REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2024 |
for |
Vennture Enterprises Ltd |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2024 |
for |
Vennture Enterprises Ltd |
Vennture Enterprises Ltd (Registered number: 13794131) |
Contents of the Financial Statements |
for the Year Ended 31 December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Vennture Enterprises Ltd |
Company Information |
for the Year Ended 31 December 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
2 Wyevale Business Park |
Kings Acre |
Hereford |
Herefordshire |
HR4 7BS |
Vennture Enterprises Ltd (Registered number: 13794131) |
Balance Sheet |
31 December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Vennture Enterprises Ltd (Registered number: 13794131) |
Notes to the Financial Statements |
for the Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
Vennture Enterprises Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. |
At this time and for the foreseeable future, the Directors believe that the company is a going concern. |
Directors are welcome of the continued support of Herefordshire Vennture Ltd (parent company) and have considered its future budgets and forecasts within the going concern assessment. Vennture Enterprises Ltd will be promoting its services to increase income and ensure careful management of costs to reduce or eliminate future losses. |
These accounts have been prepared on a going concern basis, on the understanding that the business has developed well during the past financial year, and that the only shareholder and primary mortgage holder upon the company's assets, Herefordshire Vennture, will continue to support the company in pursuit of its own charitable objectives. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Gift aid |
Current and future gift aid payments are made under a deed of covenant arrangement to the parent undertaking, Herefordshire Vennture, being charged to the profit and loss account. The estimate of gift aid payable is normally the lesser of the company's taxable profit for the period and the balance of the company's reserves which is available for distribution unless the parent undertaking has agreed to waiver part of its entitlement. There is the intention to pay over gift aid within 9 months of the year end to benefit from tax relief in that year. |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Investment property is initial recognised at cost and subsequent remeasured to fair value at each reporting date, with charges to fair value recognised in profit or lose. |
Taxation |
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 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. |
Vennture Enterprises Ltd (Registered number: 13794131) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax would normally be recognised on timing difference that result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date. TIming differences arise from the inclusion of items of income and expenditure in taxation computation in period different from those in which they are included in the financial statement. |
However, deferred tax assets and liabilities are not recognised as the company is able to eliminate any taxable profits by making Gift Aid payments to Herefordshire Vennture through a deed of covenant and therefore not asset or liabilities is likely to arise. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
At 31 December 2024 |
DEPRECIATION |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2024 |
Additions |
Revaluations | 226,625 |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
Vennture Enterprises Ltd (Registered number: 13794131) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
5. | INVESTMENT PROPERTY - continued |
The directors agreed that the assets meets the requirements to be classified as investment property due to the commencement of the contract with Herefordshire Council and the building's primary purpose being income generation. |
At the year end the directors have revalued investment property to it's considered fair value. A formal valuation will be carried out every 5 years. |
Fair value at 31 December 2024 is represented by: |
£ |
Valuation in 2024 | 226,625 |
Cost | 710,375 |
937,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Amounts owed to group undertakings |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
During the year professional services totalling £10,800 (2023: £Nil) have been purchased from OP - Chain Ltd, a company in which director J Upperton is also a director. There were no balances outstanding the the year end (2023: £Nil). |