Company registration number 13332087 (England and Wales)
Cameron Ventures (Diss) Limited
Unaudited Financial Statements
For the year ended 31 August 2023
PAGES FOR FILING WITH REGISTRAR
Cameron Ventures (Diss) Limited
Contents
Page
Company information
Balance sheet
1
Notes to the financial statements
2 - 4
Cameron Ventures (Diss) Limited
Balance sheet
For the year ended 31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,265,670
1,307,017
Current assets
Stocks
9,210
14,913
Debtors
4
291,136
162,960
Cash at bank and in hand
41,144
2,766
341,490
180,639
Creditors: amounts falling due within one year
5
(1,579,537)
(1,486,732)
Net current liabilities
(1,238,047)
(1,306,093)
Net assets
27,623
924
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
27,523
824
Total equity
27,623
924
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 August 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 members have 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.
The financial statements were approved and signed by the director and authorised for issue on 9 April 2024
Mr B A Keane
Director
Company registration number 13332087 (England and Wales)
Cameron Ventures (Diss) Limited
Notes to the Financial Statements
For the year ended 31 August 2023
- 2 -
1
Accounting policies
Company information
Cameron Ventures (Diss) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, AL1 1LJ.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Hotel accommodation income is recognised for each night as it takes place at the room rate for that night. Food and beverage income is recognised on the day provided to the customer at the price for the items purchased.
1.3
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:
Freehold land and buildings
2% straight line
Furniture, fixtures and equipment
10% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Cameron Ventures (Diss) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
18
22
Cameron Ventures (Diss) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2022
1,032,657
301,610
1,334,267
Additions
755
755
At 31 August 2023
1,032,657
302,365
1,335,022
Depreciation and impairment
At 1 September 2022
11,878
15,372
27,250
Depreciation charged in the year
11,878
30,224
42,102
At 31 August 2023
23,756
45,596
69,352
Carrying amount
At 31 August 2023
1,008,901
256,769
1,265,670
At 31 August 2022
1,020,779
286,238
1,307,017
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
191,712
30,668
Other debtors
99,424
132,292
291,136
162,960
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
38,284
179,448
Taxation and social security
53,864
4,011
Other creditors
1,487,389
1,303,273
1,579,537
1,486,732
Included in other creditors is £620,000 (2022 - £620,000) secured on the hotel and adjoining land at 20 Denmark Street, Diss IP22 4LE.
6
Related party transactions
Transactions with related parties
At the year end date the company owed £710,000 (2022 - £620,000) to companies under common control.