Registered number
05401752
Veness Browning Enterprises Ltd
Filleted Accounts
31 May 2023
Veness Browning Enterprises Ltd
Registered number: 05401752
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 563,686 572,223
Current assets
Debtors 4 - 246
Cash at bank and in hand 16,812 28,199
16,812 28,445
Creditors: amounts falling due within one year 5 (28,715) (28,275)
Net current (liabilities)/assets (11,903) 170
Total assets less current liabilities 551,783 572,393
Creditors: amounts falling due after more than one year 6 (421,412) (436,738)
Net assets 130,371 135,655
Capital and reserves
Called up share capital 2 2
Profit and loss account 130,369 135,653
Shareholders' funds 130,371 135,655
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S A Browning
Director
Approved by the board on 9 November 2023
Veness Browning Enterprises Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 100 years
Leasehold land and buildings over the lease term
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2022 562,097 55,851 617,948
Additions - 3,549 3,549
At 31 May 2023 562,097 59,400 621,497
Depreciation
At 1 June 2022 5,621 40,104 45,725
Charge for the year 5,621 6,465 12,086
At 31 May 2023 11,242 46,569 57,811
Net book value
At 31 May 2023 550,855 12,831 563,686
At 31 May 2022 556,476 15,747 572,223
4 Debtors 2023 2022
£ £
Trade debtors - 246
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 1,367 2,972
Other taxes and social security costs 27,348 25,290
Other creditors - 13
28,715 28,275
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 288,765 302,831
Directors Loan Account 132,647 133,907
421,412 436,738
7 Other information
Veness Browning Enterprises Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Brightham House
Higher Town
Malborough
Kingsbridge
TQ7 3RN
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