Company Registration No. 13452736 (England and Wales)
VENKATESHWARA LONDON LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
VENKATESHWARA LONDON LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
VENKATESHWARA LONDON LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
17,330,458
17,330,458
Debtors
3
242,953
-
0
Cash at bank and in hand
1,536,830
26,550
19,110,241
17,357,008
Creditors: amounts falling due within one year
4
(5,135,301)
(6,310,898)
Net current assets
13,974,940
11,046,110
Capital and reserves
Called up share capital
5
15,065,500
10,262,000
Capital contribution reserve
-
0
1,500,000
Profit and loss reserves
(1,090,560)
(715,890)
Total equity
13,974,940
11,046,110

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 29 August 2024 and are signed on its behalf by:
P L  Gomashe
K S Ranade
Director
Director
Company Registration No. 13452736
VENKATESHWARA LONDON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Capital contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
310,000
-
(293,773)
16,227
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
(422,117)
(422,117)
Issue of share capital
5
9,952,000
-
-
9,952,000
Transfers
-
1,500,000
-
0
1,500,000
Balance at 31 March 2023
10,262,000
1,500,000
(715,890)
11,046,110
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
(374,670)
(374,670)
Issue of share capital
5
4,803,500
-
-
4,803,500
Transfers
-
(1,500,000)
-
0
(1,500,000)
Balance at 31 March 2024
15,065,500
-
(1,090,560)
13,974,940
VENKATESHWARA LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Venkateshwara London Limited is a private company limited by shares incorporated in England and Wales. The registered office is Squire Patton Boggs (UK) LLP (Ref:CSU), 60 London Wall, London, England, EC2M 5TQ.

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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Rental income is recognised in the period to which it relates.

1.3
Stocks

Stocks consists of property and is stated at the lower of cost and estimated selling price less costs to complete and sell. The cost comprises purchase cost together with associated legal and professional fees.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured cost.

VENKATESHWARA LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies measured at cost and are classified according to the substance of the contractual arrangements entered into.

2
Employees

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

2024
2023
Number
Number
Total
3
3
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
242,953
-
0
4
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
-
0
6,305,648
Other creditors
5,135,301
5,250
5,135,301
6,310,898

An amount of £5,015,759 included within other creditors is secured over the property held by the company and by a guarantee from a fellow group company.

5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
15,065,500
11,762,000
15,065,500
10,262,000

During the year 4,803,500 shares were issued at par.

6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

VENKATESHWARA LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Audit report information
(Continued)
- 5 -
Senior Statutory Auditor:
Miss Helen Louise Clayton BSc FCA
Statutory Auditor:
PM+M Solutions for Business LLP
Date of audit report:
29 August 2024
7
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

In June 2021 the company acquired the senior training ground and related property for £17,300,000 from The Blackburn Rovers Football & Athletic Limited ("BRFC"), a subsidiary of the ultimate parent company, Venkateshwara Hatcheries Pvt. Ltd. The sales value was determined by an independent valuer, assuming planning permission which has not yet been received. The proceeds carry interest at 4% above the State Bank of India base rate and were settled during the year.

 

An amount of £nil (2023 - £6,043,334) is outstanding at the year end in respect of this transaction. Interest arising on the loan in the period was £215,920 (2023 - £769,062). BRFC has entered into a lease to continue to use the training ground and rent of £356,000 (2023 - £356,000) arose for the period to 31 March 2024. A further amount of £nil (2023 - £262,314) was due to BRFC in relation to these transactions.

8
Parent company

The company is a wholly-owned subsidiary of Venkateshwara Hatcheries Pvt. Ltd, whose registered address is Venkateshwara House, S. No. 114/A/2 Pune-Sinhagad Road, Pune - 411 030, India.

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