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Registration number: 13978146

Venture Systems Group Limited
(formerly Venture Systems TRA Limited)

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Venture Systems Group Limited
(formerly Venture Systems TRA Limited)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Venture Systems Group Limited
(formerly Venture Systems TRA Limited)

Company Information

Directors

Mr T R Payne

Mr R Bessell

Mr R M Mathieson

Mr A Hawes

Registered office

101 Lincoln House
1 Brixton Road
Kennington
London
SW9 6DE

Registered number

13978146

Accountants

Ripe LLP
Chartered Accountants
9A Burroughs Gardens
London
NW4 4AU

 

Venture Systems Group Limited
(formerly Venture Systems TRA Limited)

(Registration number: 13978146)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

5,776

-

Tangible assets

5

4,221

-

 

9,997

-

Current assets

 

Debtors

6

3,827,000

1,775,664

Cash at bank and in hand

 

157,896

206,592

 

3,984,896

1,982,256

Creditors: Amounts falling due within one year

7

(2,473,990)

(1,932,550)

Net current assets

 

1,510,906

49,706

Net assets

 

1,520,903

49,706

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

1,520,803

49,606

Shareholders' funds

 

1,520,903

49,706

 

Venture Systems Group Limited
(formerly Venture Systems TRA Limited)

(Registration number: 13978146)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Mr T R Payne
Director

.........................................
Mr R Bessell
Director

.........................................
Mr R M Mathieson
Director

.........................................
Mr A Hawes
Director

 

Venture Systems Group Limited
(formerly Venture Systems TRA Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The company was formerly known as Venture Systems TRA Limited.

The address of its registered office is:
101 Lincoln House
1 Brixton Road
Kennington
London
SW9 6DE

These financial statements were authorised for issue by the Board on 31 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£) and figures are shown to the nearest whole pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Venture Systems Group Limited
(formerly Venture Systems TRA Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and Office equipment

25% on reducing balance

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Venture Systems Group Limited
(formerly Venture Systems TRA Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 3).

 

Venture Systems Group Limited
(formerly Venture Systems TRA Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

7,155

7,155

At 31 December 2023

7,155

7,155

Amortisation

Amortisation charge

1,379

1,379

At 31 December 2023

1,379

1,379

Carrying amount

At 31 December 2023

5,776

5,776

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

4,470

4,470

At 31 December 2023

4,470

4,470

Depreciation

Charge for the year

249

249

At 31 December 2023

249

249

Carrying amount

At 31 December 2023

4,221

4,221

 

Venture Systems Group Limited
(formerly Venture Systems TRA Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

2,839,045

1,067,910

Prepayments

14,820

-

Other debtors

973,135

707,754

 

3,827,000

1,775,664

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Trade creditors

 

10,784

116,678

Amounts owed to group undertakings

11

119,889

228,386

Taxation and social security

 

369,212

49,586

Other creditors

 

1,974,105

1,537,900

 

2,473,990

1,932,550

Included in other creditors is a factoring liability of £939,397 secured against trade debtors.

8

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £977 (2022 - £Nil).

Contributions totalling £1,108 (2022 - £Nil) were payable to the scheme at the end of the year and are included in creditors.

 

Venture Systems Group Limited
(formerly Venture Systems TRA Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Dividends

2023

2022

£

£

Interim dividend of £6,630.26 (2022 - £1,615.14) per ordinary share

663,026

161,514

 

 

11

Related party transactions

Boss Professional Services Limited
Parent company

At the balance sheet date, the company owed £46,086 to Boss Professional Services Limited.

Boss ERP Consulting Limited
Under common control

At the balance sheet date, the company owed £73,803 to Boss ERP Consulting Limited.