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Registration number: 14051504

VBM Cartwright Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

VBM Cartwright Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

VBM Cartwright Properties Limited

Company Information

Director

Mr T A Cartwright

Registered office

17 Gould Place
Newton Abbot
Devon
TQ12 4FP

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

VBM Cartwright Properties Limited

(Registration number: 14051504)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

326,409

179,726

Tangible assets

5

8,281

11,125

 

334,690

190,851

Current assets

 

Debtors

6

14,686

2,906

Cash at bank and in hand

 

37,314

20,391

 

52,000

23,297

Creditors: Amounts falling due within one year

7

(199,548)

(123,297)

Net current liabilities

 

(147,548)

(100,000)

Total assets less current liabilities

 

187,142

90,851

Creditors: Amounts falling due after more than one year

7

(192,493)

(111,000)

Provisions for liabilities

(1,574)

(2,114)

Net liabilities

 

(6,925)

(22,263)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(7,025)

(22,363)

Shareholders' deficit

 

(6,925)

(22,263)

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

VBM Cartwright Properties Limited

(Registration number: 14051504)
Balance Sheet as at 31 August 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 May 2025
 

.........................................
Mr T A Cartwright
Director

 

VBM Cartwright Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
17 Gould Place
Newton Abbot
Devon
TQ12 4FP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

VBM Cartwright Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% Straight Line Method

Computer Equipment

25% Straight Line Method

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Franchise cost

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

VBM Cartwright Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

VBM Cartwright Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

 

VBM Cartwright Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Intangible assets

Goodwill
 £

Franchise cost
 £

Total
£

Cost or valuation

At 1 September 2023

175,800

23,050

198,850

Additions acquired separately

187,636

-

187,636

At 31 August 2024

363,436

23,050

386,486

Amortisation

At 1 September 2023

14,515

4,609

19,124

Amortisation charge

36,343

4,610

40,953

At 31 August 2024

50,858

9,219

60,077

Carrying amount

At 31 August 2024

312,578

13,831

326,409

At 31 August 2023

161,285

18,441

179,726

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

14,654

14,654

Additions

1,371

1,371

Disposals

(419)

(419)

At 31 August 2024

15,606

15,606

Depreciation

At 1 September 2023

3,529

3,529

Charge for the year

3,901

3,901

Eliminated on disposal

(105)

(105)

At 31 August 2024

7,325

7,325

Carrying amount

At 31 August 2024

8,281

8,281

At 31 August 2023

11,125

11,125

 

VBM Cartwright Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of long leasehold land and buildings.
 

6

Debtors

2024
£

2023
£

Trade debtors

10,457

(1,311)

Other debtors

4,229

4,217

Total current trade and other debtors

14,686

2,906

 

VBM Cartwright Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

82,997

37,000

Trade creditors

 

3,316

4,446

Taxation and social security

 

14,315

3,374

Other creditors

 

92,674

76,917

Accrued expenses

 

5,487

1,560

Deferred income

 

759

-

 

199,548

123,297

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

192,493

111,000

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

35,745

37,000

Other borrowings

47,252

-

82,997

37,000

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

83,979

111,000

Other borrowings

108,514

-

192,493

111,000