Registered number
08012553
Venture Estates Limited
Filleted Accounts
31 December 2023
Venture Estates Limited
Registered number: 08012553
Balance Sheet
as at 31 December 2023
Notes 31/12/23 31/3/23
£ £
Fixed assets
Tangible assets 3 37,259 461,052
Current assets
Cash at bank and in hand 230,787 2,657
Creditors: amounts falling due within one year 4 (234,115) (327,826)
Net current liabilities (3,328) (325,169)
Total assets less current liabilities 33,931 135,883
Creditors: amounts falling due after more than one year 5 (46,037) (121,695)
Net (liabilities)/assets (12,106) 14,188
Capital and reserves
Called up share capital 10 10
Profit and loss account (12,116) 14,178
Shareholders' funds (12,106) 14,188
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Bhowmick
Director
Approved by the board on 3 January 2025
Venture Estates Limited
Notes to the Accounts
for the period from 1 April 2023 to 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 15% reducing balance
Motor vehicles 25% reducing balance
Investment property
The investment property is included at fair value and is not depreciated. Fair value is assessed by the director at each balance sheet date. Surpluses and deficits are included in the profit and loss account in the year in which they arose as undistributable, and are ineffective for taxation purposes. In any case, fair value will approximate open-market value. The director has chosen this method as it is both quick and affordable.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 31/12/23 31/3/23
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Investment property Tools and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 392,176 89,637 48,075 529,888
Additions - 2,001 - 2,001
Disposals (392,176) - (48,075) (440,251)
At 31 December 2023 - 91,638 - 91,638
Depreciation
At 1 April 2023 - 47,803 21,033 68,836
Charge for the period - 6,576 - 6,576
On disposals - - (21,033) (21,033)
At 31 December 2023 - 54,379 - 54,379
Net book value
At 31 December 2023 - 37,259 - 37,259
At 31 March 2023 392,176 41,834 27,042 461,052
4 Creditors: amounts falling due within one year 31/12/23 31/3/23
£ £
Bank loans and overdrafts - 6,966
Obligations under finance lease and hire purchase contracts - 6,568
Trade creditors 1,560 1,440
Corporation tax 213 50
Other creditors 232,342 312,802
234,115 327,826
5 Creditors: amounts falling due after one year 31/12/23 31/3/23
£ £
Bank loans 46,037 91,041
Obligations under finance lease and hire purchase contracts - 30,654
46,037 121,695
6 Loans 31/12/23 31/3/23
£ £
Creditors include:
Instalments falling due for payment after more than five years - 58,829
Secured bank loans - 51,970
The bank loan is secured on the company's investment property.
7 Related party transactions
Turnover includes £91398 (2023-£95216) rent receivable from let properties personally owned by the director and connected persons. Interest paid attributable to these properties is £56072 (2023-£51178).
8 Transactions with the director
The company afforded its Director the use of a current account, transactions on which were incurred during the year summarised in broad categories as below :
31/12/23
£
Due to the Director as at 1st April 2023 295,480
Net salary undrawn 6,757
Advances to the company 44,210
HP settlement on company's behalf 8,465
Loan repayments (123,368)
Personal items (5,733)
Due to the Director as at 31st December 2023 225,811
9 Other information
Venture Estates Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Sandwick Court
Cyncoed Road
Cardiff
South Glamorgan
CF23 6SS
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