Company Registration No. 08344667 (England and Wales)
TRANSFORM VENUE LTD
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
TRANSFORM VENUE LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
406,491
15,114
Current assets
Debtors
4
43,909
43,246
Cash at bank and in hand
70,224
227,062
114,133
270,308
Creditors: amounts falling due within one year
5
(61,670)
(90,314)
Net current assets
52,463
179,994
Total assets less current liabilities
458,954
195,108
Creditors: amounts falling due after more than one year
6
(309,298)
(41,552)
Provisions for liabilities
(4,781)
(3,391)
Net assets
144,875
150,165
Capital and reserves
Called up share capital
7
119
116
Profit and loss reserves
144,756
150,049
Total equity
144,875
150,165
TRANSFORM VENUE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
2
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 January 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 members have 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 25 October 2024 and are signed on its behalf by:
Mr J Maclaren
Director
Company Registration No. 08344667
TRANSFORM VENUE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
3
1
Accounting policies
Company information
Transform Venue Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit B1, Empress Park, 179 Empress Road, Southampton, SO14 0JX.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
4% straight line
Plant and machinery
20% straight line
Fixtures, fittings and equipment
20% straight line
Computer equipment
25% straight line
Motor vehicles
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
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.
TRANSFORM VENUE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies (Continued)
4
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and loans, 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.
1.5
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences between the treatment for certain items for taxation and accounting purposes. 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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
TRANSFORM VENUE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies (Continued)
5
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
6
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2023
76,306
76,306
Additions
407,450
5,585
413,035
At 31 January 2024
407,450
81,891
489,341
Depreciation and impairment
At 1 February 2023
61,192
61,192
Depreciation charged in the year
16,299
5,359
21,658
At 31 January 2024
16,299
66,551
82,850
Carrying amount
At 31 January 2024
391,151
15,340
406,491
At 31 January 2023
15,114
15,114
TRANSFORM VENUE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
6
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
43,331
36,387
Other debtors
578
6,859
43,909
43,246
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
12,544
5,529
Trade creditors
13,547
25,474
Taxation and social security
26,753
51,046
Other creditors
8,826
8,265
61,670
90,314
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
309,298
38,117
Other creditors
3,435
309,298
41,552
Included within Other creditors due within one year and amounts falling due after one year are finance lease and mortgage obligations amounting to £282,714 (2023: £3,435) which are secured on the assets concerned.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
211,782
14,698
TRANSFORM VENUE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
7
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
119
116
119
116
During the year 3 ordinary shares were issued.