Company No: 00852711 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

Mr. J. Fogden

SECRETARY

Mrs. J. Fogden

REGISTERED OFFICE	Hithercroft Rd
	Wallingford
	Oxon
	OX10 9DG
	United Kingdom

COMPANY NUMBER

00852711 (England and Wales)

ACCOUNTANT	Verallo
	Century House
	Wargrave Road
	Henley-on-Thames
	Oxfordshire
	United Kingdom
	RG9 2LT

	Note	2024		2023
		£		£
Fixed assets
Intangible assets	3	59,936		73,137
Tangible assets	4	1,959		2,823
Investment property	5	465,000		465,000
Investments	6	100		100
		526,995		541,060
Current assets
Debtors	7	86,843		73,110
Cash at bank and in hand		245,821		264,067
		332,664		337,177
Creditors: amounts falling due within one year	8	( 100,010)		( 109,967)
Net current assets		232,654		227,210
Total assets less current liabilities		759,649		768,270
Provision for liabilities		( 27)		( 210)
Net assets		759,622		768,060
Capital and reserves
Called-up share capital	9	11,000		11,000
Capital redemption reserve		97,000		97,000
Profit and loss account		651,622		660,060
Total shareholders' funds		759,622		768,060

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

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Vertical Cabinet Company Limited (registered number: 00852711) were approved and authorised for issue by the Director on 03 April 2025. They were signed on its behalf by:

Mr. J. Fogden Director

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

Vertical Cabinet Company 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 Hithercroft Rd, Wallingford, Oxon, OX10 9DG, 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 £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided and rental income in the normal course of business, and is shown net of VAT and other sales related taxes.

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:

Trademarks, patents and licences	10 years straight line
Other intangible assets	10 years straight line

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	25 % reducing balance
Fixtures and fittings	20 % reducing balance
Office equipment	33 % reducing balance

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 lessor
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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	0		0

3. Intangible assets

	Trademarks, patents and licences		Other intangible assets		Total
	£		£		£
Cost
At 01 October 2023	125,404		30,000		155,404
Additions	2,599		0		2,599
At 30 September 2024	128,003		30,000		158,003
Accumulated amortisation
At 01 October 2023	67,267		15,000		82,267
Charge for the financial year	12,800		3,000		15,800
At 30 September 2024	80,067		18,000		98,067
Net book value
At 30 September 2024	47,936		12,000		59,936
At 30 September 2023	58,137		15,000		73,137

4. Tangible assets

	Plant and machinery		Fixtures and fittings		Office equipment		Total
	£		£		£		£
Cost
At 01 October 2023	10,700		48,438		29,505		88,643
At 30 September 2024	10,700		48,438		29,505		88,643
Accumulated depreciation
At 01 October 2023	10,443		48,076		27,301		85,820
Charge for the financial year	64		73		727		864
At 30 September 2024	10,507		48,149		28,028		86,684
Net book value
At 30 September 2024	193		289		1,477		1,959
At 30 September 2023	257		362		2,204		2,823

5. Investment property

	Investment property
	£
Valuation
As at 01 October 2023	465,000
As at 30 September 2024	465,000

The investment property was valued by the director on 30 September 2024 on an open market basis.

6. Fixed asset investments

Investments in subsidiaries

	2024
	£
Cost
At 01 October 2023	100
At 30 September 2024	100
Carrying value at 30 September 2024	100
Carrying value at 30 September 2023	100

7. Debtors

	2024		2023
	£		£
Trade debtors	32,761		144
Amounts owed by Group undertakings	6,556		6,975
Prepayments	47,526		65,991
	86,843		73,110

8. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	33,951		53,387
Amounts owed to director	55		136
Accruals	3,763		2,730
Corporation tax	45,697		39,665
Other taxation and social security	16,544		14,049
	100,010		109,967

9. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
11,000 Ordinary shares of £ 1.00 each	11,000		11,000