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Company No: 00842612 (England and Wales)

# W.A. VAGE AND SONS LIMITED

### Unaudited Financial Statements
For the financial year ended 28 February 2026
Pages for filing with the registrar

W.A. VAGE AND SONS LIMITED

## Unaudited Financial Statements

For the financial year ended 28 February 2026

Contents

W.A. VAGE AND SONS LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 28 February 2026
W.A. VAGE AND SONS LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 28 February 2026

| Note | 2026 |  | 2025
|  | £ |  | £
Fixed assets |  |  |  |
Investment property | 4 | 300,000 |  | 300,000
|  | 300,000 |  | 300,000
Current assets |  |  |  |
Debtors |  | 9,250 |  | 0
Cash at bank and in hand |  | 10,658 |  | 18,762
|  | 19,908 |  | 18,762
Creditors: amounts falling due within one year | 5 | ( 32,208) |  | ( 32,084)
Net current liabilities |  | (12,300) |  | (13,322)
Total assets less current liabilities |  | 287,700 |  | 286,678
Creditors: amounts falling due after more than one year | 6 | ( 12,240) |  | ( 12,865)
Net assets |  | 275,460 |  | 273,813
Capital and reserves |  |  |  |
Called-up share capital | 7 | 7,680 |  | 7,680
Capital redemption reserve |  | 12,000 |  | 12,000
Profit and loss account |  | 255,780 |  | 254,133
Total shareholders' funds |  | 275,460 |  | 273,813

For the financial year ending 28 February 2026 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 financial statements for the financial year 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of W.A. Vage And Sons Limited (registered number: 00842612) were approved and authorised for issue by the Board of Directors on 02 May 2026. They were signed on its behalf by:

Mr S P Vage Director |

W.A. VAGE AND SONS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2026
W.A. VAGE AND SONS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2026

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

W.A. Vage And Sons Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5th Floor Salt Quay House, 4 North East Quay, Sutton Harbour, Plymouth, PL4 0BN, United Kingdom. The principal place of business is 26 Trewidden Close, Truro, Cornwall, TR1 1LN.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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.

##### Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The fair value is determined annually by the directors, on an open market value for existing use basis.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### 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 creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

##### Ordinary share capital

The ordinary share capital of the Company is presented as equity.

##### Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

#### 2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Valuation of investment property.

#### 3. Employees

| 2026 |  | 2025
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 2 |  | 2

#### 4. Investment property

| Investment property
| £
Valuation |
As at 01 March 2025 | 300,000
As at 28 February 2026 | 300,000

#### 5. Creditors: amounts falling due within one year

| 2026 |  | 2025
| £ |  | £
Amounts owed to directors | 15,360 |  | 15,360
Accruals | 12,710 |  | 12,710
Corporation tax | 3,513 |  | 3,389
Other creditors | 625 |  | 625
| 32,208 |  | 32,084

There are no amounts included above in respect of which any security has been given by the small entity.

#### 6. Creditors: amounts falling due after more than one year

| 2026 |  | 2025
| £ |  | £
Other creditors | 12,240 |  | 12,865

There are no amounts included above in respect of which any security has been given by the small entity.

#### 7. Called-up share capital

| 2026 |  | 2025
| £ |  | £
Allotted, called-up and fully-paid |  |  |
3,840 Ordinary shares of £ 1.00 each | 3,840 |  | 3,840
3,840 Deferred ordinary shares of £ 1.00 each | 3,840 |  | 3,840
| 7,680 |  | 7,680

#### 8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

| 2026 |  | 2025
| £ |  | £
within one year | 625 |  | 625
between one and five years | 2,500 |  | 2,500
after five years | 9,115 |  | 9,740
Total future minimum lease payments under non-cancellable operating leases | 12,240 |  | 12,865

#### 9. Related party transactions

Transactions with the entity's directors

| 2026 |  | 2025
| £ |  | £
Amount owed to a director | 15,360 |  | 15,360

The balance is repayable on demand and no interest is charged.

#### 10. Reserves

| 2026 |  | 2025
| £ |  | £
Profit and loss account | 16,353 |  | 14,706
Profit and loss account - non distributable reserves | 239,427 |  | 239,427
| 255,780 |  | 254,133

Profit and loss account - non distributable

The profit and loss account - non distributable reserve is made up from the revaluation of the investment property to fair value, as disclosed in the investment property note, and any deferred tax movement in respect of the fair value.