Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31251136642298114422false2023-06-01falseRental Income from Investment PropertiestrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02062694 2023-06-01 2024-05-31 02062694 2022-06-01 2023-05-31 02062694 2024-05-31 02062694 2023-05-31 02062694 c:Director1 2023-06-01 2024-05-31 02062694 d:FreeholdInvestmentProperty 2023-06-01 2024-05-31 02062694 d:FreeholdInvestmentProperty 2024-05-31 02062694 d:FreeholdInvestmentProperty 2023-05-31 02062694 d:LeaseholdInvestmentProperty 2023-06-01 2024-05-31 02062694 d:LeaseholdInvestmentProperty 2024-05-31 02062694 d:LeaseholdInvestmentProperty 2023-05-31 02062694 d:CurrentFinancialInstruments 2024-05-31 02062694 d:CurrentFinancialInstruments 2023-05-31 02062694 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 02062694 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 02062694 d:ShareCapital 2024-05-31 02062694 d:ShareCapital 2023-05-31 02062694 d:RetainedEarningsAccumulatedLosses 2024-05-31 02062694 d:RetainedEarningsAccumulatedLosses 2023-05-31 02062694 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-05-31 02062694 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-05-31 02062694 c:FRS102 2023-06-01 2024-05-31 02062694 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 02062694 c:FullAccounts 2023-06-01 2024-05-31 02062694 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 02062694 2 2023-06-01 2024-05-31 02062694 6 2023-06-01 2024-05-31 02062694 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 02062694









VENUS PROPERTIES LTD








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
VENUS PROPERTIES LTD
REGISTERED NUMBER: 02062694

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 5 
9,394
9,394

Investment property
 6 
12,556,832
11,490,572

  
12,566,226
11,499,966

Current assets
  

Debtors: amounts falling due within one year
 7 
803,501
754,832

Cash at bank and in hand
  
75,791
117,178

  
879,292
872,010

Creditors: amounts falling due within one year
 8 
(4,720,933)
(4,328,185)

Net current liabilities
  
 
 
(3,841,641)
 
 
(3,456,175)

Total assets less current liabilities
  
8,724,585
8,043,791

  

Net assets
  
8,724,585
8,043,791


Capital and reserves
  

Called up share capital 
  
12,000
12,000

Profit and loss account
  
8,712,585
8,031,791

  
8,724,585
8,043,791


Page 1

 
VENUS PROPERTIES LTD
REGISTERED NUMBER: 02062694
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
L Katsantonis
Director

Date: 25 February 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
VENUS PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

The company is limited by shares, registered in England and the registered address is at: 56A Haverstock Hill, London NW3 2BH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue comprises rental income, service charges and other sums receivable from the investment properties. Other sums comprise insurance charges, supplies of utilities, premia associated with surrender of tenancies, commissions, fees and other sundry income.
All the properties are leased out under operating leases and are included in investment property in the balance sheet. Rental income from operating leases is recognised in the profit or loss on a straight-line basis over the lease term. Rent received in advance is deferred in the balance sheet and recognised in the period to which it relates to. If the company provides incentives to its customers the incentives are recognised over the lease term on a straight-line basis.
Service charges and other sums receivable from tenants are recognised on an accruals basis by reference to the stage of completion of the relevant service or transactions at the reporting date. These services generally relate to a 12-month period.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
VENUS PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Current and Deferred Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 4

 
VENUS PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Page 5

 
VENUS PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 6

 
VENUS PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

3.


Significant assumptions regarding the Investment property valuation

The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates, judgements and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.
The Company uses the valuation performed by its directors, and when required by external valuers, as the fair value of its investment properties. The valuation is based upon the key assumptions of estimated rental values and market based yields. In determining fair value the directors make reference to market evidence and recent transaction prices for similar properties. Management consider the significant assumptions to the valuation of investment properties to be estimated rental values and market based yields


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


5.


Fixed asset investments





Listed investments

£



Valuation


At 1 June 2023
9,394



At 31 May 2024
9,394




Page 7

 
VENUS PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 June 2023
7,208,648
4,281,924
11,490,572


Additions at cost
-
1,066,260
1,066,260



At 31 May 2024
7,208,648
5,348,184
12,556,832

The 2024 valuations were made by directors, on an open market value for existing use basis.



At 31 May 2024





7.


Debtors

2024
2023
£
£


Trade debtors
27,069
8,888

Amounts owed by group undertakings
774,165
745,078

Prepayments and accrued income
2,267
866

803,501
754,832


Page 8

 
VENUS PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
1,193,255
1,238,350

Trade creditors
13,027
12,207

Corporation tax
53,253
105,109

Other taxation and social security
30,952
28,007

Other creditors
3,303,415
2,811,502

Accruals and deferred income
127,031
133,010

4,720,933
4,328,185


The following liabilities were secured:

2024
2023
£
£



Bank loan
1,193,255
1,238,350

Other creditors
37,821
34,403

1,231,076
1,272,753

Details of security provided:

The bank loan and the bank overdraft are secured by a first legal charge against the company's investment properties.  There is also a cross company guarantee  between the company and Venus Tradelinks Ltd, Eurovenus Ltd and, Mr A Chrysostomou, in relation to the bank loan.
The amount of £37,821  included in other creditors relating to tenant's rent deposit is secured against the client accounts included in the bank balance.


9.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
75,791
117,178




Financial assets measured at fair value through profit or loss comprise of cash at bank.

 
Page 9