Company registration number 04689829 (England and Wales)
VENEZIA EXETER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
VENEZIA EXETER LIMITED
COMPANY INFORMATION
Directors
Mr M A Awad
Mrs J A Kedis
Ms A Paplomata
Secretary
Ms A Paplomata
Company number
04689829
Registered office
61 Waterside, Haven Banks
Exeter
Devon
United Kingdom
EX2 8GY
Accountants
Bush & Co Limited
2 Barnfield Crescent
Exeter
EX1 1QT
VENEZIA EXETER LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
VENEZIA EXETER LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
73,876
85,294
Current assets
Stocks
8,174
6,427
Debtors
5
11,153
8,887
Cash at bank and in hand
147,688
128,993
167,015
144,307
Creditors: amounts falling due within one year
6
(115,434)
(76,659)
Net current assets
51,581
67,648
Total assets less current liabilities
125,457
152,942
Creditors: amounts falling due after more than one year
7
(13,274)
(23,463)
Provisions for liabilities
(13,886)
(14,370)
Net assets
98,297
115,109
Capital and reserves
Called up share capital
1,000
1,000
Retained earnings
97,297
114,109
Total equity
98,297
115,109
VENEZIA EXETER LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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 by the board of directors and authorised for issue on 27 August 2024 and are signed on its behalf by:
Mr M A Awad
Director
Company Registration No. 04689829
VENEZIA EXETER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Venezia Exeter Limited is a private company limited by shares incorporated in England and Wales. The registered office is 61 Waterside, Haven Banks, Exeter, Devon, United Kingdom, EX2 8GY.

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
Turnover

Turnover represents income from bar and food sales excluding VAT.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

The goodwill has now been fully amortised.

1.4
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:

Leasehold improvements
Straight line over 15 years
Plant and equipment
Straight line over 10 years
Computers
Straight line over 5 years

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.

VENEZIA EXETER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
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 balance sheet 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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

VENEZIA EXETER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit or loss in the period to which they relate.

2
Employees

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

2024
2023
Number
Number
Total
16
20
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
150,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
150,000
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
VENEZIA EXETER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
28,383
140,143
168,526
Additions
-
0
1,998
1,998
At 31 March 2024
28,383
142,141
170,524
Depreciation and impairment
At 1 April 2023
9,822
73,410
83,232
Depreciation charged in the year
1,549
11,867
13,416
At 31 March 2024
11,371
85,277
96,648
Carrying amount
At 31 March 2024
17,012
56,864
73,876
At 31 March 2023
18,561
66,733
85,294
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
22
-
0
Other debtors
11,131
8,887
11,153
8,887
VENEZIA EXETER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
11,450
9,938
Trade creditors
26,766
15,025
Taxation and social security
29,998
16,855
Other creditors
47,220
34,841
115,434
76,659
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,274
23,463
8
Related party transactions

Included in other creditors are amounts owed to the directors' of £35,414. The loans are interest free and carry no fixed terms of repayments.

2024-03-312023-04-01false27 August 2024CCH SoftwareCCH Accounts Production 2024.100The principal activity throughout the year was that of a restaurant.
Mr M A AwadMrs J A KedisMs A PaplomataMs A Paplomatafalsefalse
046898292023-04-012024-03-3104689829bus:Director12023-04-012024-03-3104689829bus:Director22023-04-012024-03-3104689829bus:CompanySecretaryDirector12023-04-012024-03-3104689829bus:CompanySecretary12023-04-012024-03-3104689829bus:Director32023-04-012024-03-3104689829bus:RegisteredOffice2023-04-012024-03-31046898292024-03-31046898292023-03-3104689829core:LandBuildings2024-03-3104689829core:OtherPropertyPlantEquipment2024-03-3104689829core:LandBuildings2023-03-3104689829core:OtherPropertyPlantEquipment2023-03-3104689829core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3104689829core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3104689829core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3104689829core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3104689829core:CurrentFinancialInstruments2024-03-3104689829core:CurrentFinancialInstruments2023-03-3104689829core:ShareCapital2024-03-3104689829core:ShareCapital2023-03-3104689829core:RetainedEarningsAccumulatedLosses2024-03-3104689829core:RetainedEarningsAccumulatedLosses2023-03-3104689829core:Goodwill2023-04-012024-03-3104689829core:LeaseholdImprovements2023-04-012024-03-3104689829core:PlantMachinery2023-04-012024-03-3104689829core:ComputerEquipment2023-04-012024-03-31046898292022-04-012023-03-3104689829core:NetGoodwill2023-03-3104689829core:NetGoodwill2024-03-3104689829core:NetGoodwill2023-03-3104689829core:LandBuildings2023-03-3104689829core:OtherPropertyPlantEquipment2023-03-31046898292023-03-3104689829core:LandBuildings2023-04-012024-03-3104689829core:OtherPropertyPlantEquipment2023-04-012024-03-3104689829core:WithinOneYear2024-03-3104689829core:WithinOneYear2023-03-3104689829core:Non-currentFinancialInstruments2024-03-3104689829core:Non-currentFinancialInstruments2023-03-3104689829bus:PrivateLimitedCompanyLtd2023-04-012024-03-3104689829bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3104689829bus:FRS1022023-04-012024-03-3104689829bus:AuditExemptWithAccountantsReport2023-04-012024-03-3104689829bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP