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Company registration number: 08401626

Little Venice Developments Limited
Filleted Annual Report and Unaudited Financial Statements
for the Year Ended 31 December 2025

Little Venice Developments Limited

Contents

Balance Sheet | 1 to 2
Notes to the Unaudited Financial Statements | 3 to 8

Little Venice Developments Limited

(Registration number: 08401626)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 13,200 | 13,200
Investments | 5 | 1,568,044 | 1,568,044
|  | 1,581,244 | 1,581,244
Current assets |  |  |
Stocks | 6 | 1,055,555 | 8,789,723
Debtors | 7 | 3,865,702 | 3,713,635
Cash at bank and in hand |  | 2,154,993 | 31,095
|  | 7,076,250 | 12,534,453
Creditors: Amounts falling due within one year | 8 | (25,607,454) | (22,790,700)
Net current liabilities |  | (18,531,204) | (10,256,247)
Total assets less current liabilities |  | (16,949,960) | (8,675,003)
Creditors: Amounts falling due after more than one year | 8 | (2,200,000) | (7,373,000)
Net liabilities |  | (19,149,960) | (16,048,003)
Capital and reserves |  |  |
Called up share capital |  | 1 | 1
Profit and loss account |  | (19,149,961) | (16,048,004)
Total equity |  | (19,149,960) | (16,048,003)

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Little Venice Developments Limited

(Registration number: 08401626)
Balance Sheet as at 31 December 2025

Director's 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 Director acknowledges his 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the director on 21 July 2026 .

M J Penkethman Director |  |

Little Venice Developments Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 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:
Morley House
36 Acreman Street
Sherborne
Dorset
DT9 3NX

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.

These financial statements are presented in Sterling (£).

Group accounts not prepared

The Company is part of a small group. The Company has taken advantage of the exemption provided by section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The Company reports a loss for the period and correspondingly reports net liabilities at 31 December 2025. Both shareholder and director have expressed their commitment in providing continuing financial support to the Company and confirmed they do not intend to withdraw any funding already committed to within 12 months of the date of signing these accounts. For this reason the Director considers that the preparation of the accounts on the going concern basis is appropriate.

Little Venice Developments Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2025

Turnover recognition

The entity sold a property held as trading stock in the year.
Turnover comprises the fair value of the consideration received or receivable for the sale of goods, provision of services, and interest income received, 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 turnover when (a) the amount of turnover can be measured reliably, (b) it is probable that future economic benefits will flow to the entity, and (c) specific criteria have been met for each of the Company’s activities.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation of tangible assets

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
Short leasehold property | Over the remaining term of the lease
Furniture, fittings and equipment | 25% Straight line method
Artwork | Not depreciated

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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.

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.

Little Venice Developments Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2025

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a normal business basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Work in progress is valued at the lower of cost and net realisable value. Costs includes all direct expenditure and an appropriate proportion of overheads.
At each reporting date, work in progress is assessed for impairment. If work in progress is impaired the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Work in progress is recognised in cost of sales based on the proportion of costs incurred in the production of goods sold as a proportion of the estimated total costs of production.

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.

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.

Little Venice Developments Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2025

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2024 - 1).

Little Venice Developments Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2025

4 | Tangible assets

| Furniture, fittings and equipment £ | Artwork £ | Total £
Cost or valuation
At 1 January 2025 | 23,830 | 13,200 | 37,030
Additions | 12,645 | - | 12,645
Disposals | (12,645) | - | (12,645)
At 31 December 2025 | 23,830 | 13,200 | 37,030
Depreciation
At 1 January 2025 | 23,830 | - | 23,830
Charge for the year | 2,371 | - | 2,371
Eliminated on disposal | (2,371) | - | (2,371)
At 31 December 2025 | 23,830 | - | 23,830
Carrying amount
At 31 December 2025 | - | 13,200 | 13,200
At 31 December 2024 | - | 13,200 | 13,200

5 | Investments

| 2025 £ | 2024 £
Investments in subsidiaries | 1,568,044 | 1,568,044

Subsidiaries | £
Cost or valuation
At 1 January 2025 and 31 December 2025 | 1,568,044
Provision
Carrying amount
At 1 January 2025 and 31 December 2025 | 1,568,044

6 | Stocks

| 2025 £ | 2024 £
Properties held for sale | 1,055,555 | 8,789,723

Little Venice Developments Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2025

7 | Debtors

Current |  | 2025 £ | 2024 £
Amounts owed by group undertakings and undertakings in which the Company has a participating interest |  | 3,768,730 | 3,607,926
Other debtors |  | 96,972 | 105,709
|  | 3,865,702 | 3,713,635

8 | Creditors

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | 17,084 | 12,461
Other creditors | 25,590,370 | 22,778,239
| 25,607,454 | 22,790,700

Other creditors include £5,759,449 (2024: £5,759,449) on which security has been given by the Company on certain property held as stock.

9 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 2,200,000 | 7,373,000

Loans and borrowings include a bank loan of £nil (2024: £3,573,000) on which security has been given by the Company on certain property held as stock.
Loans and borrowings include a further bank loan of £2,200,000 (2024: £3,800,000) on which security has been given by the Company’s subsidiary undertaking on property held as investment property. Interest and charges incurred on this bank loan are recognised in the subsidiary undertaking’s financial statements.