Ventive Ltd 07721060 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is Manufacture of other fabricated metal products not elsewhere classified Digita Accounts Production Advanced 6.30.9574.0 true true 07721060 2023-08-01 2024-07-31 07721060 2024-07-31 07721060 core:OtherReservesSubtotal 2024-07-31 07721060 core:RetainedEarningsAccumulatedLosses 2024-07-31 07721060 core:ShareCapital 2024-07-31 07721060 core:SharePremium 2024-07-31 07721060 core:CurrentFinancialInstruments 2024-07-31 07721060 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 07721060 core:Non-currentFinancialInstruments 2024-07-31 07721060 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 07721060 core:OtherResidualIntangibleAssets 2024-07-31 07721060 core:PatentsTrademarksLicencesConcessionsSimilar 2024-07-31 07721060 core:FurnitureFittingsToolsEquipment 2024-07-31 07721060 bus:SmallEntities 2023-08-01 2024-07-31 07721060 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 07721060 bus:FilletedAccounts 2023-08-01 2024-07-31 07721060 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 07721060 bus:RegisteredOffice 2023-08-01 2024-07-31 07721060 bus:Director3 2023-08-01 2024-07-31 07721060 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 07721060 core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-08-01 2024-07-31 07721060 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-08-01 2024-07-31 07721060 core:OtherResidualIntangibleAssets 2023-08-01 2024-07-31 07721060 core:PatentsTrademarksLicencesConcessionsSimilar 2023-08-01 2024-07-31 07721060 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 07721060 core:PlantMachinery 2023-08-01 2024-07-31 07721060 countries:EnglandWales 2023-08-01 2024-07-31 07721060 2023-07-31 07721060 core:OtherResidualIntangibleAssets 2023-07-31 07721060 core:PatentsTrademarksLicencesConcessionsSimilar 2023-07-31 07721060 core:FurnitureFittingsToolsEquipment 2023-07-31 07721060 2022-08-01 2023-07-31 07721060 2023-07-31 07721060 core:CurrentFinancialInstruments 2023-07-31 07721060 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 07721060 core:Non-currentFinancialInstruments 2023-07-31 07721060 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 07721060 core:OtherResidualIntangibleAssets 2023-07-31 07721060 core:PatentsTrademarksLicencesConcessionsSimilar 2023-07-31 07721060 core:FurnitureFittingsToolsEquipment 2023-07-31 iso4217:GBP xbrli:pure

Registration number: 07721060

Prepared for the registrar

Ventive Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Ventive Ltd

(Registration number: 07721060)
Balance Sheet as at 31 July 2024

Note

2024
 £

2023
 £

Fixed assets

 

Intangible assets

4

29,827

131,741

Tangible assets

5

265,009

10,422

 

294,836

142,163

Current assets

 

Stocks

6

113,712

74,681

Debtors

7

477,312

589,701

Cash at bank and in hand

 

3

3

 

591,027

664,385

Creditors: Amounts falling due within one year

8

(795,052)

(1,225,751)

Net current liabilities

 

(204,025)

(561,366)

Total assets less current liabilities

 

90,811

(419,203)

Creditors: Amounts falling due after more than one year

8

(28,962)

(338,962)

Net assets/(liabilities)

 

61,849

(758,165)

Capital and reserves

 

Called up share capital

3,529

2,558

Share premium reserve

3,909,497

2,288,073

Other reserves

-

21,112

Profit and loss account

(3,851,177)

(3,069,908)

Total equity

 

61,849

(758,165)

For the financial year ending 31 July 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 March 2025 and signed on its behalf by:
 


R P M Morrison
Director

   
     
 

Ventive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
12b Parc House Cowleaze Road
Kingston Upon Thames
Surrey
KT2 6DZ

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and key sources of estimation uncertainty

No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Grants

Grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Ventive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

4 years straight line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Development costs

Development costs are expensed in the period in which they are incurred, unless they meet the criteria of internally generated intangible assets. Development costs which have met the criteria of internally generated intangible assets have been capitalised and are amortised to the profit and loss account.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

20 years straight line

Development costs

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Ventive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Trade creditors

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

Ventive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 7).

 

4

Intangible assets

Patents
 £

Development costs
 £

Total
£

Cost

At 1 August 2023

37,816

1,583,866

1,621,682

Additions acquired separately

1,847

-

1,847

At 31 July 2024

39,663

1,583,866

1,623,529

Amortisation

At 1 August 2023

9,586

1,480,355

1,489,941

Amortisation charge

1,922

101,839

103,761

At 31 July 2024

11,508

1,582,194

1,593,702

Carrying amount

At 31 July 2024

28,155

1,672

29,827

At 31 July 2023

28,230

103,511

131,741

 

Ventive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

 

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 August 2023

561,276

561,276

Additions

262,876

262,876

At 31 July 2024

824,152

824,152

Depreciation

At 1 August 2023

550,854

550,854

Charge for the year

8,289

8,289

At 31 July 2024

559,143

559,143

Carrying amount

At 31 July 2024

265,009

265,009

At 31 July 2023

10,422

10,422

 

6

Stocks

2024
 £

2023
 £

Finished goods

113,712

74,681

 

7

Debtors

2024
£

2023
£

Trade debtors

6,392

267,210

Receivables from related parties

15,284

8,097

Prepayments

16,375

38,777

Other debtors

439,261

275,617

477,312

589,701

 

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

401,815

827,712

Trade creditors

 

329,594

223,716

Amounts due to related parties

 

4,389

4,389

Taxation and social security

 

47,273

12,324

Accruals and deferred income

 

4,520

131,759

Other creditors

 

7,461

25,851

 

795,052

1,225,751

 

Ventive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

28,962

338,962

 

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Bank overdrafts

13,710

19,985

Other borrowings

378,105

797,727

401,815

827,712

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

28,962

38,962

Other borrowings

-

300,000

28,962

338,962

 

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £18,968).

 

11

Related party transactions

At 31 July 2024, director T B Lipinski owed £15,284 to the company (2023: £8,097) in the form of a director's loan account. This is an interest free loan and is repayable on demand.

At 31 July 2024, the company owed the director R P Morrison £4,389 (2023: £4,389) in the form of a director's loan account. This is interest free loan and is repayable on demand.