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Registered number: 07661717
Venture Windows Doors And Conservatories Limited
Financial Statements
For The Year Ended 31 March 2024
Mint Accountants Ltd
Chartered Certified Accountants
16 Queen Street
Ilkeston
Derbyshire
DE7 5GT
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07661717
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,268 2,663
3,268 2,663
CURRENT ASSETS
Debtors 5 77,594 23,510
Cash at bank and in hand 3,557 6,189
81,151 29,699
Creditors: Amounts Falling Due Within One Year 6 (72,785 ) (25,706 )
NET CURRENT ASSETS (LIABILITIES) 8,366 3,993
TOTAL ASSETS LESS CURRENT LIABILITIES 11,634 6,656
Creditors: Amounts Falling Due After More Than One Year 7 (3,450 ) (5,958 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (817 ) (506 )
NET ASSETS 7,367 192
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 7,267 92
SHAREHOLDERS' FUNDS 7,367 192
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Carl Fox
Director
29 January 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Venture Windows Doors And Conservatories Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07661717 . The registered office is 8 Fairisle Close, Oakwood, Derby, DE21 2SJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 33% straight line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
1 1
1 1
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4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 1,195 17,500 - 18,695
Additions - - 1,307 1,307
As at 31 March 2024 1,195 17,500 1,307 20,002
Depreciation
As at 1 April 2023 1,128 14,904 - 16,032
Provided during the period 17 649 36 702
As at 31 March 2024 1,145 15,553 36 16,734
Net Book Value
As at 31 March 2024 50 1,947 1,271 3,268
As at 1 April 2023 67 2,596 - 2,663
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 43,189 -
Other debtors 34,405 23,510
77,594 23,510
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.
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 2,750 2,750
Corporation tax 30,081 21,756
Other taxes and social security 483 -
VAT 37,928 -
Other creditors 1,543 1,200
72,785 25,706
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.
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 3,450 5,958
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Ultimate Controlling Party
The company's ultimate controlling party is MR C Fox by virtue of his ownership of 100% of the issued share capital in the company.
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