Registered number
11465189
N & G Ventures Ltd
Filleted Accounts
31 July 2023
N & G Ventures Ltd
Registered number: 11465189
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,696,281 1,103,327
Current assets
Debtors 4 409,764 1,501
Cash at bank and in hand 283,905 24,193
693,669 25,694
Creditors: amounts falling due within one year 5 (1,784,668) (745,849)
Net current liabilities (1,090,999) (720,155)
Total assets less current liabilities 605,282 383,172
Creditors: amounts falling due after more than one year 6 (491,135) (275,961)
Net assets 114,147 107,211
Capital and reserves
Called up share capital 1 1
Profit and loss account 114,146 107,210
Shareholder's funds 114,147 107,211
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Nuchem SCHLAFF
Director
Approved by the board on 29 July 2024
N & G Ventures Ltd
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 August 2022 1,103,327
Additions 592,954
At 31 July 2023 1,696,281
Depreciation
At 31 July 2023 -
Net book value
At 31 July 2023 1,696,281
At 31 July 2022 1,103,327
4 Debtors 2023 2022
£ £
Trade debtors 4,213 -
Other debtors 405,551 1,501
409,764 1,501
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 480,000 230,000
Taxation and social security costs 1,633 6,414
Other creditors 1,303,035 509,435
1,784,668 745,849
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 491,135 275,961
7 Other information
N & G Ventures Ltd is a private company limited by shares and incorporated in England. Its registered office is:
158 Cromwell Road
Salford
M6 6DE
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