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Registration number: 08654976

Bourne VP Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Bourne VP Limited

(Registration number: 08654976)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

472,938

325,896

Investments

6

32,160

32,160

 

505,098

358,056

Current assets

 

Debtors

7

282,606

404,446

Cash at bank and in hand

 

265,749

376,527

 

548,355

780,973

Creditors: Amounts falling due within one year

8

(452,922)

(512,705)

Net current assets

 

95,433

268,268

Total assets less current liabilities

 

600,531

626,324

Creditors: Amounts falling due after more than one year

8

(183,712)

(181,506)

Provisions for liabilities

(105,042)

(77,934)

Net assets

 

311,777

366,884

Capital and reserves

 

Called up share capital

9

110

110

Retained earnings

311,667

366,774

Shareholders' funds

 

311,777

366,884

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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 March 2025 and signed on its behalf by:
 

.........................................
P M Ridley
Director

 

Bourne VP 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:
35 Chequers Court
Brown Street
Salisbury
Wiltshire
SP1 2AS
England

These financial statements were authorised for issue by the Board on 26 March 2025.

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.

 

Bourne VP Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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

20% straight line

 

Bourne VP Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

 

Bourne VP Limited

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 17).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

40,000

40,000

At 31 August 2024

40,000

40,000

Amortisation

At 1 September 2023

40,000

40,000

At 31 August 2024

40,000

40,000

Carrying amount

At 31 August 2024

-

-

 

Bourne VP Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

1,666

242,672

357,188

601,526

Additions

-

237,201

35,268

272,469

Disposals

-

(16,170)

(1,979)

(18,149)

At 31 August 2024

1,666

463,703

390,477

855,846

Depreciation

At 1 September 2023

663

133,633

141,334

275,630

Charge for the year

251

62,560

57,350

120,161

Eliminated on disposal

-

(11,054)

(1,829)

(12,883)

At 31 August 2024

914

185,139

196,855

382,908

Carrying amount

At 31 August 2024

752

278,564

193,622

472,938

At 31 August 2023

1,003

109,039

215,854

325,896

6

Investments

2024
£

2023
£

Investments in subsidiaries

32,160

32,160

Subsidiaries

£

Cost or valuation

At 1 September 2023

32,160

Provision

Carrying amount

At 31 August 2024

32,160

At 31 August 2023

32,160

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Bourne VP Limited

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

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Ridleaves Limited

Suite 204 Warner House
123 Castle Street
Salisbury
Wiltshire
SP1 3TB

England

Ordinary £1 shares

100%

100%

Subsidiary undertakings

Ridleaves Limited

The principal activity of Ridleaves Limited is non-trading from 30 September 2022..

7

Debtors

Current

2024
£

2023
£

Trade debtors

166,643

291,470

Prepayments

15,353

10,653

Other debtors

100,610

102,323

 

282,606

404,446

 

Bourne VP Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

157,100

109,657

Trade creditors

 

6,351

39,065

Amounts owed to group undertakings and undertakings in which the company has a participating interest

27,656

32,583

Taxation and social security

 

51,647

112,558

Accruals and deferred income

 

17,953

23,461

Other creditors

 

192,215

195,381

 

452,922

512,705

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £118,950 (2023 - £73,365).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

183,712

181,506

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £160,564 (2023 - £120,209).

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

10

10

10

10

110

110

110

110

 

Bourne VP Limited

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

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

27,279

52,432

Hire purchase contracts

133,285

67,777

Other borrowings

23,148

61,297

183,712

181,506

Current loans and borrowings

2024
£

2023
£

Bank borrowings

27,315

27,315

Hire purchase contracts

91,635

46,050

Other borrowings

38,150

36,292

157,100

109,657