REGISTERED NUMBER: 11417717 (England and Wales)

VERNON HOLDINGS ESTATES 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

7

DIRECTORS:

C J R Vernon

D J Vernon

REGISTERED OFFICE:

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

REGISTERED NUMBER:

11417717 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

9,293,772

7,278,452

9,293,772

7,278,452

CURRENT ASSETS

Stocks

2,825,715

2,761,112

Debtors

6

355,843

180,610

Cash at bank

19,166

48,591

3,200,724

2,990,313

CREDITORS

Amounts falling due within one year

7

12,544,871

10,390,611

NET CURRENT LIABILITIES

(9,344,147

)

(7,400,298

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(50,375

)

(121,846

)

PROVISIONS FOR LIABILITIES

48,540

-

NET LIABILITIES

(98,915

)

(121,846

)

CAPITAL AND RESERVES

Called up share capital

8

300

300

Revaluation reserve

9

145,621

-

Retained earnings

(244,836

)

(122,146

)

SHAREHOLDERS' FUNDS

(98,915

)

(121,846

)

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 Holdings Estates 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 as modified by the revaluation of certain assets.

Revenue

Revenue represents net invoiced rental income, excluding value added tax. Turnover is recognised in the period in which the properties are let.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc - 25% - 33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Inventories

Work in progress is valued at the lower of cost and net realisable value. No element of profit is included in the valuation of work in progress.

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 and deferred 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 or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2025

and 31 March 2026

9,769

DEPRECIATION

At 1 April 2025

and 31 March 2026

9,769

NET BOOK VALUE

At 31 March 2026

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2025

7,278,452

Additions

1,821,159

Revaluations

194,161

At 31 March 2026

9,293,772

NET BOOK VALUE

At 31 March 2026

9,293,772

At 31 March 2025

7,278,452

Fair value at 31 March 2026 is represented by:

£

Valuation in 2026

9,293,772

Investment properties were subject to valuation by Brown & Co LLP, professionally qualified independent valuers, at 31 March 2026 on an open market basis. The methods and significant assumptions used to ascertain the fair value of £9,293,772 (2025 - £7,278,452) were as follows:

In accordance with RICS valuation standards, the valuations were prepared having regard to market based evidence for similar properties sold in the local area, subject to any occupational leases where applicable. The valuations principally focused on a continuation of existing use, having regard to the current tenancy positions and rent yield approach.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

347,900

173,376

Other debtors

3,662

3,662

Prepayments and accrued income

4,281

3,572

355,843

180,610

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

291,319

-

VAT

19,037

14,552

Other creditors

12,138,370

10,292,129

Accruals and deferred income

96,145

83,930

12,544,871

10,390,611

8.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2026

2025

value:

£

£

300

Ordinary shares

£1

300

300

9.

RESERVES

Revaluation

reserve

£

Revaluation in year

194,161

Movement in deferred tax

(48,540

)

At 31 March 2026

145,621

The aggregate surplus on re-measurement of investment properties, net of associated deferred tax, is transferred to a separate non-distributable revaluation reserve in order to assist with the identification of profits available for distribution.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2026

2025

£

£

D J Vernon

Balance outstanding at start of year

-

9,967

Amounts advanced

17,489

-

Amounts repaid

(17,489

)

(9,967

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

11.	GOING CONCERN

The statement of financial position shows net current liabilities of £9,344,147 (2025: £7,400,298). The directors have considered the position and confirmed that they will continue to support the company for the foreseeable future.