Company Registration No. 11205547 (England and Wales)
Venture Motion Limited
Unaudited accounts
for the year ended 29 February 2024
Venture Motion Limited
Unaudited accounts
Contents
Venture Motion Limited
Company Information
for the year ended 29 February 2024
Company Number
11205547 (England and Wales)
Registered Office
The Tootal Buildings Venture Motion,
Orega, 56 Oxford Street,
Manchester
M1 6EU
United Kingdom
Accountants
Accounts and Legal Consultants Ltd
Suite 1-3, The Hop Exchange
24 Southwark Street
London
SE1 1TY
Venture Motion Limited
Accountants' report
Accountants' report to the director of Venture Motion Limited on the preparation of the unaudited statutory accounts for the year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Venture Motion Limited for the year ended
29 February 2024 as set out on pages
5 -
9 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Venture Motion Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Venture Motion Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Venture Motion Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Venture Motion Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Venture Motion Limited. You consider that Venture Motion Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Venture Motion Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Accounts and Legal Consultants Ltd
Suite 1-3, The Hop Exchange
24 Southwark Street
London
SE1 1TY
22 November 2024
Venture Motion Limited
Statement of financial position
as at 29 February 2024
Intangible assets
382,940
-
Cash at bank and in hand
12,161
1,904
Creditors: amounts falling due within one year
(33,394)
(41,287)
Net current (liabilities)/assets
(2,458)
212,084
Total assets less current liabilities
382,110
212,899
Creditors: amounts falling due after more than one year
(464,953)
(320,779)
Net liabilities
(82,843)
(107,880)
Called up share capital
100
100
Profit and loss account
(82,943)
(107,980)
Shareholders' funds
(82,843)
(107,880)
For the 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. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 22 November 2024 and were signed on its behalf by
Terry Chiu
Director
Company Registration No. 11205547
Venture Motion Limited
Notes to the Accounts
for the year ended 29 February 2024
Venture Motion Limited is a private company, limited by shares, registered in England and Wales, registration number 11205547. The registered office is The Tootal Buildings Venture Motion, , Orega, 56 Oxford Street,, Manchester, M1 6EU, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Expenditure on research and development is written off in the year in which it is incurred.
Intangible fixed assets are included at cost less accumulated amortisation.
Venture Motion Limited
Notes to the Accounts
for the year ended 29 February 2024
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
Straight-line over 3 years
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the 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 of the receivables.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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.
Venture Motion Limited
Notes to the Accounts
for the year ended 29 February 2024
4
Intangible fixed assets
Other
At 29 February 2024
382,940
At 29 February 2024
382,940
5
Tangible fixed assets
Computer equipment
Work in progress
-
234,966
Amounts falling due within one year
Trade debtors
16,646
15,145
Venture Motion Limited
Notes to the Accounts
for the year ended 29 February 2024
8
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
7,346
7,695
Trade creditors
16,688
32,379
Taxes and social security
1,684
1,297
Other creditors
7,676
(84)
9
Creditors: amounts falling due after more than one year
2024
2023
Loans from directors
439,805
292,023
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £209 (2023: £166) were payable to the fund at the reporting date and are included in creditors.
12
Average number of employees
During the year the average number of employees was 5 (2023: 4).