Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Edward Stanley Carpenter 20/03/2014 Peter John James 23/04/2020 Andre Klauser 23/04/2020 Mark Edward Smith 23/04/2020 10 March 2025 The principal activity of the Company during the financial year was the design, wholesale and retail of furniture. 08949251 2024-03-31 08949251 bus:Director1 2024-03-31 08949251 bus:Director2 2024-03-31 08949251 bus:Director3 2024-03-31 08949251 bus:Director4 2024-03-31 08949251 2023-03-31 08949251 core:CurrentFinancialInstruments 2024-03-31 08949251 core:CurrentFinancialInstruments 2023-03-31 08949251 core:Non-currentFinancialInstruments 2024-03-31 08949251 core:Non-currentFinancialInstruments 2023-03-31 08949251 core:ShareCapital 2024-03-31 08949251 core:ShareCapital 2023-03-31 08949251 core:SharePremium 2024-03-31 08949251 core:SharePremium 2023-03-31 08949251 core:RetainedEarningsAccumulatedLosses 2024-03-31 08949251 core:RetainedEarningsAccumulatedLosses 2023-03-31 08949251 core:Goodwill 2023-03-31 08949251 core:Goodwill 2024-03-31 08949251 core:LandBuildings 2023-03-31 08949251 core:OtherPropertyPlantEquipment 2023-03-31 08949251 core:LandBuildings 2024-03-31 08949251 core:OtherPropertyPlantEquipment 2024-03-31 08949251 core:CurrentFinancialInstruments core:Secured 2024-03-31 08949251 bus:OrdinaryShareClass1 2024-03-31 08949251 core:WithinOneYear 2024-03-31 08949251 core:WithinOneYear 2023-03-31 08949251 core:BetweenOneFiveYears 2024-03-31 08949251 core:BetweenOneFiveYears 2023-03-31 08949251 core:MoreThanFiveYears 2024-03-31 08949251 core:MoreThanFiveYears 2023-03-31 08949251 2023-04-01 2024-03-31 08949251 bus:FilletedAccounts 2023-04-01 2024-03-31 08949251 bus:SmallEntities 2023-04-01 2024-03-31 08949251 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08949251 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08949251 bus:Director1 2023-04-01 2024-03-31 08949251 bus:Director2 2023-04-01 2024-03-31 08949251 bus:Director3 2023-04-01 2024-03-31 08949251 bus:Director4 2023-04-01 2024-03-31 08949251 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 08949251 core:Goodwill 2023-04-01 2024-03-31 08949251 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 08949251 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-01 2024-03-31 08949251 2022-04-01 2023-03-31 08949251 core:LandBuildings 2023-04-01 2024-03-31 08949251 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 08949251 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 08949251 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 08949251 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 08949251 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 08949251 1 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08949251 (England and Wales)

VG&P LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

VG&P LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

VG&P LTD

COMPANY INFORMATION

For the financial year ended 31 March 2024
VG&P LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Edward Stanley Carpenter
Peter John James
Andre Klauser
Mark Edward Smith
REGISTERED OFFICE Offley Works 1 Pickle Mews
Oval
London
SW9 0FJ
United Kingdom
COMPANY NUMBER 08949251 (England and Wales)
ACCOUNTANT Praxis
1 Poultry
London
EC2R 8EJ
United Kingdom
VG&P LTD

BALANCE SHEET

As at 31 March 2024
VG&P LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 683 750
Tangible assets 4 172,826 252,375
173,509 253,125
Current assets
Stocks 598,247 713,552
Debtors 5 942,338 916,476
Cash at bank and in hand 6 224,288 198,233
1,764,873 1,828,261
Creditors: amounts falling due within one year 7 ( 824,017) ( 763,881)
Net current assets 940,856 1,064,380
Total assets less current liabilities 1,114,365 1,317,505
Creditors: amounts falling due after more than one year 8 ( 113,885) ( 175,519)
Provision for liabilities 9 ( 22,740) ( 44,828)
Net assets 977,740 1,097,158
Capital and reserves
Called-up share capital 10 1,306 1,306
Share premium account 212,193 212,193
Profit and loss account 764,241 883,659
Total shareholders' funds 977,740 1,097,158

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of VG&P LTD (registered number: 08949251) were approved and authorised for issue by the Board of Directors on 10 March 2025. They were signed on its behalf by:

Edward Stanley Carpenter
Director
VG&P LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
VG&P LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

VG&P LTD (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Offley Works 1 Pickle Mews, Oval, London, SW9 0FJ, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arising on the acquisition of subsidiary undertakings and business, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is 10 years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 21 22

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 790,500 790,500
Additions 700 700
At 31 March 2024 791,200 791,200
Accumulated amortisation
At 01 April 2023 789,750 789,750
Charge for the financial year 767 767
At 31 March 2024 790,517 790,517
Net book value
At 31 March 2024 683 683
At 31 March 2023 750 750

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2023 134,981 493,060 628,041
Additions 0 5,247 5,247
Disposals 0 ( 3,329) ( 3,329)
At 31 March 2024 134,981 494,978 629,959
Accumulated depreciation
At 01 April 2023 52,305 323,361 375,666
Charge for the financial year 13,499 70,964 84,463
Disposals 0 ( 2,996) ( 2,996)
At 31 March 2024 65,804 391,329 457,133
Net book value
At 31 March 2024 69,177 103,649 172,826
At 31 March 2023 82,676 169,699 252,375

5. Debtors

2024 2023
£ £
Trade debtors 344,411 189,302
Corporation tax 102,778 219,495
Other debtors 495,149 507,679
942,338 916,476

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 220,817 197,528
Short-term deposits 3,471 705
224,288 198,233

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 56,116 54,481
Trade creditors 263,651 209,485
Other taxation and social security 40,122 17,119
Other creditors 464,128 482,796
824,017 763,881

The bank loans are secured by way of a fixed and floating charge over all the assets of the Company.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 113,885 175,519

The bank loans are secured by way of a fixed and floating charge over all the assets of the Company.

9. Provision for liabilities

2024 2023
£ £
Deferred tax 22,740 44,828

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
130,639 Ordinary shares of £ 0.01 each 1,306 1,306

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 229,020 229,020
between one and five years 782,485 916,080
after five years 0 95,425
1,011,505 1,240,525

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 4,983 4,498

12. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to director 1,609 0

13. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.