Venus Computer Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03054022 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Venus Computer Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs A J Head

P Head

SECRETARY:

P Head

REGISTERED OFFICE:

93-94 West Street

Farnham

Surrey

GU9 7EB

REGISTERED NUMBER:

03054022 (England and Wales)

ACCOUNTANTS:

Blackwood Futcher & Co.

Chartered Accountants

9 St George's Yard

Farnham

Surrey

GU9 7LW

FIXED ASSETS

Tangible assets

4

26,020

900

CURRENT ASSETS

Debtors

5

40,433

28,037

Cash at bank

15,602

4,476

56,035

32,513

CREDITORS

Amounts falling due within one year

6

14,298

10,491

NET CURRENT ASSETS

41,737

22,022

TOTAL ASSETS LESS CURRENT LIABILITIES

67,757

22,922

CREDITORS

Amounts falling due after more than one year

7

(36,319

)

-

PROVISIONS FOR LIABILITIES

(4,944

)

(171

)

NET ASSETS

26,494

22,751

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

26,490

22,747

SHAREHOLDERS' FUNDS

26,494

22,751

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 21 March 2022 and were signed on its behalf by:

P Head - Director

1.	STATUTORY INFORMATION

Venus Computer Services 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable of the company maintenance and sale of computer equipment and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on cost

Tangible fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2020

3,654

10,758

14,412

Additions

-

29,438

29,438

At 31 March 2021

3,654

40,196

43,850

DEPRECIATION

At 1 April 2020

3,554

9,958

13,512

Charge for year

25

4,293

4,318

At 31 March 2021

3,579

14,251

17,830

NET BOOK VALUE

At 31 March 2021

75

25,945

26,020

At 31 March 2020

100

800

900

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

Additions

29,438

At 31 March 2021

29,438

DEPRECIATION

Charge for year

4,293

At 31 March 2021

4,293

NET BOOK VALUE

At 31 March 2021

25,145

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

28,197

27,963

Other debtors

12,236

74

40,433

28,037

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

2,959

-

Hire purchase contracts

5,865

-

Trade creditors

1,621

441

Taxation and social security

2,402

7,107

Other creditors

1,451

2,943

14,298

10,491

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans

15,791

-

Hire purchase contracts

20,528

-

36,319

-

8.	COVID-19 GOING CONCERN ASSESSMENT

The directors have considered the possible effects on the company of the impacts of the worldwide pandemic caused by the coronavirus (Covid-19). The directors have a reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future, and for this reason will continue to adopt the going concern basis in the preparation of its Financial Statements.

During the year the company secured a bounce back loan to assist with cashflow.