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Registration number: 10577704

Venture Vehicles Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Venture Vehicles Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Venture Vehicles Ltd

Company Information

Directors

S Parsons

C Parsons

Registered office

Peak Gateway Leisure Park Moor Lane
Osmaston
Ashbourne
Derbyshire
DE6 1NA

Accountants

Coates and Partners Limited
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

Venture Vehicles Ltd

(Registration number: 10577704)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,119

554

Current assets

 

Stocks

105,450

101,747

Debtors

5

679

6,063

Cash at bank and in hand

 

25,828

10,090

 

131,957

117,900

Creditors: Amounts falling due within one year

6

(28,995)

(30,087)

Net current assets

 

102,962

87,813

Total assets less current liabilities

 

104,081

88,367

Creditors: Amounts falling due after more than one year

6

(84,031)

(92,517)

Provisions for liabilities

213

-

Net assets/(liabilities)

 

20,263

(4,150)

Capital and reserves

 

Called up share capital

102

102

Retained earnings

20,161

(4,252)

Shareholders' funds/(deficit)

 

20,263

(4,150)

 

Venture Vehicles Ltd

(Registration number: 10577704)
Balance Sheet as at 31 December 2023 (continued)

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 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

Approved and authorised by the Board on 2 September 2024 and signed on its behalf by:
 

.........................................
C Parsons
Director

   
     
 

Venture Vehicles Ltd

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 registration number: 10577704.

The address of its registered office is:
Peak Gateway Leisure Park Moor Lane
Osmaston
Ashbourne
Derbyshire
DE6 1NA
United Kingdom

These financial statements were authorised for issue by the Board on 2 September 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 presentation currency is £ sterling.

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 Vehicles Ltd

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

2

Accounting policies (continued)

Government grants

Government grants received are only recognised when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received. Government grants are recognised in the profit and loss account on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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 and fixtures

20% reducing balance

Office equipment

33% straight line method

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Venture Vehicles Ltd

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

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Furniture and fixtures
£

Total
£

Cost or valuation

At 1 January 2023

1,656

1,656

Additions

1,140

1,140

At 31 December 2023

2,796

2,796

Depreciation

At 1 January 2023

1,102

1,102

Charge for the year

575

575

At 31 December 2023

1,677

1,677

Carrying amount

At 31 December 2023

1,119

1,119

At 31 December 2022

554

554

 

Venture Vehicles Ltd

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

5

Debtors

Current

2023
£

2022
£

Trade debtors

-

6,000

Prepayments

63

63

Other debtors

616

-

 

679

6,063

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

4,631

4,556

Trade creditors

 

2,776

2,693

Taxation and social security

 

2,729

951

Accruals and deferred income

 

2,859

2,639

Other creditors

 

16,000

19,248

 

28,995

30,087

Creditors include a Bounce Back Loan which is secured by the Government amounting to £4,631 (2022 - £4,556).

 

Venture Vehicles Ltd

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

6

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

32,831

35,154

Other creditors

 

51,200

57,363

 

84,031

92,517

Creditors include a Bounce Back Loan which is secured by the Government amounting to £32,831 (2022 - £35,154).