Company Registration No. 06952192 (England and Wales)
VENTURE MECHANICAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
VENTURE MECHANICAL LIMITED
COMPANY INFORMATION
Director
Mr S A Harvey
Company number
06952192
Registered office
9 Whetty Lane
Rubery
West Midlands
B45 9DR
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
165 New Road
Rubery
Birmingham
B45 9DR
VENTURE MECHANICAL LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
VENTURE MECHANICAL LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF VENTURE MECHANICAL LIMITED FOR THE YEAR ENDED 31 JULY 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Venture Mechanical Limited for the year ended 31 July 2023 which comprise, the balance sheet 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Venture Mechanical Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Venture Mechanical Limited and state those matters that we have agreed to state to the Board of Directors of Venture Mechanical Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Venture Mechanical Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Venture Mechanical 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 Venture Mechanical Limited. You consider that Venture Mechanical 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 Venture Mechanical 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.

Ormerod Rutter Limited
24 October 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
VENTURE MECHANICAL LIMITED
BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 2 -
2023
2022
£
£
£
£
Fixed assets
Tangible assets
4
8,890
6,640
Current assets
Stocks
985
1,125
Debtors
5
8,567
16,439
Cash at bank and in hand
15,739
12,925
25,291
30,489
Creditors: amounts falling due within one year
6
(21,325)
(18,716)
Net current assets
3,966
11,773
Total assets less current liabilities
12,856
18,413
Creditors: amounts falling due after more than one year
7
(11,297)
(17,367)
Provisions for liabilities
8
(913)
(438)
Net assets
646
608
Capital and reserves
Called up share capital
10
2
2
Profit and loss reserves
644
606
Total equity
646
608

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

VENTURE MECHANICAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023
31 July 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 24 October 2023
Mr S A Harvey
Director
Company Registration No. 06952192
VENTURE MECHANICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
1
Accounting policies
Company information

Venture Mechanical Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Whetty Lane, Rubery, West Midlands, B45 9DR.

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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is fully amortised.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% on reducing balance
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

VENTURE MECHANICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

VENTURE MECHANICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).

3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
12,500
Amortisation and impairment
At 1 August 2022 and 31 July 2023
12,500
Carrying amount
At 31 July 2023
-
0
At 31 July 2022
-
0
4
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2022
15,990
1,495
7,095
24,580
Additions
3,895
210
-
0
4,105
At 31 July 2023
19,885
1,705
7,095
28,685
Depreciation and impairment
At 1 August 2022
11,286
1,479
5,175
17,940
Depreciation charged in the year
1,290
85
480
1,855
At 31 July 2023
12,576
1,564
5,655
19,795
Carrying amount
At 31 July 2023
7,309
141
1,440
8,890
At 31 July 2022
4,704
16
1,920
6,640
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
8,567
16,439
VENTURE MECHANICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,760
3,333
Trade creditors
7,697
7,718
Taxation and social security
7,429
6,346
Other creditors
1,439
1,319
21,325
18,716
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
11,297
17,367
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
913
438
VENTURE MECHANICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
9
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
16,057
20,700
Bank loans are secured by way of a government-backed guarantee.
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary A of £1 each
2
2
2
2
11
Ultimate controlling party

The ultimate controlling party is Mr S A Harvey.

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