S.V. Venni And Son Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03650522 (England and Wales)

S.V. Venni And Son Limited

Unaudited Financial Statements

for the Year Ended 31 October 2019

Page

Company information

1

Chartered accountants' report

2

Statement of financial position

3

Notes to the financial statements

5

Directors:

S V Venni

S R Venni

Registered office:

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

Business address:

Glebe Farm

Parsonage Lane

Sutton St. James

Spalding

Lincolnshire

PE12 0JA

Registered number:

03650522 (England and Wales)

Accountants:

Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

The following reproduces the text of the report prepared for the directors 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 Directors' report 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 S.V. Venni And Son Limited for the year ended 31 October 2019 which comprise

the Statement of income and retained earnings, 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 Board of Directors of S.V. Venni And Son Limited, as a body, in accordance with the terms of our engagement letter dated 1 February 2019. Our work has been undertaken solely to prepare for your approval the financial statements of S.V. Venni And Son Limited and state those matters that we have agreed to state to the Board of Directors of S.V. Venni And Son Limited, as a body, 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 S.V. Venni And Son Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that S.V. Venni And Son 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 profit of S.V. Venni And Son Limited. You consider that S.V. Venni And Son 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 S.V. Venni And Son 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.

Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

28 August 2020

Fixed assets

Tangible assets

5

1,119,288

1,146,828

Investment property

6

680,000

680,000

1,799,288

1,826,828

Current assets

Stocks

28,890

40,000

Debtors

7

151,941

369,970

Cash at bank and in hand

2,281,208

2,106,027

2,462,039

2,515,997

Creditors

Amounts falling due within one year

8

88,435

263,954

Net current assets

2,373,604

2,252,043

Total assets less current liabilities

4,172,892

4,078,871

Provisions for liabilities

18,719

23,016

Net assets

4,154,173

4,055,855

Capital and reserves

Called up share capital

9

100

100

Retained earnings

4,154,073

4,055,755

Shareholders' funds

4,154,173

4,055,855

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2020 and were signed on its behalf by:

S V Venni - Director

S R Venni - Director

1.	Statutory information

S.V. Venni And Son 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.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

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 for goods supplied

and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership

have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be

measured reliably; it is probable that the associated economic benefits will flow to the entity; and the

costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets

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.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other

comprehensive income and accumulated in equity, except to the extent it reverses a revaluation

decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount

of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any

previously recognised revaluation increase accumulated in equity in respect of that asset. Where a

revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of

that asset, the excess shall be recognised in profit or loss.

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:

Freehold land and property

not depreciated

Plant and machinery

25% reducing balance

Commerical vehicles

25% reducing balance

Furniture and equipment

25% reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, 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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in

the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a

similar debt instrument, those financial instruments are classed as financial liabilities. Financial

liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to

financial liabilities are included in the profit and loss account. Finance costs are calculated so as to

produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a

financial liability then this is classed as an equity instrument. Dividends and distributions relating to

equity instruments are debited direct to equity.

4.	Employees and directors

The average number of employees during the year was 15 (2018 - 19 ) .

5.	Tangible fixed assets

Freehold

Furniture

land and

Plant and

Commercial

and

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 November 2018

998,150

117,406

570,904

18,385

1,704,845

Additions

-

-

12,500

321

12,821

At 31 October 2019

998,150

117,406

583,404

18,706

1,717,666

Depreciation

At 1 November 2018

-

72,963

468,046

17,008

558,017

Charge for year

-

11,111

28,840

410

40,361

At 31 October 2019

-

84,074

496,886

17,418

598,378

Net book value

At 31 October 2019

998,150

33,332

86,518

1,288

1,119,288

At 31 October 2018

998,150

44,443

102,858

1,377

1,146,828

6.	Investment property

Total

£

Fair value

At 1 November 2018

and 31 October 2019

680,000

Net book value

At 31 October 2019

680,000

At 31 October 2018

680,000

7.

Debtors: amounts falling due within one year

2019

2018

£

£

Trade debtors

119,860

317,353

Prepayments

32,081

52,617

151,941

369,970

8.

Creditors: amounts falling due within one year

2019

2018

£

£

Trade creditors

3,626

62,661

Corporation tax

37,031

72,838

Social security and other taxes

17,058

66,786

Other creditors

1,017

-

Directors loan accounts

24,003

55,669

Accruals and deferred income

5,700

6,000

88,435

263,954

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary shares

£1

100

100