Colenso Ventures Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11339608 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

COLENSO VENTURES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTOR:

J M C Little

SECRETARY:

Mrs J A Little

REGISTERED OFFICE:

Cotswold Airport

Kemble

Cirencester

Gloucestershire

GL7 6BA

REGISTERED NUMBER:

11339608 (England and Wales)

ACCOUNTANTS:

Andorran Limited

6 Manor Park Business Centre

Mackenzie Way

Cheltenham

Gloucestershire

GL51 9TX

FIXED ASSETS

Investments

4

380,099

380,099

CURRENT ASSETS

Debtors

5

19,289

19,289

Cash at bank

7,888

-

27,177

19,289

CREDITORS

Amounts falling due within one year

6

(36,073

)

(15,524

)

NET CURRENT (LIABILITIES)/ASSETS

(8,896

)

3,765

TOTAL ASSETS LESS CURRENT LIABILITIES

371,203

383,864

CREDITORS

Amounts falling due after more than one year

7

(400,000

)

(400,000

)

NET LIABILITIES

(28,797

)

(16,136

)

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

(28,897

)

(16,236

)

SHAREHOLDERS' FUNDS

(28,797

)

(16,136

)

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

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

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 May 2020 and were signed by:

J M C Little - Director

1.	STATUTORY INFORMATION

Colenso Ventures 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The company had net liabilities and net current liabilities at the year-end date. The company relies on

the support of its director, shareholders and subsidiary company to provide working capital and

financial support. These parties have considered the financial needs of this company for a period of

greater than twelve months from the date of approval of these financial statements. Based on these

considerations, they have agreed not to withdraw their funding to the detriment of other unsecured

creditors and to introduce further funds as required for this company's current business plan.

As a result, the director has concluded that the company is a going concern and has drawn up the

financial statements on that basis.

Turnover

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

discounts, rebates, value added tax and other sales taxes.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2019

and 31 December 2019

380,099

NET BOOK VALUE

At 31 December 2019

380,099

At 31 December 2018

380,099

The company's investments at the Statement of Financial Position date in the share capital of

companies include the following:

Sentinel Systems Limited

Registered office: Building 2a, D-site, Kemble Airfield, Enterprise Park, Kemble, Cirencester, Gloucestershire, GL7 6BA

Nature of business: Trading company

%

Class of shares:

holding

Ordinary

100.00

Ordinary A

100.00

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Amounts owed by participating interests

19,289

19,289

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Directors' current accounts

2,954

2,954

Accrued expenses

33,119

12,570

36,073

15,524

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Other creditors

400,000

400,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

34

Ordinary A

£1

34

34

33

Ordinary B

£1

33

33

33

Ordinary C

£1

33

33

100

100

9.	RELATED PARTY DISCLOSURES

Sentinel Systems Limited

Wholly-owned subsidiary company

The company provides working capital to the subsidiary and charged it a management fee for the

year of £8,000 (2018: £nil). At the year-end, the company was owed £19,289 (2018: £19,289) by the

subsidiary. The advance is unsecured; no terms of interest or repayment have been agreed.

J M C Little

Shareholder and sole director

The related party advanced £100,000 to the company in connection with the acquisition of the

subsidiary company in 2018. The loan remains outstanding at the year-end. The loan is unsecured;

it carries interest at a rate of 5% above Bank of England base rate. Interest has been accrued but no

amounts have been paid at the year-end (2018: £nil).

The related party has advanced £2,954 to assist with working capital. At the year-end, the amount

due to the related party is £2,954 (2018: £2,954). The advance is unsecured; no terms of interest or

repayment have been agreed.

J M C Little

Wife of the sole director

The related party advanced £145,000 to the company in connection with the acquisition of the

subsidiary company in 2018. The loan remains outstanding at the year-end. The loan is unsecured;

it carries interest at a rate of 5% above Bank of England base rate. Interest has been accrued but no

amounts have been paid at the year-end (2018: £nil).

The J R Little Discretionary Will Trust

Trust in which Mrs J A Little is a trustee and beneficiary

The related party advanced £155,000 to the company in connection with the acquisition of the

subsidiary company in 2018. The loan remains outstanding at the year-end. The loan is unsecured;

it carries interest at a rate of 3% above Barclays base rate. Interest has been accrued but no

amounts have been paid at the year-end (2018: £nil).

The following reproduces the text of the report prepared for the director in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Statement of Financial Position. Readers are cautioned that the Income

Statement and certain other primary statements and the Report of the Director are not required to be

filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Colenso Ventures Limited for the year ended 31 December 2019 which comprise

the Income Statement, Statement of Financial Position and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Colenso Ventures Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Colenso Ventures Limited and state those matters that we have agreed to state to the director of Colenso Ventures Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Colenso Ventures Limited and its director for our work or for this report.

It is your duty to ensure that Colenso Ventures Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Colenso Ventures Limited. You consider that Colenso Ventures Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Colenso Ventures Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Andorran Limited

6 Manor Park Business Centre

Mackenzie Way

Cheltenham

Gloucestershire

GL51 9TX

3 May 2020