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REGISTERED NUMBER: 05032440 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

RAPTURE VENUES LIMITED

RAPTURE VENUES LIMITED (REGISTERED NUMBER: 05032440)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RAPTURE VENUES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: M R Deans
P Deans





SECRETARY: M R Deans





REGISTERED OFFICE: 7 Checkpoint Court
Sadler Road
Lincoln
Lincolnshire
LN6 3PW





REGISTERED NUMBER: 05032440 (England and Wales)

RAPTURE VENUES LIMITED (REGISTERED NUMBER: 05032440)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 116,872 92,008
Investment property 6 765,000 845,780
881,872 937,788

CURRENT ASSETS
Debtors 7 79,444 312,831
Cash at bank 80,990 26,906
160,434 339,737
CREDITORS
Amounts falling due within one year 8 145,438 268,966
NET CURRENT ASSETS 14,996 70,771
TOTAL ASSETS LESS CURRENT
LIABILITIES

896,868

1,008,559

CREDITORS
Amounts falling due after more than one
year

9

(314,297

)

(425,985

)

PROVISIONS FOR LIABILITIES 11 (4,467 ) (4,467 )
NET ASSETS 578,104 578,107

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 12 19,044 19,044
Retained earnings 559,058 559,061
578,104 578,107

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RAPTURE VENUES LIMITED (REGISTERED NUMBER: 05032440)

BALANCE SHEET - continued
30 NOVEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





M R Deans - Director


RAPTURE VENUES LIMITED (REGISTERED NUMBER: 05032440)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Rapture Venues Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies.

The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
No significant judgements have had to be made by the directors in preparing these financial statements.

The directors have made key assumptions in the determination of fair value of investment properties in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the assets.

REVENUE
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income
Revenue comprises rental income and recharges receivable by the company in respect of the letting of investment property owned by the company.
Rental income is recognised on a time basis and is measured over the duration of each respective tenancy agreement, but, is only recognised to the extent that it is probable that the economic benefits will flow to the company, the amount of revenue can be reliably measured and it is probable that the company will receive the consideration due under the tenancy agreement.
Revenue is measured as the fair value of the consideration received or receivable.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business, has been fully amortised.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

RAPTURE VENUES LIMITED (REGISTERED NUMBER: 05032440)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

3. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their estimated residual value over their estimated useful lives..

Depreciation is provided on the following bases:
Plant and machinery - 10% to 20% straight line
Fixtures and fittings - 20% straight line
Motor vehicles - 20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing thee proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

INVESTMENT PROPERTY
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.

Investment property whose fair value can be measured reliably are recorded at fair value with any surplus or deficit on revaluation being recognised in the income statement accumulated in a non-distributable reserve.

No depreciation is charged on investment property.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

RAPTURE VENUES LIMITED (REGISTERED NUMBER: 05032440)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 December 2022 60,830 50,000 110,830
Additions - 45,006 45,006
At 30 November 2023 60,830 95,006 155,836
DEPRECIATION
At 1 December 2022 17,989 833 18,822
Charge for year 6,463 13,679 20,142
At 30 November 2023 24,452 14,512 38,964
NET BOOK VALUE
At 30 November 2023 36,378 80,494 116,872
At 30 November 2022 42,841 49,167 92,008

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022 845,780
Disposals (80,780 )
At 30 November 2023 765,000
NET BOOK VALUE
At 30 November 2023 765,000
At 30 November 2022 845,780

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2018 29,130
Valuation in 2019 27,240
Valuation in 2020 45,091
Valuation in 2022 (77,950 )
Cost 741,489
765,000

Investment property was valued on an open market value basis on 30 November 2023 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 79,444 312,831

RAPTURE VENUES LIMITED (REGISTERED NUMBER: 05032440)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 29,580 15,405
Trade creditors 222 -
Other creditors 105,636 243,561
145,438 268,966

Other creditors include an amount of £100,226 (2022 - £238,308) due to the director, Mr M Deans.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 15,644 25,472
Hire purchase contracts 37,849 30,810
Other creditors 260,804 369,703
314,297 425,985

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 260,804 369,703

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 25,644 35,472
Other loans 260,804 369,703
286,448 405,175

The bank loans and other loans are secured by a debenture over the company assets and first charges over the investment property owned by the company

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 4,467 4,467

Deferred
tax
£   
Balance at 1 December 2022 4,467
Balance at 30 November 2023 4,467

RAPTURE VENUES LIMITED (REGISTERED NUMBER: 05032440)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

12. RESERVES
Fair
value
reserve
£   
At 1 December 2022
and 30 November 2023 19,044