Company registration number 03661175 (England and Wales)
Cameron Ventures Group Limited
Financial Statements
For the year ended 31 August 2024
PAGES FOR FILING WITH REGISTRAR
Cameron Ventures Group Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Cameron Ventures Group Limited
Balance Sheet
As at 31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
209,943
222,054
Investment property
4
246,900
246,900
456,843
468,954
Current assets
Debtors
5
1,613,858
2,256,283
Cash at bank and in hand
30,494
94,478
1,644,352
2,350,761
Creditors: amounts falling due within one year
6
(1,893,494)
(2,626,245)
Net current liabilities
(249,142)
(275,484)
Total assets less current liabilities
207,701
193,470
Provisions for liabilities
(3,649)
Net assets
207,701
189,821
Capital and reserves
Called up share capital
50,000
50,000
Profit and loss reserves
157,701
139,821
Total equity
207,701
189,821
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 23 April 2025
Mr B A Keane
Director
Company registration number 03661175 (England and Wales)
Cameron Ventures Group Limited
Notes to the Financial Statements
For the year ended 31 August 2024
- 2 -
1
Accounting policies
Company information
Cameron Ventures Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Herts, AL1 1LJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has
therefore taken advantage of exemption the requirement to present a statement of cash flow and related notes.
The financial statements of the company are consolidated in the financial statements of Cameron Ventures Hotels Limited. These consolidated financial statements are available from its registered office (address on page 1).
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Freehold land and buildings
2% straight line
Equipment
10% straight line
Motor vehicles
15% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Cameron Ventures Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end 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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Cameron Ventures Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
18
18
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023
127,610
152,226
279,836
Additions
15,494
15,494
Disposals
(4,500)
(4,500)
At 31 August 2024
127,610
163,220
290,830
Depreciation and impairment
At 1 September 2023
1,063
56,719
57,782
Depreciation charged in the year
2,552
22,049
24,601
Eliminated in respect of disposals
(1,496)
(1,496)
At 31 August 2024
3,615
77,272
80,887
Carrying amount
At 31 August 2024
123,995
85,948
209,943
At 31 August 2023
126,547
95,507
222,054
4
Investment property
2024
£
Fair value
At 1 September 2023 and 31 August 2024
246,900
The investment property was valued by the directors at the year end based on the open market value with reference to the market value of similar properties in the area.
Cameron Ventures Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
193,938
562,896
Corporation tax recoverable
3,947
Amounts owed by group undertakings
309,228
Other debtors
1,402,908
1,367,462
Prepayments and accrued income
17,012
12,750
1,613,858
2,256,283
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
13,714
Trade creditors
65,656
164,863
Amounts owed to group undertakings
1,652,459
2,218,122
Taxation and social security
51,648
73,948
Other creditors
110,017
169,312
1,893,494
2,626,245
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Amanda Ruggles
Statutory Auditor:
Gilberts Chartered Accountants
Date of audit report:
23 April 2025
8
Financial commitments, guarantees and contingent liabilities
A cross guarantee exists between the company, its parent undertaking and fellow subsidiary undertakings for all bank overdrafts within the group and the bank loan in Cameron Ventures Hotels Limited. At 31 August 2024 the total borrowings in the group were £3,727,105 and these are not expected to result in any loss to the Company.
Cameron Ventures Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
- 6 -
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Riverside Bloodstock Limited, a company in which the director was a shareholder, was liquidated, and consequently a loan of £25,000 to that company was written off as a bad debt.
Included in other debtors is £1,402,491 (2023 - £1,361,200) owed by companies under common control.
10
Controlling party
The Company's parent undertaking is Cameron Ventures Hotels Limited. Copies of the accounts of Cameron Ventures Hotels Limited in which the Company is consolidated can be obtained from the registered office (see page 1).