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

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

GLAMORGAN VENTURES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07606715
GLAMORGAN VENTURES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 September 2018
GLAMORGAN VENTURES LIMITED
BALANCE SHEET
30 September 2018
2018
2017
Note
£
£
FIXED ASSETS
Tangible assets
5
12,111
15,400
CURRENT ASSETS
Stocks
31,134
28,381
Debtors
6
5,143
5,869
Cash at bank and in hand
2,922
9,105
--------
--------
39,199
43,355
CREDITORS: amounts falling due within one year
7
( 32,317)
( 30,469)
--------
--------
NET CURRENT ASSETS
6,882
12,886
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
18,993
28,286
CREDITORS: amounts falling due after more than one year
8
( 149,166)
( 143,581)
---------
---------
NET LIABILITIES
( 130,173)
( 115,295)
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
( 130,273)
( 115,395)
---------
---------
SHAREHOLDERS FUNDS
( 130,173)
( 115,295)
---------
---------
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 profit and loss account has not been delivered.
For the year ending 30 September 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 .
GLAMORGAN VENTURES LIMITED
BALANCE SHEET (continued)
30 September 2018
These financial statements were approved by the board of directors and authorised for issue on 20 June 2019 , and are signed on behalf of the board by:
Mrs J Jones
Director
Company registration number: 07606715
GLAMORGAN VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 30 September 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 24 Countisbury Avenue, Llanrumney, Cardiff, CF3 5SP.
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.
Going concern
The accounts have been prepared on the going concern basis. The accounts show that the company had net liabilities of £130,173 at the balance sheet date. The directors have therefore had to consider the appropriateness of the going concern basis. The company has been able to finance its operations largely because of the support of the directors and certain creditors. Were this support not available, the company may not be able to continue trading. The directors are satisfied that the company will continue to receive this support for at least the next twelve months and that, with this continuing support, the company will be able to meet its liabilities as they fall due. On the basis of the above, the directors consider it appropriate to prepare the accounts on a going concern basis.
Turnover
The turnover shown in the profit and loss account is derived from ordinary activities and represents the value of sales in the financial year, exclusive of Value Added Tax.
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:
Fixtures & Fittings
-
20% reducing balance
Equipment
-
25% reducing balance
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 3 (2017: 3 ).
5. TANGIBLE ASSETS
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 October 2017 and 30 September 2018
41,721
22,200
63,921
--------
--------
--------
Depreciation
At 1 October 2017
30,498
18,023
48,521
Charge for the year
2,245
1,044
3,289
--------
--------
--------
At 30 September 2018
32,743
19,067
51,810
--------
--------
--------
Carrying amount
At 30 September 2018
8,978
3,133
12,111
--------
--------
--------
At 30 September 2017
11,223
4,177
15,400
--------
--------
--------
6. DEBTORS
2018
2017
£
£
Trade debtors
31
284
Other debtors
5,112
5,585
-------
-------
5,143
5,869
-------
-------
7. CREDITORS: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
13,488
10,375
Trade creditors
7,713
10,231
Social security and other taxes
5,560
4,961
Other creditors
5,556
4,902
--------
--------
32,317
30,469
--------
--------
The following liabilities disclosed under creditors falling due within one year are secured by the company:
2018
2017
£
£
Bank loans
13,488
10,375
--------
--------
8. CREDITORS: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
18,343
34,944
Other creditors
130,823
108,637
---------
---------
149,166
143,581
---------
---------
The following liabilities disclosed under creditors falling due after more than one year are secured by the company:
2018
2017
£
£
Bank loans and overdrafts
18,343
34,944
--------
--------
9. RELATED PARTY TRANSACTIONS
Included in other creditors due in more than one year are the following balances due to related parties:
2018 2017
£ £
Kabe Retail Limited 69,085 56,951
Daccs Limited 61,738 51,686
--------- ---------
130,823 108,637
--------- ---------
The directors Mr K Jones & Mrs J Jones have a material interest in Kabe Retail Limited. The director Mr S Todd has a material interest in Daccs Limited. Both are registered in England & Wales. These loans are interest free and repayable on demand. Included in other creditors due within one year is the following balance due to a director:
2018 2017
£ £
Mrs J Jones 400 –
---- ----
This amount is interest free and repayable upon demand.