Company No:
Contents
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 |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
|
|
|
186,412 | 141,756 | |||
Current assets | ||||
Stocks |
|
|
||
Debtors | 5 |
|
|
|
Cash at bank and in hand |
|
|
||
1,399,323 | 1,620,712 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
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 |
|
(
|
|
Provision for liabilities | (
|
(
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Profit and loss account |
|
|
||
Total shareholder's funds |
|
|
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:
Antony Richard Jan Grodecki
Director |
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.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
Plant and machinery |
|
Fixtures and fittings |
|
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.
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.
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 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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
|
|
Plant and machinery | Fixtures and fittings | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 July 2023 |
|
|
|
||
Additions |
|
|
|
||
Disposals | (
|
(
|
(
|
||
At 30 June 2024 |
|
|
|
||
Accumulated depreciation | |||||
At 01 July 2023 |
|
|
|
||
Charge for the financial year |
|
|
|
||
Disposals | (
|
(
|
(
|
||
At 30 June 2024 |
|
|
|
||
Net book value | |||||
At 30 June 2024 |
|
|
|
||
At 30 June 2023 |
|
|
|
||
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 |
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by Group undertakings |
|
|
|
Other debtors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Trade creditors |
|
|
|
Amounts owed to Group undertakings |
|
|
|
Taxation and social security |
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
|
Other creditors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Obligations under finance leases and hire purchase contracts |
|
|
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 |
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 |
Parent Company:
|
Vernon Fox Holdings Limited’s registered address is Benham House 1 North Close, Shorncliffe Industrial Estate, Folkestone, Kent, United Kingdom, CT20 3UH. |