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Registration number: 07269961

Mark Venning Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Mark Venning Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Mark Venning Ltd

(Registration number: 07269961)
Statement of Financial Position as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

5,873

7,636

Tangible assets

5

41,158

54,211

 

47,031

61,847

Current assets

 

Stocks

31,650

35,500

Debtors

6

96,830

104,746

Cash at bank and in hand

 

42,294

40,982

 

170,774

181,228

Creditors: Amounts falling due within one year

7

(109,240)

(108,516)

Net current assets

 

61,534

72,712

Total assets less current liabilities

 

108,565

134,559

Creditors: Amounts falling due after more than one year

7

(27,353)

(59,096)

Provisions for liabilities

(10,290)

(13,553)

Net assets

 

70,922

61,910

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

69,922

60,910

Shareholders' funds

 

70,922

61,910

 

Mark Venning Ltd

(Registration number: 07269961)
Statement of Financial Position as at 31 October 2024 (continued)

For the financial year ending 31 October 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 and 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 28 April 2025 and signed on its behalf by:
 


Mr M D Venning
Director

 

Mark Venning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
Plym House
3 Longbridge Road
Plymouth
Marsh Mills
Devon
PL6 8LT

Principal activity

The principal activity of the company is that of providing chemicals and equipment to the garage trade.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

 

Mark Venning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

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

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.

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Plant and machinery

15% reducing balance

Fittings, fixtures and equipment

15% reducing balance

Motor vehicles

25% reducing balance

 

Mark Venning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

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

Goodwill

10% straight line

Franchise fee

10% straight line

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Mark Venning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

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 statement of comprehensive income 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.

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

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Mark Venning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

4

Intangible assets

Goodwill
 £

Franchise Fee
 £

Total
£

Cost or valuation

At 1 November 2023

39,618

17,629

57,247

At 31 October 2024

39,618

17,629

57,247

Amortisation

At 1 November 2023

39,618

9,993

49,611

Amortisation charge

-

1,763

1,763

At 31 October 2024

39,618

11,756

51,374

Carrying amount

At 31 October 2024

-

5,873

5,873

At 31 October 2023

-

7,636

7,636

 

Mark Venning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

3,009

3,100

127,404

133,513

Additions

541

-

-

541

Disposals

(1,071)

(100)

-

(1,171)

At 31 October 2024

2,479

3,000

127,404

132,883

Depreciation

At 1 November 2023

1,492

2,433

75,377

79,302

Charge for the year

285

94

13,008

13,387

Eliminated on disposal

(906)

(58)

-

(964)

At 31 October 2024

871

2,469

88,385

91,725

Carrying amount

At 31 October 2024

1,608

531

39,019

41,158

At 31 October 2023

1,517

667

52,027

54,211

6

Debtors

2024
£

2023
£

Trade debtors

88,450

97,848

Other debtors

8,380

6,898

96,830

104,746

 

Mark Venning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

9

32,373

34,584

Trade creditors

 

33,478

35,318

Taxation and social security

 

36,727

35,499

Other creditors

 

6,662

3,115

 

109,240

108,516

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

9

27,353

59,096

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Mark Venning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,435

16,435

Finance lease liabilities

20,918

42,661

27,353

59,096

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Bank overdrafts

630

1,673

Finance lease liabilities

21,743

22,911

32,373

34,584

Hire purchase outstanding is secured over the assets concerned.

10

Related party transactions

Transactions with directors

2024

At 1 November 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

Directors

898

59,530

(53,249)

7,179

         
       

 

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Directors

38,799

50,281

(88,182)

898