Venture Properties (CLS) Limited - Period Ending 2016-05-31
Venture Properties (CLS) Limited - Period Ending 2016-05-31
Registration number:
Venture Properties (CLS) Limited
for the Year Ended 31 May 2016
Chartered Accountants
67 Duke Street
Darlington
Co Durham
DL3 7SD
Venture Properties (CLS) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Venture Properties (CLS) Limited
Company Information
Directors |
Mr M O'Connor Mr C Jenkinson Mrs L M Stephenson |
Company secretary |
Mr M O'Connor |
Registered office |
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Accountants |
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Page 1 |
Venture Properties (CLS) Limited
(Registration number: 07650305)
Balance Sheet as at 31 May 2016
Note |
2016 |
2015 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
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( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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( |
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Total equity |
( |
( |
For the financial year ending 31 May 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Page 2 |
Venture Properties (CLS) Limited
(Registration number: 07650305)
Balance Sheet as at 31 May 2016
Approved and authorised by the
.........................................
Mr M O'Connor
Company secretary and director
.........................................
Mr C Jenkinson
Director
Page 3 |
Venture Properties (CLS) Limited
Notes to the Financial Statements for the Year Ended 31 May 2016
General information |
The company is a private company limited by share capital incorporated in Other.
The address of its registered office is:
The principal place of business is:
16a North Burns
Chester le Street
Co. Durham
DH3 3TF
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
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.
Tangible assets
Tangible assets are stated in the statement of financial position 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:
Page 4 |
Venture Properties (CLS) Limited
Notes to the Financial Statements for the Year Ended 31 May 2016
Asset class |
Depreciation method and rate |
Property improvements |
15% reducing balance |
Furniture and fittings |
25% reducing balance |
Computer equipment |
25% reducing balance |
Motor vehicles |
25% reducing balance |
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 June 2015 |
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Additions |
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Disposals |
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At 31 May 2016 |
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Depreciation |
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At 1 June 2015 |
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Charge for the year |
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Eliminated on disposal |
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At 31 May 2016 |
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Carrying amount |
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At 31 May 2016 |
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At 31 May 2015 |
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Included within the net book value of land and buildings above is £5,245 (2015 - £6,170) in respect of short leasehold land and buildings.
Page 5 |
Venture Properties (CLS) Limited
Notes to the Financial Statements for the Year Ended 31 May 2016
Debtors |
2016 |
2015 |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2016 |
2015 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to related parties |
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Taxation and social security |
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Other creditors |
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Loans and borrowings |
2016 |
2015 |
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Current loans and borrowings |
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Finance lease liabilities |
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Page 6 |