Company Registration No. 09945147 (England and Wales)
KERNOW VENTURES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
The Old Carriage Works
Moresk Road
Truro
Cornwall
United Kingdom
TR1 1DG
KERNOW VENTURES LIMITED
CONTENTS
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
KERNOW VENTURES LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,720
10,498
Current assets
Stocks
5,671
4,276
Debtors
5
7,589
7,889
Cash at bank and in hand
5,745
4,755
19,005
16,920
Creditors: amounts falling due within one year
6
(20,533)
(24,247)
Net current liabilities
(1,528)
(7,327)
Total assets less current liabilities
5,192
3,171
Provisions for liabilities
(1,277)
(1,995)
Net assets
3,915
1,176
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,815
1,076
Total equity
3,915
1,176
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
KERNOW VENTURES LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 April 2025 and are signed on its behalf by:
Mr J P Elford
Director
Company registration number 09945147 (England and Wales)
KERNOW VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Kernow Ventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Pillars, Mitchell, Newquay, Cornwall, England, TR 8 5AT.
1.1
Accounting convention
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.
1.2
Going concern
The company has net current liabilities of £1,528. In the opinion of the Directors, the company is highly cash generative and is able to service all debts as they fall due. Accordingly, the financial statements are prepared on the going concern basis. true
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue is recognised to turnover as services are rendered to customers.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Franchise cost is being amortised evenly over its estimated useful life of five years.
Franchise cost
20%
1.5
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20%
Computers
33%
Motor vehicles
20%
1.6
Stocks
Stocks are valued at the lower of cost and net realisable value, after making the due allowance for obsolete and slow moving items.
1.7
Taxation
The tax expense represents the sum of the tax currently payable 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,
KERNOW VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
Current or deferred taxation assets and liabilities are not discounted.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2023 - 2).
KERNOW VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
3
Intangible fixed assets
Other
£
Cost
At 1 August 2023 and 31 July 2024
4,800
Amortisation and impairment
At 1 August 2023 and 31 July 2024
4,800
Carrying amount
At 31 July 2024
At 31 July 2023
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023
30,853
Additions
150
At 31 July 2024
31,003
Depreciation and impairment
At 1 August 2023
20,355
Depreciation charged in the year
3,928
At 31 July 2024
24,283
Carrying amount
At 31 July 2024
6,720
At 31 July 2023
10,498
KERNOW VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,713
7,059
Other debtors
876
830
7,589
7,889
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,063
8,300
Corporation tax
4,870
4,414
Other creditors
9,600
11,533
20,533
24,247
7
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
7,035
7,933
8
Related party transactions
The Directors withdrew net funds of £837 from their Directors' loan during the period. At 31 July 2024 the Directors were owed £1,569. (2023: £2,406.)
The loan from the Directors is free of interest and repayable on demand.