Company registration number 00927349 (England and Wales)
VERCAN MANAGEMENTS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
VERCAN MANAGEMENTS LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
VERCAN MANAGEMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
E Robinson
C Wheeldon
(Appointed 6 February 2025)
M Young-Taylor
(Resigned 14 May 2024)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
C Wheeldon
Director
16 June 2025
VERCAN MANAGEMENTS LIMITED
BALANCE SHEET
- 2 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
15,054
15,054
Current assets
Debtors
4
187
Cash at bank and in hand
3,500
3,500
3,500
3,687
Creditors: amounts falling due within one year
5
(1,515)
(1,515)
Net current assets
1,985
2,172
Net assets
17,039
17,226
Capital and reserves
Called up share capital
28
28
Freehold contribution reserve
12,000
12,000
Profit and loss reserves
5,011
5,198
Total equity
17,039
17,226
For the financial year ended 30 June 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 of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 16 June 2025 and are signed on its behalf by:
C Wheeldon
Director
Company registration number 00927349 (England and Wales)
VERCAN MANAGEMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Vercan Managements Limited is a private company limited by shares incorporated in England and Wales. The registered office is 68 Queens Gardens, London, W2 3AH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Nil
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.
1.3
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 current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, other loans and preference shares that are classified as debt, are initially recognised at transaction price.
VERCAN MANAGEMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.6
During the year the company has acted as agent for the lessees of the property at 85-87 Westbourne Terrace, W2 9QS. The funds in relation to the maintenance of the property are held in trust. As at 30 June 2024 the cash balance held on behalf of the lessees amounted to £62,160.
The company therefore has no income or expenditure in its own right in relation to the maintenance of the common parts of the property held in accordance with the governing leases. Income and expenditure arising from these transactions is shown in separate service charge accounts for the property that do not form part of the annual accounts of the company and are not filed at Companies House. The accounts can be obtained from Vercan Managements Limited.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 July 2023 and 30 June 2024
15,054
Depreciation and impairment
At 1 July 2023 and 30 June 2024
Carrying amount
At 30 June 2024
15,054
At 30 June 2023
15,054
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
187
VERCAN MANAGEMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
339
339
Other creditors
1,176
1,176
1,515
1,515
6
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 July
30 June
2022
2023
£
£
Equity as reported under previous UK GAAP and under FRS 102
5,946
5,226
Adjustments to prior year (note 7)
12,000
12,000
As restated
17,946
17,226
Reconciliation of loss for the financial period
2023
£
Loss as reported under previous UK GAAP and under FRS 102
(720)
Notes to reconciliations on adoption of FRS 102
There were no adjustments to the prior year accounts as a result of the adoption of FRS 102.
VERCAN MANAGEMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
7
Prior period adjustment
Loans from members to acquire the freehold interest were previously disclosed within other creditors (amounts falling due after more than one year). Since there is no loan agreement in place and no participation agreement these funds are not considered to be loans. On this basis the loans have been reclassified to capital and reserves as a "Freehold contribution reserve".
Changes to the balance sheet
Balances as restated before FRS 102 transition adjustments:
As previously reported
Adjustment at 1 Jul 2022
Adjustment at 30 Jun 2023
As restated at 30 Jun 2023
£
£
£
£
Creditors due after one year
Other creditors
(12,000)
12,000
-
-
Capital and reserves
Freeehold contribution reserve
-
12,000
-
12,000
Changes to the profit and loss account
Balances as restated before FRS 102 transition adjustments:
As previously reported
Adjustment
As restated
Period ended 30 June 2023
£
£
£
Loss for the financial period
(720)
-
(720)