Year Ended
Registration number:
Vickery Holman Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Vickery Holman Limited
Company Information
Directors |
M A Pellow D Venn J Armstrong A Treloar R W E Beale R M Camp |
Company secretary |
R Gibson |
Registered office |
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Solicitors |
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Bankers |
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Auditors |
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Vickery Holman Limited
Balance Sheet
30 June 2021
Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 02953188
Vickery Holman Limited
Notes to the Financial Statements
Year Ended 30 June 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Plym House
3 Longbridge Road
Plymouth
Devon
PL6 8LT
These financial statements were authorised for issue by the
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.
Basis of preparation
These financial statements have been prepared using the historical cost.
The financial statements are prepared in pounds sterling which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest pound.
Audit report
Vickery Holman Limited
Notes to the Financial Statements
Year Ended 30 June 2021
Going concern
In preparing and approving these financial statements the directors have given due consideration to going concern risk pertaining to current trade performance, and in particular the impact of the Coronavirus pandemic which has lead to widespread and profound economic shocks.
Whilst recognising that there can be no certainty, the directors are satisfied that the going concern basis of preparation remains appropriate. In reaching this conclusion the directors, having made all necessary enquiries, have considered the following matters:
i) The company has secured additional borrowing during the year as detailed below:
- A £210k loan facility under the CBILS scheme payable within 6 years. The loan facility is interest
free for the first 12 months from drawdown.
ii) The company was able to utilise support under the Coronovirus Job Retention Scheme which helped with staff costs and cashflow
iii) The company was profitable in the year despite the economic downturn, which has improved the net asset position of the company.
iv) After due consideration of these factors the Directors are satisfied that the company will be able to operate within their available facilities and continue as a going concern for the foreseeable future - being a period no less than 12 months from the date of approval of these financial
statements.
Revenue recognition
Turnover represents amounts chargeable to clients for professional services provided during the year, including recoverable disbursements incurred on client assignments and excluding value added tax.
Turnover is recognised when a right to consideration has been obtained through performance under each contract, and in certain instances accrues as contract activity progresses by reference to the value of work performed. In respect of transactional business, turnover is recognised where a performance condition has been met, for instance on unconditional exchange.
Turnover is not recognised where the right to receive payment is contingent on events outside of the control of the company.
Government grants
During the year the company recognised Coronavirus Job Retention Scheme (“CJRS”) grant income from the Government designed to mitigate the impact of Covid 19. The company has elected to account for such grants under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.
The company has not directly benefited from any other forms of government assistance in the current or prior year.
Vickery Holman Limited
Notes to the Financial Statements
Year Ended 30 June 2021
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 |
Leasehold improvements |
Straight line over the life of the lease |
Furniture |
15% of net book value |
Computer equipment |
25% straight line |
Library |
Nil |
Intangible assets
Software costs and licenses have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
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 |
Software |
25% straight line |
Investments
Investments in subsidiary undertakings are recognised at cost less impairment.
Work in progress
Work in progress is the value of the unbilled management and professional time deemed to be recoverable and is stated at the lower of cost less ageing provision, and net realisable value.
Cost comprises of direct staff costs.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Vickery Holman Limited
Notes to the Financial Statements
Year Ended 30 June 2021
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.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Hire purchase liabilities; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Vickery Holman Limited
Notes to the Financial Statements
Year Ended 30 June 2021
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Software |
Total |
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Cost or valuation |
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At 1 July 2020 |
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Disposals |
( |
( |
At 30 June 2021 |
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Amortisation |
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At 1 July 2020 |
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Amortisation charge |
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Amortisation eliminated on disposals |
( |
( |
At 30 June 2021 |
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Carrying amount |
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At 30 June 2021 |
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At 30 June 2020 |
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Vickery Holman Limited
Notes to the Financial Statements
Year Ended 30 June 2021
Tangible assets |
Land and buildings |
Library costs |
Furniture and computer costs |
Total |
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Cost or valuation |
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At 1 July 2020 |
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Additions |
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- |
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Disposals |
( |
- |
( |
( |
At 30 June 2021 |
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Depreciation |
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At 1 July 2020 |
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- |
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Charge for the year |
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- |
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Eliminated on disposal |
( |
- |
( |
( |
At 30 June 2021 |
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- |
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Carrying amount |
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At 30 June 2021 |
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At 30 June 2020 |
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Included within the net book value of land and buildings above is £Nil (2020 - £Nil) in respect of freehold land and buildings and £40,008 (2020 - £20,664) in respect of long leasehold land and buildings.
Vickery Holman Limited
Notes to the Financial Statements
Year Ended 30 June 2021
Investments |
2021 |
2020 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 July 2020 |
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Provision |
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At 1 July 2020 |
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Provision |
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At 30 June 2021 |
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Carrying amount |
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At 30 June 2021 |
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At 30 June 2020 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Holding |
Proportion of voting rights and shares held |
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2021 |
2020 |
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Subsidiary undertakings |
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The registered office of all of the above named companies is Lowin House, Tregolls Road, Truro, Cornwall, TR1 2NA.
The principal activity of Envoy Property Management Limited and KWC (Barnfield) Limited is that of a dormant company. The principal activity of King Wilkinson & Co Limited is that of property services.
Vickery Holman Limited
Notes to the Financial Statements
Year Ended 30 June 2021
Stocks |
2021 |
2020 |
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Work in progress |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Deferred tax assets |
- |
9,284 |
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Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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- |
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Corporation tax |
28,553 |
- |
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Other taxation and social security |
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Other creditors |
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Accruals |
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Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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- |
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Other creditors |
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212,500 |
62,500 |
Vickery Holman Limited
Notes to the Financial Statements
Year Ended 30 June 2021
Loans and borrowings |
2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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- |
2021 |
2020 |
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Loans and borrowings due after one year |
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Bank borrowings |
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- |
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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104,215 |
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106,090 |
During the year the company repurchased 1,875 ordinary shares for £8,175.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £