Vernon Finance Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 08578828 (England and Wales)

VERNON FINANCE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

J M Vernon

D J Vernon

C J R Vernon

REGISTERED OFFICE:

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

REGISTERED NUMBER:

08578828 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

CURRENT ASSETS

Debtors

4

32,124,623

30,076,633

Cash at bank

66,017

26,910

32,190,640

30,103,543

CREDITORS

Amounts falling due within one year

5

1,291,099

3,577,157

NET CURRENT ASSETS

30,899,541

26,526,386

TOTAL ASSETS LESS CURRENT LIABILITIES

30,899,541

26,526,386

CREDITORS

Amounts falling due after more than one
year

6

4,031,250

-

NET ASSETS

26,868,291

26,526,386

CAPITAL AND RESERVES

Called up share capital

8

13,500,000

14,500,000

Retained earnings

13,368,291

12,026,386

SHAREHOLDERS' FUNDS

26,868,291

26,526,386

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2026 and were signed on its behalf by:

C J R Vernon - Director

1.	STATUTORY INFORMATION

Vernon Finance Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents gross interest received on trading loans. Turnover is recognised on an accruals basis.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the statement of financial position date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2025 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Trade debtors

31,754,698

30,049,334

Other debtors

-

20,000

Directors' loan accounts

330,400

-

Other taxes

8,931

7,299

Prepayments and accrued income

30,594

-

32,124,623

30,076,633

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Bank loans and overdrafts

625,000

2,748,755

Taxation

223,509

295,949

Other creditors

440,728

452,055

Directors' loan accounts

-

78,646

Accruals and deferred income

1,862

1,752

1,291,099

3,577,157

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

Bank loans - 1-2 years

625,000

-

Bank loans - 2-5 years

1,625,000

-

Bank loans more 5 yrs non-inst

1,781,250

-

4,031,250

-

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

1,781,250

-

7.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

Bank loans

4,656,250

2,748,755

The bank loan of £4,656,250 (2025: £2,748,755) has been secured against investment property held in Vernon Holdings Limited, a company that has common ownership.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2026

2025

value:

£

8,000,000

Ordinary

£1

8,000,000

Redeemable Preference

£1

5,500,000

6,500,000

13,500,000

14,500,000

Redeemable preference shares are redeemable at the option of the company.

£1,000,000 of £1 redeemable preference shares (2025: £1,500,000) were redeemed during the accounting period.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2026 and 31 March 2025:

2026

2025

£

J M Vernon

Balance outstanding at start of year

-

84,775

Amounts advanced

967,701

947,430

Amounts repaid

(867,875

)

(1,032,205

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

99,826

-

D J Vernon

Balance outstanding at start of year

-

86,208

Amounts advanced

981,027

947,452

Amounts repaid

(837,437

)

(1,033,660

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

143,590

-

C J R Vernon

Balance outstanding at start of year

-

84,990

Amounts advanced

965,858

947,434

Amounts repaid

(878,874

)

(1,032,424

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

86,984

-

The loans are repayable on demand and interest was charged at HMRC official rates.