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COMPANY REGISTRATION NUMBER: 2287704
Ventrico Limited
Filleted Unaudited Financial Statements
30 June 2023
Ventrico Limited
Financial Statements
Year ended 30th June 2023
Contents
Pages
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 6
Ventrico Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Ventrico Limited
Year ended 30th June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ventrico Limited for the year ended 30th June 2023, which comprise the statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Ventrico Limited in accordance with the terms of our engagement letter dated 8th March 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Ventrico Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ventrico Limited and its director for our work or for this report.
It is your duty to ensure that Ventrico 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 loss of Ventrico Limited. You consider that Ventrico 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 Ventrico 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.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
8 March 2024
Ventrico Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
4
100
100
Current assets
Debtors
5
26,500
30,105
Cash at bank and in hand
47,162
45,835
--------
--------
73,662
75,940
Creditors: amounts falling due within one year
6
1,605
1,005
--------
--------
Net current assets
72,057
74,935
--------
--------
Total assets less current liabilities
72,157
75,035
--------
--------
Net assets
72,157
75,035
--------
--------
Ventrico Limited
Statement of Financial Position (continued)
30 June 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
60,000
60,000
Profit and loss account
12,157
15,035
--------
--------
Shareholders funds
72,157
75,035
--------
--------
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 30th June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 6 March 2024 , and are signed on behalf of the board by:
Mr T Sotirios
Director
Company registration number: 2287704
Ventrico Limited
Notes to the Financial Statements
Year ended 30th 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 61a Sheffield Road, Dronfield, Sheffield, S18 2GF.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
4. Investments
Other investments other than loans
£
Cost
At 1st July 2022
20,100
Disposals
( 20,000)
--------
At 30th June 2023
100
--------
Impairment
At 1st July 2022
20,000
Reversal of impairment losses
( 20,000)
--------
At 30th June 2023
--------
Carrying amount
At 30th June 2023
100
--------
At 30th June 2022
100
--------
The company owns 25% of the issued ordinary share capital of Commercial Property Ventures Limited, a company incorporated in England, at a cost of £100.
In respect of Commercial Property Ventures Limited, the latest accounts for the company are made up to 31 October 2022 and reflect positive capital and reserves of £243,024.
5. Debtors
2023
2022
£
£
Other debtors
26,500
30,105
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,605
1,005
-------
-------
7. Director's advances, credits and guarantees
A loan account exists as between the company and the director. At the year end date, the company was indebted to the director, Mr T Sotirios , in the sum of £225 (2022 £225), this balance being included within other creditors as noted above. There are no formal repayment terms attributable to the loan.
8. Related party transactions
The company was under the control of Mr T. Sotirios, the sole director of the company, throughout the current and previous years by virtue of his entire shareholding of the company. As outlined at note 4 above, Ventrico Limited has a 25% share interest in Commercial Property Ventures Limited. An inter-company loan account has been established as between Ventrico Limited and Commercial Property Ventures Limited. At the year end date Commercial Property Ventures Limited was indebted to Ventrico Limited in the sum of £26,500 (2022 £26,500), which balance is included within other debtors as noted above. There are no formal repayment terms applicable to this loan and interest is not being charged.