VENTURE INNOVATORS LTD - Accounts to registrar (filleted) - small 18.2
VENTURE INNOVATORS LTD - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
FOR |
VENTURE INNOVATORS LTD |
VENTURE INNOVATORS LTD (REGISTERED NUMBER: 05116672) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
Page |
Balance Sheet | 1 | to | 2 |
Notes to the Financial Statements | 3 | to | 6 |
VENTURE INNOVATORS LTD (REGISTERED NUMBER: 05116672) |
BALANCE SHEET |
31 MARCH 2019 |
31.3.19 | 31.3.18 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 3 |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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. |
VENTURE INNOVATORS LTD (REGISTERED NUMBER: 05116672) |
BALANCE SHEET - continued |
31 MARCH 2019 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on its behalf by: |
VENTURE INNOVATORS LTD (REGISTERED NUMBER: 05116672) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
1. | STATUTORY INFORMATION |
VENTURE INNOVATORS LTD is a |
Wales. The company's registered number and registered office address are as below: |
Registered number: | 05116672 |
Registered office: | New Taintree House |
6 Salford |
Audlem |
Crewe |
CW3 0AT |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and |
assumptions that affect the amounts reported. These estimates and judgements are continually |
reviewed and are based on experience and other factors, including expectations of future events that |
are believed to be reasonable under the circumstances. |
(i) Estimated useful lives and residual values of fixed assets |
Depreciation of tangible fixed assets has been based on estimated useful lives and residual values |
deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually |
and revised as appropriate. Revisions take into account estimated useful lives used by other |
companies operating in the sector and actual asset lives and residual values, as evidenced by |
disposals during the current and prior accounting periods. |
Tangible fixed assets |
Fixtures and fittings | - |
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. |
VENTURE INNOVATORS LTD (REGISTERED NUMBER: 05116672) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
2. | ACCOUNTING POLICIES - continued |
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, unless the arrangement |
constitutes a financing transaction, where it is recognised at the present value of the future payments |
discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of |
impairment at the end of each reporting date. If there is objective evidence of impairment, an |
impairment loss is recognised in profit or loss immediately. |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet 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. |
Going concern |
At 31 March 2019 the company has net liabilities in the sum of £3,639. However the director, Mr J |
Acklam has a directors loan account with the company in the sum of £18,717 and the director has |
provided the company with written confirmation that he will not call in his directors loan account as |
shown in long term creditors totalling £10,000. Accordingly, the directors consider it appropriate to |
prepare the financial statements on the going concern basis. |
VENTURE INNOVATORS LTD (REGISTERED NUMBER: 05116672) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and |
fittings |
£ |
COST |
At 1 April 2018 |
Additions |
At 31 March 2019 |
DEPRECIATION |
At 1 April 2018 |
Charge for year |
At 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 March 2018 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Other creditors |
VENTURE INNOVATORS LTD (REGISTERED NUMBER: 05116672) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Other creditors |
7. | RELATED PARTY DISCLOSURES |
At the balance sheet date the company owed the directors the total sum of £18,717 (2018 £18,717). |
All transactions undertaken with the directors are deemed to be conducted under normal market |
conditions and/or are not material. |