Company Registration No. 10034693 (England and Wales)
Vorn Group Limited
Unaudited accounts
for the year ended 31 December 2024
Vorn Group Limited
Unaudited accounts
Contents
Vorn Group Limited
Statement of financial position
as at 31 December 2024
Tangible assets
1,706
2,636
Cash at bank and in hand
895
437
Creditors: amounts falling due within one year
(578,067)
(520,518)
Net current liabilities
(576,164)
(520,081)
Total assets less current liabilities
(574,458)
(517,445)
Creditors: amounts falling due after more than one year
(138,929)
(130,625)
Net liabilities
(713,387)
(648,070)
Called up share capital
100
100
Profit and loss account
(713,487)
(648,170)
Shareholders' funds
(713,387)
(648,070)
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 27 March 2025 and were signed on its behalf by
J H Vaughan
Director
Company Registration No. 10034693
Vorn Group Limited
Notes to the Accounts
for the year ended 31 December 2024
Vorn Group Limited is a private company, limited by shares, registered in England and Wales, registration number 10034693. The registered office is 3rd Floor, 12 Gough Square, London, EC4A 3DW, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts are presented in £ sterling.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts have been prepared on a going concern basis despite an excess of liabilities over assets of £713,387. The director considers this to be appropriate as it is the intention of the parent undertaking to provide financial support for at least twelve months from the date of approval of these financial statements.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Expenditure on research and development is written off in the year in which it is incurred.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Fixtures & fittings
20% straight line
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Vorn Group Limited
Notes to the Accounts
for the year ended 31 December 2024
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 January 2024
25,226
3,750
28,976
At 31 December 2024
27,326
3,750
31,076
At 1 January 2024
22,812
3,528
26,340
Charge for the year
2,808
222
3,030
At 31 December 2024
25,620
3,750
29,370
At 31 December 2024
1,706
-
1,706
At 31 December 2023
2,414
222
2,636
Amounts falling due within one year
Accrued income and prepayments
662
-
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
2,040
2,112
Trade creditors
3,396
1,476
Other creditors
309,040
309,038
Loans from directors
216,096
160,306
7
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
138,136
127,904
Vorn Group Limited
Notes to the Accounts
for the year ended 31 December 2024
8
Transactions with related parties
During the year the director maintained a loan account with the company, as at 31 December 2024 the company owed the director £216,096 (2023: £160,306).
At 31 December 2024 the company owed £35,170 to an entity in which the director is also a director (2023 : £35,170).
Both loans are provided interest free and are repayable on demand.
The company also owed £138,136 at 31 December 2024 (2023: £127,904) to a company of which the director is also a director. Interest is accruing at 8% per annum and the loan is repayable within 24 months.
The company has adopted the exemption permitted by paragraph 33.1A of FRS 102 and has not
disclosed transactions with other group members, which are wholly owned.
9
Average number of employees
During the year the average number of employees was 1 (2023: 1).