Venture Caravans Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07286914 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

VENTURE CARAVANS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D J Brown

J Brown

M Turley

REGISTERED OFFICE:

Toll House

A5 Watling Street

Watford Gap

Northamptonshire

NN6 7UJ

REGISTERED NUMBER:

07286914 (England and Wales)

ACCOUNTANTS:

LDP Luckmans

1110 Elliott Court

Coventry Business Park

Herald Avenue

Coventry

West Midlands

CV5 6UB

FIXED ASSETS

Intangible assets

4

8,316

8,316

Tangible assets

5

947,469

798,470

Investment property

6

200,000

200,000

1,155,785

1,006,786

CURRENT ASSETS

Stocks

2,893,623

2,041,616

Debtors

7

92,302

234,216

Cash at bank and in hand

2,009,571

1,938,127

4,995,496

4,213,959

CREDITORS

Amounts falling due within one year

8

608,513

545,019

NET CURRENT ASSETS

4,386,983

3,668,940

TOTAL ASSETS LESS CURRENT LIABILITIES

5,542,768

4,675,726

CREDITORS

Amounts falling due after more than one year

9

(1,900,000

)

(1,900,000

)

PROVISIONS FOR LIABILITIES

(12,672

)

(4,317

)

NET ASSETS

3,630,096

2,771,409

CAPITAL AND RESERVES

Called up share capital

11

3

3

Retained earnings

3,630,093

2,771,406

SHAREHOLDERS' FUNDS

3,630,096

2,771,409

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2022 and were signed on its behalf by:

D J Brown - Director

1.	STATUTORY INFORMATION

Venture Caravans 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.

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.

Significant judgements and estimates

The company is not subject to any significant judgements or estimates.

Turnover and other income

Turnover is measured at the fair value of the consideration receivable net of VAT and trade discounts. The polices adopted for the recognition of turnover are as follows:-

Sales of Goods

Turnover from the sale of caravans, motorhomes and accessories is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the cost incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from workshop servicing and repair work is recognised by reference to the stage of completion at the balance sheet date.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Interest, commission and rent received

Interest income is recognised using the effective interest method. Commission and rent receivable is recognised as the company's right to receive payment is established.

Goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 5 years. Provision is made for any impairment.

Intangible assets

Intangible assets acquired separately from a business are capitalised at cost.

Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows:

Other intangible assets - 10 years useful life

Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes cost directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each assets on a systematic basis over its expected useful life as follows:-

Freehold property

3% straight line

Plant and machinery

15% reducing balance

Fixtures and Fittings

15% reducing balance

Motor vehicles

25% reducing balance

Land and Buildings have been valued at cost.

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 stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all cost of purchase, cost of conversion and other cost incurred in bringing stock to its present location and condition. Cost is calculated using first-in, first-out formula.

Provision is made for damaged, obsolete and slow-moving stock where appropriate on all shop or workshop stock. The cost of all caravan or motorhome stock is written back to reflect any damage or obsolescence.

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.

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.

Basic financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

There is an interest free secured stocking plan facility which is under normal industry standard terms.

The company has issued preference shares which are valued at cost less impairment. The preference shares attract a 8% dividend.

The company does not have any other basic financial instruments.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2020 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 January 2021

and 31 December 2021

200,000

8,316

208,316

AMORTISATION

At 1 January 2021

and 31 December 2021

200,000

-

200,000

NET BOOK VALUE

At 31 December 2021

-

8,316

8,316

At 31 December 2020

-

8,316

8,316

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2021

725,412

17,112

51,206

137,258

930,988

Additions

167,704

19,770

17,199

-

204,673

Disposals

-

-

-

(63,912

)

(63,912

)

At 31 December 2021

893,116

36,882

68,405

73,346

1,071,749

DEPRECIATION

At 1 January 2021

17,260

6,943

26,693

81,622

132,518

Charge for year

9,092

4,485

6,238

13,433

33,248

Eliminated on disposal

-

-

-

(41,486

)

(41,486

)

At 31 December 2021

26,352

11,428

32,931

53,569

124,280

NET BOOK VALUE

At 31 December 2021

866,764

25,454

35,474

19,777

947,469

At 31 December 2020

708,152

10,169

24,513

55,636

798,470

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2021

and 31 December 2021

200,000

NET BOOK VALUE

At 31 December 2021

200,000

At 31 December 2020

200,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

23,182

9,504

Other debtors

-

7,090

Directors' current accounts

-

103,678

VAT

31,668

80,737

Prepayments

37,452

33,207

92,302

234,216

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

332,341

254,092

Tax

224,816

177,273

Social security and other taxes

18,839

16,313

Other creditors

16,171

83,486

Directors' current accounts

8,266

5,775

Accrued expenses

8,080

8,080

608,513

545,019

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Preference shares

1,900,000

1,900,000

10.	FINANCIAL INSTRUMENTS

The company has £1,900,000 in £1 preference shares in issue. They are non redeemable and attract a 8% dividend.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

1

A Ordinary

£1

1

1

100

B Ordinary

1p

1

1

80

C Ordinary

1p

1

1

20

D Ordinary

1p

-

-

3

3

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

2021

2020

£

£

J Brown

Balance outstanding at start of year

103,678

-

Amounts advanced

-

103,678

Amounts repaid

(103,678

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

103,678

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £100,000 (2020 - £128,000) were paid to the directors .

14.	ULTIMATE CONTROLLING PARTY

The controlling party is J Brown.