Little Venice Developments Limited - Period Ending 2022-12-31
Little Venice Developments Limited - Period Ending 2022-12-31
Company registration number:
for the Year Ended
Little Venice Developments Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Little Venice Developments Limited
(Registration number: 08401626)
Balance Sheet as at 31 December 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
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( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
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( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
M J Penkethman |
Little Venice Developments Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2022
General information |
The Company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Group accounts not prepared
Going concern
The Company reports a loss for the period and correspondingly reports net liabilities at 31 December 2022. Both shareholder and director have expressed their commitment in providing continuing financial support to the Company and confirmed they do not intend to withdraw any funding already committed to within 12 months of the date of signing these accounts. For this reason the Director considers that the preparation of the accounts on the going concern basis is appropriate. |
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Little Venice Developments Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2022
Depreciation of tangible assets
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Short leasehold property |
Over the remaining term of the lease |
Furniture, fittings and equipment |
25% Straight line method |
Artwork |
Not depreciated |
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a normal business basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Work in progress is valued at the lower of cost and net realisable value. Costs includes all direct expenditure and an appropriate proportion of overheads.
At each reporting date, work in progress is assessed for impairment. If work in progress is impaired the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Work in progress is recognised in cost of sales based on the proportion of costs incurred in the production of goods sold as a proportion of the estimated total costs of production.
Little Venice Developments Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2022
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Interest income
Interest income is recognised in the Profit and loss account and retained earnings using the effective interest method.
Staff numbers |
The average number of persons employed by the Company (including the Director) during the year was
Little Venice Developments Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2022
Tangible assets |
Short leasehold property |
Furniture, fittings and equipment |
Artwork |
Total |
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Cost or valuation |
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At 1 January 2022 |
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Disposals |
( |
- |
- |
( |
At 31 December 2022 |
- |
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Depreciation |
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At 1 January 2022 |
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- |
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Charge for the year |
- |
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- |
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Eliminated on disposal |
( |
- |
- |
( |
At 31 December 2022 |
- |
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- |
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Carrying amount |
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At 31 December 2022 |
- |
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At 31 December 2021 |
- |
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Investments |
2022 |
2021 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2022 and 31 December 2022 |
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Carrying amount |
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At 1 January 2022 and 31 December 2022 |
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Stocks |
2022 |
2021 |
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Properties held for sale |
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Little Venice Developments Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2022
Debtors |
2022 |
2021 |
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Amounts owed by group undertakings and undertakings in which the Company has a participating interest |
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Other debtors |
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Creditors |
Note |
2022 |
2021 |
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Due within one year |
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Trade creditors |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Other creditors include £5,759,449 (2021: £5,759,449) on which security has been given by the Company on certain property held as stock.
Loans and borrowings include a bank loan of £3,573,000 (2021: £3,573,000) on which security has been given by the Company on certain property held as stock.
Loans and borrowings include a further bank loan of £3,800,000 (2021: £3,800,000) on which security has been given by the Company’s subsidiary undertaking on property held as investment property. Interest and charges incurred on this bank loan are recognised in the subsidiary undertaking’s financial statements.
Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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