Registration number:
Vertman Ltd
trading as
for the Period from 29 February 2020 to 28 February 2021
Vertman Ltd
trading as The Green Man
Contents
Company Information |
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Director's Report |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
Vertman Ltd
trading as The Green Man
Company Information
Director |
H Bowman |
Registered office |
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Accountants |
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Vertman Ltd
trading as The Green Man
Director's Report for the Period from 29 February 2020 to 28 February 2021
The director presents her report and the abridged financial statements for the period from 29 February 2020 to 28 February 2021.
Directors of the company
The directors who held office during the period were as follows:
Disclosure
These accounts have trade creditors far exceeding normal levels which is a by-product of taking on the The Forest Inn. The plan was that trading from March 2021 would rapidly pay down these creditors given the size of the premises and its family garden ahead of the summer season. However, it should be noted that due to the criminal damage at the site and Covid-19 impacting trading and the performance of the insurance company there is significant risk in the business. If these matters are not resolved before Christmas trading or that trading is damaged by further government action around Covid-19, the directors will have to make a decision around the sustainability of the business in line with their responsibilities. This decision point could also be precipitated by actions by creditors despite the government Covid-19 related protections for businesses or directors.
Going concern
These accounts have trade creditors far exceeding normal levels which is a by-product of taking on the The Forest Inn in the preivouis year.
The directors plan was that trading from March 2021 would rapidly pay down these creditors given the size of the premises and its family garden ahead of the summer season. However, it should be noted that due to the criminal damage at the site and Covid-19 impacting trading and the performance of the insurance company there is significant risk in the business.
If these matters are not resolved before Christmas trading or that trading is damaged by further government action around Covid-19, the directors will have to make a decision around the sustainability of the business in line with their responsibilities. This decision point could also be precipitated by actions by creditors despite the government Covid-19 related protections for businesses or directors.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Vertman Ltd
trading as The Green Man
Director's Report for the Period from 29 February 2020 to 28 February 2021
Approved by the
.........................................
Director
Vertman Ltd
trading as The Green Man
(Registration number: 11550574)
Abridged Balance Sheet as at 28 February 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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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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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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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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Accruals and deferred income |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
(185,561) |
(312,820) |
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Shareholders' deficit |
(185,461) |
(312,720) |
For the financial period ending 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Vertman Ltd
trading as The Green Man
(Registration number: 11550574)
Abridged Balance Sheet as at 28 February 2021
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
.........................................
Director
Vertman Ltd
trading as The Green Man
Notes to the Unaudited Abridged Financial Statements for the Period from 29 February 2020 to 28 February 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:
United Kingdom
The principal place of business is:
53 Southgate Street
Winchester
Hampshire
SO23 9EH
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.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Vertman Ltd
trading as The Green Man
Notes to the Unaudited Abridged Financial Statements for the Period from 29 February 2020 to 28 February 2021
Going concern
The financial statements have been prepared on a going concern basis.
These accounts have trade creditors far exceeding normal levels which is a by-product of taking on the The Forest Inn. The plan was that trading from March 2021 would rapidly pay down these creditors given the size of the premises and its family garden ahead of the summer season. However, it should be noted that due to the criminal damage at the site and Covid-19 impacting trading and the performance of the insurance company there is significant risk in the business.
If these matters are not resolved before Christmas trading or that trading is damaged by further government action around Covid-19, the directors will have to make a decision around the sustainability of the business in line with their responsibilities.
This decision point could also be precipitated by actions by creditors despite the government Covid-19 related protections for businesses or directors.
Judgements
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' best judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be appropriate. |
Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Vertman Ltd
trading as The Green Man
Notes to the Unaudited Abridged Financial Statements for the Period from 29 February 2020 to 28 February 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 |
Freehold Property |
6% on cost |
Computer Equipment |
25% on cost |
Furniture & Fixtures |
10% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Vertman Ltd
trading as The Green Man
Notes to the Unaudited Abridged Financial Statements for the Period from 29 February 2020 to 28 February 2021
Trade creditors
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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Vertman Ltd
trading as The Green Man
Notes to the Unaudited Abridged Financial Statements for the Period from 29 February 2020 to 28 February 2021
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 29 February 2020 |
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Additions |
( |
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At 28 February 2021 |
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Depreciation |
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At 29 February 2020 |
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Charge for the period |
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At 28 February 2021 |
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Carrying amount |
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At 28 February 2021 |
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At 28 February 2020 |
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Included within the net book value of land and buildings above is £272,853 (2020 - £373,299) in respect of short leasehold land and buildings.
Stocks |
2021 |
2020 |
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Other inventories |
- |
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