Venue 5 Limited Filleted accounts for Companies House (small and micro)

false false false false false false false false false true false false false false false false false No description of principal activity 2018-07-01 Sage Accounts Production Advanced 2019 - FRS102_2014 319,736 195,896 15,987 211,883 107,853 123,840 xbrli:pure xbrli:shares iso4217:GBP 05425075 2018-07-01 2019-06-30 05425075 2019-06-30 05425075 2018-06-30 05425075 2017-07-01 2018-06-30 05425075 2018-06-30 05425075 core:PlantMachinery 2018-07-01 2019-06-30 05425075 core:FurnitureFittings 2018-07-01 2019-06-30 05425075 bus:Director1 2018-07-01 2019-06-30 05425075 bus:Director4 2018-07-01 2019-06-30 05425075 core:WithinOneYear 2019-06-30 05425075 core:WithinOneYear 2018-06-30 05425075 core:NetGoodwill 2018-06-30 05425075 core:NetGoodwill 2019-06-30 05425075 core:LandBuildings core:LongLeaseholdAssets 2018-06-30 05425075 core:LandBuildings core:ShortLeaseholdAssets 2018-06-30 05425075 core:PlantMachinery 2018-06-30 05425075 core:FurnitureFittings 2018-06-30 05425075 core:LandBuildings core:LongLeaseholdAssets 2019-06-30 05425075 core:LandBuildings core:ShortLeaseholdAssets 2019-06-30 05425075 core:PlantMachinery 2019-06-30 05425075 core:FurnitureFittings 2019-06-30 05425075 core:LandBuildings core:LongLeaseholdAssets 2018-07-01 2019-06-30 05425075 core:LandBuildings core:ShortLeaseholdAssets 2018-07-01 2019-06-30 05425075 core:ShareCapital 2019-06-30 05425075 core:ShareCapital 2018-06-30 05425075 core:RetainedEarningsAccumulatedLosses 2019-06-30 05425075 core:RetainedEarningsAccumulatedLosses 2018-06-30 05425075 core:BetweenOneFiveYears 2019-06-30 05425075 core:BetweenOneFiveYears 2018-06-30 05425075 core:MoreThanFiveYears 2019-06-30 05425075 core:MoreThanFiveYears 2018-06-30 05425075 core:NetGoodwill 2018-07-01 2019-06-30 05425075 core:NetGoodwill 2018-06-30 05425075 core:LandBuildings core:LongLeaseholdAssets 2018-06-30 05425075 core:LandBuildings core:ShortLeaseholdAssets 2018-06-30 05425075 core:PlantMachinery 2018-06-30 05425075 core:FurnitureFittings 2018-06-30 05425075 bus:SmallEntities 2018-07-01 2019-06-30 05425075 bus:AuditExemptWithAccountantsReport 2018-07-01 2019-06-30 05425075 bus:FullAccounts 2018-07-01 2019-06-30 05425075 bus:SmallCompaniesRegimeForAccounts 2018-07-01 2019-06-30 05425075 bus:PrivateLimitedCompanyLtd 2018-07-01 2019-06-30 05425075 core:OfficeEquipment 2018-07-01 2019-06-30 05425075 core:OfficeEquipment 2018-06-30 05425075 core:OfficeEquipment 2019-06-30

COMPANY REGISTRATION NUMBER: 05425075

Venue 5 Limited

Filleted Unaudited Financial Statements

30 June 2019

Venue 5 Limited

Balance Sheet

30 June 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets	5	107,853	123,840
Tangible assets	6	925,643	1,042,282
		------------	------------
		1,033,496	1,166,122

Current assets

Stocks		31,630	25,030
Debtors	7	125,984	122,221
Cash at bank and in hand		28,945	14,640
		---------	---------
		186,559	161,891

Creditors: amounts falling due within one year	8	( 3,033,388)		( 2,888,374)
		------------		------------
Net current liabilities			( 2,846,829)	( 2,726,483)
			------------	------------
Total assets less current liabilities			( 1,813,333)	( 1,560,361)
			------------	------------
Net liabilities			( 1,813,333)	( 1,560,361)
			------------	------------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	( 1,814,333)	( 1,561,361)
	------------	------------
Shareholders deficit	( 1,813,333)	( 1,560,361)
	------------	------------

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 30 June 2019 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 .

These financial statements were approved by the board of directors and authorised for issue on 27 March 2020 , and are signed on behalf of the board by:

Mr J M Patel	Mr C Patel
Director	Director

Company registration number: 05425075

Venue 5 Limited

Notes to the Financial Statements

Year ended 30 June 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Europa House, 45 Rowdell Road, Northolt, Middlesex, UB5 6AG.

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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors have assessed the company's ability to continue as a going concern which has included a review of forecast cash flows, future trading performance and the continued support from the shareholders and based on this review, the directors confirm that the company has adequate resources to continue to operate for the foreseeable future, which covers a period of not less than twelve months from the date the financial statements are approved, and accordingly the going concern basis continues to be appropriate for the preparation of the financial statements.

Revenue recognition

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Sales are recognised when the significant risks and rewards of ownership of the goods are transferred to the customer, the sales price agreed and the receipt of payment can be reasonably assured.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	straight line over 20 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Leasehold property	-	over the life of lease
Leasehold improvements	-	over the life of lease
Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	15% reducing balance
Equipment	-	25% reducing balance

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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Deferred taxation

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.

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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 36 (2018: 36 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 July 2018 and 30 June 2019	319,736
	---------
Amortisation
At 1 July 2018	195,896
Charge for the year	15,987
	---------
At 30 June 2019	211,883
	---------
Carrying amount
At 30 June 2019	107,853
	---------
At 30 June 2018	123,840
	---------

6. Tangible assets

	Leasehold property	Leasehold improvements	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jul 2018	937,607	384,392	210,630	537,673	148,233	2,218,535
Additions	–	–	5,130	–	–	5,130
	---------	---------	---------	---------	---------	------------
At 30 Jun 2019	937,607	384,392	215,760	537,673	148,233	2,223,665
	---------	---------	---------	---------	---------	------------
Depreciation
At 1 Jul 2018	419,501	122,989	174,699	355,797	103,267	1,176,253
Charge for the year	34,542	38,439	10,265	27,281	11,242	121,769
	---------	---------	---------	---------	---------	------------
At 30 Jun 2019	454,043	161,428	184,964	383,078	114,509	1,298,022
	---------	---------	---------	---------	---------	------------
Carrying amount
At 30 Jun 2019	483,564	222,964	30,796	154,595	33,724	925,643
	---------	---------	---------	---------	---------	------------
At 30 Jun 2018	518,106	261,403	35,931	181,876	44,966	1,042,282
	---------	---------	---------	---------	---------	------------

7. Debtors

	2019	2018
	£	£
Trade debtors	6,084	9,689
Prepayments and accrued income	77,099	76,699
Corporation tax repayable	107	71
Other debtors	42,694	35,762
	---------	---------
	125,984	122,221
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	74,737	125,275
Trade creditors	226,700	256,590
Accruals and deferred income	19,084	20,111
Social security and other taxes	119,601	156,363
Director loan accounts	274,870	264,870
Shareholders loans	2,280,769	2,015,769
Other creditors	37,627	49,396
	------------	------------
	3,033,388	2,888,374
	------------	------------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	92,970	90,000
Later than 1 year and not later than 5 years	371,880	360,000
Later than 5 years	797,993	862,500
	------------	------------
	1,262,843	1,312,500
	------------	------------

10. Related party transactions

The company's related parties together with details of transactions undertaken during the year were as follows: With Directors: The company received an advance of £10,000 (2018: £Nil) from Mr. S. Malik. The balance outstanding at the year end was £274,870 (2018: £264,870). With Shareholders: The company received an advance of £170,000 (2018: £Nil) from Empire Bespoke Foods Limited. The balance outstanding at the year end was £1,443,121 (2018: £1,273,121). The company received an advance of £85,000 (2018: £Nil) from Pentex Properties Limited. The balance outstanding at the year end was £560,856 (2018: £475,856). The company received an advance of £10,000 (2018: £Nil) from Mr. R. Banga. The balance outstanding at the year end was £276,792 (2018: £266,792). The above balances are interest-free and have no fixed repayment terms.