043
Provisions for liabilities (1,189) (1,189)
Net assets 683,947 698,854
Capital and reserves
Called up share capital 100 100
Profit and loss account 683,847 698,754
Shareholder's funds 683,947 698,854
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Patrick Vernon
Director
Approved by the board on 21 January 2025
Pat Vernon & Co Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Work in progress is valued at the lower of cost and net realisable value.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2023 50,000
At 30 April 2024 50,000
Amortisation
At 1 May 2023 31,250
Provided during the year 6,250
At 30 April 2024 37,500
Net book value
At 30 April 2024 12,500
At 30 April 2023 18,750
Goodwill is being written off in equal annual instalments over its estimated economic life of 8 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 May 2023 - 23,179 23,179
Additions 223,225 - 223,225
At 30 April 2024 223,225 23,179 246,404
Depreciation
At 1 May 2023 - 11,137 11,137
Charge for the year - 3,010 3,010
At 30 April 2024 - 14,147 14,147
Net book value
At 30 April 2024 223,225 9,032 232,257
At 30 April 2023 - 12,042 12,042
5 Debtors 2024 2023
£ £
Trade debtors 53,088 104,892
Other debtors 406,811 243,811
459,899 348,703
t
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 28,886 38,784
Obligations under finance lease and hire purchase contracts 29,475 -
Trade creditors 130,740 132,245
Taxation and social security costs 123,862 76,274
Other creditors 23,023 77,442
335,986 324,745
7 Other information
Pat Vernon & Co Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
24 North Street
Lurgan
Craigavon
BT67 9AG
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