REGISTERED NUMBER: |
VENTURE CONSTRUCTION & DEVELOPMENTS |
HOLDINGS (WORCESTER) LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JULY 2023 |
REGISTERED NUMBER: |
VENTURE CONSTRUCTION & DEVELOPMENTS |
HOLDINGS (WORCESTER) LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JULY 2023 |
VENTURE CONSTRUCTION & DEVELOPMENTS |
HOLDINGS (WORCESTER) LIMITED (REGISTERED NUMBER: 09741356) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JULY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
VENTURE CONSTRUCTION & DEVELOPMENTS |
HOLDINGS (WORCESTER) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST JULY 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
VENTURE CONSTRUCTION & DEVELOPMENTS |
HOLDINGS (WORCESTER) LIMITED (REGISTERED NUMBER: 09741356) |
BALANCE SHEET |
31ST JULY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
VENTURE CONSTRUCTION & DEVELOPMENTS |
HOLDINGS (WORCESTER) LIMITED (REGISTERED NUMBER: 09741356) |
BALANCE SHEET - continued |
31ST JULY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
VENTURE CONSTRUCTION & DEVELOPMENTS |
HOLDINGS (WORCESTER) LIMITED (REGISTERED NUMBER: 09741356) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JULY 2023 |
1. | STATUTORY INFORMATION |
Venture Construction & Developments Holdings (Worcester) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Venture Construction & Developments Holdings (Worcester) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
VENTURE CONSTRUCTION & DEVELOPMENTS |
HOLDINGS (WORCESTER) LIMITED (REGISTERED NUMBER: 09741356) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Retirement benefits |
The company provides pension benefits for senior employees, under the terms of the pension contracts entered into with senior employees, fixed sums are provided for now in order to provide pension benefits to the individuals upon their retirement. The pension contracts allow for an annual increase in respect of indexation over and above the initial contracted amount. |
Although under section 28 of FRS102 this pension agreement is regarded as being a defined benefit scheme, the directors consider that it does not bear any of the hallmarks of a defined benefit scheme as the company's contributions are fixed until the point of retirement at which point any further contributions of annual increases cease. Further information can be found in note 12 to the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1st August 2022 |
Additions |
At 31st July 2023 |
DEPRECIATION |
At 1st August 2022 |
Charge for year |
At 31st July 2023 |
NET BOOK VALUE |
At 31st July 2023 |
At 31st July 2022 |
The net book value of tangible fixed assets includes £37,363 (2022 - £40,038) in respect of assets held under hire purchase contracts. |
VENTURE CONSTRUCTION & DEVELOPMENTS |
HOLDINGS (WORCESTER) LIMITED (REGISTERED NUMBER: 09741356) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2023 |
5. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1st August 2022 |
Additions |
At 31st July 2023 |
NET BOOK VALUE |
At 31st July 2023 |
At 31st July 2022 |
During the year, the company entered into a private annuity contract with its director. This contract was entered into on arm's length commercial terms, and provides for an annual payment to the company of £27,970, for the life of the director, in return for a capital advance of £700,000. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Directors' current accounts | - | 751,272 |
VAT |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts |
VENTURE CONSTRUCTION & DEVELOPMENTS |
HOLDINGS (WORCESTER) LIMITED (REGISTERED NUMBER: 09741356) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | 33,411 | 34,589 |
The bank loan is secured by way of a fixed and floating charge on the assets which it relates to. The hire purchase amounts are secured on the assets to which they relate to. |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 11,771 | 19,589 |
Retirement benefits | 450,000 | 450,000 |
Retirement |
Deferred | benefit |
tax | schemes |
£ | £ |
Balance at 1st August 2022 |
Provided during year | ( |
) |
Balance at 31st July 2023 |
The company provided pension benefits in respect of a senior employee. Amounts payable are charged to the profit and loss account in the period as a constructive obligation existed at 31st July 2023. This obligation was satisfied within 9 months of the period end by the company entering into the contract with the employee. The number of directors to whom pension benefits are accruing under this pension agreement is 1 (2022 - 1) |
The contributions and potential liabilities of the company in respect of the pension agreement are fixed at least until the date of retirement of the employee which is over five years from the period end date. |
Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors are of the opinion that it does not bear any of the hallmarks of what is usually considered to be a defined benefit scheme and therefore no further disclosures are considered necessary in order to understand the nature and measurement of the liability. |
The directors are also of the opinion that the liability as disclosed in the financial statements represents the full and final amount which could be expected, at this stage, to be paid in the future to settle the pension agreement liabilities. |
VENTURE CONSTRUCTION & DEVELOPMENTS |
HOLDINGS (WORCESTER) LIMITED (REGISTERED NUMBER: 09741356) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 90 | 90 |
Ordinary A | £1 | 10 | 10 |
100 | 100 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the year ended 31st July 2023 and the period ended 31st July 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
During the year interest of £10,928 (2022 £11,251) was charged on the above overdrawn loan account. |
13. | RELATED PARTY DISCLOSURES |
During the period management charges of £14,000 (31 July 2022 £36,000), vehicle hire of £27,300 (31 July 2022 £43,200) were paid by Venture Homes (Worcester) Limited, a wholly owned subsidiary of Venture Construction and Developments Holdings (Worcester) Limited. At 31st July 2023 Venture Homes (Worcester) Limited owed Venture Construction and Developments Holdings (Worcester) Limited £336,541 (31st July 2022 £343,899). |
During the period charges of £25,500 (31st July 2022 £0) were paid by Tucker Homes Limited, a company under common control. At 31st July 2023 it was owed £47,538 (2022 - £0) by Venture Construction & Developments Holdings (Worcester) Limited. |
During the period charges of £20,000 (31st July 2022 £0) were paid by Tucker Holdings Limited, a company under common control. At 31st July 2023 it owed £24,548 (31st July 2022 £53,197) to Venture Construction & Developments Holdings (Worcester ) Limited. |
Remuneration of key management personnel |
The remuneration of key management personnel is £0 (2022 £450,000) |