Registered number
11351505
GRAND VENUE LTD
Filleted Accounts
31 May 2024
GRAND VENUE LTD
Registered number: 11351505
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 94,509 23,358
Current assets
Debtors 4 22,419 5,529
Investments held as current assets 5 130,000 130,000
Cash at bank and in hand 18,625 34,010
171,044 169,539
Creditors: amounts falling due within one year 6 (86,019) (43,890)
Net current assets 85,025 125,649
Net assets 179,534 149,007
Capital and reserves
Called up share capital 100 100
Profit and loss account 179,434 148,907
Shareholders' funds 179,534 149,007
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sajid Patel
Director
Approved by the board on 16 September 2024
GRAND VENUE LTD
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% Straight line basis
Motor vehicle 15% Straight line basis
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 30,262 - 30,262
Additions 6,271 75,000 81,271
At 31 May 2024 36,533 75,000 111,533
Depreciation
At 1 June 2023 6,904 - 6,904
Charge for the year 7,307 2,813 10,120
At 31 May 2024 14,211 2,813 17,024
Net book value
At 31 May 2024 22,322 72,187 94,509
At 31 May 2023 23,358 - 23,358
4 Debtors 2024 2023
£ £
Other taxes and social security 8,023 -
Other debtors 14,396 5,529
22,419 5,529
5 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments 130,000 130,000
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 16,977 33,142
Taxation and social security costs 4,339 -
Directors loan account 58,979 3,908
Other creditors 5,724 6,840
86,019 43,890
7 Other information
GRAND VENUE LTD is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2
Harrison Street
Blackburn
Lancashire
BB2 2JE
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