Ventana Homes Limited - Period Ending 2018-12-31

Registration number: 04615006

Ventana Homes Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2018

Ventana Homes Limited

Contents

Statement of Financial Position	1 to 2
Statement of Changes in Equity	3
Notes to the Financial Statements	4 to 7

Ventana Homes Limited

(Registration number: 04615006)
Statement of Financial Position as at 31 December 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	674,644	11,606
Current assets
Debtors	5	9,559	22,506
Cash at bank and in hand		86,289	117,403
		95,848	139,909
Creditors: Amounts falling due within one year	6	(230,664)	(62,136)
Net current (liabilities)/assets		(134,816)	77,773
Total assets less current liabilities		539,828	89,379
Provisions for liabilities		(52,308)	-
Net assets		487,520	89,379
Capital and reserves
Called up share capital	7	100	100
Revaluation reserve		258,662	-
Profit and loss account		228,758	89,279
Total equity		487,520	89,379

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and
•	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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 1

Ventana Homes Limited

(Registration number: 04615006)
Statement of Financial Position as at 31 December 2018

Approved and authorised by the Board on 24 September 2019 and signed on its behalf by:
 

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

P A Greenwood
Director

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 2

Ventana Homes Limited

Statement of Changes in Equity for the Year Ended 31 December 2018

	Share capital £	Revaluation reserve £	Profit and loss account £	Total £
At 1 January 2018	100	-	89,279	89,379
Profit for the year	-	-	172,979	172,979
Other comprehensive income	-	258,662	-	258,662
Total comprehensive income	-	258,662	172,979	431,641
Dividends	-	-	(33,500)	(33,500)
At 31 December 2018	100	258,662	228,758	487,520

	Share capital £	Profit and loss account £	Total £
At 1 January 2017	100	63,988	64,088
Profit for the year	-	206,291	206,291
Total comprehensive income	-	206,291	206,291
Dividends	-	(181,000)	(181,000)
At 31 December 2017	100	89,279	89,379

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

Ventana Homes Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Carnac Place
Cams Hall Estate
Fareham
Hampshire
PO16 8UY

2	Accounting policies

Summary of significant accounting policies

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 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Freehold buildings are initially recognised at cost in accordance with FRS102 s17 Property, Plant and Equipment and subsequently measured using the revaluation model. Land and Buildings are accounted for separately using an appropriate apportionment with land not being depreciated.

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:

Asset class	Depreciation method and rate
Leasehold improvements	15% reducing balance
Land	not depreciated
Property	5% straight line
Computer equipments	33.3% straight line
Fixtures, fittings & equipment	15% reducing balance
Motor vehicles	25% reducing balance

Page 4

Ventana Homes Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2017 - 13).

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2018	48,987	20,968	6,295	76,250
Revaluations	310,015	-	-	310,015
Additions	362,864	-	-	362,864
At 31 December 2018	721,866	20,968	6,295	749,129
Depreciation
At 1 January 2018	43,762	16,205	4,677	64,644
Charge for the year	8,722	715	404	9,841
At 31 December 2018	52,484	16,920	5,081	74,485
Carrying amount
At 31 December 2018	669,382	4,048	1,214	674,644
At 31 December 2017	5,225	4,763	1,618	11,606

Freehold property was acquired on 15 May 2018, which was previously owned by the directors personally (as disclosed in note 8), at its original cost to the directors. Following the transfer of the property to the company, it was subsequently revalued, based on a valuation report dated 23 August 2017 prepared by Henry Harris, a RICS registered valuer on behalf of Lambert Smith Hampton . In the opinion of the directors, its value at the date of revaluation was not significantly different to that at which the report was prepared.

5

Debtors

	2018 £	2017 £
Amounts owed by connected companies	-	4,877
Prepayments	2,425	2,618
Other debtors	7,134	15,011
	9,559	22,506

Page 5

Ventana Homes Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

6

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Taxation and social security		6,962	3,139
Other creditors		180,652	9,123
Corporation tax liability		43,050	49,874
		230,664	62,136

7	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

8	Related party transactions

During the year freehold land and buildings owned personally by each of the directors, from which the company trades, was introduced into the company. This capital introduction associated with this transaction amounted to £339,985 split equally between the directors.

Transactions with directors

2018	At 1 January 2018 £	Advances to directors £	Repayments by director £	At 31 December 2018 £
P A Greenwood
Director's loan account	2,587	106,200	(191,993)	(83,206)

Page 6

Ventana Homes Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

2017	At 1 January 2017 £	Advances to directors £	Repayments by director £	At 31 December 2017 £
P A Greenwood
Director's loan account	6,987	86,100	(90,500)	2,587
J A H Moocarme
Director's loan account	1,475	43,050	(45,250)	(725)
D R Lallana
Director's loan account	1,475	43,050	(45,250)	(725)

Page 7