Company registration number 02868983 (England and Wales)
PRO CORDA VENTURES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PRO CORDA VENTURES LIMITED
COMPANY INFORMATION
Directors
Mr A Quartermain
J Fenoulhet
Company number
02868983
Registered office
Leiston Abbey
Theberton
Leiston
IP16 4TD
Auditor
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
PRO CORDA VENTURES LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Income statement
6
Statement of financial position
7
Statement of changes in equity
8
Notes to the financial statements
9 - 14
PRO CORDA VENTURES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 30 September 2023.

Principal activities

The principal activity of the Company continued to be that of the provision of facilities and the sale of refreshments. The Company is a wholly owned subsidiary of Pro Corda Trust, an educational charity.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A Quartermain
J Fenoulhet
Auditor

The auditors, Ensors Accountants LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

PRO CORDA VENTURES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
On behalf of the board
J Fenoulhet
Director
24 July 2024
PRO CORDA VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PRO CORDA VENTURES LIMITED
- 3 -
Opinion

We have audited the financial statements of Pro Corda Ventures Limited (the 'company') for the year ended 30 September 2023 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

PRO CORDA VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF PRO CORDA VENTURES LIMITED
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We have obtained sufficient knowledge on culture, systems, controls and operations of the company, to ensure that our audit testing was suitably tailored to the company.

 

The engagement partner ensured the audit team collectively had the required experience, knowledge and competence to undertaken the assignment as planned and to identify any material misstatements including those due to irregularities.

 

From the work performed, including discussions with management and our knowledge, we have obtained an understanding of the legal and regulatory framework the Company operates in.

 

The tailored testing, included tests of detail, proofs in total and supportive analytical procedures, provided us reasonable assurance that the financial statement are free from material misstatements. This included identification of areas of higher risk, or where there are higher levels of uncertainty regarding estimates or judgements.

 

It is however primarily the responsibility of the directors to ensure that the company’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

PRO CORDA VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF PRO CORDA VENTURES LIMITED
- 5 -

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Malcolm McGready (Senior Statutory Auditor)
For and on behalf of Ensors Accountants LLP
26 July 2024
Chartered Accountants
Statutory Auditor
Connexions
159 Princes Street
Ipswich
IP1 1QJ
PRO CORDA VENTURES LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
2023
2022
as restated
£
£
Turnover
26,902
13,014
Cost of sales
(3,715)
(1,773)
Gross profit
23,187
11,241
Administrative expenses
(21,775)
(20,721)
Profit/(loss) before taxation
1,412
(9,480)
Tax on profit/(loss)
-
0
-
0
Profit/(loss) for the financial year
1,412
(9,480)

The income statement has been prepared on the basis that all operations are continuing operations.

PRO CORDA VENTURES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2023
30 September 2023
- 7 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,358
2,794
Current assets
Stocks
269
556
Debtors
5
19,540
10,951
Cash at bank and in hand
4,486
6,981
24,295
18,488
Creditors: amounts falling due within one year
6
(22,672)
(19,713)
Net current assets/(liabilities)
1,623
(1,225)
Net assets
2,981
1,569
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,881
1,469
Total equity
2,981
1,569

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 24 July 2024 and are signed on its behalf by:
J  Fenoulhet
Director
Company registration number 02868983 (England and Wales)
PRO CORDA VENTURES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 30 September 2022:
Balance at 1 October 2021
100
14,919
15,019
Year ended 30 September 2022:
Loss and total comprehensive income
-
(9,480)
(9,480)
Distributions to parent charity under gift aid
-
(3,970)
(3,970)
Balance at 30 September 2022
100
1,469
1,569
Year ended 30 September 2023:
Profit and total comprehensive income
-
1,412
1,412
Balance at 30 September 2023
100
2,881
2,981
PRO CORDA VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
1
Accounting policies
Company information

Pro Corda Ventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is Leiston Abbey, Theberton, Leiston, IP16 4TD.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors note that the company in reliant of the recoverability of the amount due from its parent undertaking. Having made enquiries of the parent undertaking, the directors are satisfied that the amount is recoverable. Accordinglyy the accounts have been prepared on the going concern basis.

1.3
Turnover

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

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:

Musical Instruments
10% Straight Line
Fixtures, fittings & equipment
15% Reducing Balance
Computer equipment
33.3% 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.

1.5
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

PRO CORDA VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 10 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs 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 value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

PRO CORDA VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 11 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11

Charitable donations

The Company exists to support the charitable activities of Pro Corda Trust, its parent. Donations are made to Pro Corda Trust after taking into account the Company's trading expectations and the funding requirements of Pro Corda Trust.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

PRO CORDA VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 12 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2022
69,651
Disposals
(28,219)
At 30 September 2023
41,432
Depreciation and impairment
At 1 October 2022
66,857
Depreciation charged in the year
359
Eliminated in respect of disposals
(27,142)
At 30 September 2023
40,074
Carrying amount
At 30 September 2023
1,358
At 30 September 2022
2,794
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
1
Corporation tax recoverable
3
3
Amounts owed by group undertakings
19,537
10,947
19,540
10,951
PRO CORDA VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 13 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,939
1,675
Other creditors
18,733
18,038
22,672
19,713
7
Related party transactions
Transactions with related parties

As at 30 September 2023, the company was owed £23,506 (2022: £14,917) from its charitable parent, in respect of an interest free, repayable on demand intercompany account.

PRO CORDA VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 14 -
8
Parent company

The immediate and ultimate controlling party is Pro Corda Trust, a registered educational charity, located at Leiston Abbey House, Theberton, Leiston, Suffolk, IP16 4TD. Group accounts can be obtained by contacting Pro Corda Trust.

9
Prior period adjustment

The prior year treatment of the distribution under gift aid to the parent charity of £3.970 was originally shown as a payment against the inter-group loan account. This has been corrected as a prior year adjustment to show this as a distribution to the parent charity.

Changes to the statement of financial position
As previously reported
Adjustment
As restated at 30 Sep 2022
£
£
£
Current assets
Debtors due within one year
14,921
(3,970)
10,951
Capital and reserves
Profit and loss reserves
5,439
(3,970)
1,469
Changes to the income statement
As previously reported
Adjustment
As restated
Period ended 30 September 2022
£
£
£
Loss for the financial period
(9,480)
-
(9,480)
2023-09-302022-10-01falseCCH SoftwareCCH Accounts Production 2024.100Mr A QuartermainJ Fenoulhetfalsetrue028689832022-10-012023-09-3002868983bus:Director12022-10-012023-09-3002868983bus:Director22022-10-012023-09-3002868983bus:RegisteredOffice2022-10-012023-09-30028689832023-09-30028689832021-10-012022-09-3002868983dpl:Item12022-10-012023-09-3002868983dpl:Item12021-10-012022-09-3002868983core:RetainedEarningsAccumulatedLosses2021-10-012022-09-3002868983core:RetainedEarningsAccumulatedLosses2022-10-012023-09-30028689832022-09-3002868983core:OtherPropertyPlantEquipment2023-09-3002868983core:OtherPropertyPlantEquipment2022-09-3002868983dpl:CostSalesdpl:Item12022-09-3002868983dpl:CostSalesdpl:Item12021-09-3002868983dpl:CostSalesdpl:Item12023-09-3002868983dpl:CostSalesdpl:Item12022-09-3002868983core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3002868983core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-3002868983core:CurrentFinancialInstruments2023-09-3002868983core:CurrentFinancialInstruments2022-09-3002868983core:ShareCapital2023-09-3002868983core:ShareCapital2022-09-3002868983core:RetainedEarningsAccumulatedLosses2023-09-3002868983core:RetainedEarningsAccumulatedLosses2022-09-3002868983core:ShareCapital2021-09-3002868983core:RetainedEarningsAccumulatedLosses2021-09-3002868983core:PlantMachinery2022-10-012023-09-3002868983core:FurnitureFittings2022-10-012023-09-3002868983core:ComputerEquipment2022-10-012023-09-3002868983core:OtherPropertyPlantEquipment2022-09-3002868983core:OtherPropertyPlantEquipment2022-10-012023-09-3002868983dpl:CostSalesdpl:Item12022-10-012023-09-3002868983dpl:CostSalesdpl:Item12021-10-012022-09-3002868983dpl:AdministrativeExpensesdpl:Item12022-10-012023-09-3002868983dpl:AdministrativeExpensesdpl:Item12021-10-012022-09-3002868983bus:PrivateLimitedCompanyLtd2022-10-012023-09-3002868983bus:FRS1022022-10-012023-09-3002868983bus:Audited2022-10-012023-09-3002868983bus:FullAccounts2022-10-012023-09-30xbrli:purexbrli:sharesiso4217:GBP