Pat Vernon & Co Limited - Filleted accounts

Registered number

NI652255

Pat Vernon & Co Limited

Filleted Accounts

30 April 2025

Pat Vernon & Co Limited
Registered number:		NI652255
Balance Sheet
as at 30 April 2025

Notes			2025			2024
£				£
Fixed assets
Intangible assets	3		6,250			12,500
Tangible assets	4		729,999			232,257
			736,249			244,757

Current assets
Stocks		10,000			10,000
Debtors	5	169,562			459,899
Cash at bank and in hand		309,969			306,466
		489,531			776,365

Creditors: amounts falling due within one year	6	(376,978)			(335,986)

Net current assets			112,553			440,379

Total assets less current liabilities			848,802			685,136


Provisions for liabilities			(1,189)			(1,189)


Net assets			847,613			683,947

Capital and reserves
Called up share capital			100			100
Profit and loss account			847,513			683,847

Shareholder's funds			847,613			683,947

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.




Patrick Vernon
Director
Approved by the board on 6 January 2026

Pat Vernon & Co Limited
Notes to the Accounts
for the year ended 30 April 2025


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.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets 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	over 50 years
	Leasehold land and buildings	over the lease term
	Plant and machinery	over 5 years
	Fixtures, fittings, tools and equipment	over 5 years

	Stocks
	Work in progress is valued at the lower of cost and net realisable value.

	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.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees			2025		2024
Number					Number

	Average number of persons employed by the company			2		2


3	Intangible fixed assets					£
	Goodwill:

	Cost
	At 1 May 2024					50,000
	At 30 April 2025					50,000

	Amortisation
	At 1 May 2024					37,500
	Provided during the year					6,250
	At 30 April 2025					43,750

	Net book value
	At 30 April 2025					6,250
	At 30 April 2024					12,500

	Goodwill is being written off in equal annual instalments over its estimated economic life of 8 years.


4	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Total
£			£		£
	Cost
	At 1 May 2024	223,225		23,179		246,404
	Additions	500,000		-		500,000
	At 30 April 2025	723,225		23,179		746,404

	Depreciation
	At 1 May 2024	-		14,147		14,147
	Charge for the year	-		2,258		2,258
	At 30 April 2025	-		16,405		16,405

	Net book value
	At 30 April 2025	723,225		6,774		729,999
	At 30 April 2024	223,225		9,032		232,257


5	Debtors			2025		2024
£					£

	Trade debtors			30,182		98,088
	Other debtors			139,380		361,811
				169,562		459,899


6	Creditors: amounts falling due within one year			2025		2024
£					£

	Bank loans and overdrafts			18,878		28,886
	Obligations under finance lease and hire purchase contracts			-		29,475
	Trade creditors			175,194		130,740
	Taxation and social security costs			166,752		123,862
	Other creditors			16,154		23,023
				376,978		335,986


7	Other information

	Pat Vernon & Co Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
	24 North Street
	Lurgan
	Craigavon
	BT67 9AG