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Registered number: 06779858










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





















 
VENAGLASS COURTFIELD (COMMERCIAL) LIMITED
 
 
Company Information


Directors
J H Vaughan 
L P Vaughan 




Company secretary
Boodle Hatfield Secretarial Limited



Registered number
06779858



Registered office
3rd Floor
12 Gough Square

London

EC4A 3DW





 
VENAGLASS COURTFIELD (COMMERCIAL) LIMITED
Registered number: 06779858

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
549,625
556,016

Investment property
 5 
5,860,784
6,585,936

  
6,410,409
7,141,952

Current assets
  

Debtors: amounts falling due within one year
 6 
3,346,632
3,363,387

Cash at bank and in hand
  
193,290
139,163

  
3,539,922
3,502,550

Creditors: amounts falling due within one year
 7 
(10,406,200)
(9,979,953)

Net current liabilities
  
 
 
(6,866,278)
 
 
(6,477,403)

Total assets less current liabilities
  
(455,869)
664,549

Creditors: amounts falling due after more than one year
 8 
(1,473,684)
(1,522,943)

  

Net liabilities
  
(1,929,553)
(858,394)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
 10 
(1,929,554)
(858,395)

  
(1,929,553)
(858,394)


Page 1

 
VENAGLASS COURTFIELD (COMMERCIAL) LIMITED
Registered number: 06779858
    
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 profit and loss account 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 9 form part of these financial statements.

Page 2

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

1.


General information

Venaglass Courtfield (Commercial) Limited is a private limited company incorporated in the United Kingdom and registered in England and Wales. The company's registered office is 3rd Floor, 12 Gough Square, London, EC4A 3DW.
The principal activity of the company during the year was 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis, despite the excess of liabilities over total assets. The Directors consider this to be appropriate as the shareholder will provide financial support to enable the company to meet its liabilities and commitments as they fall due for the forseeable future. 

 
2.3

Turnover

Turnover represents rental income and other recharged expenses receivable during the year exclusive of Value Added Tax.
Rental income is recognised on a straight line basis over the term of the lease. Other recharged expenses are recognised on an accruals basis in the period in which it occurs.

 
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.

Page 3

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

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation 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.

 
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. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Debtors

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

 
2.7

Cash and cash equivalents

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

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

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

2.Accounting policies (continued)

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 3).


4.


Tangible fixed assets





Freehold property
Fixtures & fittings
Total

£
£
£



Cost


At 1 January 2023
530,561
33,871
564,432



At 31 December 2023

530,561
33,871
564,432



Depreciation


At 1 January 2023
-
8,416
8,416


Charge for the year on owned assets
-
6,391
6,391



At 31 December 2023

-
14,807
14,807



Net book value



At 31 December 2023
530,561
19,064
549,625



At 31 December 2022
530,561
25,455
556,016

Page 5

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

5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
6,585,936


Additions at cost
363,113


Surplus on revaluation
(1,088,265)



At 31 December 2023
5,860,784

The 2020 valuations were made by the Directors, on an open market value for existing use basis.




Page 6

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

6.


Debtors

2023
2022
£
£


Trade debtors
144,302
121,941

Amounts owed by group undertakings
2,965,023
2,950,798

Other debtors
237,307
290,648

3,346,632
3,363,387



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
61,585
60,514

Trade creditors
33,204
151,065

Amounts owed to group undertakings
10,145,499
9,691,086

Other taxation and social security
37,370
2,524

Other creditors
128,542
74,764

10,406,200
9,979,953


Page 7

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

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,342,462
1,404,858

Other creditors
131,222
118,085

1,473,684
1,522,943


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable in full
38,578
108,274

38,578
108,274


The bank loan of £1,342,462 due after more than one year and £61,585 due within one year (see note 7) represents a loan of £1,500,000 less unamortised loan arrangement fee and issue costs of £23,183. The loan is repayable in January 2025 and is secured by way of a fixed legal charge over the company's investment property.


9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
61,585
60,514


61,585
60,514

Amounts falling due 1-2 years

Bank loans
1,342,462
1,404,858


1,342,462
1,404,858



1,404,047
1,465,372


Page 8

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

10.


Reserves

Profit & loss account

The profit and loss account includes non distributable reserves of £780,988 (2022: £1,869,253).


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.
As at 31 December 2023 the company was owed £216,170 (2022: £147,000) from entities with a common Director. The loans are provided interest free and are repayable on demand.
As at 31 December 2023 the company was owed £217,200 (2022: £169,200) from an unincorporated entity related to a Director. The loan is interest free and is repayable on demand.

 
Page 9