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Registered number: 01258242
VENAGLASS LIMITED
ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
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VENAGLASS LIMITED
Company Information
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Boodle Hatfield Secretarial Limited
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Chartered Accountants & Statutory Auditor
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The Royal Bank of Scotland plc
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62/63 Threadneedle Street
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VENAGLASS LIMITED
Balance sheet
As at 31 December 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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VENAGLASS LIMITED
Registered number: 01258242
Balance sheet (continued)
As at 31 December 2021
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 October 2022.
The notes on pages 2 to 10 form part of these financial statements.
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VENAGLASS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2021
Venaglass Limited is a private company limited by shares and is incorporated in England and Wales. The registered office is 3rd Floor, 12 Gough Square, London, EC4A 3DW.
The company's principal activities continued to be that of property investment and investment in listed and unlisted securities.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Turnover represents rental income and service charges receivable during the year exclusive of Value Added Tax.
Rental income is recognised on a straight line basis over the term of the lease. Other recharged expenses are recognised on an accruals basis in the period in which it occurs.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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over the life of the lease
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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VENAGLASS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2021
2.Accounting policies (continued)
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Income statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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VENAGLASS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2021
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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VENAGLASS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2021
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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The average monthly number of employees, including directors, during the year was 14 (2020 - 12).
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VENAGLASS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2021
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Charge for the year on owned assets
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VENAGLASS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2021
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At 1 January 2021 (as previously stated)
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At 1 January 2021 (as restated)
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At 31 December 2020 (as restated)
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Freehold investment property
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VENAGLASS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2021
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Payments received on account
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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The bank loan of £8,985,000 (2020: £8,962,500) represents amounts drawn down on credit facilities dated 26 July 2012 on a loan of £9m (2020: £9m) less unamortised loan arrangement fee and issue costs of £15,000 (2020: £37,500). The facilities are repayable by 7 November 2022 and are secured by by way of debenture, legal mortgage and a fixed charge over certain investment properties. Within the year the loan has been reclassified to Creditors falling due within one year.
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VENAGLASS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2021
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Gain on investment properties
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Gain on investment in listed shares
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Profit & loss account
Included in the profit and loss account are non-distributable reserves of £108,112,457 (2020: £106,882,765).
The comparative information for the year ended 31 December 2020 has been restated following a disposal of a listed investment, which was not recognised in the financial statements.
As a result of the adjustment, the fair value of listed investments has decreased by £1,058,760 to £1,435,955 and cash at bank and in hand has increased to £2,042,706.
The effect on the profit and loss reserve in respect of the year ended 31 December 2020 as a result of the above adjustment is £34,143.
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VENAGLASS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2021
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Related party transactions
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The company has adopted the exemption permitted by paragraph 33.1A of FRS 102 and has not disclosed transactions with other group members, which are wholly owned subsidiaries.
The company has existing loans to a company in which a director has a beneficial interest. These loans attract interest at rates between 6% and 10% per annum. During the year the total amount of interest charged was £20,000 (2020: £19,412). At the year end the total amount due was £401,232 (2020: £381,232).
The company has an existing loan to a company with a common director. Interest is charged at 8% per annum. A provision for bad debt has been provided for against the full value of the loan. During the year, interest of £8,123 (2020: £7,521) was charged and offset by a bad debt provision for the full amount. At the year end the total amount due was £109,657 with a corresponding total bad debt provision of £109,657.
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The auditors' report on the financial statements for the year ended 31 December 2021 was unqualified.
The audit report was signed on 19 October 2022 by Hannah Clegg (Senior statutory auditor) on behalf of Sayers Butterworth LLP.
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