Ven4 Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09791095 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

VEN4 LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

2

CURRENT ASSETS

Stocks

-

7,255,272

Debtors

4

4,792,829

1,083,122

4,792,829

8,338,394

CREDITORS

Amounts falling due within one year

5

449,629

428,565

NET CURRENT ASSETS

4,343,200

7,909,829

TOTAL ASSETS LESS CURRENT LIABILITIES

4,343,200

7,909,829

CREDITORS

Amounts falling due after more than one year

6

2,234,296

6,947,127

NET ASSETS

2,108,904

962,702

CAPITAL AND RESERVES

Called up share capital

7

2,726,905

3,897,098

Retained earnings

(618,001

)

(2,934,396

)

SHAREHOLDERS' FUNDS

2,108,904

962,702

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 June 2022 and were signed on its behalf by:

R W H Taylor - Director

1.	STATUTORY INFORMATION

Ven4 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

09791095

Registered office:

3rd Floor

3-5 Rathbone Place

London

W1T 1HJ

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

On 5 March 2021, the company sold its property stock. Once all creditors have been paid and all loans from group companies have been received, excess funds will be distributed to investors. The intention is then that the company will be wound up. Provision has been made for the future costs of terminating the business and sufficient funds are available to cover all liabilities and any future expected liabilities.

As a result the going concern basis of accounting does not apply. All assets and liabilities are shown at their recoverable amounts.

Related party exemption

Significant judgements and estimates

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.

Turnover

Turnover is the total amount receivable by the company in relation to sales of property stock net of related selling expenses and the recharge of utilities to any short-term tenants.

Stocks

Stocks and work in progress are stated at the lower of cost and net realisable value. Costs include overheads which have been incurred in bringing the stock to its present location and condition. Net realisable value represents sales value less appropriate selling costs.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised 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, which include trade debtors, other debtors, amounts due from group undertakings 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. Financial assets classified as receivable within one year are not amortised.

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, including trade creditors, other creditors, and amounts owed to group undertakings, that are classified as debt, 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 are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed by group undertakings

4,792,829

987,363

Other debtors

-

3,573

VAT

-

15,478

Prepayments and accrued income

-

76,708

4,792,829

1,083,122

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

(5,005

)

174,154

Amounts owed to group undertakings

-

40,670

Tax

380,443

-

Accruals and deferred income

-

91,456

Accrued expenses

74,191

122,285

449,629

428,565

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

-

4,369,750

Other loans - 1-2 years

2,234,296

2,577,377

2,234,296

6,947,127

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

2,454,214

A

£1

2,454,214

2,454,214

272,691

B

£1

272,691

1,442,884

2,726,905

3,897,098

8.	ULTIMATE CONTROLLING PARTY

The immediate parent companies are Vengrove Real Estate Investment Limited and CL UK RE 2 Ltd, companies registered in England and Wales. The directors do not consider there to be a single ultimate controlling party.