Company No:
Contents
| Note | 31.08.2024 | 31.08.2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investments | 3 |
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| 1,909,959 | 1,325,150 | |||
| Creditors: amounts falling due within one year | 4 | (
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| Net current liabilities | (1,998,384) | (1,410,361) | ||
| Total assets less current liabilities | (88,425) | (85,211) | ||
| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital | 5 |
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| Profit and loss account | (
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| Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Penny Black Ventures Limited (registered number:
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Mr T Wiltshire
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Penny Black Ventures Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £88,425. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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 the Profit and Loss Account as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
| Year ended 31.08.2024 |
Period from 04.08.2022 to 31.08.2023 |
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| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Listed investments | Other investments | Total | |||
| £ | £ | £ | |||
| Cost or valuation before impairment | |||||
| At 01 September 2023 |
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| Additions |
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| Disposals | (
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| At 31 August 2024 |
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| Carrying value at 31 August 2024 |
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| Carrying value at 31 August 2023 |
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The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition was £804,000 . Other investments are held at cost less impairment because their fair value cannot be measured reliably.
| 31.08.2024 | 31.08.2023 | ||
| £ | £ | ||
| Amounts owed to directors |
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| Accruals |
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| 31.08.2024 | 31.08.2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 2 | 2 |
Other related party transactions
During the year, the directors lent funds to the Company totalling £1,997,510 (2023 - £1,409,448) on an interest free basis.