Happy Ventures Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 9

Happy Ventures Limited

Company Information

Directors	Mrs Carolyne Maureen Kemp Mr Alexander David Kemp Mr Fraser Gregory Kemp

Registered office

Ground Floor 19 New Road Brighton East Sussex BN1 1UF

Accountants

Lucraft Hodgson & Dawes LLP Ground Floor 19 New Road Brighton East Sussex BN1 1UF

Happy Ventures Limited

(Registration number: 09071840)
Balance Sheet as at 30 June 2025

	Note	2025 £	2024 £
Fixed Assets
Tangible Assets	4	672,389	684,555
Current assets
Debtors	5	4,428	4,752
Cash at bank and in hand		18,770	8,520
		23,198	13,272
Creditors: Amounts falling due within one year	6	(175,276)	(159,138)
Net current liabilities		(152,078)	(145,866)
Total assets less current liabilities		520,311	538,689
Creditors: Amounts falling due after more than one year	6	(484,002)	(497,083)
Provisions for liabilities		(791)	(1,130)
Net assets		35,518	40,476
Capital and Reserves
Called up share capital		100	100
Retained Earnings		35,418	40,376
Shareholders' funds		35,518	40,476

For the financial year ending 30 June 2025 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 Profit and Loss Account.

Approved and authorised by the Board on 5 January 2026 and signed on its behalf by:
 

......................................... Mrs Carolyne Maureen Kemp Director

......................................... Mr Alexander David Kemp Director

......................................... Mr Fraser Gregory Kemp Director

Happy Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

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:
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF
England

The principal place of business is:
23 Broad Street
Brighton
East Sussex
BN2 1TJ

These financial statements were authorised for issue by the Board on 5 January 2026.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling, which is the functional currency of the company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Happy Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

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 balance sheet 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
Buildings	2% on cost
Building improvements	5% on cost
Fixtures and fittings	25% on reducing balance
Computer equipment	33% on cost
Plant and machinery	25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Happy Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2024 - 3).

Happy Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

4	Tangible Assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Other tangible assets £
Cost or valuation
At 1 July 2024	772,035	51,888	1,649	393
Disposals	-	(2,557)	-	-
At 30 June 2025	772,035	49,331	1,649	393
Depreciation
At 1 July 2024	93,430	46,399	1,258	323
Charge for the year	10,381	1,670	98	17
Eliminated on disposal	-	(2,557)	-	-
At 30 June 2025	103,811	45,512	1,356	340
Carrying amount
At 30 June 2025	668,224	3,819	293	53
At 30 June 2024	678,605	5,489	391	70

	Total £
Cost or valuation
At 1 July 2024	825,965
Disposals	(2,557)
At 30 June 2025	823,408
Depreciation
At 1 July 2024	141,410
Charge for the year	12,166
Eliminated on disposal	(2,557)
At 30 June 2025	151,019
Carrying amount
At 30 June 2025	672,389
At 30 June 2024	684,555

Included within the net book value of land and buildings above is £668,224 (2024 - £678,605) in respect of freehold land and buildings.
 

Happy Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

5

Debtors

Current	2025 £	2024 £
Prepayments	4,428	4,752
	4,428	4,752

Happy Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

6

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	7	168,040	155,721
Trade Creditors		-	114
Taxation and social security		5,443	1,818
Accruals and deferred income		1,612	1,330
Other creditors		181	155
		175,276	159,138

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	7	484,002	497,083

	2025 £	2024 £
Due after more than five years
After more than five years by instalments	411,373	422,983

Happy Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025