Company registration number SC109107 (Scotland)
W L VENTURES GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
W L VENTURES GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
W L VENTURES GROUP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
410,900
410,780
Current assets
Debtors
4
16,667
Cash at bank and in hand
460,798
435,153
460,798
451,820
Creditors: amounts falling due within one year
5
(219,550)
(216,490)
Net current assets
241,248
235,330
Net assets
652,148
646,110
Reserves
Other reserves
664,478
664,478
Profit and loss reserves
6
(12,330)
(18,368)
Total equity
652,148
646,110
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 October 2023 and are signed on its behalf by:
L Fitzpatrick
Director
Company Registration No. SC109107
W L VENTURES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
W L Ventures Group Limited is a private company limited by guarantee incorporated in Scotland. The registered office is Civic Centre, Howden South Road, Livingston, West Lothian, EH54 6FF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, and include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors recognise the deficit on the profit and loss reserve account. However, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Fixed asset investments
Investments are remeasured to fair value at each Balance Sheet date. Gains and losses are recognised in profit and loss for the period.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
W L VENTURES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
W L VENTURES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
3
Fixed asset investments
2023
2022
£
£
Investments
410,900
410,780
Movements in fixed asset investments
Investments
£
Valuation
At 1 April 2022
460,780
Valuation changes
120
Disposals
(50,000)
At 31 March 2023
410,900
Impairment
At 1 April 2022
50,000
Reversals
(50,000)
At 31 March 2023
-
Carrying amount
At 31 March 2023
410,900
At 31 March 2022
410,780
Investments are stated at the directors' estimate of fair value.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
16,667
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
219,550
216,490
W L VENTURES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
6
Profit and loss reserve account
The profit and loss reserve comprises accumulated profit and losses in respect to current and prior year, along with fair value changes in respect to the investments.
7
Related party transactions
Included within other creditors is an amount of £216,430 (2022 - £212,950) due to West Lothian Council, a related party. West Lothian Council is a related party due to the directors of W L Ventures Group Limited holding offices by virtue of their position as elected members of West Lothian Council. This balance is unsecured, interest free, and repayable on demand.
8
Parent company
W L Ventures Group Limited is a company limited by guarantee. At 31 March 2023 the company is a single member company, the sole member being West Lothian Council as statutory successor to West Lothian District Council. On winding up West Lothian Council have undertaken to contribute an amount not exceeding £1.