S.V. Venni And Son Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03650522 (England and Wales)

S.V. Venni And Son Limited

Unaudited Financial Statements

for the Year Ended 31 October 2022

Page

Company information

1

Chartered accountants' report

2

Statement of financial position

3

to

4

Notes to the financial statements

5

to

8

Directors:

S R Venni

S R Venni

Registered office:

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

Business address:

Glebe Farm

Parsonage Lane

Sutton St. James

Spalding

Lincolnshire

PE12 0JA

Registered number:

03650522 (England and Wales)

Accountants:

Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of S.V. Venni And Son Limited for the year ended 31 October 2022 which comprise the Income statement, Statement of financial position, Statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of S.V. Venni And Son Limited, as a body, in accordance with the terms of our engagement letter dated 1 February 2019. Our work has been undertaken solely to prepare for your approval the financial statements of S.V. Venni And Son Limited and state those matters that we have agreed to state to the Board of Directors of S.V. Venni And Son Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S.V. Venni And Son Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that S.V. Venni And Son Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of S.V. Venni And Son Limited. You consider that S.V. Venni And Son Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of S.V. Venni And Son Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

29 June 2023

Fixed assets

Tangible assets

5

1,106,195

1,111,096

Investment property

6

810,000

720,000

1,916,195

1,831,096

Current assets

Stocks

17,500

31,000

Debtors

7

541,986

260,262

Cash at bank and in hand

1,984,725

2,197,833

2,544,211

2,489,095

Creditors

Amounts falling due within one year

8

132,669

114,813

Net current assets

2,411,542

2,374,282

Total assets less current liabilities

4,327,737

4,205,378

Provisions for liabilities

15,633

18,757

Net assets

4,312,104

4,186,621

Capital and reserves

Called up share capital

9

100

100

Fair value reserve

10

195,854

116,129

Retained earnings

4,116,150

4,070,392

Shareholders' funds

4,312,104

4,186,621

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 29 June 2023 and were signed on its behalf by:

S R Venni - Director

S R Venni - Director

1.	Statutory information

S.V. Venni And Son 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment property measured at fair value through profit or loss.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold land and property

not depreciated

Plant and machinery

25% reducing balance

Commerical vehicles

25% reducing balance

Furniture and equipment

25% reducing balance

Impairment of fixed assets

The carrying values of tangible fixed assets are reviewed for impairment annually by the directors without revaluing the assets. Where the aggregate value of those assets is less than the aggregate that they are stated in the company's accounts, a provision will be made for any material impairment.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are credited to/debited from the fair value reserve..

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 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.

4.	Employees and directors

The average number of employees during the year was 7 (2021 - 10 ) .

5.	Tangible fixed assets

Freehold

Furniture

land and

Plant and

Commercial

and

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 November 2021

1,007,921

117,406

514,544

18,706

1,658,577

Additions

12,408

-

20,100

1,143

33,651

Disposals

(1,243

)

(16,216

)

(61,433

)

(10,595

)

(89,487

)

At 31 October 2022

1,019,086

101,190

473,211

9,254

1,602,741

Depreciation

At 1 November 2021

-

98,657

430,867

17,957

547,481

Charge for year

-

4,429

24,198

409

29,036

Eliminated on disposal

-

(15,183

)

(54,448

)

(10,340

)

(79,971

)

At 31 October 2022

-

87,903

400,617

8,026

496,546

Net book value

At 31 October 2022

1,019,086

13,287

72,594

1,228

1,106,195

At 31 October 2021

1,007,921

18,749

83,677

749

1,111,096

6.	Investment property

Total

£

Fair value

At 1 November 2021

720,000

Revaluations

90,000

At 31 October 2022

810,000

Net book value

At 31 October 2022

810,000

At 31 October 2021

720,000

Fair value at 31 October 2022 is represented by:

£

Valuation in 2016

76,129

Valuation in 2021

40,000

Valuation in 2022

90,000

Cost

603,871

810,000

Investment property was valued on an open market basis on 31 October 2022 by the directors .

7.

Debtors: amounts falling due within one year

2022

2021

£

£

Trade debtors

150,654

161,820

Other debtors

360,448

72,551

PAYE debtor

4,474

-

Prepayments

26,410

25,891

541,986

260,262

Included in debtors is £88,755 (2022 £16,094) which falls due after more than one year.

8.

Creditors: amounts falling due within one year

2022

2021

£

£

Trade creditors

17,913

55,056

Corporation tax

85,227

17,299

Social security and other taxes

17,703

31,037

Other creditors

215

-

Directors' current accounts

5,966

6,121

Accruals and deferred income

5,645

5,300

132,669

114,813

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary shares

£1

100

100

10.

Reserves

Fair

value

reserve

£

At 1 November 2021

116,129

Movement in the year

79,725

At 31 October 2022

195,854

11.	Related party disclosures

One of the shareholders had an overdrawn loan from the company at 31 October 2022 totalling £271,693 (2021 £56,457). Loan advances during the year were £247,236 and loan repayments were £32,000. The maximum balance owing to the company during the year was £271,693.