Registered number
09874719
Paul Vernon & Co Limited
Filleted Accounts
30 November 2024
Paul Vernon & Co Limited
Registered number: 09874719
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 227,654 236,818
Current assets
Stocks 2,585 2,850
Debtors 4 138,208 141,158
Cash at bank and in hand 1,172 1,142
141,965 145,150
Creditors: amounts falling due within one year 5 (53,189) (90,606)
Net current assets 88,776 54,544
Total assets less current liabilities 316,430 291,362
Creditors: amounts falling due after more than one year 6 (22,719) (32,456)
Net assets 293,711 258,906
Capital and reserves
Called up share capital 10 10
Revaluation reserve 8 40,958 40,958
Profit and loss account 252,743 217,938
Shareholder's funds 293,711 258,906
Continued…
Continued…
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Vernon
Director
Approved by the board on 25 August 2025
Paul Vernon & Co Limited
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets, with the exception of freehold land which has been valued at fair value, are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Not depreciated
Motor vehicles 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 4
3 Tangible fixed assets
Land and buildings Motor vehicles Total
£ £ £
Cost/Valuation
At 1 December 2023 165,000 96,658 261,658
Additions - 6,500 6,500
At 30 November 2024 165,000 103,158 268,158
Depreciation
At 1 December 2023 - 24,840 24,840
Charge for the year - 15,664 15,664
At 30 November 2024 - 40,504 40,504
Net book value
At 30 November 2024 165,000 62,654 227,654
At 30 November 2023 165,000 71,818 236,818
4 Debtors 2024 2023
£ £
Trade debtors 18,056 32,000
Other debtors 120,152 109,158
138,208 141,158
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 16,776 56,220
Obligations under finance lease and hire purchase contracts 9,737 9,736
Trade creditors 8,621 2,657
Taxation and social security costs 16,230 12,931
Other creditors 1,825 9,062
53,189 90,606
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 22,719 32,456
7 Loans 2024 2023
£ £
Creditors include:
Secured borrowings 32,456 48,233
The bank loan was secured by means of a fixed and floating charge on the company's property. Hire purchase liabilities are secured against the corresponding assets acquired under those finance agreements.
8 Revaluation reserve 2024 2023
£ £
At 1 December 2023 40,958 40,958
At 30 November 2024 40,958 40,958
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
P Vernon
Interest accruing at HMRC official interest rates - 9,745 - 9,745
- 9,745 - 9,745
10 Other information
Paul Vernon & Co Limited is a private company limited by shares and incorporated in England. Its registered office is:
Prism House
18 Blackwell Street
Kidderminster
DY10 2DU
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