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Registration number: 08181136

Not Your Typical Ventures Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Not Your Typical Ventures Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Not Your Typical Ventures Limited

Company Information

Directors

Mr James Rankin

Mrs Zeta Rankin

Registered office

5 Kingswear Drive
Broughton
Milton Keynes
MK10 9NZ

Accountants

KRW Accountants Limited
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS

 

Not Your Typical Ventures Limited

(Registration number: 08181136)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

10,000

10,000

Tangible assets

5

165,547

2,121,465

Investment property

6

3,370,741

517,842

Other financial assets

7

2,500

-

 

3,548,788

2,649,307

Current assets

 

Debtors

8

550,777

56,048

Cash at bank and in hand

 

47,361

294,509

 

598,138

350,557

Creditors: Amounts falling due within one year

9

(493,005)

(235,262)

Net current assets

 

105,133

115,295

Total assets less current liabilities

 

3,653,921

2,764,602

Creditors: Amounts falling due after more than one year

9

(87,422)

-

Net assets

 

3,566,499

2,764,602

Capital and reserves

 

Called up share capital

2

2

Retained earnings

3,566,497

2,764,600

Shareholders' funds

 

3,566,499

2,764,602

For the financial year ending 28 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 November 2023 and signed on its behalf by:
 

 

Not Your Typical Ventures Limited

(Registration number: 08181136)
Balance Sheet as at 28 February 2023

.........................................
Mr James Rankin
Director

 

Not Your Typical Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5 Kingswear Drive
Broughton
Milton Keynes
MK10 9NZ
England

These financial statements were authorised for issue by the Board on 15 November 2023.

The company registration number is 08181136

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 for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 in the countries where the company operates and generates taxable income.

 

Not Your Typical Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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

Plant and machinery

33% straight line

Motor vehicles

33% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Not Your Typical Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight line basis.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Not Your Typical Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 March 2022

10,000

10,000

At 28 February 2023

10,000

10,000

Amortisation

Carrying amount

At 28 February 2023

10,000

10,000

At 28 February 2022

10,000

10,000

5

Tangible assets

Properties under construction
 £

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

2,059,464

67,315

-

52,979

2,179,758

Additions

-

3,090

23,107

141,765

167,962

Transfers

(2,059,464)

-

-

-

(2,059,464)

At 28 February 2023

-

70,405

23,107

194,744

288,256

Depreciation

At 1 March 2022

-

36,943

-

21,350

58,293

Charge for the year

-

5,694

5,777

52,945

64,416

At 28 February 2023

-

42,637

5,777

74,295

122,709

Carrying amount

At 28 February 2023

-

27,768

17,330

120,449

165,547

At 28 February 2022

2,059,464

30,372

-

31,629

2,121,465

 

Not Your Typical Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Investment properties

2023
£

At 1 March

517,842

Additions

2,852,899

At 28 February

3,370,741

There has been no valuation of investment property by an independent valuer.

7

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

Additions

2,500

2,500

At 28 February 2023

2,500

2,500

Impairment

Carrying amount

At 28 February 2023

2,500

2,500

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

27,495

9,969

Amounts owed by related parties

-

10,502

Other debtors

 

523,282

35,577

   

550,777

56,048

 

Not Your Typical Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

28,353

-

Taxation and social security

 

194,814

220,478

Accruals and deferred income

 

2,600

2,600

Other creditors

 

267,238

12,184

 

493,005

235,262

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

87,422

-

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

87,422

-

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

28,353

-