Company registration number 11339608 (England and Wales)
COLENSO VENTURES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
COLENSO VENTURES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 4
COLENSO VENTURES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
380,099
380,099
Current assets
Debtors
104,037
34,037
Cash at bank and in hand
3,844
3,889
107,881
37,926
Creditors: amounts falling due within one year
(131,759)
(61,299)
Net current liabilities
(23,878)
(23,373)
Total assets less current liabilities
356,221
356,726
Creditors: amounts falling due after more than one year
(355,000)
(355,000)
Net assets
1,221
1,726
Capital and reserves
Called up share capital
4
100
100
Profit and loss reserves
1,121
1,626
Total equity
1,221
1,726
COLENSO VENTURES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 23 May 2025
Mr J M C Little
Director
Company registration number 11339608 (England and Wales)
COLENSO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Colenso Ventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Querns Business Centre, Whitworth Road, Cirencester, England, GL7 1RT.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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.
Preparation of consolidated financial statements
The financial statements contain information about Colenso Ventures Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
1.2
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 in the period to which it relates.
1.3
Fixed asset investments
Interests in subsidiaries are measured at cost.
1.4
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
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 statement of financial position date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
COLENSO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
3
Fixed asset investments
2024
2023
£
£
Unlisted investments
380,099
380,099
4
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary A shares of £1 each
34
34
Ordinary B shares of £1 each
33
33
Ordinary C shares of £1 each
33
33
100
100
5
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
J M C Little
Shareholder and sole director
The related party advanced £100,000 to the company in connection with the acquisition of the subsidiary company in 2018. The loan remains outstanding at the year-end. The loan is unsecured; it carries interest at a rate of 5% above Bank of England base rate. Interest paid during the year totalled £10,764 (2023: £6,768).
The related party has advanced money to assist with working capital. At the year-end, the amount due to the related party is £33,368 (2023: £9,368). The advance is unsecured; no terms of interest or repayment have been agreed.
Mrs J A Little
Wife of the sole director
The related party advanced £145,000 to the company in connection with the acquisition of the subsidiary company in 2018 of which £45,000 was repaid in an earlier year. The balance of the loan remains outstanding at the year-end. The loan is unsecured; it carries interest at a rate of 5% above Bank of England base rate. Interest paid during the year totalled £10,767 (2023: £8,154).
The related party has advanced money to assist with working capital. During the year the company repaid the related party £1,000 leaving a balance at the year-end of £31,524 (2023: £7,524). The advance is unsecured; no terms of interest or repayment have been agreed.
The J R Little Discretionary Will Trust
Trust in which Mrs J A Little is a trustee and beneficiary
The related party advanced £155,000 to the company in connection with the acquisition of the subsidiary company in 2018. The loan remains outstanding at the year-end. The loan is unsecured; it carries interest at a rate of 3% above Barclays base rate. Interest has been accrued but no amounts have been paid at the year-end (2023: £nil).