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Registered number: 06779857










VENAGLASS COURTFIELD (RESIDENTIAL) LIMITED
UNAUDITED
ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023



















 
VENAGLASS COURTFIELD (RESIDENTIAL) LIMITED
 
 
Company Information


Directors
J H Vaughan 
L P Vaughan 




Company secretary
Boodle Hatfield Secretarial Limited



Registered number
06779857



Registered office
3rd Floor
12 Gough Square

London

EC4A 3DW





 
VENAGLASS COURTFIELD (RESIDENTIAL) LIMITED
Registered number: 06779857

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
75,246
76,311

Investments
 5 
50,000
50,000

Investment property
 6 
7,050,141
7,410,487

  
7,175,387
7,536,798

Current assets
  

Debtors: amounts falling due within one year
 7 
17,037
29,108

Cash at bank and in hand
  
6,076
40,117

  
23,113
69,225

Creditors: amounts falling due within one year
 8 
(7,553,164)
(7,563,475)

Net current liabilities
  
 
 
(7,530,051)
 
 
(7,494,250)

Total assets less current liabilities
  
(354,664)
42,548

Provisions for liabilities
  

Deferred tax
 9 
(34,869)
(200,264)

  
 
 
(34,869)
 
 
(200,264)

Net liabilities
  
(389,533)
(157,716)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
 10 
(389,534)
(157,717)

  
(389,533)
(157,716)


Page 1

 
VENAGLASS COURTFIELD (RESIDENTIAL) LIMITED
Registered number: 06779857
    
Balance sheet (continued)
As at 31 December 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2024.




J H Vaughan
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
VENAGLASS COURTFIELD (RESIDENTIAL) LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

1.


General information

Venaglass Courtfield (Residential) Limited is a private company limited by shares and is incorporated in the United Kingdom and registered in England and Wales. The registered office is 3rd Floor, 12 Gough Square, London, EC4A 3DW. 
The principal activity of the company during the year continued to be that of property investment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared by the directors under the going concern basis. The directors consider this appropriate as Venaglass Limited, a fellow group company, will continue to support and maintain its funding for at least the next twelve months from the date of approval of these accounts.

 
2.3

Turnover

Turnover represents rental income receivable during the year exclusive of Value Added Tax.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures & fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 
VENAGLASS COURTFIELD (RESIDENTIAL) LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.5

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries and unlisted investments are measured at cost less accumulated impairment.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.8

Cash and cash equivalents

Cash is represented by deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.9

Creditors

Short-term creditors are measured at the transaction price. 

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 4

 
VENAGLASS COURTFIELD (RESIDENTIAL) LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees



The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 5

 
VENAGLASS COURTFIELD (RESIDENTIAL) LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

4.


Tangible fixed assets





Fishing rights
Fixtures & fittings
Total

£
£
£



Cost 


At 1 January 2023
60,000
83,587
143,587


Additions
-
3,287
3,287



At 31 December 2023

60,000
86,874
146,874



Depreciation


At 1 January 2023
-
67,276
67,276


Charge for the year on owned assets
-
4,352
4,352



At 31 December 2023

-
71,628
71,628



Net book value



At 31 December 2023
60,000
15,246
75,246



At 31 December 2022
60,000
16,311
76,311


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
50,000



At 31 December 2023
50,000






Net book value



At 31 December 2023
50,000



At 31 December 2022
50,000

Page 6

 
VENAGLASS COURTFIELD (RESIDENTIAL) LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

6.


Investment property


Freehold investment properties

£



Valuation


At 1 January 2023
7,410,487


Surplus on revaluation
(360,346)



At 31 December 2023
7,050,141

The 2023 valuations were made by the Directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
6,466,085
6,466,085

6,466,085
6,466,085


7.


Debtors

2023
2022
£
£


Trade debtors
8,301
7,717

Other debtors
8,736
21,391

17,037
29,108



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
4,059
2,735

Amounts owed to group undertakings
7,498,392
7,504,693

Other taxation and social security
291
492

Other creditors
50,422
55,555

7,553,164
7,563,475


Page 7

 
VENAGLASS COURTFIELD (RESIDENTIAL) LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

9.


Deferred taxation




2023


£






At beginning of year
(200,263)


Charged to profit or loss
165,395



At end of year
(34,868)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(3,811)
(4,078)

Tax losses carried forward
309,512
183,753

Gains on investment properties
(340,569)
(379,939)

(34,868)
(200,264)


10.


Reserves

Profit & loss account

Included in the profit and loss account are non distributable reserves of £527,980 (2022: £848,956).


11.


Related party transactions

The company has adopted the exemption permitted by paragraph 33.1A of FRS 102 and has not disclosed transactions with other group members, which are wholly owned subsidiaries.

 
Page 8