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COMPANY REGISTRATION NUMBER: SC103297
THE GRAMPIAN VENTURE CAPITAL FUND LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
THE GRAMPIAN VENTURE CAPITAL FUND LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
THE GRAMPIAN VENTURE CAPITAL FUND LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr G A McIntosh
Mr J B Cox
Mr J Cowe
Mr D J Bremner
Company secretary
Burness Paull LLP
Registered office
2 Marischal Square
Broad Street
Aberdeen
AB10 1DQ
Accountants
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
Solicitors
Burness Paull LLP
2 Marischal Square
Broad Street
Aberdeen
AB10 1DQ
THE GRAMPIAN VENTURE CAPITAL FUND LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE GRAMPIAN VENTURE CAPITAL FUND LIMITED
YEAR ENDED 31 MARCH 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Grampian Venture Capital Fund Limited for the year ended 31 March 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of The Grampian Venture Capital Fund Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of The Grampian Venture Capital Fund Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Grampian Venture Capital Fund Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that The Grampian Venture Capital Fund Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Grampian Venture Capital Fund Limited. You consider that The Grampian Venture Capital Fund Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of The Grampian Venture Capital Fund Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
25 September 2023
THE GRAMPIAN VENTURE CAPITAL FUND LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
FIXED ASSETS
Investments
4
70,000
70,000
CURRENT ASSETS
Debtors
5
16,015
Cash at bank and in hand
146,000
127,812
---------
---------
146,000
143,827
CREDITORS: amounts falling due within one year
6
650
650
---------
---------
NET CURRENT ASSETS
145,350
143,177
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
215,350
213,177
---------
---------
NET ASSETS
215,350
213,177
---------
---------
CAPITAL AND RESERVES
Called up share capital
455,000
455,000
Profit and loss account
( 239,650)
( 241,823)
---------
---------
SHAREHOLDERS FUNDS
215,350
213,177
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THE GRAMPIAN VENTURE CAPITAL FUND LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2023 , and are signed on behalf of the board by:
Mr J Cowe
Director
Company registration number: SC103297
THE GRAMPIAN VENTURE CAPITAL FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 2 Marischal Square, Broad Street, Aberdeen, AB10 1DQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Investments
Investments held for the long term are stated at cost, or where there has been a permanent diminution in value, at directors' valuation.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Investments
Shares in participating interests
£
Cost
At 1 April 2022 and 31 March 2023
70,000
--------
Impairment
At 1 April 2022 and 31 March 2023
--------
Carrying amount
At 31 March 2023
70,000
--------
At 31 March 2022
70,000
--------
5. Debtors
2023
2022
£
£
Trade debtors
16,015
----
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
650
650
----
----