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COMPANY REGISTRATION NUMBER: 03140591
Ventureforth 2000 Limited
Unaudited financial statements
30 September 2023
Ventureforth 2000 Limited
Statement of financial position
30 September 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
3,445,115
3,458,374
Investments
6
1,805
1,168,805
-----------
-----------
3,446,920
4,627,179
Current assets
Debtors
7
8,605,602
8,423,064
Cash at bank and in hand
4,337,064
1,559,467
------------
-----------
12,942,666
9,982,531
Creditors: Amounts falling due within one year
8
( 3,044,986)
( 2,714,388)
------------
-----------
Net current assets
9,897,680
7,268,143
------------
------------
Total assets less current liabilities
13,344,600
11,895,322
Provisions
Taxation including deferred tax
( 79,962)
( 83,080)
------------
------------
Net assets
13,264,638
11,812,242
------------
------------
Capital and reserves
Called up share capital
100
100
Investment property revaluation reserve
1,776,437
1,776,437
Profit and loss account
11,488,101
10,035,705
------------
------------
Shareholders funds
13,264,638
11,812,242
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ventureforth 2000 Limited
Statement of financial position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 10 March 2025 , and are signed on behalf of the board by:
R M Milne
Director
Company registration number: 03140591
Ventureforth 2000 Limited
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ventureforth House, South Denes Road, Great Yarmouth, Norfolk, NR30 3PT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
Preparation of financial statements requires management to exercise judgement in applying the Company's accounting policies. Estimates and assumptions used in the preparation of the financial stattements are continually reviewed and revised as necessary. In preparing these financial statement, the directors have made the following judgements. Invesment properties are valued annually using a yield methodology using market rental values capitalised at a market capitalisation rate but there is an inevitable degree of judgement involved in that each property is unique and value can only ultimately by reliably tested in the market itself.
Revenue recognition
Turnover comprises rent invoiced and associated charges under operating leases, net of Value Added Tax. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% straight line
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of employees during the year was 4 (2022: 4 ).
5. Tangible assets
Freehold investment property
Long term leasehold investment property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 October 2022 and 30 September 2023
2,999,279
419,770
13,771
52,200
10,894
3,495,914
-----------
---------
-------
-------
-------
-----------
Depreciation
At 1 October 2022
13,771
13,408
10,361
37,540
Charge for the year
13,050
209
13,259
-----------
---------
-------
-------
-------
-----------
At 30 September 2023
13,771
26,458
10,570
50,799
-----------
---------
-------
-------
-------
-----------
Carrying amount
At 30 September 2023
2,999,279
419,770
25,742
324
3,445,115
-----------
---------
-------
-------
-------
-----------
At 30 September 2022
2,999,279
419,770
38,792
533
3,458,374
-----------
---------
-------
-------
-------
-----------
6. Investments
Shares in group undertakings
Shares in participating interests
Total
£
£
£
Cost
At 1 October 2022
1,805
1,167,000
1,168,805
Disposals
( 1,167,000)
( 1,167,000)
------
-----------
-----------
At 30 September 2023
1,805
1,805
------
-----------
-----------
Impairment
At 1 October 2022 and 30 September 2023
------
-----------
-----------
Carrying amount
At 30 September 2023
1,805
1,805
------
-----------
-----------
At 30 September 2022
1,805
1,167,000
1,168,805
------
-----------
-----------
7. Debtors
2023
2022
£
£
Trade debtors
133,489
107,406
Amounts owed by group undertakings
1,309,715
1,279,478
Prepayments and accrued income
9,128
16,766
Other debtors
7,153,270
7,019,414
-----------
-----------
8,605,602
8,423,064
-----------
-----------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
17,615
325
Amounts owed to group undertakings
2,296,799
2,296,799
Accruals and deferred income
124,355
118,997
Corporation tax
412,486
77,616
Social security and other taxes
44,210
45,001
Director loan accounts
24,387
24,387
Other creditors
125,134
151,263
-----------
-----------
3,044,986
2,714,388
-----------
-----------