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Company No: 13310505 (England and Wales)

VERNON FOX TRADING LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

VERNON FOX TRADING LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

VERNON FOX TRADING LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2024
VERNON FOX TRADING LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTOR Antony Richard Jan Grodecki
REGISTERED OFFICE Benham House 1 North Close
Shorncliffe Industrial Estate
Folkestone
CT20 3UH
United Kingdom
COMPANY NUMBER 13310505 (England and Wales)
CHARTERED ACCOUNTANTS Burgess Hodgson LLP
Camburgh House
27 New Dover Road
Canterbury
CT1 3DN
VERNON FOX TRADING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
VERNON FOX TRADING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 186,412 141,756
186,412 141,756
Current assets
Stocks 105,000 0
Debtors 5 1,159,622 1,544,381
Cash at bank and in hand 134,701 76,331
1,399,323 1,620,712
Creditors: amounts falling due within one year 6 ( 774,550) ( 968,199)
Net current assets 624,773 652,513
Total assets less current liabilities 811,185 794,269
Creditors: amounts falling due after more than one year 7 0 ( 6,670)
Provision for liabilities ( 46,602) ( 26,933)
Net assets 764,583 760,666
Capital and reserves
Called-up share capital 100 100
Profit and loss account 764,483 760,566
Total shareholder's funds 764,583 760,666

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Vernon Fox Trading Limited (registered number: 13310505) were approved and authorised for issue by the Director on 28 March 2025. They were signed on its behalf by:

Antony Richard Jan Grodecki
Director
VERNON FOX TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
VERNON FOX TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

Vernon Fox Trading Limited (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 Benham House 1 North Close, Shorncliffe Industrial Estate, Folkestone, CT20 3UH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 Statement of Financial Position 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.

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 or reducing balance basis over its expected useful life, as follows:

Plant and machinery 3 - 4 years straight line
Fixtures and fittings 3 - 4 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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 liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

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.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 66 29

4. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 July 2023 83,713 104,221 187,934
Additions 43,715 81,017 124,732
Disposals ( 3,950) ( 21,163) ( 25,113)
At 30 June 2024 123,478 164,075 287,553
Accumulated depreciation
At 01 July 2023 15,752 30,426 46,178
Charge for the financial year 29,670 42,203 71,873
Disposals ( 2,798) ( 14,112) ( 16,910)
At 30 June 2024 42,624 58,517 101,141
Net book value
At 30 June 2024 80,854 105,558 186,412
At 30 June 2023 67,961 73,795 141,756
Leased assets included above:
Net book value
At 30 June 2024 10,417 0 10,417
At 30 June 2023 16,667 0 16,667

5. Debtors

2024 2023
£ £
Trade debtors 10,634 12,741
Amounts owed by Group undertakings 32,452 143,995
Other debtors 1,116,536 1,387,645
1,159,622 1,544,381

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 63,062 110,919
Amounts owed to Group undertakings 572,553 578,565
Taxation and social security 105,834 218,442
Obligations under finance leases and hire purchase contracts 6,670 8,447
Other creditors 26,431 51,826
774,550 968,199

The company has a fixed and floating charge over its assets from HSBC.

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 0 6,670

The company has a fixed and floating charge over its assets from HSBC.

8. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
At the year end, the company owed group companies: 572,553 578,565
At the year end, group companies owed the company: 32,452 143,995
At the year end, companies related by common control owed the company: 846,189 1,195,796

9. Operating Leases

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

2024 2023
£ £
Not later than 1 year 152,808 233,014
Later than 1 year and not later than 5 years 545,216 689,556
Later than 5 years 321,756 455,853
1,019,780 1,378,423

10. Ultimate controlling party

Parent Company:

The company’s immediate and ultimate parent company at the balance sheet date is Vernon Fox Holdings Limited, a company incorporated in England and Wales.
Vernon Fox Holdings Limited’s registered address is Benham House 1 North Close, Shorncliffe Industrial Estate, Folkestone, Kent, United Kingdom, CT20 3UH.