Vernon Street Property Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 8

Vernon Street Property Limited

Balance Sheet

31 December 2024

	Note	2024 £	2023 £
Fixed assets
Investment property	4	5,250,000	7,000,000
Investments	5	2	2
		5,250,002	7,000,002
Current assets
Debtors	6	93,714	52,139
Cash at bank and in hand		2,047,560	2,161,962
		2,141,274	2,214,101
Creditors: Amounts falling due within one year	7	(5,009,505)	(5,055,066)
Net current liabilities		(2,868,231)	(2,840,965)
Net assets		2,381,771	4,159,037
Capital and reserves
Called up share capital	8	2	2
Profit and loss account		2,381,769	4,159,035
Shareholders' funds		2,381,771	4,159,037

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 19 September 2025
 

......................................... Mr T Gatacre Director

Company Registration Number: 05280499

Vernon Street Property Limited

Notes to the Financial Statements

Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Hitchcock House Hilltop Park
Devizes Road
Salisbury
SP3 4UF
United Kingdom

These financial statements were authorised for issue by the director on 19 September 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

Revenue recognition

The Company's turnover comprises rental income and service charges to tenants shown net of value
added tax. Leases to tenants where substantially all the risks and rewards of ownership are retained
by the company as lessor, are classified as operating leases.

Rental income from investment property leased out under an operating lease is recognised in the
Income Statement on a straight-line basis over the term of the lease.

Lease incentives granted are recognised as an integral part of the total income over the life of the
lease.

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.

Vernon Street Property Limited

Notes to the Financial Statements

Year Ended 31 December 2024

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred 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.

Investment property

Investment properties, including freehold land and buildings, are those which are held either to earn rental income or for capital appreciation or both. Investment properties are initially measured at cost, including transaction costs.

After initial recognition Investment properties are carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real-estate, adjusted if necessary for difference in the nature, location or condition of the specific asset. Any surplus or deficit on revaluation is initially recognised in the Income Statement and transferred to the fair value reserve as a movement on reserves.

Investment properties under development are stated at cost, except where the directors consider that the value has fallen below cost, when they are revalued to the lower amount. Profits and losses on the disposal of investment properties are recognised on unconditional exchange of contracts and are calculated by reference to book value and are included in the Income Statement. On the disposal or recognition of a provision for impairment of revalued asset, any related balance remaining in the fair value reserve is also transferred to retained earnings as a movement on reserves.

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.

Vernon Street Property Limited

Notes to the Financial Statements

Year Ended 31 December 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.



 

Deferred tax

Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liabilities method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates and laws that are expected to apply in the period when the liability is settled or the asset is realised.

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same fiscal authority on either the taxable entity or different taxable entities and where there is an intention to settle the balances on a net basis.

Dividends

Final dividends are recognised as a liability in the period in which the dividends are approved by shareholders. Interim dividends are recognised in the period in which the dividends are paid.

Vernon Street Property Limited

Notes to the Financial Statements

Year Ended 31 December 2024

Plant, property and equipment

With the exception of investment properties, property, plant and equipment are stated at cost less accumulated depreciation.

Cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation of property, plant and equipment is calculated by the straight-line method to allocate their residual values over their useful economic lives assessed as five years.

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at each reporting date. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.

Assets are derecognised on disposal or when no future economic benefits are expected to arise from the contributed use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying value of the asset) is included in the Income Statement in the period in which the item is derecognised.

Fixed asset investments

Fixed asset investments are initially recognised at cost, being the fair value of the consideration given, including acquisition charges associated with the investment less provision for impairment in value.

Fixed asset investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Assets that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

4	Investment properties

	2024 £
At 1 January	7,000,000
Fair value adjustments	(1,750,000)
At 31 December	5,250,000