14 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 115,352 32,394 400,000 400,000 144,000 144,000 256,000 xbrli:pure xbrli:shares iso4217:GBP 04726614 2023-07-01 2024-06-30 04726614 2024-06-30 04726614 2023-06-30 04726614 2022-07-01 2023-06-30 04726614 2023-06-30 04726614 2022-06-30 04726614 core:LandBuildings core:LongLeaseholdAssets 2023-07-01 2024-06-30 04726614 core:FurnitureFittings 2023-07-01 2024-06-30 04726614 core:MotorVehicles 2023-07-01 2024-06-30 04726614 bus:RegisteredOffice 2023-07-01 2024-06-30 04726614 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 04726614 bus:OrdinaryShareClass2 2023-07-01 2024-06-30 04726614 bus:OrdinaryShareClass3 2023-07-01 2024-06-30 04726614 bus:Director1 2023-07-01 2024-06-30 04726614 bus:Director2 2023-07-01 2024-06-30 04726614 bus:Director3 2023-07-01 2024-06-30 04726614 bus:Director4 2023-07-01 2024-06-30 04726614 bus:Director5 2023-07-01 2024-06-30 04726614 bus:CompanySecretary1 2023-07-01 2024-06-30 04726614 core:WithinOneYear 2024-06-30 04726614 core:WithinOneYear 2023-06-30 04726614 core:NetGoodwill 2023-06-30 04726614 core:LandBuildings 2023-06-30 04726614 core:FurnitureFittings 2023-06-30 04726614 core:MotorVehicles 2023-06-30 04726614 core:LandBuildings 2023-07-01 2024-06-30 04726614 core:AfterOneYear 2023-06-30 04726614 core:UKTax 2023-07-01 2024-06-30 04726614 core:UKTax 2022-07-01 2023-06-30 04726614 core:NetGoodwill 2023-07-01 2024-06-30 04726614 bus:AllOrdinaryShares 2023-07-01 2024-06-30 04726614 bus:AllOrdinaryShares 2022-07-01 2023-06-30 04726614 core:ShareCapital 2024-06-30 04726614 core:ShareCapital 2023-06-30 04726614 core:RetainedEarningsAccumulatedLosses 2024-06-30 04726614 core:RetainedEarningsAccumulatedLosses 2023-06-30 04726614 core:NetGoodwill 2023-06-30 04726614 core:LandBuildings 2023-06-30 04726614 core:FurnitureFittings 2023-06-30 04726614 core:MotorVehicles 2023-06-30 04726614 bus:SmallEntities 2023-07-01 2024-06-30 04726614 bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 04726614 bus:SmallCompaniesRegimeForDirectorsReport 2023-07-01 2024-06-30 04726614 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04726614 bus:FullAccounts 2023-07-01 2024-06-30 04726614 bus:OrdinaryShareClass1 2024-06-30 04726614 bus:OrdinaryShareClass1 2023-06-30 04726614 bus:OrdinaryShareClass2 2024-06-30 04726614 bus:OrdinaryShareClass2 2023-06-30 04726614 bus:OrdinaryShareClass3 2024-06-30 04726614 bus:OrdinaryShareClass3 2023-06-30 04726614 bus:AllOrdinaryShares 2024-06-30 04726614 bus:AllOrdinaryShares 2023-06-30 04726614 core:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 04726614 core:CloseFamilyMember1 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: 04726614
Village Ventures Limited
Unaudited Financial Statements
30 June 2024
Village Ventures Limited
Directors' Report
Year ended 30 June 2024
The directors present their report and the unaudited financial statements of the company for the year ended 30 June 2024 .
Directors
The directors who served the company during the year were as follows:
Mr A Thompson
Mrs A Thompson
Mr P Thompson
Mrs N Thompson
Mr R Thompson
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 23 August 2024 and signed on behalf of the board by:
Mr A Thompson
Roslyns Accounting Company Ltd
Director
Company Secretary
Registered office:
Roslyn's
The Quadrant
99 Parkway Avenue
Sheffield
S9 4WG
Village Ventures Limited
Statement of Income and Retained Earnings
Year ended 30 June 2024
2024
2023
Note
£
£
Turnover
4
551,395
749,233
Cost of sales
154,899
198,973
---------
---------
Gross profit
396,496
550,260
Administrative expenses
510,378
508,502
---------
---------
Operating (loss)/profit
5
( 113,882)
41,758
Other interest receivable and similar income
8
55
54
---------
---------
(Loss)/profit before taxation
( 113,827)
41,812
Tax on (loss)/profit
9
1,525
9,418
---------
--------
(Loss)/profit for the financial year and total comprehensive income
( 115,352)
32,394
---------
--------
All the activities of the company are from continuing operations.
Village Ventures Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
11
256,000
Tangible assets
12
62,177
----
---------
318,177
Current assets
Stocks
13
9,277
Debtors
14
10,828
Cash at bank and in hand
46,093
33,346
--------
--------
46,093
53,451
Creditors: amounts falling due within one year
15
1,984
67,924
--------
--------
Net current assets/(liabilities)
44,109
( 14,473)
--------
---------
Total assets less current liabilities
44,109
303,704
Creditors: amounts falling due after more than one year
16
60,250
--------
---------
Net assets
44,109
243,454
--------
---------
Capital and reserves
Called up share capital
19
1,000
1,000
Profit and loss account
20
43,109
242,454
--------
---------
Shareholders funds
44,109
243,454
--------
---------
For the year ending 30 June 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Village Ventures Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 23 August 2024 , and are signed on behalf of the board by:
Mr A Thompson
Director
Company registration number: 04726614
Village Ventures Limited
Statement of Cash Flows
Year ended 30 June 2024
2024
2023
£
£
Cash flows from operating activities
(Loss)/profit for the financial year
( 115,352)
32,394
Adjustments for:
Depreciation of tangible assets
13,500
15,573
Amortisation of intangible assets
16,000
Other interest receivable and similar income
( 55)
( 54)
Loss on disposal of tangible assets
71,903
Loss on disposal of intangible assets
34,525
Tax on (loss)/profit
1,525
9,418
Accrued income
( 3,932)
( 6,840)
Changes in:
Stocks
9,277
( 1,925)
Trade and other debtors
10,828
9,613
Trade and other creditors
( 114,364)
18,728
---------
--------
Cash generated from operations
( 92,145)
92,907
Interest received
55
54
Tax paid
( 9,419)
( 18,459)
---------
--------
Net cash (used in)/from operating activities
( 101,509)
74,502
---------
--------
Cash flows from investing activities
Purchase of tangible assets
( 3,157)
( 9,236)
Proceeds from sale of tangible assets
( 20,069)
Proceeds from sale of intangible assets
221,475
---------
--------
Net cash from/(used in) investing activities
198,249
( 9,236)
---------
--------
Cash flows from financing activities
Dividends paid
( 83,993)
( 71,728)
---------
--------
Net cash used in financing activities
( 83,993)
( 71,728)
---------
--------
Net increase/(decrease) in cash and cash equivalents
12,747
( 6,462)
Cash and cash equivalents at beginning of year
33,346
39,808
--------
--------
Cash and cash equivalents at end of year
46,093
33,346
--------
--------
Village Ventures Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Roslyn's, The Quadrant, 99 Parkway Avenue, Sheffield, S9 4WG.
2. Statement of compliance
These financial statements have been prepared in compliance with 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
£16000 per annum over 25 Years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
20% reducing balance
Fixtures and Fittings
-
20% reducing balance
Moror Vehicles
-
25% reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
551,395
749,233
---------
---------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating (loss)/profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Amortisation of intangible assets
16,000
Depreciation of tangible assets
13,500
15,573
Loss on disposal of tangible assets
71,903
Loss on disposal of intangible assets
34,525
--------
--------
6. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
14
15
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
226,768
287,708
Other pension costs
10,000
---------
---------
236,768
287,708
---------
---------
7. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
39,164
38,942
--------
--------
8. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
55
54
----
----
9. Tax on (loss)/profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
1,525
9,418
-------
-------
Tax on (loss)/profit
1,525
9,418
-------
-------
Reconciliation of tax expense
The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 19 % (2023: 19 %).
2024
2023
£
£
(Loss)/profit on ordinary activities before taxation
( 113,827)
41,812
---------
--------
(Loss)/profit on ordinary activities by rate of tax
( 21,627)
7,944
Effect of expenses not deductible for tax purposes
23,152
Effect of capital allowances and depreciation
1,474
---------
--------
Tax on (loss)/profit
1,525
9,418
---------
--------
10. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
83,993
71,728
--------
--------
Dividend on Equity Shares
11. Intangible assets
Goodwill
£
Cost
At 1 July 2023
400,000
Additions
Disposals
( 400,000)
---------
At 30 June 2024
---------
Amortisation
At 1 July 2023
144,000
Charge for the year
Disposals
( 144,000)
---------
At 30 June 2024
---------
Carrying amount
At 30 June 2024
---------
At 30 June 2023
256,000
---------
12. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
84,756
232,069
1,950
318,775
Additions
2,258
899
3,157
Disposals
( 87,014)
( 232,968)
( 1,950)
( 321,932)
--------
---------
-------
---------
At 30 June 2024
--------
---------
-------
---------
Depreciation
At 1 July 2023
51,971
203,024
1,603
256,598
Charge for the year
13,500
13,500
Disposals
( 51,971)
( 216,524)
( 1,603)
( 270,098)
--------
---------
-------
---------
At 30 June 2024
--------
---------
-------
---------
Carrying amount
At 30 June 2024
--------
---------
-------
---------
At 30 June 2023
32,785
29,045
347
62,177
--------
---------
-------
---------
13. Stocks
2024
2023
£
£
Liquor and food consumables
9,277
----
-------
14. Debtors
2024
2023
£
£
Prepayments and accrued income
10,828
----
--------
15. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
22,575
Accruals and deferred income
3,932
Corporation tax
1,524
9,418
Social security and other taxes
460
29,825
Other creditors
2,174
-------
--------
1,984
67,924
-------
--------
16. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
60,250
----
--------
17. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 10,000 (2023: £Nil).
18. Financial instruments
For financial instruments measured at fair value, the basis for determining fair value must be disclosed. When a valuation technique is used, the assumptions applied in determining fair value for each class of financial assets or financial liabilities must be disclosed. If a reliable measure of fair value is no longer available for ordinary or preference shares measured at fair value through profit or loss, this must also be disclosed.
19. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
A Shares shares of £ 1 each
400
400
400
400
B Shares shares of £ 1 each
200
200
200
200
C Shares shares of £ 1 each
400
400
400
400
-------
-------
-------
-------
1,000
1,000
1,000
1,000
-------
-------
-------
-------
20. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
21. Analysis of changes in net debt
At 1 Jul 2023
Cash flows
At 30 Jun 2024
£
£
£
Cash at bank and in hand
33,346
12,747
46,093
--------
--------
--------
22. Related party transactions
The company was under the control of Mr Ashley Thompson throughout the current and previous year. Mr Ashley Thompson is the managing director. Dividends of £83.993 were paid during the year.