Registration number: 01049853

Vic Fearn & Company Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 10

Vic Fearn & Company Limited

Company Information

Directors

Mrs S Patel Mr J D Gill

Company secretary

Mr J D Gill

Registered office

Crabtree Mill Hempshill Lane Bulwell Nottingham NG6 8PF

Accountants

RWB CA Limited Northgate House North Gate New Basford Nottingham NG7 7BQ

Vic Fearn & Company Limited

(Registration number: 01049853)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	1,371	1,371
Tangible assets	5	237,617	188,165
Investment property	6	3,331,250	3,677,931
Investments	7	10	10
		3,570,248	3,867,477
Current assets
Stocks	8	121,871	154,441
Debtors	9	220,477	915,098
Cash at bank and in hand		621,523	2,162
		963,871	1,071,701
Creditors: Amounts falling due within one year	10	(791,778)	(890,862)
Net current assets		172,093	180,839
Total assets less current liabilities		3,742,341	4,048,316
Provisions for liabilities		(123,853)	(147,758)
Net assets		3,618,488	3,900,558
Capital and reserves
Called up share capital	12	42	42
Retained earnings		3,618,446	3,900,516
Shareholders' funds		3,618,488	3,900,558

For the financial year ending 31 December 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.

Vic Fearn & Company Limited

(Registration number: 01049853)
Balance Sheet as at 31 December 2024

Approved and authorised by the Board on 29 September 2025 and signed on its behalf by:
 

......................................... Mrs S Patel Director

Vic Fearn & Company Limited

Notes to the Financial Statements for the Year Ended 31 December 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:
Crabtree Mill
Hempshill Lane
Bulwell
Nottingham
NG6 8PF

These financial statements were authorised for issue by the Board on 29 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 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.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts .

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.

Vic Fearn & Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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

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
Other property plant and equipment	15% and 25% reducing balance
Motor vehicles	25% reducing balance
Leasehold improvements	18% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

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
Patents and trademarks	Not provided

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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. 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.

Vic Fearn & Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2023 - 15).

Vic Fearn & Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4	Intangible assets

	Trademarks, patents and licenses  £	Total £
Cost or valuation
At 1 January 2024	1,371	1,371
At 31 December 2024	1,371	1,371
Amortisation
Carrying amount
At 31 December 2024	1,371	1,371
At 31 December 2023	1,371	1,371

Vic Fearn & Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

5	Tangible assets

	Land and buildings £	Other tangible assets £	Total £
Cost or valuation
At 1 January 2024	125,478	468,457	593,935
Additions	2,203	69,138	71,341
Disposals	-	(25,692)	(25,692)
At 31 December 2024	127,681	511,903	639,584
Depreciation
At 1 January 2024	41,400	364,370	405,770
Charge for the year	1,770	18,246	20,016
Eliminated on disposal	-	(23,819)	(23,819)
At 31 December 2024	43,170	358,797	401,967
Carrying amount
At 31 December 2024	84,511	153,106	237,617
At 31 December 2023	84,078	104,087	188,165

6	Investment properties

	2024 £
At 1 January	3,677,931
Fair value adjustments	(346,681)
At 31 December	3,331,250

The properties have been valued by the directors based on third party valuations and current rent yields.

Vic Fearn & Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

7	Investments

	2024 £	2023 £
Investments in subsidiaries	10	10