Company registration number 03522766 (England and Wales)
THE NOTHING VENTURED NOTHING GAINED COMPANY
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
THE NOTHING VENTURED NOTHING GAINED COMPANY
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
THE NOTHING VENTURED NOTHING GAINED COMPANY
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE NOTHING VENTURED NOTHING GAINED COMPANY FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Nothing Ventured Nothing Gained Company for the year ended 31 March 2024 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 The Nothing Ventured Nothing Gained Company, as a body, in accordance with the terms of our engagement letter dated 17 November 2023. Our work has been undertaken solely to prepare for your approval the financial statements of The Nothing Ventured Nothing Gained Company and state those matters that we have agreed to state to the board of directors of The Nothing Ventured Nothing Gained Company, 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 The Nothing Ventured Nothing Gained Company and its board of directors as a body, for our work or for this report.
It is your duty to ensure that The Nothing Ventured Nothing Gained Company 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 profit of The Nothing Ventured Nothing Gained Company. You consider that The Nothing Ventured Nothing Gained Company 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 The Nothing Ventured Nothing Gained Company. 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
23 September 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
THE NOTHING VENTURED NOTHING GAINED COMPANY
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
5,616,413
4,926,574
Current assets
Debtors
5
1,681
845
Cash at bank and in hand
37,751
157,519
39,432
158,364
Creditors: amounts falling due within one year
6
(8,128)
(13,072)
Net current assets
31,304
145,292
Total assets less current liabilities
5,647,717
5,071,866
Provisions for liabilities
(472,449)
(328,696)
Net assets
5,175,268
4,743,170
Capital and reserves
Called up share capital
7
1,608,711
1,608,711
Revaluation reserve
662,205
846,798
Profit and loss reserves
2,904,352
2,287,661
Total equity
5,175,268
4,743,170
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Mr D C Burall
Director
Company registration number 03522766 (England and Wales)
THE NOTHING VENTURED NOTHING GAINED COMPANY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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1
Accounting policies
Company information
The Nothing Ventured Nothing Gained Company is a private company limited by shares incorporated in England and Wales. The registered office is 2 Fordwater Gardens, 8 Fordwater Road, Chichester, West Sussex, United Kingdom, PO19 6PR.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows 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 directors have 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
Fixed asset investments
Fixed asset investments comprise of investments initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
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.
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
THE NOTHING VENTURED NOTHING GAINED COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
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1.6
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.
1.7
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons employed by the company during the year was 0 (2023 - 0).
3
Fixed asset investments
2024
2023
£
£
Other investments other than loans
5,616,413
4,926,574
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
4,926,574
Additions
1,249,210
Valuation changes
878,816
Disposals
(1,438,187)
At 31 March 2024
5,616,413
Carrying amount
At 31 March 2024
5,616,413
At 31 March 2023
4,926,574
THE NOTHING VENTURED NOTHING GAINED COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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4
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
5,616,413
4,926,574
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,681
845
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
6,543
11,633
Other creditors
1,585
1,439
8,128
13,072
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,608,711
1,608,711
1,608,711
1,608,711