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Company registration number: 08401626

Little Venice Developments Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Little Venice Developments Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Little Venice Developments Limited

(Registration number: 08401626)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

13,200

13,227

Investments

5

1,568,044

1,568,044

 

1,581,244

1,581,271

Current assets

 

Stocks

6

8,762,477

8,741,865

Debtors

7

3,611,537

3,537,211

Cash at bank and in hand

 

40,859

85,914

 

12,414,873

12,364,990

Creditors: Amounts falling due within one year

8

(20,083,814)

(17,783,863)

Net current liabilities

 

(7,668,941)

(5,418,873)

Total assets less current liabilities

 

(6,087,697)

(3,837,602)

Creditors: Amounts falling due after more than one year

8

(7,373,000)

(7,373,000)

Net liabilities

 

(13,460,697)

(11,210,602)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(13,460,698)

(11,210,603)

Total equity

 

(13,460,697)

(11,210,602)

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.

Director's 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 Director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the director on 9 September 2024 .
 

M J Penkethman
Director

   
 

Little Venice Developments Limited

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.

The address of its registered office is:
Morley House
36 Acreman Street
Sherborne
Dorset
DT9 3NX

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.

These financial statements are presented in Sterling (£).

Group accounts not prepared

The Company is part of a small group. The Company has taken advantage of the exemption provided by section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The Company reports a loss for the period and correspondingly reports net liabilities at 31 December 2023. Both shareholder and director have expressed their commitment in providing continuing financial support to the Company and confirmed they do not intend to withdraw any funding already committed to within 12 months of the date of signing these accounts. For this reason the Director considers that the preparation of the accounts on the going concern basis is appropriate.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Little Venice Developments Limited

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

Depreciation of tangible assets

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

Short leasehold property

Over the remaining term of the lease

Furniture, fittings and equipment

25% Straight line method

Artwork

Not depreciated

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a normal business basis.

At each reporting date, stocks are assessed for impairment. If stock is 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.

Work in progress is valued at the lower of cost and net realisable value. Costs includes all direct expenditure and an appropriate proportion of overheads.

At each reporting date, work in progress is assessed for impairment. If work in progress is 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.

Work in progress is recognised in cost of sales based on the proportion of costs incurred in the production of goods sold as a proportion of the estimated total costs of production.

 

Little Venice Developments Limited

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

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Interest income

Interest income is recognised in the Profit and loss account and retained earnings using the effective interest method.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year was 1 (2022 - 1).

 

Little Venice Developments Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Artwork
£

Total
£

Cost or valuation

At 1 January 2023

23,830

13,200

37,030

At 31 December 2023

23,830

13,200

37,030

Depreciation

At 1 January 2023

23,803

-

23,803

Charge for the year

27

-

27

At 31 December 2023

23,830

-

23,830

Carrying amount

At 31 December 2023

-

13,200

13,200

At 31 December 2022

27

13,200

13,227

5

Investments

2023
£

2022
£

Investments in subsidiaries

1,568,044

1,568,044

Subsidiaries

£

Cost or valuation

At 1 January 2023 and 31 December 2023

1,568,044

Carrying amount

At 1 January 2023 and 31 December 2023

1,568,044

6

Stocks

2023
£

2022
£

Properties held for sale

8,762,477

8,741,865

 

Little Venice Developments Limited

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

7

Debtors

2023
 £

2022
 £

Amounts owed by group undertakings and undertakings in which the Company has a participating interest

3,445,343

3,297,582

Other debtors

 

166,194

239,629

 

3,611,537

3,537,211

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

32,787

27,585

Other creditors

 

20,051,027

17,756,278

 

20,083,814

17,783,863

Due after one year

 

Loans and borrowings

9

7,373,000

7,373,000


Other creditors include £5,759,449 (2022: £5,759,449) on which security has been given by the Company on certain property held as stock.

Loans and borrowings include a bank loan of £3,573,000 (2022: £3,573,000) on which security has been given by the Company on certain property held as stock.

Loans and borrowings include a further bank loan of £3,800,000 (2022: £3,800,000) on which security has been given by the Company’s subsidiary undertaking on property held as investment property. Interest and charges incurred on this bank loan are recognised in the subsidiary undertaking’s financial statements.

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

7,373,000

7,373,000