S.V. Venni And Son Limited - Accounts to registrar (filleted) - small 18.2
S.V. Venni And Son Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| S.V. Venni And Son Limited |
| Unaudited Financial Statements |
| for the Year Ended 31 October 2021 |
| S.V. Venni And Son Limited (Registered number: 03650522) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2021 |
| Page |
| Company information | 1 |
| Chartered accountants' report | 2 |
| Statement of financial position | 3 | to | 4 |
| Notes to the financial statements | 5 | to | 8 |
| S.V. Venni And Son Limited |
| Company Information |
| for the Year Ended 31 October 2021 |
| Director: |
| Registered office: |
| Business address: |
| Registered number: |
| Accountants: |
| Bank House |
| Broad Street |
| Spalding |
| Lincolnshire |
| PE11 1TB |
| Chartered Accountants' Report to the Director |
| on the Unaudited Financial Statements of |
| S.V. Venni And Son Limited |
| 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 Director's 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 2021 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 director of S.V. Venni And Son Limited 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 director of S.V. Venni And Son 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 S.V. Venni And Son Limited and its director 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. |
| Bank House |
| Broad Street |
| Spalding |
| Lincolnshire |
| PE11 1TB |
| S.V. Venni And Son Limited (Registered number: 03650522) |
| Statement of Financial Position |
| 31 October 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 5 |
| Investment property | 6 |
| Current assets |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| Creditors |
| Amounts falling due within one year | 8 |
| Net current assets |
| Total assets less current liabilities |
| Provisions for liabilities |
| Net assets |
| Capital and reserves |
| Called up share capital | 9 |
| Revaluation reserve | 10 |
| Retained earnings |
| Shareholders' funds |
| 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. |
| S.V. Venni And Son Limited (Registered number: 03650522) |
| Statement of Financial Position - continued |
| 31 October 2021 |
| 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 director and authorised for issue on |
| S.V. Venni And Son Limited (Registered number: 03650522) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2021 |
| 1. | Statutory information |
| S.V. Venni And Son Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Statement of compliance |
| 3. | Accounting policies |
| Basis of preparing the financial statements |
| 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. |
| S.V. Venni And Son Limited (Registered number: 03650522) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 3. | Accounting policies - continued |
| 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 |
| S.V. Venni And Son Limited (Registered number: 03650522) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 5. | Tangible fixed assets |
| Freehold | Furniture |
| land and | Plant and | Commercial | and |
| property | machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| Cost |
| At 1 November 2020 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 October 2021 |
| Depreciation |
| At 1 November 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 October 2021 |
| Net book value |
| At 31 October 2021 |
| At 31 October 2020 |
| 6. | Investment property |
| Total |
| £ |
| Fair value |
| At 1 November 2020 |
| Revaluations | 40,000 |
| At 31 October 2021 |
| Net book value |
| At 31 October 2021 |
| At 31 October 2020 |
| Fair value at 31 October 2021 is represented by: |
| £ |
| Valuation in 2016 | 76,129 |
| Valuation in 2021 | 40,000 |
| Cost | 603,871 |
| 720,000 |
| Investment property was valued on an open market basis on 31 October 2021 by the directors . |
| S.V. Venni And Son Limited (Registered number: 03650522) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 7. | Debtors: amounts falling due within one year |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors' current accounts | - | 49,520 |
| Tax |
| Prepayments |
| 8. | Creditors: amounts falling due within one year |
| 2021 | 2020 |
| £ | £ |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| Other creditors |
| Directors' current accounts | 6,121 | 17,008 |
| Accruals and deferred income |
| 9. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary shares | £1 | 100 | 100 |
| 10. | Reserves |
| Revaluation |
| reserve |
| £ |
| Movement in the year | 116,129 |
| At 31 October 2021 |