Company Registration No. 09945147 (England and Wales)
KERNOW VENTURES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2025
PAGES FOR FILING WITH REGISTRAR
Vivian House
Newham Road
Truro
Cornwall
United Kingdom
TR1 2DP
KERNOW VENTURES LIMITED
CONTENTS
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
KERNOW VENTURES LIMITED
BALANCE SHEET
AS AT
31 JULY 2025
31 July 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,792
6,720
Current assets
Stocks
5,660
5,671
Debtors
6
9,770
7,589
Cash at bank and in hand
13,721
5,745
29,151
19,005
Creditors: amounts falling due within one year
7
(32,943)
(20,533)
Net current liabilities
(3,792)
(1,528)
Total assets less current liabilities
(1,000)
5,192
Provisions for liabilities
(531)
(1,277)
Net (liabilities)/assets
(1,531)
3,915
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(1,631)
3,815
Total equity
(1,531)
3,915

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

KERNOW VENTURES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2025
31 July 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 April 2026 and are signed on its behalf by:
Mr J P Elford
Director
Company registration number 09945147 (England and Wales)
KERNOW VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
- 3 -
1
Accounting policies
Company information

Kernow Ventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Pillars, Mitchell, Newquay, Cornwall, England, TR8 5AT.

1.1
Accounting convention

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Franchise cost is being amortised evenly over its estimated useful life of five years.

Franchise cost
20%
1.5
Tangible fixed assets

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:

Plant and equipment
20%
Computers
33%
Motor vehicles
20%
1.6
Stocks

Stocks are valued at the lower of cost and net realisable value, after making the due allowance for obsolete and slow moving items.

KERNOW VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity,

Current tax

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 balance sheet 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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

KERNOW VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 5 -
2
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 amount 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
2
2
4
Intangible fixed assets
Other
£
Cost
At 1 August 2024 and 31 July 2025
4,800
Amortisation and impairment
At 1 August 2024 and 31 July 2025
4,800
Carrying amount
At 31 July 2025
-
0
At 31 July 2024
-
0
KERNOW VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 6 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2024 and 31 July 2025
31,003
Depreciation and impairment
At 1 August 2024
24,283
Depreciation charged in the year
3,928
At 31 July 2025
28,211
Carrying amount
At 31 July 2025
2,792
At 31 July 2024
6,720
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
8,799
6,713
Other debtors
971
876
9,770
7,589
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
8,221
6,063
Corporation tax
8,108
4,870
Other taxation and social security
95
-
0
Other creditors
16,519
9,600
32,943
20,533

KERNOW VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 7 -
8
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
-
0
7,035
9
Related party transactions

The Directors introduced net funds of £13,852 into their Directors' loan during the period. At 31 July 2025 the Directors were owed £15,133. (2024: £1,569.)

The loan from the Directors is free of interest and repayable on demand.

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