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Registration number: NI669633

Bold Venture Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Bold Venture Limited

(Registration number: NI669633)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

217,000

242,515

Current assets

 

Debtors

5

22,589

-

Cash at bank and in hand

 

680,465

436,250

 

703,054

436,250

Creditors : due within one year

6

(499,127)

(294,961)

Net current assets

 

203,927

141,289

Total assets less current liabilities

 

420,927

383,804

Creditors : due after more than one year

6

(250,142)

(349,800)

Net assets

 

170,785

34,004

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

170,685

33,904

Shareholders' funds

 

170,785

34,004

 

Bold Venture Limited

(Registration number: NI669633)
Balance Sheet as at 31 December 2022

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 May 2023
 

.............................................
Mr John Joe O'Neill
Director

 

Bold Venture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 106 Frosses Road, Ballymoney, BT53 7EJ.

These financial statements were authorised for issue by the director on 19 May 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from the sale of fish and seafood in the course of the company’s activities. Turnover is shown net of sales/value added tax, 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.

Government grants

Revenue grants that do not impose specified future performance-related conditions are recognised when the grant proceeds are received or receivable. Revenue grants subject to performance-related conditions are recognised when these conditions are met.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Bold Venture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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

Motor Vehicles

Reducing balance 15%

Furniture & Fittings

Reducing balance 10%

Boats

Reducing balance 15%

Plant & Equipment

Reducing balance 20%

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

 

Bold Venture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2022

12,476

29,000

272,308

313,784

Additions

1,979

-

-

1,979

At 31 December 2022

14,455

29,000

272,308

315,763

Depreciation

At 1 January 2022

2,621

8,048

60,600

71,269

Charge for the year

1,624

3,143

22,727

27,494

At 31 December 2022

4,245

11,191

83,327

98,763

Carrying amount

At 31 December 2022

10,210

17,809

188,981

217,000

At 31 December 2021

9,855

20,952

211,708

242,515

5

Debtors

2022
£

2021
£

Other debtors

22,589

-

6

Creditors: due within one year

2022
£

2021
£

Trade creditors

404,500

269,580

Taxation and social security

40,128

10,910

Other creditors

54,499

14,471

499,127

294,961

7

Creditors: due after one year

2022
£

2021
£

Directors loan account

250,142

349,800

 

Bold Venture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100