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Registration number: 01150025

Venture Contract Lighting Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Venture Contract Lighting Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Venture Contract Lighting Limited

Company Information

Director

Mr Neil David Pettit

Registered office

59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB

Accountants

Jacobs Allen Limited
Chartered Accountants & Chartered Tax Advisers
59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB

 

Venture Contract Lighting Limited

(Registration number: 01150025)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

11,065

6,548

Investment property

5

750,000

750,000

 

761,065

756,548

Current assets

 

Debtors

6

3,569

9,040

Cash at bank and in hand

 

9,550

1,181,373

 

13,119

1,190,413

Creditors: Amounts falling due within one year

7

(46,512)

(227,934)

Net current (liabilities)/assets

 

(33,393)

962,479

Total assets less current liabilities

 

727,672

1,719,027

Provisions for liabilities

(18,301)

(18,652)

Net assets

 

709,371

1,700,375

Capital and reserves

 

Called up share capital

8

4

4

Retained earnings

709,367

1,700,371

Shareholders' funds

 

709,371

1,700,375

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 November 2024
 

 

Venture Contract Lighting Limited

(Registration number: 01150025)
Balance Sheet as at 29 February 2024

.........................................
Mr Neil David Pettit
Director

   
     
 

Venture Contract Lighting Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB
England

These financial statements were authorised for issue by the director on 13 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Disclosure of long or short period

The prior period covered 18 months so the comparative figures on the profit and loss account are not directly comparable with this 12 month period.

Going concern

The balance sheet shows an excess of current liabilities over current assets amounting to £33,393, however, of the year-end liabilities, an amount of £38,575 relates to a loan repayable on demand to the director who has confirmed repayment will not be sought in the short-term unless cash flow permits. The financial statements have therefore been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of the letting of property. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

Venture Contract Lighting Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% per year on the reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. Observable market prices are used in determining fair values, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from tenants for the letting of property. Trade debtors are recognised initially at transaction price. A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Venture Contract Lighting Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Venture Contract Lighting Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

13,968

13,968

Additions

6,468

6,468

At 29 February 2024

20,436

20,436

Depreciation

At 1 March 2023

7,420

7,420

Charge for the year

1,951

1,951

At 29 February 2024

9,371

9,371

Carrying amount

At 29 February 2024

11,065

11,065

At 28 February 2023

6,548

6,548

5

Investment properties

2024
£

At 1 March

750,000

Additions

5,938

Fair value adjustments

(5,938)

At 29 February

750,000

Investment property is valued at its market value as estimated by the director.

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2023
£

Trade debtors

2,649

2,553

Prepayments

920

5,167

Other debtors

-

1,320

 

3,569

9,040

 

Venture Contract Lighting Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

38,575

100,000

Trade creditors

 

54

277

Taxation and social security

 

3,299

110,693

Accruals and deferred income

 

4,584

16,964

 

46,512

227,934

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

4

4

4

4

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

38,575

100,000

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £4,712 (2023 - £23,398). This represents total future mimimum operating lease payments.

11

Related party transactions

Summary of transactions with other related parties

A £100,000 loan from a director who resigned during the period was repaid. Interest charged amounted to £417 (2023 - £7,500).

The remaining director provided interest-free advances which totalled £38,575 at the year-end (2023 - £nil). That balance is repayable on demand.