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REGISTERED NUMBER: 03290414 (England and Wales)









Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements

for the Year Ended 30 September 2024

for

Venture Asset Management Limited

Venture Asset Management Limited (Registered number: 03290414)






Contents of the Consolidated Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Venture Asset Management Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: Mr P D Curran
Mr D P McCluskey





SECRETARY: Mr P D Curran





REGISTERED OFFICE: Floats Road
Roundthorne Industrial Estate
Wythenshawe
Manchester
M23 9NJ





REGISTERED NUMBER: 03290414 (England and Wales)





AUDITORS: Harts Limited
Chartered Accountants and Statutory Auditors
Westminster House
10 Westminster Road
Macclesfield
Cheshire
SK10 1BX

Venture Asset Management Limited (Registered number: 03290414)

Group Strategic Report
for the Year Ended 30 September 2024

The directors present their strategic report of the company and the group for the year ended 30 September 2024.

REVIEW OF BUSINESS
The principal activity of the group is that of an international freight forwarder. This involves arranging the transportation of goods internationally, including customs formalities.

The directors are pleased to present another successful year's results. The group has seen a significant increase in turnover, with the turnover increasing from £58.33m in 2023 to £62.88m in the year under review. This growth has been achieved despite a large fluctuations of international freight rates. The Company has continued investing in technology. We are offering our customers new and innovative solutions to improve the efficiency of their supply chain.

The Group's key financial and other performance indicators during the year were as follows:

Unit 2024 2023
Turnover £'000 62,880 58,334
Gross Profit % 20.7 23.0
Net Profit % 7.6 9.7
Receivable days 55 32

The group's overhead has increased in the year under review with further investment in digital technology.

During the year in review the group has embarked on its ESG journey. We are committed to reducing our carbon footprint as well as helping our customers to de-carbonise their supply chain. We are not just committed to reducing our environmental impact, we are also dedicated to the social aspect of ESG. During the year in review, we have implemented a shadow board to increase visibility and communication within the company. Another initiative we are trialling is a 4-day work week. The aim of this is to improve employee wellbeing without compromising on productivity.

PRINCIPAL RISKS AND UNCERTAINTIES
We expect freight rates to fluctuate and increase due to geopolitical factors in the Red Sea region and the vessel diversions that have been implemented in response to this. The war in Ukraine continues to cause disruption. Gross profit percentage has decreased from 23% to 20.7%. The additional complexity in arranging logistics solutions has resulted in a higher cost being placed on freight forwarding businesses to continue to minimise disruption.

The group continues to face challenges in managing foreign exchange fluctuations in light of the current political uncertainty. The directors continue to monitor the situation closely and take steps to hedge financial exposure.

The effect of UK leaving the European Union has increased the work required by the operations of the business. The flow of freight around Europe has slowed down due to additional controls and regulation, which have also increased operational costs.

As the world grows more reliant on digital platforms the group intends to continue to make significant investment in technology to provide digital freight forwarding solutions to our customers. This involves the use of technology to provide competitive instant pricing and real time information regarding their supply chain.

FUTURE DEVELOPMENTS
We continue to invest heavily in digitisation to improve the efficiency of our operations. This means software that allows more real time information into the supply chain for the benefit of our customers. We also have developed software systems to automate tasks which are historically manual and time consuming, this will continue into the coming years.

Venture Asset Management Limited (Registered number: 03290414)

Group Strategic Report
for the Year Ended 30 September 2024


We expect freight rates to remain volatile in the coming year. The market will remain very competitive and we intend to invest in our sales team to get our offerings to a larger customer base.

ON BEHALF OF THE BOARD:




Mr P D Curran - Director


25 June 2025

Venture Asset Management Limited (Registered number: 03290414)

Report of the Directors
for the Year Ended 30 September 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of freight arrangers for imports and exports.

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2024 was £3,000,000 (2023: £6,151,077).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

Mr P D Curran
Mr D P McCluskey

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Harts Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr P D Curran - Director


25 June 2025

Report of the Independent Auditors to the Members of
Venture Asset Management Limited

Opinion
We have audited the financial statements of Venture Asset Management Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's 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.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Venture Asset Management Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and employment law. In addition the Company has to comply with laws and regulations relating to its operations and health and safety.

We understood how Venture Asset Management Limited is complying with those frameworks by making inquiries of management and confirmation, to identify any non-compliance with laws and regulations.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by discussion with directors to understand where it's considered there was a susceptibility to fraud. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud.

To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify any unusual or unexpected relationships; investigated the rationale behind significant or unusual transactions; and tested journal entries to identify unusual transactions.

Report of the Independent Auditors to the Members of
Venture Asset Management Limited


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Material misstatement that arises due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations that could materially impact the financial statements. Taking into accounts our understanding of the Company, our procedures involved enquires of management and focussed testing as appropriate with consideration to risk assessment.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




David Taylor BFP FCA (Senior Statutory Auditor)
for and on behalf of Harts Limited
Chartered Accountants and Statutory Auditors
Westminster House
10 Westminster Road
Macclesfield
Cheshire
SK10 1BX

25 June 2025

Venture Asset Management Limited (Registered number: 03290414)

Consolidated Income Statement
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   

TURNOVER 5 62,880,414 58,333,770

Cost of sales (49,890,313 ) (44,890,630 )
GROSS PROFIT 12,990,101 13,443,140

Administrative expenses (8,294,243 ) (7,810,376 )
4,695,858 5,632,764

Other operating income 6 63,990 37,867
OPERATING PROFIT 9 4,759,848 5,670,631

Interest receivable and similar income 11 10,293 -
4,770,141 5,670,631

Interest payable and similar expenses 12 (3,597 ) (1,861 )
PROFIT BEFORE TAXATION 4,766,544 5,668,770

Tax on profit 13 (1,256,502 ) (1,281,132 )
PROFIT FOR THE FINANCIAL YEAR 3,510,042 4,387,638
Profit attributable to:
Owners of the parent 3,511,110 4,384,263
Non-controlling interests (1,068 ) 3,375
3,510,042 4,387,638

Venture Asset Management Limited (Registered number: 03290414)

Consolidated Other Comprehensive Income
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   

PROFIT FOR THE YEAR 3,510,042 4,387,638


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

3,510,042

4,387,638

Total comprehensive income attributable to:
Owners of the parent 3,511,110 4,373,463
Non-controlling interests (1,068 ) 14,175
3,510,042 4,387,638

Venture Asset Management Limited (Registered number: 03290414)

Consolidated Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £   
FIXED ASSETS
Intangible assets 16 178,718 262,642
Tangible assets 17 191,845 265,530
Investments 18 - -
370,563 528,172

CURRENT ASSETS
Debtors 19 19,789,624 7,113,802
Cash at bank 5,071,222 6,436,295
24,860,846 13,550,097
CREDITORS
Amounts falling due within one year 20 (17,356,198 ) (6,700,899 )
NET CURRENT ASSETS 7,504,648 6,849,198
TOTAL ASSETS LESS CURRENT LIABILITIES 7,875,211 7,377,370

PROVISIONS FOR LIABILITIES 23 (11,410 ) (23,611 )
NET ASSETS 7,863,801 7,353,759

CAPITAL AND RESERVES
Called up share capital 24 155 155
Capital redemption reserve 25 (87,780 ) (87,780 )
Other reserves 25 202,851 202,851
Retained earnings 25 7,735,468 7,224,358
SHAREHOLDERS' FUNDS 7,850,694 7,339,584

NON-CONTROLLING INTERESTS 26 13,107 14,175
TOTAL EQUITY 7,863,801 7,353,759

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





Mr P D Curran - Director


Venture Asset Management Limited (Registered number: 03290414)

Company Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £   
FIXED ASSETS
Intangible assets 16 - -
Tangible assets 17 - -
Investments 18 382,022 382,022
382,022 382,022

CURRENT ASSETS
Debtors 19 266,429 498,461

CREDITORS
Amounts falling due within one year 20 (424,812 ) (656,844 )
NET CURRENT LIABILITIES (158,383 ) (158,383 )
TOTAL ASSETS LESS CURRENT LIABILITIES 223,639 223,639

CAPITAL AND RESERVES
Called up share capital 24 155 155
Capital redemption reserve 25 (87,780 ) (87,780 )
Other reserves 25 202,851 202,851
Retained earnings 25 108,413 108,413
SHAREHOLDERS' FUNDS 223,639 223,639

Company's profit for the financial year 3,000,000 6,151,077

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





Mr P D Curran - Director


Venture Asset Management Limited (Registered number: 03290414)

Consolidated Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up Capital
share Retained redemption
capital earnings reserve
£    £    £   
Balance at 1 October 2022 160 8,991,172 (87,785 )

Changes in equity
Purchase of own shares (5 ) - 5
Dividends - (6,151,077 ) -
Total comprehensive income - 4,384,263 -
Balance at 30 September 2023 155 7,224,358 (87,780 )

Changes in equity
Dividends - (3,000,000 ) -
Total comprehensive income - 3,511,110 -
Balance at 30 September 2024 155 7,735,468 (87,780 )
Other Non-controlling Total
reserves Total interests equity
£    £    £    £   
Balance at 1 October 2022 202,851 9,106,398 - 9,106,398

Changes in equity
Dividends - (6,151,077 ) - (6,151,077 )
Total comprehensive income - 4,384,263 14,175 4,398,438
Balance at 30 September 2023 202,851 7,339,584 14,175 7,353,759

Changes in equity
Dividends - (3,000,000 ) - (3,000,000 )
Total comprehensive income - 3,511,110 (1,068 ) 3,510,042
Balance at 30 September 2024 202,851 7,850,694 13,107 7,863,801

Venture Asset Management Limited (Registered number: 03290414)

Company Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up Capital
share Retained redemption Other Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 October 2022 160 108,413 (87,785 ) 202,851 223,639

Changes in equity
Purchase of own shares (5 ) - 5 - -
Dividends - (6,151,077 ) - - (6,151,077 )
Total comprehensive income - 6,151,077 - - 6,151,077
Balance at 30 September 2023 155 108,413 (87,780 ) 202,851 223,639

Changes in equity
Dividends - (3,000,000 ) - - (3,000,000 )
Total comprehensive income - 3,000,000 - - 3,000,000
Balance at 30 September 2024 155 108,413 (87,780 ) 202,851 223,639

Venture Asset Management Limited (Registered number: 03290414)

Consolidated Cash Flow Statement
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,972,318 6,898,034
Interest paid (3,597 ) (1,861 )
Tax paid (1,338,330 ) (1,527,937 )
Net cash from operating activities 1,630,391 5,368,236

Cash flows from investing activities
Purchase of tangible fixed assets (5,757 ) (116,029 )
Sale of tangible fixed assets - 27,525
Interest received 10,293 -
Net cash from investing activities 4,536 (88,504 )

Cash flows from financing activities
Share issue - (5 )
Equity dividends paid (3,000,000 ) (6,151,077 )
Net cash from financing activities (3,000,000 ) (6,151,082 )

Decrease in cash and cash equivalents (1,365,073 ) (871,350 )
Cash and cash equivalents at beginning of
year

2

6,436,295

7,307,645

Cash and cash equivalents at end of year 2 5,071,222 6,436,295

Venture Asset Management Limited (Registered number: 03290414)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 September 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.9.24 30.9.23
£    £   
Profit before taxation 4,766,544 5,668,770
Depreciation charges 163,366 157,167
Profit on disposal of fixed assets - (27,525 )
Finance costs 3,597 1,861
Finance income (10,293 ) -
4,923,214 5,800,273
(Increase)/decrease in trade and other debtors (12,675,822 ) 3,211,056
Increase/(decrease) in trade and other creditors 10,724,926 (2,113,295 )
Cash generated from operations 2,972,318 6,898,034

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 5,071,222 6,436,295
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 6,436,295 7,307,645


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank 6,436,295 (1,365,073 ) 5,071,222
6,436,295 (1,365,073 ) 5,071,222
Total 6,436,295 (1,365,073 ) 5,071,222

Venture Asset Management Limited (Registered number: 03290414)

Notes to the Consolidated Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Venture Asset Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102.

(a) No cashflow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented.
(c) No disclosure has been given for the aggregate remuneration of key management personnel.

Basis of consolidation
The Group’s financial statements consolidate those of the parent company and all of its subsidiaries as of 30
September 2024. All subsidiaries have a reporting date of 30 September.

All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and losses on transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a Group perspective.

Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure
consistency with the accounting policies adopted by the Group.

The Group attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the non-controlling interests based on their respective ownership interests.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes, if any.

The parent company has taken advantage of the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Non-controlling interests
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group's equity. Minority interests consist of the amounts of those interests at the date of the original business combination and the minority's share of changes in equity since the date of the combination.

The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interest and do not reflect the possible exercise or conversion of options or convertible instruments.

Related party exemption
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.

Venture Asset Management Limited (Registered number: 03290414)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

3. ACCOUNTING POLICIES - continued

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
The turnover shown in the statement of income and retained earnings represents amounts invoiced during the year, upon delivery of goods to the customer, exclusive of value added tax. Income is recognised at the point goods arrive at their destination.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Goodwill
Goodwill arises on business acquisition and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over it's useful life. Where a reliable estimate of the useful life of goodwill or intangible assets can not be made, the life is presumed not to exceed 10 years.

Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill - over 10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revise prospectively to reflect the new estimates.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less it's residual value, over the useful economic life of that assets as follows:

Fixtures and fittings20% straight line
Motor vehicles25% straight line
Computer equipment20% straight line

Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying amount exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, where it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash generating unit to which the asset belongs. The cash generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows which are largely independent of the cash inflows from other assets or groups of assets.

Venture Asset Management Limited (Registered number: 03290414)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

3. ACCOUNTING POLICIES - continued

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash generated units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' 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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs 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 value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Venture Asset Management Limited (Registered number: 03290414)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

3. ACCOUNTING POLICIES - continued

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or
cancelled.

Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity respectively.

Current tax is recognised on taxable profits for the current and passed periods. Current tax is measure at the amount of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted at the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities dominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Pension costs and other post-retirement benefits
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event. It is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date as subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amount previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of the asset.

When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the
group and its subsidiary companies have adequate resources to continue in operational existence for the foreseeable future. The group has the ability to trade in the future with support from the directors and other connected companies. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Venture Asset Management Limited (Registered number: 03290414)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

3. ACCOUNTING POLICIES - continued

Equity instruments
Equity instruments issued by the group 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 group.

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical accounting judgements
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.

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

- Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annual and may vary depending on a number of factors. In re-assessing asset lives, factors such as technical innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

- Determination whether the leases entered into the company as lessee are operating leases and not finance leases. These decisions depend on an assessment of whether the risk and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

- Determination that there are no indicators of the impairment of the companies tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future performance of that unit.

- Determination of recoverability of trade debtors. A specific provision is made against certain debts where in the opinion of the directors the debt is not fully recoverable.

Key sources of estimation uncertainty
The estimates and assumptions which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Accruals
An accrual in the amount of £12,525,664 for purchase invoices not received from suppliers at the year end has been estimated by the directors to ensure that accruals are correctly recorded.

Venture Asset Management Limited (Registered number: 03290414)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

Depreciation and amortisation
Depreciation and amortisation policies are reviewed annually by the board. All assets are depreciated and amortised based on their expected useful economic life and the anticipated residual value. Residual values are updated to reflect market conditions as appropriate.

5. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

30.9.24 30.9.23
£    £   
Air 17,928,020 11,260,775
Sea 31,232,419 26,959,962
Road 11,240,689 13,236,995
Other 2,479,286 6,876,038
62,880,414 58,333,770

An analysis of turnover by geographical market is given below:

30.9.24 30.9.23
£    £   
United Kingdom 49,208,998 50,028,510
Rest of world 13,671,416 8,305,260
62,880,414 58,333,770

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

6. OTHER OPERATING INCOME
30.9.24 30.9.23
£    £   
Other income 63,990 37,867

7. EMPLOYEES AND DIRECTORS
30.9.24 30.9.23
£    £   
Wages and salaries 4,061,653 3,763,766
Social security costs 582,816 589,699
Other pension costs 332,734 312,474
4,977,203 4,665,939

Venture Asset Management Limited (Registered number: 03290414)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

7. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.9.24 30.9.23

Directors 5 5
Operations 59 57
Finance 10 10
Sales 10 12
IT 3 2
87 86

8. DIRECTORS' EMOLUMENTS
30.9.24 30.9.23
£    £   
Directors' remuneration 713,057 707,753
Directors' pension contributions to money purchase schemes 48,197 47,947

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 5

Information regarding the highest paid director is as follows:
30.9.24 30.9.23
£    £   
Emoluments etc 336,546 336,546
Pension contributions to money purchase schemes 10,200 10,200

9. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.9.24 30.9.23
£    £   
Depreciation - owned assets 79,442 72,309
Profit on disposal of fixed assets - (27,525 )
Goodwill amortisation 45,587 46,520
Development costs amortisation 38,337 38,338
Foreign exchange differences (20,714 ) 31,083

10. AUDITORS' REMUNERATION
30.9.24 30.9.23
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

22,437

31,060

11. INTEREST RECEIVABLE AND SIMILAR INCOME
30.9.24 30.9.23
£    £   
Other interest received 10,293 -

Venture Asset Management Limited (Registered number: 03290414)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

12. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.24 30.9.23
£    £   
Other interest payable 3,597 1,861

13. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.24 30.9.23
£    £   
Current tax:
UK corporation tax 1,263,121 1,262,397
(Over) Under provision in prior year 5,582 5,572
Total current tax 1,268,703 1,267,969

Deferred tax:
Deferred tax (12,372 ) 13,163
(Over) under provision in
prior year 171 -
Total deferred tax (12,201 ) 13,163

Tax on profit 1,256,502 1,281,132

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.24 30.9.23
£    £   
Profit before tax 4,766,544 5,668,770
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 22 %)

1,191,636

1,247,129

Effects of:
Expenses not deductible for tax purposes 59,845 32,325
Adjustments to tax charge in respect of previous periods 5,582 5,571
Difference in tax rates (732 ) (5,489 )
Deferred tax 171 1,596




Total tax charge 1,256,502 1,281,132

14. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Venture Asset Management Limited (Registered number: 03290414)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

15. DIVIDENDS

The total distribution of dividends for the year ended 30 September 2024 was £3,000,000.

16. INTANGIBLE FIXED ASSETS

Group
Development
Goodwill costs Totals
£    £    £   
COST
At 1 October 2023
and 30 September 2024 605,912 191,686 797,598
AMORTISATION
At 1 October 2023 474,255 60,701 534,956
Amortisation for year 45,587 38,337 83,924
At 30 September 2024 519,842 99,038 618,880
NET BOOK VALUE
At 30 September 2024 86,070 92,648 178,718
At 30 September 2023 131,657 130,985 262,642

17. TANGIBLE FIXED ASSETS

Group
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2023 210,833 27,525 166,026 404,384
Additions 5,757 - - 5,757
At 30 September 2024 216,590 27,525 166,026 410,141
DEPRECIATION
At 1 October 2023 74,393 1,720 62,741 138,854
Charge for year 40,063 6,882 32,497 79,442
At 30 September 2024 114,456 8,602 95,238 218,296
NET BOOK VALUE
At 30 September 2024 102,134 18,923 70,788 191,845
At 30 September 2023 136,440 25,805 103,285 265,530

Venture Asset Management Limited (Registered number: 03290414)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

18. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 October 2023
and 30 September 2024 382,022
NET BOOK VALUE
At 30 September 2024 382,022
At 30 September 2023 382,022

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Cargo Overseas Limited
Registered office: Floats Rd, Roundthorn Industrial Estate, Wythenshawe, Manchester M23 9NJ
Nature of business: Freight forwarder
%
Class of shares: holding
Ordinary 100.00
30.9.24 30.9.23
£    £   
Aggregate capital and reserves 6,542,460 6,817,263
Profit for the year 2,725,197 3,716,920

Simply Cargo Wholesale Limited
Registered office: Floats Road Floats Road, Roundthorn Industrial Estate, Wythenshawe, United Kingdom, M23 9NJ
Nature of business: Freight forwarder
%
Class of shares: holding
Ordinary 100.00
30.9.24 30.9.23
£    £   
Aggregate capital and reserves 1,428,997 663,378
Profit for the year 765,619 663,218

Venture Asset Management Limited (Registered number: 03290414)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

18. FIXED ASSET INVESTMENTS - continued

Forwarding Digital Limited
Registered office: Digital Forwarding Limited, Floats Road, Manchester, England, M23 9NJ
Nature of business: Business and domestic software development
%
Class of shares: holding
Ordinary 55.00
30.9.24 30.9.23
£    £   
Aggregate capital and reserves 29,127 7,500
Profit for the year 21,627 7,500

The subsidiary company is entitled to exemption from audit of its individual accounts under Section 479A of the Companies Act 2006 for the year ended 30 September 2024.

The parent company has given a guarantee under section 479C in respect of the current year against all outstanding liabilities to which the subsidiary company is subject at the end of the current financial year, unless they are satisfied in full. The guarantee is enforceable against the parent undertaking by any person to whom the subsidiary company is liable in respect of those liabilities


19. DEBTORS

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Amounts falling due within one year:
Trade debtors 9,359,462 5,468,038 - -
Other debtors 9,132,207 1,219,226 266,429 498,461
VAT 166,315 127,462 - -
Prepayments and accrued income 222,518 299,076 - -
18,880,502 7,113,802 266,429 498,461

Amounts falling due after more than one year:
Other debtors 909,122 - - -

Aggregate amounts 19,789,624 7,113,802 266,429 498,461

20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Trade creditors 3,807,339 (1,207,645 ) - -
Amounts owed to group undertakings - - 411,452 417,952
Corporation tax 689,210 758,837 - -
Social security and other taxes 126,496 120,374 - -
Other creditors 37,236 257,487 13,360 238,892
Accruals and deferred income 12,695,917 6,771,846 - -
17,356,198 6,700,899 424,812 656,844

Venture Asset Management Limited (Registered number: 03290414)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

21. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
30.9.24 30.9.23
£    £   
Within one year 110,902 134,227
Between one and five years 89,029 223,772
199,931 357,999

Lease payments recognised as an expense during the year are £431,590 (2023: £420,082).

22. SECURED DEBTS

The group is operating a duty deferment account, whereby, HMRC effectively gives agents credit for a certain time period to pay their customs charges, so a guarantee from an approved bank, Barclays Bank PLC, is currently in place as security.

23. PROVISIONS FOR LIABILITIES

Group
30.9.24 30.9.23
£    £   
Deferred tax 11,410 23,611

Group
Deferred
tax
£   
Balance at 1 October 2023 23,611
Credit to Income Statement during year (12,372 )
Prior year adjustment 171
Balance at 30 September 2024 11,410

24. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
155 Ordinary £1 155 155

Venture Asset Management Limited (Registered number: 03290414)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

25. RESERVES

Group
Capital
Retained redemption Other
earnings reserve reserves Totals
£    £    £    £   

At 1 October 2023 7,224,358 (87,780 ) 202,851 7,339,429
Profit for the year 3,511,110 3,511,110
Dividends (3,000,000 ) (3,000,000 )
At 30 September 2024 7,735,468 (87,780 ) 202,851 7,850,539

Company
Capital
Retained redemption Other
earnings reserve reserves Totals
£    £    £    £   

At 1 October 2023 108,413 (87,780 ) 202,851 223,484
Profit for the year 3,000,000 3,000,000
Dividends (3,000,000 ) (3,000,000 )
At 30 September 2024 108,413 (87,780 ) 202,851 223,484


26. NON-CONTROLLING INTERESTS

At the year ended 2024, as a result of the profit made in Digital Forwarding Limited the group recognised an increase in non-controlling interests of £9,732 in full and a decrease in equity attributable to owners of the parent of £9,732. There has also been a reduction in the non-controlling interests of £10,800 in relation to the reserves at acquisition, increasing the equity attributable to the owners of the parent by £10,800. The credit balance for the non-controlling interest at the year end is £13,107 (2023: £14,175).

27. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

Forwarding Digital Limited is a subsidiary undertaking of Venture Asset Management Limited, that has applied the exemption from audit under section 479A of Companies Act 2006. As such, the parent undertaking guarantees all outstanding liabilities to which the company is subject at the end of financial year, until they are settled in full. The guarantee is granted to any person to whom the subsidiary is liable in respect of those liabilities.

28. OTHER FINANCIAL COMMITMENTS

The group is the financial guarantor as per the tenancy lease agreement of Trilogy Freight Ltd, a related entity. As per the latest tenancy agreement of Trilogy Freight Limited, the rent was £350,000 per annum and the expiry of the tenancy agreement is in October 2026.

29. ULTIMATE CONTROLLING PARTY

The company is under the ultimate control of Mr Curran by virtue of his controlling shareholding in the company.