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Registered number: 13718652
Suffolk Ventures Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Suffolk Tax Accountants Ltd
Hadleigh Office
9 Byford Court
Crockatt Road
Hadleigh, Ipswich
IP7 6RD
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 13718652
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 55,779 2,535
55,779 2,535
CURRENT ASSETS
Debtors 5 15,366 31,442
Cash at bank and in hand 16,639 59,428
32,005 90,870
Creditors: Amounts Falling Due Within One Year 6 (296,757 ) (191,378 )
NET CURRENT ASSETS (LIABILITIES) (264,752 ) (100,508 )
TOTAL ASSETS LESS CURRENT LIABILITIES (208,973 ) (97,973 )
NET LIABILITIES (208,973 ) (97,973 )
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account (209,073 ) (98,073 )
SHAREHOLDERS' FUNDS (208,973) (97,973)
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Anna Spencer
Director
22nd August 2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Suffolk Ventures Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13718652 . The registered office is Tunstall Hall Snape Road, Tunstall, Woodbridge, IP12 2JN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Property Turnover
Turnover from property rental income represents the fair value of rental receipts due for the period. Where deposits are taken these are included as accrued income within debtors. Where advance rental payments are made these are classified as deferred income within creditors.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 25 years straight line
Plant & Machinery 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 2)
3 2
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4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 December 2022 337 2,000 948 3,285
Additions 51,156 2,133 2,105 55,394
As at 30 November 2023 51,493 4,133 3,053 58,679
Depreciation
As at 1 December 2022 13 500 237 750
Provided during the period 1,037 425 688 2,150
As at 30 November 2023 1,050 925 925 2,900
Net Book Value
As at 30 November 2023 50,443 3,208 2,128 55,779
As at 1 December 2022 324 1,500 711 2,535
5. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 3,142 3,481
Employment Allowance 4,959 4,959
Deferred tax current asset 7,265 23,002
15,366 31,442
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other loans 120,000 120,000
Other taxes and social security 4,275 459
VAT 1,517 -
Net wages 24,092 1,255
Prepaid income 1,862 -
Accured expenses 5,721 12,098
Directors' loan accounts 139,290 57,566
296,757 191,378
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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