Venture Contract Lighting Limited - Period Ending 2014-08-31

Registration number: 01150025

Venture Contract Lighting Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2014
 

Venture Contract Lighting Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Venture Contract Lighting Limited
for the Year Ended 31 August 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Venture Contract Lighting Limited for the year ended 31 August 2014 set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Venture Contract Lighting Limited, as a body, in accordance with the terms of our engagement letterdated 30 June 2010. Our work has been undertaken solely to prepare for your approval the accounts of Venture Contract Lighting Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Venture Contract Lighting Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Venture Contract Lighting Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Venture Contract Lighting Limited. You consider that Venture Contract Lighting Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Venture Contract Lighting Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Jacobs Allen Limited
Chartered Accountants & Chartered Tax Advisers
59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB

12 December 2014

Page 1

Venture Contract Lighting Limited
(Registration number: 01150025)
Abbreviated Balance Sheet at 31 August 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					945,191			878,268
Current assets
Debtors					10,771			7,001
Cash at bank and in hand					56,323			103,261
					67,094			110,262
Creditors: Amounts falling due within one year					(66,402)			(64,261)
Net current assets					692			46,001
Total assets less current liabilities					945,883			924,269
Creditors: Amounts falling due after more than one year					(484,614)			(519,229)
Provisions for liabilities					(1,965)			-
Net assets					459,304			405,040
Capital and reserves
Called up share capital		3			4			4
Revaluation reserve					166,610			119,834
Profit and loss account					292,690			285,202
Shareholders' funds					459,304			405,040

For the year ending 31 August 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 8 December 2014 and signed on its behalf by:

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Venture Contract Lighting Limited
(Registration number: 01150025)
Abbreviated Balance Sheet at 31 August 2014
......... continued

.........................................
Mr Neil David Pettit
Director

.........................................
Mr Peter Stuart Jackson
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Venture Contract Lighting Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the letting of property.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Investment properties	No depreciation, see below
Fixtures and fittings	15% on the reducing balance

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 4

Venture Contract Lighting Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2014
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 September 2013		878,268			878,268
Revaluations		46,776			46,776
Additions		20,323			20,323
At 31 August 2014		945,367			945,367
Depreciation
Charge for the year		176			176
At 31 August 2014		176			176
Net book value
At 31 August 2014		945,191			945,191
At 31 August 2013		878,268			878,268

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		4			4			4			4

Page 5