SCDP Ventures Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 11977218 (England and Wales)

SCDP VENTURES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2022

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G R Lewis

Mr G Morgan

REGISTERED OFFICE:

29 Windsor Place

Cardiff

CF10 3BZ

REGISTERED NUMBER:

11977218 (England and Wales)

ACCOUNTANTS:

Carston Chartered Accountants

Tudor House

16 Cathedral Road

Cardiff

CF11 9LJ

FIXED ASSETS

Investment property

4

986,832

981,286

CURRENT ASSETS

Cash at bank

24,046

6,241

CREDITORS

Amounts falling due within one year

5

543,542

526,164

NET CURRENT LIABILITIES

(519,496

)

(519,923

)

TOTAL ASSETS LESS CURRENT LIABILITIES

467,336

461,363

CREDITORS

Amounts falling due after more than one year

6

(408,507

)

(435,083

)

PROVISIONS FOR LIABILITIES

(5,911

)

(4,992

)

NET ASSETS

52,918

21,288

CAPITAL AND RESERVES

Called up share capital

8

4

4

Retained earnings

52,914

21,284

SHAREHOLDERS' FUNDS

52,918

21,288

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7th September 2023 and were signed on its behalf by:

Mr G Morgan - Director

1.	STATUTORY INFORMATION

SCDP Ventures Ltd 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.

The COVID-19 pandemic has had a significant negative impact on the UK economy.

Given the rapidly evolving nature of the situation and lockdowns, it is difficult to quantify the impact of Covid-19, and the directors recognise that in the longer term its effect may be more significant.

The company is continuing to generate cash reserves, and the directors believe that this will be sufficient to withstand any further economic downturns caused by the pandemic.

At this time, any long-term effect on the company is unknown, but the directors remain confident of the financial position of the company.

Given the above, the directors are confident that it is correct to prepare the accounts on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st June 2021

981,286

Additions

5,546

At 31st May 2022

986,832

NET BOOK VALUE

At 31st May 2022

986,832

At 31st May 2021

981,286

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

120,000

120,000

Taxation and social security

14,057

2,229

Other creditors

409,485

403,935

543,542

526,164

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

408,507

435,083

7.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

528,507

555,083

The bank loan balances relate to a mortgage from Julian Hodge Bank Limited.

The mortgage is secured by way of a fixed charge over the freehold property known as 29 Windsor Place, Cardiff, CF10 3BZ and registered at land registry under the title number WA352721; and the leasehold property known as Parking spaces 1-5, 21 Windsor Place, Cardiff and registered at land registry under the title number CYM639673.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

400

Ordinary

£0.01

4

4