Company registration number 03601888 (England and Wales)
VENCO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
VENCO LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
VENCO LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF VENCO LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Venco Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Venco Limited, as a body, in accordance with the terms of our engagement letter dated 25 April 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Venco Limited and state those matters that we have agreed to state to the board of directors of Venco Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Venco Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Venco Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Venco Limited. You consider that Venco Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Venco Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
7 May 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
VENCO LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
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2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,427
7,004
Investment property
4
3,375,000
3,375,000
Investments
5
1
1
3,380,428
3,382,005
Current assets
Debtors
6
7,572
8,577
Cash at bank and in hand
133,873
131,098
141,445
139,675
Creditors: amounts falling due within one year
7
(50,567)
(36,075)
Net current assets
90,878
103,600
Total assets less current liabilities
3,471,306
3,485,605
Creditors: amounts falling due after more than one year
8
(916,578)
(1,003,026)
Provisions for liabilities
(338,700)
(257,747)
Net assets
2,216,028
2,224,832
Capital and reserves
Called up share capital
9
101
101
Non-distributable profits reserve
1,358,979
1,439,932
Distributable profit and loss reserves
856,948
784,799
Total equity
2,216,028
2,224,832
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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.
VENCO LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
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The financial statements were approved and signed by the director and authorised for issue on 3 May 2024
Mrs V D Boulter
Director
Company registration number 03601888 (England and Wales)
VENCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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1
Accounting policies
Company information
Venco Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.
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, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director has considered relevant information, including the company’s principal risks and uncertaintiestrue and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the director has concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Turnover represents amounts receivable for rents derived only from letting of furnished properties. Rental income is recognised on a time apportionment basis.
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.
Tangible fixed assets other than investment properties are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less the estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
33% per annum straight line
Fixtures, fittings & equipment
20% per annum straight line
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.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
VENCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
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1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.8
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
All share capital has been allotted, called-up and fully paid.
1.10
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.
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).
VENCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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3
Tangible fixed assets
Computer equipment
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2023
7,159
62,742
69,901
Additions
589
589
At 31 December 2023
7,159
63,331
70,490
Depreciation and impairment
At 1 January 2023
6,081
56,816
62,897
Depreciation charged in the year
369
1,797
2,166
At 31 December 2023
6,450
58,613
65,063
Carrying amount
At 31 December 2023
709
4,718
5,427
At 31 December 2022
1,078
5,926
7,004
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
3,375,000
The investment properties were valued as at 31 December 2023 by the director on an open market value basis by reference to market evidence of transaction prices for similar properties. On an historical cost basis these would have been included at an original cost of £1,678,651 (2022 - £1,678,651).
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,936
Amounts owed by group undertakings
4,709
4,709
Other debtors
2,863
1,932
7,572
8,577
VENCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,140
480
Taxation and social security
20,626
7,469
Other creditors
26,801
28,126
50,567
36,075
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
398,410
495,508
Other creditors
518,168
507,518
916,578
1,003,026
Bank loans are secured upon the assets to which the finance relates.
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
101
101
101
101