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Registration number: 10018111

Venn Property Limited

Unaudited Balance Sheet

Year Ended 31 December 2021

 

Venn Property Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Venn Property Limited

Company Information

Directors

R M Jameson

M Nash

Company secretary

H Thompson

Registered office

68 Venn Street
London
SW4 0AX

 

Venn Property Limited

(Registration number: 10018111)

Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

2,786

3,373

Investment property

5

5,755,000

5,755,000

 

5,757,786

5,758,373

Current assets

 

Debtors

6

196,922

66,792

Cash at bank and in hand

 

191,656

254,765

 

388,578

321,557

Creditors: Amounts falling due within one year

7

(3,909,849)

(3,912,876)

Net current liabilities

 

(3,521,271)

(3,591,319)

Total assets less current liabilities

 

2,236,515

2,167,054

Creditors: Amounts falling due after more than one year

7

(3,133,233)

(3,119,793)

Net liabilities

 

(896,718)

(952,739)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(896,818)

(952,839)

Total equity

 

(896,718)

(952,739)

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

 

Venn Property Limited

(Registration number: 10018111)

Balance Sheet as at 31 December 2021

Approved and authorised by the Board on 28 July 2022 and signed on its behalf by:
 

.........................................

R M Jameson

Director

 

Venn Property Limited

Notes to the Financial Statements

Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
68 Venn Street
London
SW4 0AX
United Kingdom

2

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 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 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. The financial statements are denominated in Sterling and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. The directors have confirmed that they will continue to financially support the company for at least 12 months from the date the accounts are approved.

Revenue recognition

The company is a property investment company and therefore turnover represents rental income.
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 the entity becomes entitled to the
income under the tenancy agreements under the accruals basis. Turnover is shown net of value added tax.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Venn Property Limited

Notes to the Financial Statements

Year Ended 31 December 2021

Tangible assets

Tangible assets are stated 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fixtures and fittings

Straight line over 5 years

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

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 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.

Share capital

Ordinary shares are classified as equity.

3

Staff numbers

The average number of persons employed by the company during the year was 0 (2020 - 0).

 

Venn Property Limited

Notes to the Financial Statements

Year Ended 31 December 2021

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2021

4,698

4,698

Additions

439

439

At 31 December 2021

5,137

5,137

Depreciation

At 1 January 2021

1,324

1,324

Charge for the year

1,027

1,027

At 31 December 2021

2,351

2,351

Carrying amount

At 31 December 2021

2,786

2,786

At 31 December 2020

3,373

3,373

 

Venn Property Limited

Notes to the Financial Statements

Year Ended 31 December 2021

5

Investment property

At market value:

2021
£

At 1 January 2021

5,755,000

At 31 December 2021

5,755,000

The directors, who are experienced property investment professionals, consider that the value of the investment property has not altered from its previous valuation and as such no movement in valuation is recognised in the profit and loss account. The historical cost of the property is £7,010,048 (2020 - £7,010,048).

6

Debtors

2021
£

2020
£

Trade debtors

7,558

385

Other debtors

189,364

66,407

196,922

66,792

7

Creditors

Note

2021
£

2020
£

Due within one year

 

Trade creditors

 

6,566

896

Amounts owed to group undertakings and undertakings in which the company has a participating interest

3,881,820

3,881,820

Taxation and social security

 

13,470

11,680

Other creditors

 

7,993

18,480

 

3,909,849

3,912,876

Due after one year

 

Loans and borrowings

8

3,133,233

3,119,793

 

Venn Property Limited

Notes to the Financial Statements

Year Ended 31 December 2021

8

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

3,133,233

3,119,793

A mortgage of £3,150,000 with a fixed interest rate of 3.5015% is due for repayment 60 months after the initial drawdown within the financial year. Borrowings are secured via a fixed and floating charge over the investment properties.