Venetian Marine (Nantwich) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00939718 (England and Wales)

Venetian Marine (Nantwich) Limited

Financial Statements

for the Year Ended 31 March 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R J Steele

N D Steele

C R Steele

R J P Steele

SECRETARY:

N D Steele

REGISTERED OFFICE:

Whilton Locks

Whilton

Daventry

Northamptonshire

NN11 2NH

REGISTERED NUMBER:

00939718 (England and Wales)

AUDITORS:

Kilby Fox

Statutory Auditor

4 Pavilion Court

600 Pavilion Drive

Northampton Business Park

Northampton

Northamptonshire

NN4 7SL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,414,196

2,422,000

2,414,196

2,422,000

CURRENT ASSETS

Stocks

92,500

103,500

Debtors

6

10,127

11,393

Cash at bank and in hand

85,741

49,664

188,368

164,557

CREDITORS

Amounts falling due within one year

7

110,472

74,765

NET CURRENT ASSETS

77,896

89,792

TOTAL ASSETS LESS CURRENT LIABILITIES

2,492,092

2,511,792

CREDITORS

Amounts falling due after more than one year

8

(626,215

)

(768,515

)

PROVISIONS FOR LIABILITIES

(191,029

)

(191,427

)

NET ASSETS

1,674,848

1,551,850

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Revaluation reserve

11

810,000

810,000

Retained earnings

854,848

731,850

SHAREHOLDERS' FUNDS

1,674,848

1,551,850

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 29 June 2021 and were signed on its behalf by:

N D Steele - Director

R J Steele - Director

1.	STATUTORY INFORMATION

Venetian Marine (Nantwich) 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

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.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

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

Freehold property

-

not provided

Property improvements

-

not provided

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

25% on cost

Depreciation has not been provided in respect of the company's freehold property and property improvements. The directors consider that the property and improvements are maintained to a high standard and any element of depreciation would be immaterial. No provision has therefore been included in the financial statements.

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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2020 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 April 2020

and 31 March 2021

2,170

AMORTISATION

At 1 April 2020

and 31 March 2021

2,170

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

-

5.	TANGIBLE FIXED ASSETS

Freehold

Property

Plant and

property

improvements

machinery

£

£

£

COST OR VALUATION

At 1 April 2020

and 31 March 2021

1,148,728

1,222,018

215,641

DEPRECIATION

At 1 April 2020

-

-

187,063

Charge for year

-

-

4,287

At 31 March 2021

-

-

191,350

NET BOOK VALUE

At 31 March 2021

1,148,728

1,222,018

24,291

At 31 March 2020

1,148,728

1,222,018

28,578

Fixtures

and

Motor

Office

fittings

vehicles

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 April 2020

and 31 March 2021

90,686

6,500

10,339

2,693,912

DEPRECIATION

At 1 April 2020

69,167

5,343

10,339

271,912

Charge for year

3,228

289

-

7,804

At 31 March 2021

72,395

5,632

10,339

279,716

NET BOOK VALUE

At 31 March 2021

18,291

868

-

2,414,196

At 31 March 2020

21,519

1,157

-

2,422,000

Cost or valuation at 31 March 2021 is represented by:

Freehold

Property

Plant and

property

improvements

machinery

£

£

£

Valuation in 2020

1,000,000

-

-

Cost

148,728

1,222,018

215,641

1,148,728

1,222,018

215,641

Fixtures

and

Motor

Office

fittings

vehicles

equipment

Totals

£

£

£

£

Valuation in 2020

-

-

-

1,000,000

Cost

90,686

6,500

10,339

1,693,912

90,686

6,500

10,339

2,693,912

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

218

1,588

Prepayments and accrued income

9,909

9,805

10,127

11,393

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

11,956

24,946

Corporation tax

29,683

14,067

Social security and other taxes

1,845

4,429

VAT

11,669

9,158

Other creditors

44,246

15,365

Accruals and deferred income

11,073

6,800

110,472

74,765

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Amounts owed to group undertakings

626,215

768,515

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

5,069

-

Between one and five years

5,069

-

In more than five years

2,957

-

13,095

-

10.	SECURED DEBTS

The assets of Venetian Marine (Nantwich) Limited are given as security by Whilton Marina Limited for that Company's bank loan.

11.

RESERVES

Revaluation

reserve

£

At 1 April 2020

and 31 March 2021

810,000

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Martin Crooke FCCA (Senior Statutory Auditor)

for and on behalf of Kilby Fox

13.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

14.	ULTIMATE CONTROLLING PARTY