Company registration number 6070207 (England and Wales)
VERTEX HOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
VERTEX HOMES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
VERTEX HOMES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
71,394
12,712
Investment property
5
305,000
305,000
376,394
317,712
Current assets
Debtors
6
132,730
42,042
Cash at bank and in hand
24,566
75,008
157,296
117,050
Creditors: amounts falling due within one year
Loans and overdrafts
5,690
5,490
Obligations under finance leases
19,314
5,453
Other creditors
77,900
55,497
102,904
66,440
Net current assets
54,392
50,610
Total assets less current liabilities
430,786
368,322
Creditors: amounts falling due after more than one year
7
(87,100)
(48,298)
Provisions for liabilities
(46,550)
(46,550)
Net assets
297,136
273,474
Capital and reserves
Called up share capital
6
6
Share premium account
222,795
222,795
Non-distributable profits reserve
8
245,000
245,000
Distributable profit and loss reserves
(170,665)
(194,327)
Total equity
297,136
273,474
VERTEX HOMES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -

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

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

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

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

The financial statements were approved and signed by the director and authorised for issue on 30 January 2025
Mr M J Trench
Director
Company registration number 6070207 (England and Wales)
VERTEX HOMES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
31 January 2024
- 3 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

2
Accounting policies
Company information

Vertex Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is 13 Causeway House, Teddington, Middlesex, England, TW11 0JR.

2.1
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

2.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

2.3
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:

Motor vehicles
25% reducing balance

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.

2.4
Investment properties

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.

VERTEX HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2
Accounting policies
(Continued)
- 4 -
2.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

2.6
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

2.7
Leases

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.

3
Employees

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

2024
2023
Number
Number
Total
1
1
VERTEX HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023
22,600
Additions
82,480
At 31 January 2024
105,080
Depreciation and impairment
At 1 February 2023
9,888
Depreciation charged in the year
23,798
At 31 January 2024
33,686
Carrying amount
At 31 January 2024
71,394
At 31 January 2023
12,712
5
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
305,000

Investment property comprises of one property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 January 2024. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
13,371
-
0
Other debtors
119,359
42,042
132,730
42,042
VERTEX HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
33,210
38,854
Other creditors
53,890
9,444
87,100
48,298
8
Non-distributable profits reserve
2024
2023
£
£
At the beginning and end of the year
245,000
245,000
9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The company made sales to Analytic Limited, an associated company, of £47,808 (2023 - £5,769). At the balance sheet date, the company was owed £92,223 (2023 - (£22,647)) from Analytic Limited.

2024-01-312023-02-01falseCCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr M J Trenchfalsefalse60702072023-02-012024-01-3160702072024-01-3160702072023-01-316070207core:OtherPropertyPlantEquipment2024-01-316070207core:OtherPropertyPlantEquipment2023-01-316070207core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-316070207core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-316070207core:CurrentFinancialInstruments2024-01-316070207core:CurrentFinancialInstruments2023-01-316070207core:Non-currentFinancialInstruments2024-01-316070207core:Non-currentFinancialInstruments2023-01-316070207core:Non-currentFinancialInstrumentscore:AfterOneYear2024-01-316070207core:Non-currentFinancialInstrumentscore:AfterOneYear2023-01-316070207core:ShareCapital2024-01-316070207core:ShareCapital2023-01-316070207core:SharePremium2024-01-316070207core:SharePremium2023-01-316070207core:FurtherSpecificReserve1ComponentTotalEquity2024-01-316070207core:FurtherSpecificReserve1ComponentTotalEquity2023-01-316070207core:RetainedEarningsAccumulatedLosses2024-01-316070207core:RetainedEarningsAccumulatedLosses2023-01-316070207bus:Director12023-02-012024-01-316070207core:MotorVehicles2023-02-012024-01-3160702072022-02-012023-01-316070207core:OtherPropertyPlantEquipment2023-01-316070207core:OtherPropertyPlantEquipment2023-02-012024-01-3160702072023-01-316070207core:WithinOneYear2024-01-316070207core:WithinOneYear2023-01-316070207bus:PrivateLimitedCompanyLtd2023-02-012024-01-316070207bus:SmallCompaniesRegimeForAccounts2023-02-012024-01-316070207bus:FRS1022023-02-012024-01-316070207bus:AuditExempt-NoAccountantsReport2023-02-012024-01-316070207bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP