Venture Simulations Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05035078 (England and Wales)

Financial Statements for the Year Ended 31 March 2019

for

Venture Simulations Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P D Brough-Jones

Mr P R Harrington

Mr P Harrington

Mr G S Jagpal

Mr R G Mcwilliam

SECRETARY:

Ms C M Harrington

REGISTERED OFFICE:

South Newlands

Selby Road Riccall

York

North Yorkshire

YO19 6QR

REGISTERED NUMBER:

05035078 (England and Wales)

ACCOUNTANTS:

BBK Partnership

Chartered Accountants

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

FIXED ASSETS

Intangible assets

4

4,920

6,560

Tangible assets

5

5,417

6,125

10,337

12,685

CURRENT ASSETS

Debtors

6

40,613

32,113

Cash at bank

10,812

9,090

51,425

41,203

CREDITORS

Amounts falling due within one year

7

97,685

66,156

NET CURRENT LIABILITIES

(46,260

)

(24,953

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(35,923

)

(12,268

)

PROVISIONS FOR LIABILITIES

9

1,866

1,866

NET LIABILITIES

(37,789

)

(14,134

)

CAPITAL AND RESERVES

Called up share capital

10

106

106

Share premium

11

59,994

59,994

Retained earnings

11

(97,889

)

(74,234

)

SHAREHOLDERS' FUNDS

(37,789

)

(14,134

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 24 October 2019 and were signed on its behalf by:

Mr P Harrington - Director

1.	STATUTORY INFORMATION

Venture Simulations Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less

any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement

of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2018 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

8,200

AMORTISATION

At 1 April 2018

1,640

Amortisation for year

1,640

At 31 March 2019

3,280

NET BOOK VALUE

At 31 March 2019

4,920

At 31 March 2018

6,560

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2018

30,288

Additions

1,097

At 31 March 2019

31,385

DEPRECIATION

At 1 April 2018

24,163

Charge for year

1,805

At 31 March 2019

25,968

NET BOOK VALUE

At 31 March 2019

5,417

At 31 March 2018

6,125

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

40,613

32,113

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts (see note 8)

41,503

8,626

Trade creditors

12,964

13,685

Tax

-

(2,095

)

Malaysian & Colombian Tax

(2,992

)

(2,419

)

Social security and other taxes

1,614

5,636

Pension payable

381

263

VAT

9,911

7,397

Sinocampus UK - Advance

15,000

15,000

Wages control

(30

)

1,121

Directors' current accounts

17,634

17,242

Accrued expenses

1,700

1,700

97,685

66,156

8.

LOANS

An analysis of the maturity of loans is given below:

31.3.19

31.3.18

£

£

Amounts falling due within one year or on demand:

loan

41,503

8,626

9.	PROVISIONS FOR LIABILITIES

31.3.19

31.3.18

£

£

Deferred tax

1,866

1,866

Deferred

tax

£

Balance at 1 April 2018

1,866

Balance at 31 March 2019

1,866

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

10,600

Ordinary A

1p

106

106

11.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 April 2018

(74,234

)

59,994

(14,240

)

Deficit for the year

(23,655

)

(23,655

)

At 31 March 2019

(97,889

)

59,994

(37,895

)