Venture Simulations Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 05035078 (England and Wales)

Financial Statements for the Year Ended 31 March 2022

for

Venture Simulations Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P D Brough-Jones

Mr P R Harrington

Mr P Harrington

Mr G S Jagpal

Mr R G Mcwilliam

SECRETARY:

Mrs C M Harrington

REGISTERED OFFICE:

South Newlands

Selby Road Riccall

York

North Yorkshire

YO19 6FQ

REGISTERED NUMBER:

05035078 (England and Wales)

ACCOUNTANTS:

BBK Partnership

Chartered Accountants

& Statutory Auditors

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

FIXED ASSETS

Intangible assets

4

-

1,640

Tangible assets

5

5,886

4,736

5,886

6,376

CURRENT ASSETS

Debtors

6

76,273

115,658

Cash at bank

76,508

31,996

152,781

147,654

CREDITORS

Amounts falling due within one year

7

82,287

95,015

NET CURRENT ASSETS

70,494

52,639

TOTAL ASSETS LESS CURRENT LIABILITIES

76,380

59,015

CREDITORS

Amounts falling due after more than one year

8

(42,095

)

(50,000

)

PROVISIONS FOR LIABILITIES

10

-

(1,866

)

NET ASSETS

34,285

7,149

CAPITAL AND RESERVES

Called up share capital

11

106

106

Share premium

12

89,994

89,994

Retained earnings

12

(55,815

)

(82,951

)

SHAREHOLDERS' FUNDS

34,285

7,149

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 December 2022 and were signed on its behalf by:

Mr P Harrington - Director

1.	STATUTORY INFORMATION

Venture Simulations 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, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2021 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2021

and 31 March 2022

8,200

AMORTISATION

At 1 April 2021

6,560

Amortisation for year

1,640

At 31 March 2022

8,200

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

1,640

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2021

34,157

-

34,157

Additions

-

3,112

3,112

At 31 March 2022

34,157

3,112

37,269

DEPRECIATION

At 1 April 2021

29,421

-

29,421

Charge for year

1,184

778

1,962

At 31 March 2022

30,605

778

31,383

NET BOOK VALUE

At 31 March 2022

3,552

2,334

5,886

At 31 March 2021

4,736

-

4,736

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

76,043

85,428

Other debtors

-

30,000

Directors' current accounts

230

230

76,273

115,658

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans and overdrafts (see note 9)

30,774

41,938

Trade creditors

31,887

20,384

Tax

(7,014

)

(7,015

)

Malaysian & Colombian Tax

(4,521

)

(4,521

)

Social security and other taxes

5,998

7,558

Pension payable

1,250

1,311

VAT

19,662

30,496

Wages control

1,751

3,114

Accrued expenses

2,500

1,750

82,287

95,015

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Bounce back loan

42,095

50,000

9.

LOANS

An analysis of the maturity of loans is given below:

31.3.22

31.3.21

£

£

Amounts falling due within one year or on demand:

loan

30,774

41,938

10.	PROVISIONS FOR LIABILITIES

31.3.22

31.3.21

£

£

Deferred tax

-

1,866

Deferred

tax

£

Balance at 1 April 2021

1,866

Unused amounts reversed during year

(1,866

)

Balance at 31 March 2022

-

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.22

31.3.21

value:

£

£

10,600

Ordinary A

1p

106

106

12.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 April 2021

(82,951

)

89,994

7,043

Profit for the year

27,136

27,136

At 31 March 2022

(55,815

)

89,994

34,179