Cameron Ventures Group Limited Filleted accounts for Companies House (small and micro)

Cameron Ventures Group Limited Filleted accounts for Companies House (small and micro)

CAMERON VENTURES GROUP LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03661175
Cameron Ventures Group Limited
Filleted Financial Statements
31 August 2018
Cameron Ventures Group Limited
Statement of Financial Position
31 August 2018
2018
2017
Note
£
£
Fixed assets
Tangible assets
5
41,239
109,057
Investments
6
1,100
1,060
--------
----------
42,339
110,117
Current assets
Debtors
7
800,383
447,347
Cash at bank and in hand
12,116
–
----------
----------
812,499
447,347
Creditors: amounts falling due within one year
8
439,936
210,560
----------
----------
Net current assets
372,563
236,787
----------
----------
Total assets less current liabilities
414,902
346,904
Creditors: amounts falling due after more than one year
9
8,333
–
Provisions
Taxation including deferred tax
7,836
18,031
----------
----------
Net assets
398,733
328,873
----------
----------
Capital and reserves
Called up share capital
10
50,000
50,000
Profit and loss account
348,733
278,873
----------
----------
Shareholders funds
398,733
328,873
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 30 April 2019 , and are signed on behalf of the board by:
Mr B Keane
Director
Company registration number: 03661175
Cameron Ventures Group Limited
Notes to the Financial Statements
Year ended 31st August 2018
1. General information
The Company is a private company limited by shares, registered in England and Wales. The address of the registered office is Pendragon House, 65 London Road, St Albans AL1 1LJ and the Company's place of business is 1 Cricket View, Mildenhall IP28 7FA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and are prepared in sterling which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover represents the amounts receivable by the company for head office services and marquee hire, excluding VAT. In the prior year turnover also included residential property sales.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Marquee equipment
-
10% reducing balance
Motor vehicles
-
20% straight line
Machinery and office equipment
-
10%-20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2017: 8 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1st September 2017
153,275
4,950
19,777
178,002
Additions
–
22,800
1,145
23,945
Disposals
( 140,000)
( 2,250)
–
( 142,250)
----------
--------
--------
----------
At 31st August 2018
13,275
25,500
20,922
59,697
----------
--------
--------
----------
Depreciation
At 1st September 2017
54,112
1,536
13,297
68,945
Charge for the year
17,327
1,007
1,365
19,699
Disposals
( 70,000)
( 186)
–
( 70,186)
----------
--------
--------
----------
At 31st August 2018
1,439
2,357
14,662
18,458
----------
--------
--------
----------
Carrying amount
At 31st August 2018
11,836
23,143
6,260
41,239
----------
--------
--------
----------
At 31st August 2017
99,163
3,414
6,480
109,057
----------
--------
--------
----------
6. Investments
Shares in group undertakings
£
Cost
At 1st September 2017
1,060
Additions
40
-------
At 31st August 2018
1,100
-------
Impairment
At 1st September 2017 and 31st August 2018
–
-------
Carrying amount
At 31st August 2018
1,100
-------
At 31st August 2017
1,060
-------
7. Debtors
2018
2017
£
£
Trade debtors
43,220
28,426
Amounts owed by group undertakings and undertakings in which the company has a participating interest
370,000
–
Other debtors
387,163
418,921
----------
----------
800,383
447,347
----------
----------
8. Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
–
7,178
Trade creditors
116,961
42,078
Amounts owed to group undertakings and undertakings in which the company has a participating interest
192,365
6,938
Social security and other taxes
15,530
52,021
Other creditors
115,080
102,345
----------
----------
439,936
210,560
----------
----------
Included in other creditors are amounts owing under hire purchase contracts £5,000 (2017 - 1,745) which are secured on the assets concerned.
9. Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
8,333
–
-------
----
Included in other creditors are amounts owing under hire purchase contracts £8,333 (2017 - nil) which are secured on the assets concerned.
10. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
50,000
50,000.00
50,000
50,000.00
--------
------------
--------
------------
11. Other financial commitments
A cross guarantee exists between the Company and its parent undertaking and fellow subsidiary undertakings for all bank loans and overdrafts.
12. Summary audit opinion
The auditor's report for the year dated 30 April 2019 was unqualified.
The senior statutory auditor was Amanda Ruggles , for and on behalf of Gilberts .
13. Controlling party
The Company's parent undertaking is Cameron Ventures Hotels Limited. Copies of the accounts of Cameron Ventures Hotels Limited in which the Company is consolidated can be obtained from the registered office (address on page 1).