S.V. Venni and Son Limited Filleted accounts for Companies House (small and micro)

S.V. Venni and Son Limited Filleted accounts for Companies House (small and micro)

S.V. VENNI AND SON LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03650522
S.V. Venni and Son Limited
Filleted Unaudited Financial Statements
for the year ended
31 October 2018
S.V. Venni and Son Limited
Financial Statements
for the year ended 31st October 2018
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 8
S.V. Venni and Son Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of S.V. Venni and Son Limited
for the year ended 31st October 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of S.V. Venni and Son Limited for the year ended 31st October 2018, which comprise the statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of S.V. Venni and Son Limited, as a body, in accordance with the terms of our engagement letter dated 1st February 2019. Our work has been undertaken solely to prepare for your approval the financial statements of S.V. Venni and Son Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S.V. Venni and Son Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that S.V. Venni and Son Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of S.V. Venni and Son Limited. You consider that S.V. Venni and Son 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 financial statements of S.V. Venni and Son 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 financial statements.
MOORE THOMPSON Chartered Accountants
Bank House Broad Street Spalding PE11 1TB
Dated: 10 April 2019
S.V. Venni and Son Limited
Statement of Financial Position
as at 31 October 2018
2018
2017
Note
£
£
£
£
Fixed assets
Tangible assets
6
1,826,828
1,821,563
Current assets
Stocks
40,000
35,200
Debtors
7
369,970
428,859
Cash at bank and in hand
2,106,027
1,785,846
------------
------------
2,515,997
2,249,905
Creditors: amounts falling due within one year
8
263,954
203,295
------------
------------
Net current assets
2,252,043
2,046,610
------------
------------
Total assets less current liabilities
4,078,871
3,868,173
Provisions
Taxation including deferred tax
23,016
20,893
------------
------------
Net assets
4,055,855
3,847,280
------------
------------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
4,055,755
3,847,180
------------
------------
Shareholders funds
4,055,855
3,847,280
------------
------------
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.
For the year ending 31st October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
S.V. Venni and Son Limited
Statement of Financial Position (continued)
as at 31 October 2018
These financial statements were approved by the board of directors and authorised for issue on 10 April 2019 , and are signed on behalf of the board by:
S.V. Venni
S.R. Venni
Director
Director
Company registration number: 03650522
S.V. Venni and Son Limited
Notes to the Financial Statements
for the year ended 31st October 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 Bank House, Broad Street, Spalding, Lincs, PE11 1TB. The trading address of the company is Glebe Farm, Parsonage Lane, Spalding, Lincs, PE12 0JA.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold land and property
-
not depreciated
Plant and machinery
-
25% reducing balance
Commerical vehicles
-
25% reducing balance
Furniture and equipment
-
25% reducing balance
Investment properties
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2017: 22 ).
5. Tax on profit
Major components of tax expense
2018
2017
£
£
Current tax:
UK current tax expense
72,838
34,520
Deferred tax:
Origination and reversal of timing differences
2,123
7,386
-----------
-----------
Tax on profit
74,961
41,906
-----------
-----------
6. Tangible assets
Freehold land and property
Investment properties
Plant and machinery
Commercial vehicles
Furniture and equipment
Total
£
£
£
£
£
£
Cost
At 1 Nov 2017
998,150
680,000
67,406
580,989
18,385
2,344,930
Additions
–
–
50,000
12,900
–
62,900
Disposals
–
–
–
( 22,985)
–
( 22,985)
-----------
-----------
-----------
-----------
-----------
------------
At 31 Oct 2018
998,150
680,000
117,406
570,904
18,385
2,384,845
-----------
-----------
-----------
-----------
-----------
------------
Depreciation
At 1 Nov 2017
–
–
58,149
448,651
16,567
523,367
Charge for the year
–
–
14,814
34,286
441
49,541
Disposals
–
–
–
( 14,891)
–
( 14,891)
-----------
-----------
-----------
-----------
-----------
------------
At 31 Oct 2018
–
–
72,963
468,046
17,008
558,017
-----------
-----------
-----------
-----------
-----------
------------
Carrying amount
At 31 Oct 2018
998,150
680,000
44,443
102,858
1,377
1,826,828
-----------
-----------
-----------
-----------
-----------
------------
At 31 Oct 2017
998,150
680,000
9,257
132,338
1,818
1,821,563
-----------
-----------
-----------
-----------
-----------
------------
7. Debtors
2018
2017
£
£
Trade debtors
317,353
379,629
Prepayments and accrued income
52,617
49,230
-----------
-----------
369,970
428,859
-----------
-----------
8. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
61,449
58,229
Accruals and deferred income
6,000
5,700
Corporation tax
72,838
34,520
Social security and other taxes
66,786
64,030
Director loan accounts
55,669
19,998
Other creditors
1,212
20,818
-----------
-----------
263,954
203,295
-----------
-----------
9. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
100
100.00
100
100.00
-----------
-----------
-----------
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