Vanquish Holdings N.E. Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11801323 (England and Wales)

Unaudited Financial Statements

for the period

1 February 2019 to 28 February 2020

for

Vanquish Holdings N.E. Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs P M Tilly

D A Tilly

REGISTERED OFFICE:

14 Duxbury Park

Fatfield

Washington

Tyne And Wear

NB38 8BJ

REGISTERED NUMBER:

11801323 (England and Wales)

ACCOUNTANTS:

TTR Barnes Limited

Chartered Accountants

3-5 Grange Terrace

Stockton Road

Sunderland

Tyne & Wear

SR2 7DG

FIXED ASSETS

Tangible assets

4

986,726

Investments

5

-

986,726

CURRENT ASSETS

Debtors

6

523,327

Cash at bank

7,852

531,179

CREDITORS

Amounts falling due within one year

7

73,550

NET CURRENT ASSETS

457,629

TOTAL ASSETS LESS CURRENT LIABILITIES

1,444,355

CREDITORS

Amounts falling due after more than one year

8

(466,694

)

PROVISIONS FOR LIABILITIES

(75,392

)

NET ASSETS

902,269

CAPITAL AND RESERVES

Called up share capital

1,000,000

Revaluation reserve

10

320,078

Retained earnings

(417,809

)

SHAREHOLDERS' FUNDS

902,269

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 February 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 February 2020 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 25 February 2021 and were signed on its behalf by:

D A Tilly - Director

Mrs P M Tilly - Director

1.	STATUTORY INFORMATION

Vanquish Holdings N.E. 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.

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future, which the directors consider to be appropriate.

Turnover

Turnover represents rental income measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Freehold property

-

2% on cost

Fixtures and fittings

-

25% Straight line

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

Taxation

Taxation for the period 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 period 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST OR VALUATION

Additions

604,842

1,920

606,762

Revaluations

395,158

-

395,158

At 28 February 2020

1,000,000

1,920

1,001,920

DEPRECIATION

Charge for period

14,918

276

15,194

At 28 February 2020

14,918

276

15,194

NET BOOK VALUE

At 28 February 2020

985,082

1,644

986,726

Cost or valuation at 28 February 2020 is represented by:

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

Valuation in 2020

395,158

-

395,158

Cost

604,842

1,920

606,762

1,000,000

1,920

1,001,920

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

3,500,000

Disposals

(2,500,000

)

Impairments

(1,000,000

)

At 28 February 2020

-

NET BOOK VALUE

At 28 February 2020

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Amounts owed by participating interests

165,000

Other debtors

358,327

523,327

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Bank loans and overdrafts

43,044

Taxation and social security

2,134

Other creditors

28,372

73,550

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Bank loans

466,694

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

294,518

9.	SECURED DEBTS

The following secured debts are included within creditors:

£

Bank loans

509,738

The bank loan is secured by way of a fixed and floating charge on the company's property.

10.

RESERVES

Revaluation

reserve

£

Revaluation reserve

395,158

Movement in deferred tax

(75,080

)

At 28 February 2020

320,078