34 false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 319,736 259,844 15,987 275,831 43,905 59,892 xbrli:pure xbrli:shares iso4217:GBP 05425075 2022-07-01 2023-06-30 05425075 2023-06-30 05425075 2022-06-30 05425075 2021-07-01 2022-06-30 05425075 2022-06-30 05425075 core:PlantMachinery 2022-07-01 2023-06-30 05425075 core:FurnitureFittings 2022-07-01 2023-06-30 05425075 bus:Director1 2022-07-01 2023-06-30 05425075 bus:Director4 2022-07-01 2023-06-30 05425075 core:WithinOneYear 2023-06-30 05425075 core:WithinOneYear 2022-06-30 05425075 core:NetGoodwill 2022-06-30 05425075 core:NetGoodwill 2023-06-30 05425075 core:LandBuildings core:LongLeaseholdAssets 2022-06-30 05425075 core:LandBuildings core:ShortLeaseholdAssets 2022-06-30 05425075 core:PlantMachinery 2022-06-30 05425075 core:FurnitureFittings 2022-06-30 05425075 core:LandBuildings core:LongLeaseholdAssets 2023-06-30 05425075 core:LandBuildings core:ShortLeaseholdAssets 2023-06-30 05425075 core:PlantMachinery 2023-06-30 05425075 core:FurnitureFittings 2023-06-30 05425075 core:LandBuildings core:LongLeaseholdAssets 2022-07-01 2023-06-30 05425075 core:LandBuildings core:ShortLeaseholdAssets 2022-07-01 2023-06-30 05425075 core:ShareCapital 2023-06-30 05425075 core:ShareCapital 2022-06-30 05425075 core:RetainedEarningsAccumulatedLosses 2023-06-30 05425075 core:RetainedEarningsAccumulatedLosses 2022-06-30 05425075 core:BetweenOneFiveYears 2023-06-30 05425075 core:BetweenOneFiveYears 2022-06-30 05425075 core:MoreThanFiveYears 2023-06-30 05425075 core:MoreThanFiveYears 2022-06-30 05425075 core:NetGoodwill 2022-07-01 2023-06-30 05425075 core:NetGoodwill 2022-06-30 05425075 core:LandBuildings core:LongLeaseholdAssets 2022-06-30 05425075 core:LandBuildings core:ShortLeaseholdAssets 2022-06-30 05425075 core:PlantMachinery 2022-06-30 05425075 core:FurnitureFittings 2022-06-30 05425075 bus:SmallEntities 2022-07-01 2023-06-30 05425075 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 05425075 bus:FullAccounts 2022-07-01 2023-06-30 05425075 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 05425075 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30
COMPANY REGISTRATION NUMBER: 05425075
Venue 5 Limited
Filleted Unaudited Financial Statements
30 June 2023
Venue 5 Limited
Balance Sheet
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
43,905
59,892
Tangible assets
6
554,975
636,904
---------
---------
598,880
696,796
Current assets
Stocks
59,729
51,896
Debtors
7
97,554
91,065
Cash at bank and in hand
292
3,734
---------
---------
157,575
146,695
Creditors: amounts falling due within one year
8
( 2,984,611)
( 3,067,373)
------------
------------
Net current liabilities
( 2,827,036)
( 2,920,678)
------------
------------
Total assets less current liabilities
( 2,228,156)
( 2,223,882)
------------
------------
Net liabilities
( 2,228,156)
( 2,223,882)
------------
------------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
( 2,229,156)
( 2,224,882)
------------
------------
Shareholders deficit
( 2,228,156)
( 2,223,882)
------------
------------
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 statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 .
Venue 5 Limited
Balance Sheet (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 23 January 2024 , and are signed on behalf of the board by:
Mr J M Patel
Mr C Patel
Director
Director
Company registration number: 05425075
Venue 5 Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Europa House, 45 Rowdell Road, Northolt, Middlesex, UB5 6AG.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have assessed the company's ability to continue as a going concern which has included a review of forecast cash flows, future trading performance and the continued support from the shareholders and based on this review, the directors confirm that the company has adequate resources to continue to operate for the foreseeable future, which covers a period of not less than twelve months from the date the financial statements are approved, and accordingly the going concern basis continues to be appropriate for the preparation of the financial statements.
Revenue recognition
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Sales are recognised when the significant risks and rewards of ownership of the goods are transferred to the customer, the sales price agreed and the receipt of payment can be reasonably assured.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
straight line over 20 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
over the life of lease
Leasehold improvements
-
over the life of lease
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Equipment
-
25 % reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Deferred taxation
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2022: 33 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
319,736
---------
Amortisation
At 1 July 2022
259,844
Charge for the year
15,987
---------
At 30 June 2023
275,831
---------
Carrying amount
At 30 June 2023
43,905
---------
At 30 June 2022
59,892
---------
6. Tangible assets
Leasehold property
Leasehold improvements
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jul 2022
937,607
402,392
216,960
551,057
154,983
2,262,999
Additions
15,221
5,115
824
21,160
Disposals
( 3,500)
( 3,500)
---------
---------
---------
---------
---------
------------
At 30 Jun 2023
937,607
417,613
216,960
552,672
155,807
2,280,659
---------
---------
---------
---------
---------
------------
Depreciation
At 1 Jul 2022
557,663
282,145
203,462
445,924
136,901
1,626,095
Charge for the year
34,540
41,761
3,374
16,158
4,727
100,560
Disposals
( 971)
( 971)
---------
---------
---------
---------
---------
------------
At 30 Jun 2023
592,203
323,906
206,836
461,111
141,628
1,725,684
---------
---------
---------
---------
---------
------------
Carrying amount
At 30 Jun 2023
345,404
93,707
10,124
91,561
14,179
554,975
---------
---------
---------
---------
---------
------------
At 30 Jun 2022
379,944
120,247
13,498
105,133
18,082
636,904
---------
---------
---------
---------
---------
------------
7. Debtors
2023
2022
£
£
Trade debtors
6,807
12,614
Prepayments and accrued income
53,657
42,005
Corporation tax repayable
208
108
Other debtors
36,882
36,338
--------
--------
97,554
91,065
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
62,232
32,071
Trade creditors
127,123
94,470
Accruals and deferred income
25,711
26,139
Social security and other taxes
91,659
76,911
Shareholders loans
2,530,697
2,732,689
Other creditors
147,189
105,093
------------
------------
2,984,611
3,067,373
------------
------------
9. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2023
2022
£
£
Recognised in other operating income:
Government grants recognised directly in income
11,298
----
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
104,000
101,926
Later than 1 year and not later than 5 years
416,000
407,704
Later than 5 years
476,667
569,087
---------
------------
996,667
1,078,717
---------
------------
11. Related party transactions
Included in creditors due within one year are loans from the shareholders amounting to £2,530,697 (2022: £2,732,689). These loans are interest-free and have no fixed repayment terms.